Cities Index.
Attachment 1 - CEQA Checklist

Santa Rosa City Council
October 22, 2024

Document
Attachment 1 - CEQA Checklist
Meeting
October 22, 2024
Body
Santa Rosa City Council
Original file
1.0 MB
Text extracted from the city's file for reading and search. Open the original on legistar.granicus.com. That file is the official record.

&LW\RI6DQWD5RVD
+HDUQ$YHQXH&RPPXQLW\+XE
3URMHFW
&(4$&KHFNOLVWWLHULQJIURP6SHFLILF3ODQ
(QYLURQPHQWDO,PSDFW5HSRUW
&LW\RI6DQWD5RVD
0D\
$77$&+0(171
&(4$&KHFNOLVW WLHULQJIURP6SHFLILF3ODQ
(QYLURQPHQWDO,PSDFW5HSRUW
&LW\RI6DQWD5RVD
+HDUQ$YHQXH&RPPXQLW\+XE3URMHFW
7KLVGRFXPHQWKDVEHHQSUHSDUHGE\

&LW\RI6DQWD5RVD3ODQQLQJ (FRQRPLF'HYHORSPHQW'HSDUWPHQW 6DQWD5RVD$YHQXH5RRP
6DQWD5RVD&$

,QFROODERUDWLRQZLWK

0HUFXU\:D\6XLWH
6DQWD5RVD&$
8QLWHG6WDWHV
7_( LQIRQRUWKDPHULFD#JKGFRP_JKGFRP 0D\ 

([HFXWLYH6XPPDU\
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE (6L 
([HFXWLYH6XPPDU\
7KH&LW\RI6DQWD5RVDLVSURSRVLQJWRGHYHORSWKUHH&LW\RZQHGSURSHUWLHVWRWDOLQJDSSUR[LPDWHO\VL[ DFUHVORFDWHGDORQJ+HDUQ$YHQXHLQVRXWKZHVW6DQWD5RVDDVWKH+HDUQ$YHQXH&RPPXQLW\+XE

SURSRVHGDFWLRQ
7KH&LW\RI6DQWD5RVDLVWKH/HDG$JHQF\IRUWKHSURSRVHGDFWLRQDQGLVUHVSRQVLEOH IRUFRPSOLDQFHZLWKWKH&DOLIRUQLD(QYLURQPHQWDO4XDOLW\$FW &(4$
$VVKRZQRQ)LJXUHVWKURXJKLQ
WKLV&(4$&KHFNOLVWWKHSURSHUWLHVWREHGHYHORSHGDUHORFDWHGDW 
DQG+HDUQ$YHQXH
DQGDUHZLWKLQWKHERXQGDU\RIWKH5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQDQG5RVHODQG$UHD $QQH[DWLRQ3URMHFWV
6SHFLILF3ODQ6DQWD5RVDD

7KH&LW\¶VSURSRVHGXVHVIRUWKHVXEMHFWSURSHUWLHVZRXOGEHWRLPSOHPHQWSURJUDPPHGLQIUDVWUXFWXUH LPSURYHPHQWVDQGSURYLGHSXEOLFVHUYLFHIDFLOLWLHVDQGFRPPXQLW\ODQGXVHVDOORIZKLFKZHUHLGHQWLILHGLQ WKH6SHFLILF3ODQ7KHSURSHUWLHVZRXOGEHXVHGIRUDSRUWLRQRIDSODQQHGH[WHQVLRQRIERWK'XWWRQ$YHQXH DQGWKH&ROJDQ&UHHN0XOWLXVH3DWK7KHVHLPSURYHPHQWVDUHDOVRLGHQWLILHGDWWKHVXEMHFWSURSHUWLHVLQ WKH8SGDWHRIWKH6DQWD5RVD%LF\FOHDQG3HGHVWULDQ0DVWHU3ODQDQGWKH8SGDWHRIWKH 6DQWD5RVD&UHHN0DVWHU3ODQ
,QDGGLWLRQWKHSURSRVHGDFWLRQLQFOXGHVFRQVWUXFWLRQDQGRSHUDWLRQRIDQHZILUHVWDWLRQOLEUDU\ PXOWLFXOWXUDOFHQWHUJ\PQDVLXPDQGSRWHQWLDODTXDWLFFHQWHUDWWKHVXEMHFWSURSHUWLHV7KHSURSRVHGILUH VWDWLRQZRXOGUHSODFHWKH&LW\¶VH[LVWLQJ)LUH6WDWLRQZKLFKLVFXUUHQWO\ORFDWHGDW%XUEDQN$YHQXH 7KHSURSRVHGUHSODFHPHQWRI)LUH6WDWLRQWRWKHVXEMHFWVLWHZRXOGEHFRQVLVWHQWZLWK*HQHUDO3ODQ 3ROLF\36)(ZKLFKVHHNVWRPRYHWKHILUHVWDWLRQIURP%XUEDQN$YHQXHWRDQHZORFDWLRQLQWKH 5RVHODQGDUHDWRH[SDQGDQGLPSURYHILUHGHSDUWPHQWUHVSRQVLYHQHVVWRWKH5RVHODQGQHLJKERUKRRG 7KH&LW\HQWHUHGLQWRDSODQQLQJSURFHVVWRGHWHUPLQHWKHVSHFLILFSXEOLFXVH V
WKDWDUHHYDOXDWHGLQWKLV
&(4$&KHFNOLVW7KH&LW\LQWHQGVWRHQWHULQWRDGHVLJQEXLOGSURFHVVWRILQDOL]HWKHGHVLJQDQG FRQVWUXFWLRQRIWKHSURSRVHGDFWLRQ
$SURJUDPPDWLFOHYHO(QYLURQPHQWDO,PSDFW5HSRUW
3URJUDP(,5
ZDVFHUWLILHGIRUWKHDERYHPHQWLRQHG
6SHFLILF3ODQLQ
6DQWD5RVDEF
7KH3URJUDP(,5DQDO\]HVDYDULHW\RIFRQWHPSODWHG
ODQGXVHVZLWKLQWKHERXQGDU\RIWKH6SHFLILF3ODQ
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
8VH:LWK/DWHU
$FWLYLWLHVZKLFKVWDWHV
³,IDQDJHQF\ILQGVWKDWSXUVXDQWWRVHFWLRQQRQHZHIIHFWVFRXOGRFFXURUQR QHZPLWLJDWLRQPHDVXUHVZRXOGEHUHTXLUHGWKHDJHQF\FDQDSSURYHWKHDFWLYLW\DVEHLQJZLWKLQWKHVFRSH RIWKH3URMHFWFRYHUHGE\WKH3URJUDP(,5DQGQRQHZHQYLURQPHQWDOGRFXPHQWZRXOGEHUHTXLUHG´7KLV 
7KH6DQWD5RVD%LF\FOHDQG3HGHVWULDQ0DVWHU3ODQZDVDGRSWHGE\WKH6DQWD5RVD&LW\&RXQFLOLQ DQGZDVGHWHUPLQHGWREHZLWKLQ
WKHVFRSHRIDSUHYLRXVO\DGRSWHG&(4$0LWLJDWHG1HJDWLYH'HFODUDWLRQFRPSOHWHGIRUDSULRUYHUVLRQRIWKH3ODQ 7KH6DQWD5RVD&UHHN0DVWHU3ODQZDVDGRSWHGE\WKH6DQWD5RVD&LW\&RXQFLOLQDQGZDVGHWHUPLQHGWREHZLWKLQWKHVFRSHRID SUHYLRXVO\FHUWLILHG&(4$(QYLURQPHQWDO,PSDFW5HSRUWFRPSOHWHGIRUDSULRUYHUVLRQRIWKH3ODQ ([HFXWLYH6XPPDU\
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE (6LL 
&(4$&KHFNOLVWVHUYHVDVWKHHYDOXDWLRQUHTXLUHGSXUVXDQWWR6HFWLRQ F
RIWKH&(4$
*XLGHOLQHVWRGHWHUPLQHZKHWKHUQHZVLJQLILFDQWHIIHFWVKDYHEHHQLGHQWLILHGRUQHZPLWLJDWLRQPHDVXUHV ZRXOGEHUHTXLUHGIRUWKHSURSRVHGDFWLRQ
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



7DEOHRI&RQWHQWV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE L 
&RQWHQWV
([HFXWLYH6XPPDU\  L &RQWHQWV L  ,QWURGXFWLRQ   $SSOLFDELOLW\RIWKH3URJUDP(,5   6XPPDU\RI5HVXOWV  +HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ   /RFDWLRQ  /DQG8VH'HVLJQDWLRQVDQG=RQLQJ   2EMHFWLYHVRI/DWHU$FWLYLW\
3URSRVHG$FWLRQ
   6XPPDU\RI/DWHU$FWLYLW\
3URSRVHG$FWLRQ
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±2SHUDWLRQDO1RLVH  
3URMHFW(QYLURQPHQWDO3URWHFWLRQ$FWLRQ±&RQVWUXFWLRQ3ROOXWDQW0LWLJDWLRQ3ODQ   
 (QYLURQPHQWDO$QDO\VLV5HODWLYHWRWKH6SHFLILF3ODQ3URJUDP(,5  $HVWKHWLFV  $JULFXOWXUHDQG)RUHVW5HVRXUFHV  $LU4XDOLW\  %LRORJLFDO5HVRXUFHV  &XOWXUDO5HVRXUFHV  *HRORJ\DQG6RLOV   *UHHQKRXVH*DV(PLVVLRQV   +D]DUGVDQG+D]DUGRXV0DWHULDOV 
7DEOHRI&RQWHQWV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE LL 

 +\GURORJ\DQG:DWHU4XDOLW\   /DQG8VHDQG3ODQQLQJ  1RLVH  3RSXODWLRQDQG+RXVLQJ  
 3XEOLF6HUYLFHV  7UDIILFDQG7UDQVSRUWDWLRQ   3XEOLF8WLOLWLHV  5HIHUHQFHV  5HSRUW3UHSDUHUV  &LW\RI6DQWD5RVD   *+'   6XEFRQVXOWDQWV  7UHDQRU+/   ,OOLQJZRUWK 5RGNLQ   6RQRPD6WDWH8QLYHUVLW\$QWKURSRORJLFDO6WXGLHV&HQWHU  
7DEOHLQGH[
7DEOH 3URMHFW3DUFHOV  7DEOH 6HWEDFNVWR0HHW&LW\1RLVH/LPLWV'XULQJ2XWGRRU(YHQWV  
)LJXUHLQGH[
)LJXUH9LFLQLW\0DS )LJXUH6SHFLILF3ODQ/DQG8VH0DS  )LJXUH3URMHFW6LWH )LJXUH6LWH3ODQ 

,QWURGXFWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 ,QWURGXFWLRQ
2Q-DQXDU\WKH6DQWD5RVD&LW\&RXQFLOYRWHGXQDQLPRXVO\WRDSSURYHWKHSXUFKDVHRIDQ DSSUR[LPDWHO\VL[DFUHVLWHIRUWKHSURSRVHG+HDUQ$YHQXH&RPPXQLW\+XE SURSRVHGDFWLRQ
7KHVLWH
FRQVLVWVRIWKUHH&LW\RZQHGSURSHUWLHVORFDWHGRQWKHVRXWKVLGHRIWKH+HDUQ$YHQXHDQG'XWWRQ$YHQXH LQWHUVHFWLRQLQVRXWKZHVW6DQWD5RVDDQGZLWKLQWKHERXQGDU\RIWKH5RVHODQG$UHD6HEDVWRSRO5RDG 6SHFLILF3ODQ
VHH)LJXUHVWKURXJK
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¶VSURSRVHGSXEOLFXVHVKDYHEHHQGHILQHG VHH
)LJXUHDQG&KDSWHU3URMHFW'HVFULSWLRQ
WKH&LW\RI6DQWD5RVDKDVSUHSDUHGWKLV&(4$
&KHFNOLVWWRSURYLGHSURMHFWOHYHOHQYLURQPHQWDOUHYLHZLQDFFRUGDQFHZLWK&(4$*XLGHOLQHV6HFWLRQ 
F
8VH:LWK/DWHU$FWLYLWLHVZKLFKVWDWHV
³,IDQDJHQF\ILQGVWKDWSXUVXDQWWRVHFWLRQQRQHZ HIIHFWVFRXOGRFFXURUQRQHZPLWLJDWLRQPHDVXUHVZRXOGEHUHTXLUHGWKHDJHQF\FDQDSSURYHWKHDFWLYLW\ DVEHLQJZLWKLQWKHVFRSHRIWKH3URMHFWFRYHUHGE\WKH3URJUDP(,5DQGQRQHZHQYLURQPHQWDOGRFXPHQW ZRXOGEHUHTXLUHG´7KLV&(4$&KHFNOLVWVHUYHVDVDSURMHFWOHYHOHYDOXDWLRQUHTXLUHGSXUVXDQWWR 6HFWLRQ
F
RIWKH&(4$*XLGHOLQHVWRGHWHUPLQHZKHWKHUQHZVLJQLILFDQWHIIHFWVKDYHEHHQLGHQWLILHG RUQHZPLWLJDWLRQPHDVXUHVZRXOGEHUHTXLUHG
 $SSOLFDELOLW\RIWKH3URJUDP(,5
2Q2FWREHUWKH6DQWD5RVD&LW\&RXQFLOFHUWLILHGD3URJUDP(,5DQGDGRSWHGWKH5RVHODQG $UHD6HEDVWRSRO5RDG6SHFLILF3ODQDQG5RVHODQG$UHD$QQH[DWLRQ3URMHFWV 6SHFLILF3ODQ
7KH3URJUDP
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
7KHVLWHRIWKHSURSRVHGDFWLRQFRQVLVWVRIWKUHH&LW\RZQHGSURSHUWLHVORFDWHGDW 
DQG
+HDUQ$YHQXHLQVRXWKZHVW6DQWD5RVDDQGZLWKLQWKHERXQGDU\RIWKH6SHFLILF3ODQ7KH&LW\¶VSURSRVHG XVHVIRUWKHVLWHLQFOXGHLPSOHPHQWDWLRQRISURJUDPPHGLQIUDVWUXFWXUHLPSURYHPHQWVLGHQWLILHGLQWKH 6SHFLILF3ODQDVZHOODVSURYLVLRQRISXEOLFVHUYLFHIDFLOLWLHVDQGFRPPXQLW\ODQGXVHVLGHQWLILHGLQWKH ,QWURGXFWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
6SHFLILF3ODQ6SHFLILFDOO\WKHSURSRVHGDFWLRQLQFOXGHVDSRUWLRQRIDSODQQHGH[WHQVLRQRIERWK'XWWRQ $YHQXHDQGWKH&ROJDQ&UHHN0XOWLXVH3DWKDVZHOODVSURYLVLRQRIDQHZILUHVWDWLRQOLEUDU\PXOWLFXOWXUDO FHQWHUJ\PQDVLXPDQGSRWHQWLDODTXDWLFFHQWHU7KHSURSRVHGLPSURYHPHQWVHYDOXDWHGLQWKLV &(4$&KHFNOLVWDUHODWHUDFWLYLWLHVZKLFKDUHEHLQJHYDOXDWHGIRUFRQVLVWHQF\ZLWKWKHSURMHFWGHVFULSWLRQ DQGUHVXOWVRIWKHHQYLURQPHQWDODQDO\VLVLQWKH3URJUDP(,5  6XPPDU\RI5HVXOWV
$VFRQFOXGHGE\WKHDQDO\VLVLQ&KDSWHURIWKLV&(4$&KHFNOLVWQRQHZHQYLURQPHQWDOHIIHFWVKDYHEHHQ LGHQWLILHGDQGQRQHZPLWLJDWLRQPHDVXUHVDUHUHTXLUHGEH\RQGWKRVHLGHQWLILHGLQWKH3URJUDP(,5 0LWLJDWLRQPHDVXUHVIURPWKH3URJUDP(,5WKDWDUHDSSOLFDEOHWRWKHSURSRVHGDFWLRQDUHLGHQWLILHGLQ &KDSWHU7KLVHYDOXDWLRQFRQFOXGHVWKDWWKHSURSRVHGDFWLRQLVZLWKLQWKHVFRSHRIWKH3URJUDP (,5DQGWKDWQRIXUWKHU&(4$GRFXPHQWDWLRQLVUHTXLUHGSULRUWRLPSOHPHQWLQJWKHSURSRVHGDFWLRQ  

FIGURE 2
Date
-Revision No.
12563466Project No.

Specific Plan Land Use Map
City of Santa Rosa
Paper Size ANSI A
Data source: . Created by: ethompson3
May 2024
\\ghdnet\ghd\US\Santa Rosa\Projects\561\12563446\GIS\Maps\Deliverables\12563446_HearnWetlands.aprx - 12563446_02_LandUse Print date: 02 May 2024 - 16:13
6LWH
Hearn Community Hub Project
5RVHODQG$UHD6HEDVWRSRO
5RDG6SHFLILF3ODQ%RXQGDU\
Legend
Site Parcels
Area within which offsite
improvements may be
placed. Actual size of
offsite improvements is
small and is further
summarized in Section

2.4 of the CEQA
Checklist.

FIGURE 3
Date
-Revision No.
12563446Project No.

Project Site
City of Santa Rosa
Map Projection: Lambert Conformal Conic
Horizontal Datum: North American 1983
Grid: NAD 1983 StatePlane California II FIPS 0402 Feet
0 30 60 90 120 150
Feet
Paper Size ANSI A
Data source: Inside: Source: Esri, Maxar, Earthstar Geographics, IGN, and the GIS User Community Outside: Source: Esri, Maxar, Earthstar Geographics, IGN, and the GIS User Community Road Names: Esri Community Maps Contributors, City of Santa Rosa, Sonoma County, California State Parks, © OpenStreetMap, Microsoft, Esri, TomTom, Garmin, SafeGraph, GeoTechnologies, Inc, METI/NASA, USGS, Bureau of Land Management, EPA, NPS, US Census Bureau, USDA, USFWS. Created by: ethompson3 May 2024
\\ghdnet\ghd\US\Santa Rosa\Projects\561\12563446\GIS\Maps\Deliverables\12563446_HearnWetlands.aprx - 12563446_03_ProjSite Print date: 23 May 2024 - 11:30
+HDUQ$YH



+HDUQ$YH



+HDUQ$YH



Hearn Community Hub Project

+HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 +HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ
 /RFDWLRQ
7KHVLWHRIWKHSURSRVHGDFWLRQFRQVLVWVRIWKUHH&LW\RZQHGSURSHUWLHVORFDWHGDW 
DQG
+HDUQ$YHQXHLQVRXWKZHVW6DQWD5RVDDQGZLWKLQWKHERXQGDU\RIWKH6SHFLILF3ODQ VHH)LJXUHV
WKURXJK
7KHSURSHUWLHVWKDWFRPSULVHWKHVLWHDUHVXUURXQGHGWRWKHQRUWKE\+HDUQ$YHQXHDJURFHU\ VWRUHDQGGHOLDQGVLQJOHIDPLO\UHVLGHQFHV
WRWKHHDVWE\VLQJOHIDPLO\UHVLGHQFHV&ROJDQ&UHHN9LFWRULD 'ULYHDQG+LJKZD\
WRWKHVRXWKE\YDFDQWODQG&ROJDQ&UHHNDQGVLQJOHIDPLO\FRPPHUFLDOPL[HG XVHV
DQGWRWKHZHVWE\VLQJOHIDPLO\UHVLGHQFHV0HDGRZ9LHZ(OHPHQWDU\6FKRRODQG6RXWKZHVW &RPPXQLW\3DUN
 /DQG8VH'HVLJQDWLRQVDQG=RQLQJ
7KH/DQG8VH0DSIRUWKH5RVHODQG$UHD6SHFLILF3ODQGHVLJQDWHVWKHSURSHUW\DW +HDUQDV³2IILFH´
WKHSURSHUW\DW
+HDUQ$YHQXHDVDPL[RI³0HGLXP/RZ5HVLGHQWLDO´DQG³5HWDLO0HGLXP5HVLGHQWLDO´ DQGWKHSURSHUW\DW+HDUQ$YHQXHDV³0HGLXP/RZ5HVLGHQWLDO´ VHH)LJXUHLQWKLV&KHFNOLVWRU
)LJXUHRIWKH6SHFLILF3ODQ
7KH6DQWD5RVD=RQLQJ&RGHGHVLJQDWHVWKHWKUHHSURSHUWLHVDVSDUWRID SUHYLRXVO\DSSURYHG3ODQQHG'HYHORSPHQW
3'

7DEOHVXPPDUL]HVWKHSURSHUW\ORFDWLRQVVL]HVDQGODQGXVHV Table 2-1 Project Parcels
$GGUHVV $31 /DQG8VH'HVLJQDWLRQLQ6SHFLILF3ODQ &XUUHQW8VH

+HDUQ$YH 
 2IILFH 9DFDQW

+HDUQ$YH 

 0HGLXP/RZ5HVLGHQWLDO 
5HWDLO0HGLXP5HVLGHQWLDO 9DFDQW
+HDUQ$YH 
 0HGLXP/RZ5HVLGHQWLDO 9DFDQW
 2EMHFWLYHVRI/DWHU$FWLYLW\
3URSRVHG$FWLRQ

7KHREMHFWLYHVRIWKHSURSRVHGDFWLRQLQFOXGH

± ,QLWLDWHH[WHQVLRQRI'XWWRQ $YHQXHLQWRODQGSODQQHGIRUIXWXUHGHYHORSPHQWWKHUHE\LQFUHDVLQJ FRPPXQLW\FRQQHFWLYLW\

± ([SDQGDQGLPSURYHILUHGHSDUWP HQWUHVSRQVLYHQHVVWRWKH5RVHODQGQHLJKERUKRRG 
± 3URYLGHOLEUDU\DFFHVVWRWKH5RVHODQGQHLJKERUKRRG

± 3URYLGHFRPPXQLW\UHTXHVWHGPXOWLFXOWXUDODQGUHFUHDWLRQRSSR UWXQLWLHVLQFOXGLQJDSRWHQWLDODTXDWLF FHQWHUWRWKH5RVHODQGQHLJKERUKRRGDQGWKHJUHDWHU6DQWD5RVDFRPPXQLW\ DQG
± 3URYLGHDGHTXDWHSDUNLQJIRUSODQQHGFRPPXQLW\DFWLYLWLHV  6XPPDU\RI/DWHU$FWLYLW\
3URSRVHG$FWLRQ

7KH&LW\¶VSURSRVHGXVHVIRUWKHVLWHLQFOXGHLPSOHPHQWDWLRQRISURJUDPPHGLQIUDVWUXFWXUHLPSURYHPHQWV LGHQWLILHGLQWKH6SHFLILF3ODQDVZHOODVSURYLVLRQRISXEOLFVHUYLFHIDFLOLWLHVDQGFRPPXQLW\ODQGXVHV +HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
LGHQWLILHGLQWKH6SHFLILF3ODQ6SHFLILFDOO\WKHSURSRVHGDFWLRQLQFOXGHVDSRUWLRQRIDSODQQHGH[WHQVLRQRI ERWK'XWWRQ$YHQXHDQGWKH&ROJDQ&UHHN0XOWLXVH3DWKDVZHOODVSURYLVLRQRIDQHZILUHVWDWLRQOLEUDU\ PXOWLFXOWXUDOFHQWHUJ\PQDVLXPDQGSRWHQWLDODTXDWLFFHQWHU(DFKRIWKHVHLVGHVFULEHGEHORZ 'XWWRQ$YHQXH([WHQVLRQ
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
&ROJDQ&UHHN0XOWL8VH3DWK([WHQVLRQ
$QH[WHQVLRQRIWKH&ROJDQ&UHHN0XOWLXVH3DWKLVSURSRVHGIURPWKHVRXWKHUQERXQGDU\RIWKHSURSHUW\WR +HDUQ$YHQXH7KHSDYHGPXOWLXVHELF\FOHDQGSHGHVWULDQSDWKZRXOGEHIHHWZLGHZLWKDIRRW VHWEDFNIURPWKHHDVWHUQERXQGDU\RIWKHSURSHUW\DQGDIRRWWRIRRWVHWEDFNIURPDQ\IXWXUH GHYHORSPHQWZHVWRIWKHSDWK
)LUH6WDWLRQ
7KHSURSRVHGDFWLRQZRXOGUHSODFHWKH&LW\¶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
7KHSURSRVHGUHSODFHPHQWIRU)LUH6WDWLRQZRXOGEHDSSUR[LPDWHO\VTXDUHIHHW VI
LQVL]HDQG
ZRXOGEHORFDWHGDORQJWKHQRUWKHUQSRUWLRQRIWKH+HDUQ$YHQXH&RPPXQLW\+XEVLWHDGMDFHQWWR+HDUQ $YHQXH
VHH)LJXUH
7KHUHSODFHPHQWILUHVWDWLRQZRXOGEHRQHWRWZRVWRULHVDQGXSWRDSSUR[LPDWHO\ IHHWLQKHLJKW7KHSURSRVHGILUHVWDWLRQZRXOGLQFOXGHDQDSSUR[LPDWHO\VIGULYHWKURXJK DSSDUDWXVED\
ZLWKLQWKHPDLQILUHVWDWLRQEXLOGLQJ
ZLWKFRQQHFWLRQVWRERWK+HDUQ$YHQXHDQGWKH'XWWRQ
$YHQXHH[WHQVLRQDVZHOODVDQDSSUR[LPDWHO\VIVWDFNHGDSSDUDWXVED\7KHGULYHWKURXJK DSSDUDWXVED\ZRXOGDFFRPPRGDWHWKHVL]HDQGWXUQLQJUDGLXVRIDODGGHUWUXFNDQGPRGHUQILUHDSSDUDWXV 7KHDSSDUDWXVED\ZRXOGLQFOXGHDVKRSURRPWXUQRXWURRPODXQGU\URRPGHFRQWDPLQDWLRQURRP VWRUDJHURRPVFRPSUHVVRUURRPDQGMDQLWRU¶VFORVHW7KHWRWDOVL]HRIWKHVWDFNHGDSSDUDWXVED\ZRXOG EHDSSUR[LPDWHO\VI
,QDGGLWLRQWRWKHDSSDUDWXVVSDFHWKHILUHKRXVHZRXOGLQFOXGHDSSUR[LPDWHO\VIRIOLYLQJVOHHSLQJ TXDUWHUVZKLFKZRXOGLQFOXGHDSSUR[LPDWHO\HLJKWGRUPURRPVUHVWURRPVGD\URRPGLQLQJDQGNLWFKHQ DUHDVILWQHVVURRPVDQGMDQLWRU¶VFORVHW7KHILUHKRXVHZRXOGLQFOXGHDSSUR[LPDWHO\VIRI FODVVURRPHPHUJHQF\RSHUDWLRQVFHQWHUDQGWUDLQLQJVSDFHDSSUR[LPDWHO\VIRIVXSSRUWVSDFHVIRU +HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
VWRUDJHDPHFKDQLFDOURRPDEDWWHU\URRPDQHOHFWULFDOURRPDVZHOODVDSSUR[LPDWHO\VIRI DGPLQLVWUDWLRQVSDFHLQFOXGLQJDOREE\UHFHSWLRQSXEOLFUHVWURRPDQGRIILFHVSDFH7KHSURSRVHG ILUHKRXVHPD\SRWHQWLDOO\LQFOXGHDGGLWLRQDOVHFRQGVWRU\RIILFHVDQGWUDLQLQJHPHUJHQF\RSHUDWLRQVFHQWHU VSDFHIRUDQDGGLWLRQDOVI7KHSURSRVHGVWDIILQJRIWKHILUHVWDWLRQZRXOGEHDSSUR[LPDWHO\VL[WRHLJKW RQGXW\ILUHILJKWHUVIRUHDFKURWDWLRQDQGDQRWKHUIRXUILUHDGPLQLVWUDWLYHVWDII0RQGD\WKURXJK)ULGD\ 
DPWR
SP
$QHZJDOORQDERYHJURXQGIXHOVWRUDJHWDQNZRXOGEHORFDWHGDGMDFHQWWRWKHQRUWKVLGHRIWKHILUH VWDWLRQ7KHIXHOVWRUDJHWDQNZRXOGEHXVHGIRUUHIXHOLQJILUHHQJLQHVDQGSRZHULQJWKHJHQHUDWRU 5HJLRQDO/LEUDU\
7KHSURSRVHGDFWLRQLQFOXGHVFRQVWUXFWLRQDQGRSHUDWLRQRIDUHJLRQDOOLEUDU\DWWKH+HDUQ$YHQXH &RPPXQLW\+XEVLWH7KHSURSRVHGOLEUDU\ZRXOGEHDSSUR[LPDWHO\VILQVL]HDQGSURYLGHVSDFHIRU LQWHUQDOOLEUDU\RSHUDWLRQV7KHSURSRVHGOLEUDU\PD\SRWHQWLDOO\LQFOXGHDQDSSUR[LPDWHO\VIURRI WHUUDFHDQGDSSUR[LPDWHO\VIRIVHFRQGIORRUVSDFH LQFOXGHGZLWKLQWKHVIWRWDO
7KH
SURSRVHGOLEUDU\ZRXOGEHQRPRUHWKDQIHHWLQKHLJKW3URSRVHGOLEUDU\FRPSRQHQWVLQFOXGHDQ HQWU\ZD\PHHWLQJURRPVFRPPXQLW\VHUYLFHVVSDFHFROOHFWLRQDUHDVVXSSRUWVSDFHVUHVWURRPIDFLOLWLHV DQGDQRXWGRRUSDWLR9HKLFXODUDFFHVVWRWKHOLEUDU\ZRXOGEHSURYLGHGIURPWKHSURSRVHG'XWWRQ$YHQXH H[WHQVLRQ
7KHOLEUDU\ZRXOGEHVWDIIHGE\DSSUR[LPDWHO\
SDUWDQGRUIXOOWLPHHPSOR\HHV&RQVLVWHQWZLWK
FXUUHQWRSHUDWLQJKRXUVIRURWKHUOLEUDULHVZLWKLQWKH&RXQW\¶VV\VWHPLWLVDQWLFLSDWHGWKDWWKHOLEUDU\ZRXOG RSHUDWHGXULQJWKHIROORZLQJKRXUV

± 0RQGD\7KXUVGD\)ULGD\DQG6DWXUGD\

DPWR
S P
± 7XHVGD\DQG:HGQHVGD\

DPWR
SP
± )ULGD\DQG6DWXUGD\

DPWR
SP
± 6XQGD\

SPWR
SPRUFORVHG
0XOWLFXOWXUDO&HQWHU*\PQDVLXP
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
± 0RQGD\WR6DWXUGD\

DPWR
SP
± 6XQGD\

DPWR
SP
$TXDWLF&HQWHU
7KHSURSRVHGDFWLRQZRXOGSRWHQWLDOO\LQFOXGHFRQVWUXFWLRQDQGRSHUDWLRQRIDQDSSUR[LPDWHO\ VI
DTXDWLFFHQWHUDWWKH+HDUQ$YHQXH&RPPXQLW\+XEVLWH7KHDTXDWLFFHQWHUZRXOGEHVLQJOHVWRU\DQG ZRXOGLQFOXGHDQRXWGRRUODSDQGUHFUHDWLRQDOSRROZLWKSRROVLGHGHFNLQJZLWKWKHSRVVLELOLW\RIDVSUD\ JURXQGIHDWXUH7KHSURSRVHGDTXDWLFFHQWHUZRXOGDOVRLQFOXGHDQDSSUR[LPDWHO\VISRROKRXVH +HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
ZLWKUHVWURRPVORFNHUVVKRZHUVZRUNURRPRIILFHVDQGOLIHJXDUG¶VURRPLQFOXGLQJ VIRIVXSSRUW
VSDFHLQFOXGLQJDPHFKDQLFDOURRPDQGEXLOGLQJVWRUDJH7KHKRXUVRIRSHUDWLRQDUHDQWLFLSDWHGWREH 
± 0RQGD\±)ULGD\

DP±
SP
± 6DWXUGD\DQG6XQGD\


DP±
SP
8WLOLWLHV
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
7KHSURSRVHGDFWLRQZRXOGEHVXEMHFWWRWKH6WDWH%XLOGLQJ(QHUJ\(IILFLHQF\6WDQGDUGVFRQWDLQHGLQ7LWOH 3DUWRIWKH&DOLIRUQLD&RGHRI5HJXODWLRQVZKLFKDSSOLHVWRQHZFRQVWUXFWLRQRIERWKUHVLGHQWLDODQG QRQUHVLGHQWLDOEXLOGLQJVDQGUHJXODWHVHQHUJ\FRQVXPHGIRUKHDWLQJFRROLQJYHQWLODWLRQZDWHUKHDWLQJDQG OLJKWLQJ$GGLWLRQDOO\LQDFFRUGDQFHZLWKWKH&LW\RI6DQWD5RVD&OLPDWH$FWLRQ3ODQ &$3
1HZ
'HYHORSPHQW&KHFNOLVWWKHSURSRVHGDFWLRQZRXOGEHFRQGLWLRQHGWRFRPSO\ZLWKWKH&$/*UHHQ7LHU 6WDQGDUGVZKLFKUHTXLUHDSHUFHQWLPSURYHPHQWRYHUWKHPLQLPXP7LWOH3DUWUHTXLUHPHQWV 6WRUP:DWHU
7KHSURSRVHGDFWLRQZRXOGUHVXOWLQDSSUR[LPDWHO\DFUHVRIQHZLPSHUYLRXVVXUIDFHVDWWKHVLWH7KH SODQQHGGHYHORSPHQWVZRXOGEHVXEMHFWWRWKH&LW\RI6DQWD5RVD¶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
VHH)LJXUH
2IIVLWHVWRUPGUDLQLPSURYHPHQWVZRXOGLQFOXGHHLWKHU DQHZ
VWRUPGUDLQSLSHRQSURSHUW\WRWKHVRXWKRIWKHSURMHFWVLWHZKLFKZRXOGFRQQHFWWRDQHZVWRUPGUDLQ RXWIDOOWR&ROJDQ&UHHNRUWRDQDGMDFHQWSXEOLFVWRUPGUDLQQHWZRUNLIWKHVRXWKHUQSURSHUW\LVGHYHORSHG SULRUWRWKH+HDUQ$YHQXH&RPPXQLW\+XESURMHFWRU
UHSODFHPHQWRIDSSUR[LPDWHO\IHHWRIVWRUP
GUDLQSLSHLQ+HDUQ$YHQXHFRQVWUXFWLRQRIDSSUR[LPDWHO\IHHWRIQHZVWRUPGUDLQSLSHLQ9LFWRULD 'ULYHDQGFRQQHFWLRQDQGXSVL]LQJRIDQH[LVWLQJVWRUPGUDLQLQ'DYLG/HH&RXUWWKDWFRQQHFWVWRDQ H[LVWLQJRXWIDOOWR&ROJDQ&UHHN8QGHURSWLRQ
DERYHWKHSURSRVHGDFWLRQZRXOGLQFOXGHDQRQVLWH
VWRUPZDWHUHOHFWULFSXPSVWDWLRQWKDWZRXOGEHORFDWHGLQDQXQGHUJURXQGFRQFUHWHYDXOWZLWKDFRQFUHWHOLG 9HKLFOH7ULS*HQHUDWLRQDQG2QVLWH3DUNLQJ
8VLQJ,QVWLWXWHRI7UDQVSRUWDWLRQ(QJLQHHUV
,7(
WULSJHQHUDWLRQUDWHVWKHSURSRVHGDFWLRQDWIXOOEXLOGRXW LQFOXGLQJWULSVIURPWKHILUHVWDWLRQLVHVWLPDWHGWRJHQHUDWHDQDYHUDJHRIGDLO\YHKLFOHWULSVZLWK 
GDLO\WULSVDQWLFLSDWHGWRRFFXUGXULQJWKHDPSHDNKRXUDQGGDLO\WULSVDQWLFLSDWHGWRRFFXUGXULQJWKH 
$QDJUHHPHQWZLWKWKHDGMRLQLQJSURSHUW\RZQHUZRXOGEHUHTXLUHGSULRUWRDQ\VXFKXVH +HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
SPSHDNKRXU7KHSURSRVHGDFWLRQLQFOXGHVSURYLVLRQRIYHKLFXODUSDUNLQJVSDFHVLQDFFRUGDQFHZLWK &LW\SDUNLQJJHQHUDWLRQVWDQGDUGVZKLFKZRXOGEHDSSUR[LPDWHO\YHKLFOHSDUNLQJVSDFHV3DUNLQJ ZRXOGEHSURYLGHGZLWKLQFDUSRUWVVXUIDFHSDUNLQJORWVDQGSRVVLEO\DIXWXUHSDUNLQJJDUDJHLIDGGLWLRQDO SDUNLQJVSDFHVDUHSURSRVHGLQWKHORQJWHUP$FFHVVLEOHVSDFHVZRXOGEHSURYLGHGLQFRPSOLDQFHZLWK WKH$PHULFDQVZLWK'LVDELOLWLHV$FW6WDQGDUGVIRU$FFHVVLEOH'HVLJQ /DQGVFDSLQJ
7KHSURSRVHGDFWLRQLQFOXGHVSODQWLQJQHZODQGVFDSLQJZLWKLQDQGDGMDFHQWWRSURSRVHGVWRUPZDWHU WUHDWPHQWDQGUHWHQWLRQIDFLOLWLHVDVZHOODVWKURXJKRXWWKHGHYHORSPHQW/DQGVFDSLQJHOHPHQWVZRXOG FRPSO\ZLWKWKH&LW\¶V:DWHU(IILFLHQW/DQGVFDSH2UGLQDQFHDQGZRXOGLQFOXGHQDWLYHDQGRUQDPHQWDO SODQWVJUDVVHVDQGWUHHVLQFOXGLQJLQGLJHQRXVSODQWVWREHVHOHFWHGLQFRRUGLQDWLRQZLWKWKH)HGHUDWHG ,QGLDQVRI*UDWRQ5DQFKHULD/LEUDU\ODQGVFDSHVZLOOLQFOXGHD/HDUQLQJ*DUGHQIRUHGXFDWLRQDO SURJUDPPLQJ
3HULPHWHU:DOOVDQGRU)HQFLQJ
7KHSURSRVHGDFWLRQZRXOGLQFOXGHLQVWDOODWLRQRIQHZIHQFLQJDORQJSRUWLRQVRIWKHSHULPHWHURIWKH+HDUQ $YHQXH&RPPXQLW\+XEVLWH7KLVPD\LQFOXGHFRQFUHWHEULFNVWRQHVWXFFRZDOOVRUZRRGHQRUYLQ\O IHQFLQJXSWRIHHWLQKHLJKWDGMDFHQWWRH[LVWLQJFRQWLJXRXVUHVLGHQWLDOSURSHUWLHV (PHUJHQF\%DFNXS*HQHUDWRUV
1HZVWDWLRQDU\EDFNXSJHQHUDWRUVZRXOGEHORFDWHGDWWKHILUHVWDWLRQOLEUDU\DQGPXOWLFXOWXUDO FHQWHUJ\PQDVLXPWREHXVHGDVDEDFNXSSRZHUVRXUFHLQWKHHYHQWRIDSRZHURXWDJH7KHJHQHUDWRUV ZRXOGEHHQFORVHGDQGHTXLSSHGZLWKDQDSSUR[LPDWHO\JDOORQLQWHJUDWHGGLHVHOWDQN7KHSURSRVHG HPHUJHQF\JHQHUDWRUVZRXOGEHSODFHGDORQJWKHZHVWHUQIDoDGHVRIWKHILUHVWDWLRQOLEUDU\DQG PXOWLFXOWXUDOFHQWHUJ\PQDVLXP
2XWGRRU/LJKWLQJ
7KHSURSRVHGDFWLRQLQFOXGHVWKHLQVWDOODWLRQDQGXVHRIRXWGRRUOLJKWLQJDWWKH+HDUQ$YHQXH&RPPXQLW\ +XEVLWH7KLVZRXOGLQFOXGHH[WHULRUEXLOGLQJOLJKWIL[WXUHVSDWKZD\EROODUGIL[WXUHVVWUHHWOLJKWLQJSDUNLQJ ORWOLJKWLQJDQGSROHPRXQWHGIL[WXUHVLQWHJUDWHGLQWRWKHSODQQHGGHYHORSPHQW2XWGRRUOLJKWLQJZRXOG FRPSO\ZLWKUHTXLUHPHQWVFRQWDLQHGLQ&LW\0XQLFLSDO&RGH6HFWLRQLQFOXGLQJPD[LPXPKHLJKWV IRUOLJKWVWDQGDUGVDQGUHTXLUHPHQWVWKDWOLJKWLQJIL[WXUHVEHVKLHOGHGDQGRUUHFHVVHGWRUHGXFHOLJKW VSLOODJHRQWRDGMRLQLQJSURSHUWLHV
2XWGRRU(YHQWV
7KHSURSRVHGDFWLRQPD\LQFOXGHRFFDVLRQDORXWGRRUHYHQWVLQRSHQVSDFHVLQWKHVRXWKZHVWHUQSRUWLRQRI WKHSURSHUW\QHDUWKHSURSRVHGPXOWLFXOWXUDOJ\PQDVLXPEXLOGLQJDQGOLEUDU\7KHH[DFWIUHTXHQF\RI HYHQWVWKHGXUDWLRQRIVXFKHYHQWVDQGWKHQXPEHURIDWWHQGHHVRIWKHHYHQWVLVXQNQRZQDWWKLVWLPH KRZHYHULWLVDVVXPHGWKDWRXWGRRUHYHQWVZRXOGRFFXUEHWZHHQ DPDQG
SP6XFKHYHQWV
PD\SRWHQWLDOO\LQFOXGHDPSOLILHGVSHHFKDQGPXVLF(YHQWVZRXOGRQO\RFFXULIWKH\FRPSO\ZLWKWKH&LW\¶V GD\WLPHQRLVHWKUHVKROGRIG%$DQGWKH&LW\¶VHYHQLQJWKUHVKROGRIG%$DWVXUURXQGLQJUHVLGHQWLDO SURSHUW\OLQHV7DEOHVXPPDUL]HVWKHPLQLPXPGLVWDQFHVDWZKLFKHDFKQRLVHVRXUFHDVVRFLDWHGZLWK DQRXWGRRUHYHQWFRXOGEHSODFHGIURPWKHUHFHLYLQJUHVLGHQWLDOSURSHUW\OLQHVWRPHHWWKH&LW\¶VGD\WLPH WKUHVKROGRIG%$DQGWKH&LW\¶VHYHQLQJWKUHVKROGRIG%$ +HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
Table 2-2 Setbacks to Meet City Noise Limits During Outdoor Events 1RLVH6RXUFH
0LQLPXP'LVWDQFHWR5HVLGHQWLDO3URSHUW\/LQHVWR0HHW &LW\1RLVH/LPLWV
IHHW

'D\WLPH (YHQLQJ
$PSOLILHG6SHHFK IHHWIURPSURSHUW\OLQH IHHWIURPSURSHUW\OLQH $PSOLILHG0XVLF 
IHHWIURPSURSHUW\OLQH IHHWIURPSURSHUW\OLQH 5DLVHG&RQYHUVDWLRQ 1RQDPSOLILHG0XVLF
IHHWIURPSURSHUW\OLQH IHHWIURPSURSHUW\OLQH &RPELQHG1RLVH6RXUFHV

HYHQWVZLWKDOOWKHDERYH
 IHHWIURPSURSHUW\OLQH 1RW$OORZHG
&RQVWUXFWLRQ,QIRUPDWLRQ
7KHDQWLFLSDWHGFRQVWUXFWLRQZRUNKRXUVDUH
DP±
SP0RQGD\WKURXJK)ULGD\DQG

DP±

SPRQ6DWXUGD\V1RFRQVWUXFWLRQLVDQWLFLSDWHGWRRFFXURQ6XQGD\VRUKROLGD\V1LJKWWLPH FRQVWUXFWLRQLVQRWDQWLFLSDWHGDQGZRXOGRQO\EHSHUIRUPHGZLWKWKHDSSURYDORIWKH&LW\¶VUHVLGHQW HQJLQHHUDQGFRQGLWLRQDOO\UHTXLUHGWRDYRLGJODUHDQGOLJKWWUHVSDVVWKDWZRXOGEHDKD]DUGRUQXLVDQFHWR YHKLFOHVDQGDGMDFHQWUHVLGHQWLDOXVHV
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
8WLOLW\FRQQHFWLRQVZRXOGEHLQVWDOOHGXVLQJRSHQWUHQFKFRQVWUXFWLRQPHWKRGV6XFKPHWKRGVZRXOGLQFOXGH UHPRYDORIVXUIDFHPDWHULDO
H[FDYDWLRQDQGVKRULQJRIDWUHQFK
LQVWDOODWLRQRISLSHEHGGLQJSLSHOLQHVDQG

FRQGXLWV
EDFNILOOLQJRIWKHWUHQFK
DQGUHVXUIDFLQJ7UHQFKHVDUHDQWLFLSDWHGWREHH[FDYDWHGWRDGHSWKRI DSSUR[LPDWHO\WRIHHWEHORZWKHJURXQGVXUIDFH&RQVWUXFWLRQRIXWLOLW\FRQQHFWLRQVZLWKLQWKH&LW\¶V ULJKWRIZD\LQ+HDUQ$YHQXHZRXOGEHFRPSOHWHGLQDFFRUGDQFHZLWK&LW\RI6DQWD5RVDUHTXLUHPHQWVDQG WKHFRQWUDFWRUZRXOGEHUHTXLUHGWRGHYHORSDQGLPSOHPHQWFRQWUROVWRPLQLPL]HHIIHFWVRIWKHZRUNRQ WUDIILFDQGSHGHVWULDQVLQFOXGLQJVLJQVDQGIODJJHUVFRQIRUPLQJZLWKWKHFXUUHQW&DOLIRUQLD0DQXDORI 8QLIRUP7UDIILF&RQWURO'HYLFHV
,IQHHGHGWHPSRUDU\JURXQGZDWHUGHZDWHULQJZRXOGEHFRQGXFWHGZLWKLQH[FDYDWLRQVWRSURYLGHDGU\ZRUN DUHD'HZDWHULQJZRXOGJHQHUDOO\LQYROYHSXPSLQJZDWHURXWRIDWUHQFKRUH[FDYDWLRQWR%DNHUWDQNV RU
RWKHUVLPLODUW\SHRIVHWWOLQJWDQN
)ROORZLQJWKHVHWWOLQJSURFHVVWKHJURXQGZDWHUZRXOGQRUPDOO\EH SXPSHGWRDEDJDQGFDUWULGJHILOWHUV\VWHP
RUVLPLODUV\VWHP
EHIRUHEHLQJGLVFKDUJHGWRWKHVDQLWDU\
VHZHUV\VWHPRUWRDSRUWLRQRIWKHFRQVWUXFWLRQVLWHVXIILFLHQWLQDUHDWRDOORZIRUFRPSOHWHLQILOWUDWLRQLQWR RQVLWHVRLOVRUIRUXVHDVGXVWFRQWURO
+HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
9HUWLFDOFRQVWUXFWLRQDFWLYLWLHVZRXOGLQFOXGHFRQVWUXFWLRQRIWKHSURSRVHGQHZEXLOGLQJVVXSSRUWEXLOGLQJV DQGRWKHUVLWHLPSURYHPHQWV7KHILQDOSKDVHRIFRQVWUXFWLRQLVDQWLFLSDWHGWRLQFOXGHHVWDEOLVKPHQWRIRQ VLWHRSHQVSDFHDUHDVLQFOXGLQJLQVWDOODWLRQRIODQGVFDSHSODQWLQJVWUHHVLUULJDWLRQV\VWHPVDQGILQLVKHG KDUGVFDSHV
7KHQXPEHURIFRQVWUXFWLRQUHODWHGYHKLFOHVWUDYHOLQJWRDQGIURPWKHFRQVWUXFWLRQVLWHZRXOGYDU\RQDGDLO\ EDVLV)RUWKHSXUSRVHVRIHYDOXDWLRQLWLVDQWLFLSDWHGWKDWWKHSHDNQXPEHURIKDXOWUXFNVZRXOGRFFXU GXULQJWKHLPSRUWRIFRQVWUXFWLRQPDWHULDOVDQGZRXOGFRQVLVWRIXSWRURXQGWULSVRQDQ\RQHGD\,Q DGGLWLRQWRKDXOWUXFNVLWLVDQWLFLSDWHGWKDWFRQVWUXFWLRQFUHZWULSVZRXOGUHTXLUHXSWRURXQGWULSVSHU GD\7KHUHIRUHXSWRYHKLFOHURXQGWULSVFRXOGRFFXUSHUGD\DWPD[LPXP  5HTXLUHG$JHQF\$SSURYDOV
7KHIROORZLQJLVDOLVWRISRWHQWLDOO\DSSOLFDEOHSHUPLWVFRQVXOWDWLRQVDQGDSSURYDOVIURPIHGHUDOVWDWHDQG ORFDODJHQFLHVUHODWLYHWRWKH+HDUQ$YHQXH&RPPXQLW\+XE7KHVHDJHQFLHVPD\LVVXHDSSURYDOVIRUWKH SURSRVHGDFWLRQDQGWKXVPD\QHHGWRUHO\XSRQWKLV&(4$&KHFNOLVW ± 86$UP\&RUSVRI(QJLQHHUV
7KHSURSRVHGDFWLRQLVDQWLFLS DWHGWRUHTXLUHD6HFWLRQ3HUPLW XQGHUWKH&OHDQ:DWHU$FWIRUILOOLQJRIZHWODQGVRURWKHUZDWHUVRIWKH86RQWKHVLWH ± 86)LVKDQG:LOGOLIH6HUYLFH
7KHSURSRVHGDFWLRQLVDQWLF LSDWHGWRUHTXLUHD6HFWLRQ&RQVXOWDWLRQ ZLWKWKH86)LVKDQG:LOGOLIH6HUYLFHIRUSURFHVVLQJRIWKH6HFWLRQ3HUPLW ± 1RUWK&RDVW5HJLRQDO:DWHU4XDOLW\&RQWURO%RDUG
7KHSURSRV HGDFWLRQLVDQWLFLSDWHGWRUHTXLUHD :DWHU4XDOLW\&HUWLILFDWLRQXQGHUWKH&OHDQ:DWHU$FWIRUILOOLQJRIZHWODQGVRURWKHUZDWHUVRIWKH6WDWH RUD:DVWH'LVFKDUJH3HUPLWIRUILOOLQJ6WDWHRQO\ZHWODQGV ± &DOLIRUQLD'HSDUWPHQWRI)LVKDQG:LOGOLIH
7KHSURSRVHGDFW LRQLVDQWLFLSDWHGWRUHTXLUHHLWKHUD &RQVLVWHQF\'HWHUPLQDWLRQRUD6HFWLRQ,QFLGHQWDO7DNH3HUPLWIRUSRWHQWLDOLPSDFWVRQ&DOLIRUQLD 7LJHU6DODPDQGHUKDELWDW
± 6WDWH:DWHU5HVRXUFHV&RQWURO%RDUG
7KHSURSRVHGDFWLRQLVD QWLFLSDWHGWRUHTXLUHD*HQHUDO &RQVWUXFWLRQ3HUPLWIRUGLVWXUEDQFHRIRQHRUPRUHDFUHVRIVRLO ± %D\$UHD$LU4XDOLW\0DQDJHPHQW' LVWULFW
7KHSURSRVHGDFWLRQLVDQWLFLSDWHGWRUHTXLUHDQ$XWKRULW\ WR&RQVWUXFW3HUPLWWR2SHUDWHIRURSHUDWLRQDQGPDLQWHQDQFHRIHPHUJHQF\EDFNXSJHQHUDWRUV ± 6RQRPD&RXQW\3HUPLW6RQRPD
7KHSURSRVHGDFWLRQLVDQWLFLSD WHGWRUHTXLUHDSHUPLWIRULQVWDOODWLRQ RIDSHWUROHXPVWRUDJHWDQNDWWKHSURSRVHGILUHVWDWLRQ  (QYLURQPHQWDO3URWHFWLRQ$FW LRQV,QFRUSRUDWHGLQWRWKH3URSRVHG $FWLRQ
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
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
PDQXIDFWXUHUV¶UHFRPPHQGDWLRQV)RUWKHSURSRVHGDFWLRQWKH&LW\KDVGHYHORSHGDWDLORUHGOLVWRI FRQVWUXFWLRQQRLVHFRQWUROVWREHLPSOHPHQWHGGXULQJFRQVWUXFWLRQDFWLYLWLHVZKLFKLQFOXGHVWKHIROORZLQJ 
7LPLQJ/LPLWDWLRQVDQG1RWLILFDWLRQV
± &RQVWUXFWLRQDFWLYLWLHVVKDOOE HOLPLWHGWRWKHKRXUVEHWZHHQ DPDQG
SP0RQGD\WKURXJK
)ULGD\XQOHVVSHUPLVVLRQLVJUDQWHGE\WKH&LW\
± 3ULRUWRFRQVWUXFWLRQQRWLI\ EXVLQHVVHVUHVLGHQFHVDQGRWKHUQRLVHVHQVLWLYHODQGXVHVZLWKLQIHHW RIWKHVLWHRIWKHFRQVWUXFWLRQVFKHGXOHLQZULWLQJDQGSURYLGHDZULWWHQVFKHGXOHRI³QRLV\´ FRQVWUXFWLRQDFWLYLWLHVWRWKHDGMDFHQWODQGXVHVDQGQHDUE\UHVLGHQFHV ± 'HVLJQDWHDGLVWXUEDQFHFRRUGL QDWRUZKRVKDOOEHUHVSRQVLEOHIRUUHVSRQGLQJWRDQ\FRPSODLQWVDERXW FRQVWUXFWLRQQRLVH7KHGLVWXUEDQFHFRRUGLQDWRUVKDOOGHWHUPLQHWKHFDXVHRIWKHQRLVHFRPSODLQW HJ
EDGPXIIOHUHWF
DQGUHTXLUHWKDWUHDVRQDEOHPHDVXUHVEHLPSOHPHQWHGWRFRUUHFWWKHSUREOHP &RQVSLFXRXVO\SRVWDWHOHSKRQHQXPEHUIRUWKHGLVWXUEDQFHFRRUGLQDWRUDWWKHFRQVWUXFWLRQVLWHDQG LQFOXGHLWLQWKHQRWLFHVHQWWRQHLJKERUVUHJDUGLQJWKHFRQVWUXFWLRQVFKHGXOH 3URSHU0DLQWHQDQFH0XIIOLQJ 1RLVH%DUULHUV
± 'XULQJFRQVWUXFWLRQDFWLYLWLHVXWLOL]HWKHEHVWDYDLODEOHQR LVHVXSSUHVVLRQGHYLFHVDQGWHFKQLTXHV HTXLSLQWHUQDOFRPEXVWLRQHQJLQHGULYHQHTXLSPHQWZLWKLQWDNHDQGH[KDXVWPXIIOHUVWKDWDUHLQJRRG FRQGLWLRQDQGDSSURSULDWHIRUWKHHTXLSPHQWDQGSURKLELWXQQHFHVVDU\LGOLQJRILQWHUQDOFRPEXVWLRQ HQJLQHV
± 8WLOL]HTXLHWDLUFRPSUHVVRU VDQGRWKHUVWDWLRQDU\QRLVHVRXUFHVZKHUHWHFKQRORJ\H[LVWV ± &RQVWUXFWWHPSRUDU\QRLVHEDUUL HUVWRVFUHHQVWDWLRQDU\QRLVHJHQHUDWLQJHTXLSPHQWZKHQORFDWHGQHDU VHQVLWLYHODQGXVHV
± &RQVWUXFWDVROLGSO\ZRRGIHQFH DORQJWKHHDVWHUQSURSHUW\OLQHZKHUHIHDVLEOHWRVKLHOGWKHDGMRLQLQJ UHVLGHQWLDOUHFHSWRUVIURPFRQVWUXFWLRQZRUN7KHQRLVHEDUULHUVKRXOGEHIRRWWDOOQRLVHWREORFNGLUHFW OLQHRIVLJKWZLWKJURXQGOHYHOUHFHSWRUV,IVXFKDIHQFHLVQRWIHDVLEOHFRQVLGHURWKHUQRLVHEDUULHU RSWLRQVWKDWZRXOGFRQWULEXWHWRDWWHQXDWLQJFRQVWUXFWLRQQRLVHDWWKHHDVWHUQSURSHUW\OLQHE\ DSSUR[LPDWHO\G%$
± &RQWUROQRLVHIURPFRQVWUXFWLRQZRUNHUV¶UDGLRVWRDSRLQWZK HUHWKH\DUHQRWDXGLEOHDWH[LVWLQJ UHVLGHQFHVERUGHULQJWKHSURMHFWVLWH
6WDJLQJ 6WRFNSLOLQJ
± /RFDWHVWDWLRQDU\QRLVHJHQHUDWLQ JHTXLSPHQWVXFKDVDLUFRPSUHVVRUVRUSRUWDEOHSRZHUJHQHUDWRUV DVIDUDVSRVVLEOHIURPVHQVLWLYHUHFHSWRUV
± &RQVWUXFWLRQVWDJLQJDUHDVVKDOO EHHVWDEOLVKHGDWORFDWLRQVWKDWZRXOGFUHDWHWKHJUHDWHVWGLVWDQFH EHWZHHQWKHFRQVWUXFWLRQUHODWHGQRLVHVRXUFHDQGQRLVHVHQVLWLYHUHFHSWRUVGXULQJDOOSURMHFW FRQVWUXFWLRQ
± /RFDWHPDWHULDOVWRFNSLOHVDV ZHOODVPDLQWHQDQFHHTXLSPHQWVWDJLQJDQGSDUNLQJDUHDVDVIDUDV IHDVLEOHIURPUHVLGHQWLDOUHFHSWRUV
3URMHFW(QYLURQPHQWDO3URWHFWLRQ$FWLRQ*URXQGERUQH9LEUDWLRQ $VDVWDQGDUGFRQGLWLRQRIGHYHORSPHQWDSSURYDOWKH&LW\UHTXLUHVWKHLPSOHPHQWDWLRQRIPHDVXUHVIRUWKH FRQWURORIFRQVWUXFWLRQJHQHUDWHGJURXQGERUQHYLEUDWLRQ)RUWKHSURSRVHGDFWLRQWKH&LW\KDVGHYHORSHGD WDLORUHGOLVWRIJURXQGERUQHYLEUDWLRQFRQWUROVWREHLPSOHPHQWHGGXULQJFRQVWUXFWLRQDFWLYLWLHVZKLFKLQFOXGH WKHIROORZLQJ

+HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE 


± /DUJHYLEUDWRU\UROOHUVVKDOOQ RWRFFXURQWKHFRQVWUXFWLRQVLWHZLWKLQIHHWRIWKHVLWHERXQGDULHV VKDUHGZLWKH[LVWLQJEXLOGLQJVWRWKHHDVW7KHGURSSLQJRIKHDY\HTXLSPHQWRUPDWHULDOVVKDOOQRWRFFXU RQWKHFRQVWUXFWLRQVLWHZLWKLQIHHWRIWKHVLWHERXQGDULHVVKDUHGZLWKH[LVWLQJEXLOGLQJVWRWKHHDVW $OORWKHUHTXLSPHQWVKDOOQRWEHXVHGZLWKLQIHHWRIWKHHDVWERXQGDU\RIWKHVLWH ± 6PDOOHUHTXLSPHQWVKDOOEHXVHG WRPLQLPL]HYLEUDWLRQOHYHOVWREHORZLQVHF339DWWKHSURSHUW\ OLQHVDGMRLQLQJDGMDFHQWEXLOGLQJV)RUH[DPSOHDVPDOOHUYLEUDWRU\UROOHUVXFKDVWKH&DWHUSLOODUPRGHO &3(YLEUDWRU\FRPSDFWRUFRXOGEHXVHGZKHQFRPSDFWLQJPDWHULDOVZLWKLQIHHWRIWKHDGMDFHQW FRQYHQWLRQDOEXLOGLQJV

± 8VHDOWHUQDWLYHPHWKRGVIRUEUHD NLQJXSH[LVWLQJSDYHPHQWVXFKDVDSDYHPHQWJULQGHULQVWHDGRI GURSSLQJKHDY\REMHFWVZLWKLQIHHWRIFRQYHQWLRQDOEXLOGLQJV ± $'LVWXUEDQFH&RRUGLQDWRUZLOO EHGHVLJQDWHGWREHUHVSRQVLEOHIRUUHJLVWHULQJDQGLQYHVWLJDWLQJFODLPV RIH[FHVVLYHYLEUDWLRQ7KHFRQWDFWLQIRUPDWLRQRIVXFKSHUVRQVKDOOEHFOHDUO\SRVWHGRQWKH FRQVWUXFWLRQVLWH
± $OLVWRIDOOKHDY\FRQVWUXFWL RQHTXLSPHQWWREHXVHGIRUWKHSURSRVHGDFWLRQNQRZQWRSURGXFHKLJK YLEUDWLRQOHYHOV
HJWUDFNHGYHKLFOHVYLEUDWRU\FRPSDFWLRQMDFNKDPPHUVFODPVKRYHOGURSDQG YLEUDWRU\UROOHUHWF
VKDOOEHVXEPLWWHGWRWKH&LW\E\WKHFRQWUDFWRU
3URMHFW(QYLURQPHQWDO3URWHFWLRQ$FWLRQ±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±&RQVWUXFWLRQ3ROOXWDQW0LWLJDWLRQ3ODQ $+HDOWK5LVN$VVHVVPHQWPHHWLQJWKHUHTXLUHPHQWVRI0LWLJDWLRQ0HDVXUH00RIWKH6SHFLILF3ODQ 3URJUDP(,5ZDVSUHSDUHGIRUWKHSURSRVHGDFWLRQ
,OOLQJZRUWK 5RGNLQ
,QDFFRUGDQFHZLWK3(,5
0LWLJDWLRQ0HDVXUH00WKH+HDOWK5LVN$VVHVVPHQWLGHQWLILHGDFRQVWUXFWLRQSROOXWDQWPLWLJDWLRQSODQ DVSDUWRIWKHSURSRVHGDFWLRQWKDWUHGXFHVFRQFHQWUDWLRQVRIDLUTXDOLW\HPLVVLRQVEHORZ%D\$UHD$LU 4XDOLW\0DQDJHPHQW'LVWULFWWKUHVKROGVRIVLJQLILFDQFHGXULQJFRQVWUXFWLRQ%DVHGRQWKHUHVXOWVRIWKH +HDOWK5LVN$VVHVVPHQWWKHFRQVWUXFWLRQSROOXWDQWPLWLJDWLRQSODQIRUWKHSURSRVHGDFWLRQLVDVIROORZV 
± $OOFRQVWUXFWLRQHTXLSPHQWODUJHUWKDQKRUVHSRZHUXVHGDW WKHVLWHIRUPRUHWKDQWZRFRQWLQXRXV GD\VRUKRXUVWRWDOVKDOOPHHW86(3$7LHUHPLVVLRQVWDQGDUGVIRU30 30DQG30
LI
IHDVLEOH
± ,IXVHRI7LHUHTXLSPHQWLVQRWIHDVLEOHXVHHTXLSPHQWWKD WPHHWV86(3$HPLVVLRQVWDQGDUGVIRU 7LHURUHQJLQHVDQGLQFOXGHSDUWLFXODWHPDWWHUHPLVVLRQVFRQWUROHTXLYDOHQWWR&$5%/HYHO YHULILDEOHGLHVHOHPLVVLRQFRQWUROGHYLFHVWKDWDOWRJHWKHUDFKLHYHDSHUFHQWUHGXFWLRQLQSDUWLFXODWH PDWWHUH[KDXVWLQFRPSDULVRQWRXQFRQWUROOHGHTXLSPHQW ± $OWHUQDWLYHO\
RULQFRPELQDWL RQ
XVHHOHFWULFDORUQRQGLHVHOIXHOHGHTXLSPHQW
± 7KH&LW\DQG'HVLJQ%XLOGFRQWUDFWRUPD\DOVRGHYHORSDQRWKHU FRQVWUXFWLRQRSHUDWLRQVSODQ GHPRQVWUDWLQJWKDWWKHFRQVWUXFWLRQHTXLSPHQWXVHGRQVLWHZRXOGDFKLHYHDUHGXFWLRQLQFRQVWUXFWLRQ GLHVHOSDUWLFXODWHPDWWHUHPLVVLRQVE\SHUFHQWRUJUHDWHU(OHPHQWVRIWKHSODQFRXOGLQFOXGHD FRPELQDWLRQRIVRPHRIWKHIROORZLQJPHDVXUHVDQGZRXOGEHVXEMHFWWRUHYLHZE\DQDLUTXDOLW\H[SHUW DQGDSSURYHGE\WKH&LW\SULRUWRFRQVWUXFWLRQ

+HDUQ$YHQXH&RPPXQLW\+XE'HVFULSWLRQ
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
x ,PSOHPHQWDWLRQRI1RDERYH WRXVH7LHURUDOWHUQDWLYHO\IXHOHGHTXLSPHQW x ,QVWDOODWLRQRIHOHFWULFSRZHUO LQHVGXULQJHDUO\FRQVWUXFWLRQSKDVHVWRDYRLGXVHRIGLHVHO JHQHUDWRUVDQGFRPSUHVVRUV
x 8VHRIHOHFWULFDOO\SRZHUHGHTXLSPHQW
x )RUNOLIWVDQGDHULDOOLIWVXVHGIRUH[WHULRUDQGLQWHULRUEXLO GLQJFRQVWUXFWLRQVKDOOEHHOHFWULFRU SURSDQHQDWXUDOJDVSRZHUHG
x &KDQJHLQFRQVWUXFWLRQEXLOGRXW SODQVWROHQJWKHQSKDVHVDQG x ,PSOHPHQWDWLRQRIGLIIHUHQWEXL OGLQJWHFKQLTXHVWKDWUHVXOWLQOHVVGLHVHOHTXLSPHQWXVDJH 








(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 (QYLURQPHQWDO$QDO\VLV 5HODWLYHWRWKH6SHFLILF
3ODQ3URJUDP(,5
 $HVWKHWLFV
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
ZRXOGUHVXOWLQGHYHORSPHQWRQSUHYLRXVO\
XQGHYHORSHGSDUFHOVLQWKH6SHFLILF3ODQ
DUHD
WKDWFRXOGEORFNYLHZVRIVFHQLFYLVWDV
IURPVXUURXQGLQJSURSHUWLHV&RPSOLDQFH
ZLWKH[LVWLQJ&LW\SROLFLHVDQG'HVLJQ
*XLGHOLQHVZRXOGSURWHFWVFHQLFYLVWDVDQG
HQVXUHWKLVLPSDFWLVOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
ZRXOGQRWVXEVWDQWLDOO\GDPDJHVFHQLF
UHVRXUFHVZLWKLQDVWDWHVFHQLFKLJKZD\
7KHUHZRXOGEHQRLPSDFW
1R,PSDFW 1R,PSDFW 1RQH
5HTXLUHG <HV
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
FRXOGFKDQJHWKHH[LVWLQJYLVXDOFKDUDFWHURI
WKH6SHFLILF3ODQDUHDE\DOORZLQJQHZ
GHYHORSPHQWRQFXUUHQWO\YDFDQWDQG
XQGHUXWLOL]HGSDUFHOV7KLVLPSDFWZRXOGEH
OHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
ZRXOGLQWURGXFHQHZVRXUFHVRIOLJKWRU
JODUH7KLVLPSDFWZRXOGEHOHVVWKDQ
VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
LQFRPELQDWLRQZLWKRWKHUSODQQHGDQG
UHFHQWO\DSSURYHGSURMHFWVLQWKH6SHFLILF
3ODQDUHDZRXOGUHVXOWLQDOHVVWKDQ
FXPXODWLYHO\FRQVLGHUDEOHLPSDFWRQWKH
YLVXDOFKDUDFWHURIWKHFLW\
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW6FHQLF9LVWDV
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
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
ULGJHOLQHVDQGODQGPDUNVVXFKDV7D\ORU0RXQWDLQ%HQQHWW0RXQWDLQDQGYLHZVRIWKH6RQRPD0RXQWDLQ IRRWKLOOVDUHQRWSUHGRPLQDQWO\YLVLEOHIURPWKHVLWHRUIURPDGMDFHQWDUHDV$VDUHVXOWWKHLPSDFWVWR VFHQLFYLVWDVZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH 6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW
,PSDFW6FHQLF5HVRXUFHV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGQRLPSDFWVUHODWLYHWRVWDWH VFHQLFKLJKZD\VEHFDXVHWKH6SHFLILF3ODQDUHDGRHVQRWLQFOXGHSRUWLRQVRIDVWDWHVFHQLFKLJKZD\ 7KHSURSRVHGDFWLRQLVORFDWHGZLWKLQWKH6SHFLILF3ODQDUHDDQGLVQRWORFDWHGDGMDFHQWWRRULQWKHYLFLQLW\ RIDQRIILFLDOO\GHVLJQDWHGVWDWHVFHQLFKLJKZD\7KHUHIRUHQRLPSDFWWRVXFKVFHQLFUHVRXUFHVZRXOG UHVXOWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR ,PSDFW
,PSDFW9LVXDO&KDUDFWHU
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGOHVVWKDQVLJQLILFDQWLPSDFWV UHODWLYHWRYLVXDOFKDUDFWHUGXHWRUHTXLUHGDGKHUHQFHWRDSSOLFDEOH*HQHUDO3ODQSROLFLHVDQG&LW\'HVLJQ *XLGHOLQHV
8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ7KHSURSRVHG&ROJDQ&UHHN0XOWL8VH3DWKZRXOGEHFRQVLVWHQWZLWKWKH 6SHFLILF3ODQWKH6DQWD5RVD%LF\FOHDQG3HGHVWULDQ0DVWHU3ODQDQGWKH6DQWD5RVD&UHHN0DVWHU3ODQ HDFKRIZKLFKLGHQWLILHVDSODQQHGWUDLODFURVVWKHSURSHUW\6LPLODUO\WKHH[WHQVLRQRI'XWWRQ$YHQXHDW WKLVORFDWLRQZRXOGEHFRQVLVWHQWZLWKWKH6SHFLILF3ODQZKLFKLGHQWLILHVWKHSODQQHGH[WHQVLRQDFURVVWKH SURSHUW\
7KHSURSRVHGSXEOLFXVHVZKLFKLQFOXGHDILUHVWDWLRQOLEUDU\PXOWLFXOWXUDOFHQWHUJ\PQDVLXPDQG SRWHQWLDODTXDWLFFHQWHUGLIIHUVRPHZKDWIURPWKHODQGXVHGHVLJQDWLRQVRIWKHWKUHHSURSHUWLHVLQWKH 6SHFLILF3ODQZKLFKDUHGHVLJQDWHGIRURIILFHPHGLXPORZUHVLGHQWLDODQGUHWDLOPHGLXPUHVLGHQWLDO +RZHYHUDVGHVFULEHGLQ6HFWLRQRIWKLV&KHFNOLVW /DQG8VHDQG3ODQQLQJ
WKHSXEOLFXVHVIRUWKH
SURSHUW\DUHHLWKHUSHUPLWWHGRUFRQGLWLRQDOO\DOORZHGZLWKLQWKHH[LVWLQJ]RQLQJGLVWULFWVWKDWLPSOHPHQWWKH ODQGXVHGHVLJQDWLRQVIRUWKHSURSHUWLHV
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
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGOHVVWKDQVLJQLILFDQWLPSDFWV UHODWLYHWRQHZVRXUFHVRIOLJKWRUJODUHGXHWRUHTXLUHGDGKHUHQFHWR=RQLQJ&RGHUHJXODWLRQVDQG'HVLJQ *XLGHOLQHV
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
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
SRVVLELOLW\RIOLJKWWUHVSDVV'HVLJQUHYLHZDOVRZRXOGLQFOXGHUHYLHZRIDOOSURSRVHGH[WHULRUOLJKWLQJWR HQVXUHVXFKOLJKWLQJZRXOGEHFRPSDWLEOHZLWK&LW\UHTXLUHPHQWVDQGZLWKWKHVXUURXQGLQJDUHD7KHUHIRUH WKHQHZH[WHULRUOLJKWLQJZRXOGQRWFUHDWHDQHZVRXUFHRIVXEVWDQWLDOQLJKWWLPHOLJKWRUJODUHDQGWKH SURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW&XPXODWLYH9LVXDO,PSDFWV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQ FXPXODWLYHO\FRQVLGHUDEOHLPSDFWRQYLVXDOFKDUDFWHUGXHWRUHTXLUHGDGKHUHQFHWR*HQHUDO3ODQSROLFLHV SURSRVHG6SHFLILF3ODQSROLFLHVLQWHQGHGWRSURWHFWDQGHQKDQFHYLVXDOFKDUDFWHUDQGWKH'HVLJQ *XLGHOLQHVDQG=RQLQJ&RGHUHJXODWLRQV
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¶VFXPXODWLYHDQDO\VLV $VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW &RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRDHVWKHWLFVEH\RQGWKRVHSUHYLRXVO\ DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREHZLWKLQWKH VFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR$HVWKHWLFV 0LWLJDWLRQ0HDVXUHV
7KHUHDUHQRDHVWKHWLFUHODWHGPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP (,5WKDWZRXOGEHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ
 
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 $JULFXOWXUHDQG)RUHVW5HVRXUFHV
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRI
WKH
3URJUDP
(,5"
,PSDFW
7KH6SHFLILF3ODQDUHDDQG
WKH$QQH[DWLRQ$UHDVGRQRWFRQWDLQDQ\
3ULPH)DUPODQG8QLTXH)DUPODQGRU
)DUPODQGRI
6WDWHZLGH,PSRUWDQFH
7KHUHIRUHWKHSURSRVHG6SHFLILF3ODQZRXOG
QRWFRQYHUWDQ\LPSRUWDQWIDUPODQG7KHUH
ZRXOGEHQRLPSDFW
1R,PSDFW 1R,PSDFW 1RQH5HTXLUHG <HV
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
ZRXOGQRWFRQWULEXWHWRFXPXODWLYHLPSDFWV
RQDJULFXOWXUDOUHVRXUFHV7KLVLPSDFWZRXOG
EHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW&RQYHUW,PSRUWDQW)DUPODQG
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGQRLPSDFWVUHODWLYH WRLPSRUWDQWIDUPODQGEHFDXVHWKH6SHFLILF3ODQDUHDDQGDQQH[DWLRQDUHDVGRQRWFRQWDLQGHVLJQDWHG 3ULPH)DUPODQG8QLTXH)DUPODQGRU)DUPODQGRI6WDWHZLGH,PSRUWDQFH6LPLODUO\WKHSURSHUWLHVWREH GHYHORSHGDVSDUWRIWKHSURSRVHGDFWLRQDUHQRWGHVLJQDWHGDV3ULPH)DUPODQG8QLTXH)DUPODQGRU )DUPODQGRI6WDWHZLGH,PSRUWDQFH5DWKHUWKHSURSHUWLHVDUHGHVLJQDWHGDV³8UEDQDQG%XLOW8S/DQG´RQ WKHODWHVW6RQRPD&RXQW\,PSRUWDQW)DUPODQGPDS
&'&
1RLPSDFWWRIDUPODQGZRXOGUHVXOWDQG
WKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW&XPXODWLYH,PSDFWVRQ$JULFXOWXUDO5HVRXUFHV 7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHG
DOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHLPSDFWRQDJULFXOWXUDOUHVRXUFHVDVEXLOGRXWRIWKH6SHFLILF3ODQ ZRXOGQRWUHVXOWLQIDUPODQGFRQYHUVLRQ$VGHVFULEHGLQ,PSDFWWKHSURSRVHGDFWLRQZRXOGQRWUHVXOW LQLPSDFWVWRLPSRUWDQWIDUPODQGDQGWKHUHIRUHZRXOGQRWFRQWULEXWHWRFXPXODWLYHLPSDFWV$VVXFK LPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP (,5UHODWLYHWR,PSDFW
&RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRDJULFXOWXUHDQGIRUHVWUHVRXUFHVEH\RQG WKRVHSUHYLRXVO\DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWR EHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR$JULFXOWXUHDQG)RUHVW5HVRXUFHV 0LWLJDWLRQ0HDVXUHV
7KHUHDUHQRDJULFXOWXUHDQGIRUHVWUHODWHGPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF 3ODQ3URJUDP(,5WKDWZRXOGEHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ 
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 $LU4XDOLW\
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRI
WKH
3URJUDP
(,5"
,PSDFW
6XEVHTXHQWODQGXVHDFWLYLWLHV
DVVRFLDWHGZLWKLPSOHPHQWDWLRQRIWKH
SURSRVHG6SHFLILF3ODQZRXOGQRWFRQIOLFW
ZLWKWKH%D\$UHD&OHDQ$LU3ODQ7KLV
LPSDFWLVOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1RQH5HTXLUHG <HV
,PSDFW
6XEVHTXHQWODQGXVHDFWLYLWLHV
DVVRFLDWHGZLWKLPSOHPHQWDWLRQRIWKH
SURSRVHG6SHFLILF3ODQZRXOGQRWFRQIOLFW
ZLWKWKH%D\$UHD&OHDQ$LU3ODQRU
UHVXOWLQYHKLFOHPLOHVWUDYHOHGLQFUHDVHV
JUHDWHUWKDQWKHSURMHFWHGSRSXODWLRQ
LQFUHDVHVRYHUWKHSURMHFW¶VSODQQLQJSHULRG
7KHUHIRUHFRQVLVWHQWZLWK%$$40'
JXLGDQFHWKH
6SHFLILF3ODQZRXOGQRWUHVXOW
LQDQDLUTXDOLW\YLRODWLRQDQGWKLVLPSDFWLV
OHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1RQH5HTXLUHG <HV
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
FRXOGUHVXOWLQVKRUWWHUPFRQVWUXFWLRQ
HPLVVLRQVWKDWFRXOGYLRODWHRUVXEVWDQWLDOO\
FRQWULEXWHWRDYLRODWLRQRIIHGHUDODQGVWDWH
VWDQGDUGV7KLVLPSDFWLVFRQVLGHUHG
SRWHQWLDOO\VLJQLILFDQW
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
00 <HV
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
ZRXOGQRWFRQWULEXWHWRORFDOL]HG
FRQFHQWUDWLRQVRIPRELOHVRXUFH&2WKDW
ZRXOGH[FHHGDSSOLFDEOHDPELHQWDLUTXDOLW\
VWDQGDUGV7KLVLVFRQVLGHUHGDOHVVWKDQ
VLJQLILFDQWLPSDFW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1RQH5HTXLUHG <HV
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
FRXOGUHVXOWLQLQFUHDVHGH[SRVXUHRI
H[LVWLQJRUSODQQHGVHQVLWLYHODQGXVHVWR
FRQVWUXFWLRQVRXUFHWR[LFDLUFRQWDPLQDQW

7$&
HPLVVLRQV7KLVLPSDFWLVFRQVLGHUHG
SRWHQWLDOO\VLJQLILFDQW
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
00 <HV
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
FRXOGUHVXOWLQWKHGHYHORSPHQWRIKRXVLQJ
XQLWV
VHQVLWLYHODQGXVHV
QHDUVWDWLRQDU\RU
PRELOHVRXUFH7$&V7KLVLPSDFWLV
SRWHQWLDOO\VLJQLILFDQW
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
00 <HV
,PSDFW
)XWXUHGHYHORSPHQWZLWKLQWKH
6SHFLILF3ODQDUHDZRXOGQRWUHVXOWLQ
H[SRVXUHRIVHQVLWLYHUHFHSWRUVWR
VXEVWDQWLDORGRURXVHPLVVLRQV7KLVLPSDFW
LVFRQVLGHUHGOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1RQH5HTXLUHG <HV
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRI
WKH
3URJUDP
(,5"
,PSDFW
7KHSURSRVHG6SHFLILF3ODQ
LQFRPELQDWLRQZLWKFXPXODWLYHGHYHORSPHQW
LQWKH6)%$$%FRXOGUHVXOWLQDVLJQLILFDQWO\
FXPXODWLYHLQFUHDVHRIFULWHULDDLUSROOXWDQWV
IRUZKLFKWKHDLUEDVLQLVGHVLJQDWHG
QRQDWWDLQPHQW7KLVZRXOGEHDVLJQLILFDQW
FXPXODWLYHLPSDFWDQGWKHSURMHFW¶V
FRQWULEXWLRQWRWKHLPSDFWZRXOGEH
FRQVLGHUHGFXPXODWLYHO\FRQVLGHUDEOH
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW&RQIOLFWZLWKRU2EVWUXFW,PSOHPHQWDWLRQRIWKH%D\$UHD&OHDQ$LU3ODQ 7KH6SHFLILF
3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRFRQIOLFWVZLWKWKH&OHDQ$LU3ODQ GXHWRUHTXLUHGDGKHUHQFHWR*HQHUDO3ODQSROLFLHVWKH6RQRPD&RXQW\7UDQVSRUWDWLRQ$XWKRULWLHV &RPSUHKHQVLYH7UDQVSRUWDWLRQ3ODQWKH&RXQW\ZLGH%LF\FOHDQG3HGHVWULDQ0DVWHU3ODQDQGWKH&LW\¶V %LF\FOHDQG3HGHVWULDQ0DVWHU3ODQ(DFKRIWKHDIRUHPHQWLRQHGSODQVLQFOXGHVSURYLVLRQVWRUHGXFH HPLVVLRQVRIORFDODQGUHJLRQDOSROOXWDQWVDQGWRSURPRWHSXEOLFKHDOWKLQVXSSRUWRIWKHJRDOVRIWKH&OHDQ $LU3ODQ
7KHSURSHUWLHVWREHGHYHORSHGDUHORFDWHGZLWKLQWKHMXULVGLFWLRQRIWKH%D\$UHD$LU4XDOLW\0DQDJHPHQW 'LVWULFW
%$$40'
DQGZLWKLQWKH6DQ)UDQFLVFR%D\$UHD$LU%DVLQ7KH%$$40'¶V&OHDQ$LU3ODQ

%$$40'D
LVWKHFXUUHQWO\DSSOLFDEOHDLUTXDOLW\SODQIRUWKH6DQ)UDQFLVFR%D\$UHD$LU%DVLQ 7KHSURSRVHGH[WHQVLRQRI'XWWRQ$YHQXHDQGWKH&ROJDQ&UHHN0XOWLXVH3DWKZRXOGLPSOHPHQWWKH&LW\¶V DSSURYHGSODQVIRUDOWHUQDWLYHWUDQVSRUWDWLRQLQFOXGLQJWKH6SHFLILF3ODQWKH6DQWD5RVD%LF\FOHDQG 3HGHVWULDQ0DVWHU3ODQDQGWKH6DQWD5RVD&UHHN0DVWHU3ODQZKLFKZRXOGLQFUHDVHFRQQHFWLYLW\WR WUDQVLWIDFLOLWLHVLQWKH6SHFLILF3ODQ7KHSURSRVHGDFWLRQLVZLWKLQDSUHVFUHHQHGDUHDRI6DQWD5RVD ZKHUHOHVVWKDQVLJQLILFDQWYHKLFOHPLOHVWUDYHOOHGUHVXOWVDQGWKHVLWHLVORFDWHGZLWKLQDWUDQVLWSULRULW\DUHD

DUHDVZLWKLQPLOHRIDUDLOVWDWLRQ
DQGDORQJDKLJKTXDOLW\WUDQVLWFRUULGRU
DUHDVZLWKLQPLOHRI
WUDQVLWURXWHVZLWKPLQXWHSHDNKHDGZD\V
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
7KHLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH 6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW
,PSDFW9LRODWH$LU4XDOLW\6WDQGDUGRU&RQWULEXWH6XEVWDQWLDOO\WRDQ$LU4XDOLW\9LRODWLRQ 'XULQJ/RQJ7HUP2SHUDWLRQV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFW UHODWLYHWRYLRODWLQJDLUTXDOLW\VWDQGDUGVDVEXLOGRXWRIWKH6SHFLILF3ODQZRXOGEHFRQVLVWHQWZLWKWKH &OHDQ$LU3ODQDQGYHKLFOHPLOHVWUDYHOHGZRXOGLQFUHDVHDWDORZHUUDWHWKDQSRSXODWLRQJURZWK (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
$FFRUGLQJWR&DOLIRUQLDVWDQGDUGVWKH6DQ)UDQFLVFR%D\$UHD$LU%DVLQLVFXUUHQWO\GHVLJQDWHGDVD QRQDWWDLQPHQWDUHDIRUSDUWLFXODWHPDWWHUPLFURQVRUOHVVLQGLDPHWHU 30
SDUWLFXODWHPDWWHU
PLFURQVRUOHVVLQGLDPHWHU
30
DQGR]RQH8QGHUQDWLRQDOVWDQGDUGVWKH6DQ)UDQFLVFR%D\$UHD$LU %DVLQLVFXUUHQWO\GHVLJQDWHGDVQRQDWWDLQPHQWIRU30DQGKRXUR]RQH7KH$LU%DVLQLVLQDWWDLQPHQW

RUXQFODVVLILHG
IRUDOORWKHUDLUSROOXWDQWV
%$$40'

$VGHVFULEHGLQ,PSDFWWKH%$$40'¶V&OHDQ$LU3ODQLVWKHFXUUHQWO\DSSOLFDEOHDLUTXDOLW\SODQ IRUWKH6DQ)UDQFLVFR%D\$UHD$LU%DVLQDQGWKHSURSRVHGDFWLRQZRXOGQRWFRQIOLFWZLWKRUREVWUXFW LPSOHPHQWDWLRQRIWKH&OHDQ$LU3ODQ7KHLQIUDVWUXFWXUHDQGSXEOLFODQGXVHLPSURYHPHQWVWKDWZRXOGEH FRQVWUXFWHGDWWKHSURSHUW\ZRXOGLPSOHPHQWFLUFXODWLRQDQGSXEOLFVDIHW\FKDSWHUVRIWKH6SHFLILF3ODQ VHH
&KDSWHUDQGRI6SHFLILF3ODQ
DQGWKHSURSHUWLHVDUHZLWKLQDSUHVFUHHQHGDUHDRI6DQWD5RVDZKHUHD OHVVWKDQVLJQLILFDQW907LPSDFWZRXOGUHVXOW
7KHLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH 6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW
,PSDFW9LRODWH$LU4XDOLW\6WDQGDUGRU&RQWULEXWH6XEVWDQWLDOO\WRDQ$LU4XDOLW\9LRODWLRQ 'XULQJ6KRUW7HUP&RQVWUXFWLRQ$FWLYLWLHV
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
,PSDFW([SRVH6HQVLWLYH5HFHSWRUVWR6XEVWDQWLDO&DUERQ0RQR[LGH3ROOXWDQW&RQFHQWUDWLRQV 
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRORFDOL]HGFDUERQ PRQR[LGHFRQFHQWUDWLRQVEHFDXVHQRLQWHUVHFWLRQRUIUHHZD\UDPSZLWKLQWKH6SHFLILF3ODQDUHDZRXOG H[FHHGWKH%$$40'¶VFDUERQPRQR[LGHVFUHHQLQJFULWHULDZKLFKLVPRUHWKDQYHKLFOHVSHUKRXUDW LQWHUVHFWLRQVDQGYHKLFOHVSHUKRXUZKHUHYHUWLFDODQGRUKRUL]RQWDOPL[LQJRISROOXWDQWVDQG (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
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
3URMHFWWUDIILFDVVRFLDWHGZLWKWKHSURSRVHGSXEOLFXVHVDWWKHSURSHUW\ZRXOGQRWLQFUHDVHWUDIILFYROXPHVDW ORFDOLQWHUVHFWLRQVWRPRUHWKDQYHKLFOHVSHUKRXURULQFUHDVHWUDIILFYROXPHVWRPRUHWKDQ YHKLFOHVSHUKRXUZKHUHYHUWLFDODQGRUKRUL]RQWDOPL[LQJLVVXEVWDQWLDOO\OLPLWHG8VLQJ,QVWLWXWHRI 7UDQVSRUWDWLRQ(QJLQHHUV
,7(
WULSJHQHUDWLRQUDWHVWKHSURSRVHGDFWLRQZRXOGJHQHUDWHDSSUR[LPDWHO\ 
GDLO\WULSVDQWLFLSDWHGWRRFFXUGXULQJWKHDPSHDNKRXUDQGGDLO\WULSVDQWLFLSDWHGWRRFFXUGXULQJ WKHSPSHDNKRXU7KHSURSRVHGSXEOLFXVHVZHUHFRQVLGHUHGLQWKH6SHFLILF3ODQDQGWKHWUDIILFYROXPHV DVVRFLDWHGZLWKWKHPDQGHVWLPDWHGWUDIILFDWEXLOGRXWRIWKH6SHFLILF3ODQLQWKHDUHDRIWKHSURSHUW\ZRXOG EHZHOOEHORZWKHFDUERQPRQR[LGHVFUHHQLQJFULWHULDDWORFDOLQWHUVHFWLRQV 7KHLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH 6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW
,PSDFW([SRVH6HQVLWLYH5HFHSWRUVWR6XEVWDQWLDO7R[LF$LU&RQWDPLQDQW 7$&

&RQFHQWUDWLRQV'XULQJ&RQVWUXFWLRQ
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

LQFOXGLQJFKLOGUHQDQGWKHHOGHUO\
WHQGWREHDWKRPHIRUH[WHQGHGSHULRGVRIWLPHUHVXOWLQJLQVXVWDLQHG H[SRVXUHWRDQ\SROOXWDQWVSUHVHQW7KHFORVHVWVHQVLWLYHUHFHSWRUVDUHUHVLGHQFHVHDVWDQGZHVWRIWKH VXEMHFWSURSHUWLHVDVZHOODVQRUWKDFURVV+HDUQ$YHQXH 7KHWZRHPLVVLRQVRIFRQFHUQIRUFRQVWUXFWLRQJHQHUDWHGKHDOWKLPSDFWVDUHGLHVHOSDUWLFXODWHPDWWHU

'30
DQG30&RQVWUXFWLRQHTXLSPHQWDQGDVVRFLDWHGKHDY\GXW\WUXFNWUDIILFJHQHUDWHGLHVHOH[KDXVW ZKLFKLVDNQRZQWR[LFDLUFRQWDPLQDQW'LHVHOH[KDXVWDQG30SRVHERWKSRWHQWLDOKHDOWKDQGQXLVDQFH LPSDFWVWRQHDUE\UHFHSWRUV
0LWLJDWLRQ0HDVXUHIURPWKH6SHFLILF3ODQ3URJUDP(,5LVDSSOLFDEOHWRWKHSURSRVHGDFWLRQUHTXLULQJ DVLWHVSHFLILFFRQVWUXFWLRQSROOXWDQWPLWLJDWLRQSODQSULRUWRWKHLVVXDQFHRIJUDGLQJSHUPLWV$+HDOWK5LVN $VVHVVPHQWPHHWLQJWKHUHTXLUHPHQWVRI0LWLJDWLRQ0HDVXUH00ZDVSUHSDUHGIRUWKHSURSRVHG DFWLRQ
,OOLQJZRUWK 5RGNLQ
7KH+HDOWK5LVN$VVHVVPHQWHYDOXDWHGSRWHQWLDOKHDOWKULVNLPSDFWV UHVXOWLQJIURPWKHSURSRVHGDFWLRQ¶VWR[LFDLUFRQWDPLQDQW 7$&
HPLVVLRQVGXULQJFRQVWUXFWLRQ7KH
DVVHVVPHQWLQFOXGHGGLVSHUVLRQPRGHOLQJWRSUHGLFWWKHRIIVLWHDQGRQVLWHFRQFHQWUDWLRQVUHVXOWLQJIURP SURMHFWFRQVWUXFWLRQVRWKDWOLIHWLPHFDQFHUULVNVDQGQRQFDQFHUKHDOWKHIIHFWVFRXOGEHHYDOXDWHG (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE 


,QDFFRUGDQFHZLWK0LWLJDWLRQ0HDVXUHWKHILQGLQJVRIWKH+HDOWK5LVN$VVHVVPHQWLGHQWLILHGD FRQVWUXFWLRQSROOXWDQWPLWLJDWLRQSODQWREHFRQGLWLRQHGDVSDUWRIWKHSURSRVHGDFWLRQWKDWUHGXFHV FRQFHQWUDWLRQVRIDLUTXDOLW\HPLVVLRQVEHORZ%$$40'WKUHVKROGVRIVLJQLILFDQFH7KHFRQVWUXFWLRQ SROOXWDQWPLWLJDWLRQSODQLVDUHTXLUHGSDUWRIWKHSURSRVHGDFWLRQDQGLVGHVFULEHGLQWKHVXPPDU\RIWKH SURSRVHGDFWLRQLQ6HFWLRQRIWKLV&(4$&KHFNOLVW7KLVRXWFRPHLQGLFDWHVWKDWZLWKLPSOHPHQWDWLRQRI WKHFRQVWUXFWLRQSROOXWDQWPLWLJDWLRQSODQWKHSURSRVHGDFWLRQ¶VFRQVWUXFWLRQDFWLYLWLHVZRXOGKDYHUHGXFHG ORFDOL]HGHPLVVLRQVDQGZRXOGQRWSRVHVLJQLILFDQWKHDOWKULVNVWRWKHVXUURXQGLQJFRPPXQLW\ $VDUHVXOWWKHLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQWZLWKPLWLJDWLRQDQGWKHSURSRVHGDFWLRQZRXOGEH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW([SRVH6HQVLWLYH5HFHSWRUVWR6XEVWDQWLDO7R[LF$LU&RQWDPLQDQW&RQFHQWUDWLRQV 'XULQJ2SHUDWLRQV
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
$+HDOWK5LVN$VVHVVPHQWPHHWLQJWKHUHTXLUHPHQWVRI0LWLJDWLRQ0HDVXUH00ZDVSUHSDUHGIRUWKH SURSRVHGDFWLRQ
,OOLQJZRUWK 5RGNLQ
7KH+HDOWK5LVN$VVHVVPHQWHYDOXDWHGSRWHQWLDOKHDOWKULVN LPSDFWVUHVXOWLQJIURPWKHSURSRVHGDFWLRQ¶V7$&HPLVVLRQVGXULQJRSHUDWLRQ7KHDVVHVVPHQWLQFOXGHG GLVSHUVLRQPRGHOLQJWRSUHGLFWWKHRIIVLWHDQGRQVLWHFRQFHQWUDWLRQVUHVXOWLQJIURPWUDIILFDQGIURPRSHUDWLRQ RIXSWRWKUHHVWDQGE\HPHUJHQF\JHQHUDWRUVHDFKSRZHUHGE\DGLHVHOHQJLQH7KHILQGLQJVGHWHUPLQHG WKDWRSHUDWLRQRIWKHSURSRVHGDFWLRQZRXOGQRWH[FHHGWKH%$$40'&(4$KHDOWKULVNVLJQLILFDQFH WKUHVKROGV
$VDUHVXOWWKHLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQWZLWKPLWLJDWLRQDQGWKHSURSRVHGDFWLRQZRXOGEH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW([SRVH6HQVLWLYH5HFHSWRUVWR2GRURXV(PLVVLRQV 7KH6SHFLILF3ODQ3URJUDP(,5
LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRRGRURXVHPLVVLRQVGXHWRUHTXLUHGFRPSOLDQFHZLWK %$$40'UXOHVWKDWHVWDEOLVKYRODWLOHRUJDQLFFRPSRXQGFRQWHQWOLPLWVIRUFRQVWUXFWLRQPDWHULDOVDVZHOODV UHTXLUHGDGKHUHQFHWR*HQHUDO3ODQSROLFLHV&LW\'HVLJQ*XLGHOLQHVDQGDSSOLFDEOH&LW\&RGHVHFWLRQV WKDWUHJXODWHRGRUV
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
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
PDLQWHQDQFHRSHUDWLRQV5HTXLUHGFRPSOLDQFHZLWKWKHVHUHJXODWRU\UHTXLUHPHQWVZRXOGIXUWKHUUHGXFH RGRULPSDFWVDVVRFLDWHGZLWKWKHVHVRXUFHV
'XHWRFRPSOLDQFHZLWK%$$40'UXOHV*HQHUDO3ODQSROLFLHV&LW\'HVLJQ*XLGHOLQHVDQGDSSOLFDEOH&LW\ FRGHVHFWLRQVWKDWUHJXODWHRGRUVWKHLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOG EHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW&XPXODWLYH$LU4XDOLW\,PSDFWV
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
ZKLFK
LQFOXGHGDFXPXODWLYHHYDOXDWLRQRIDOOVXEVWDQWLDOVRXUFHVRI7$&VLQFOXGLQJIUHHZD\VEXV\VXUIDFH VWUHHWVDQGVWDWLRQDU\VRXUFHVLGHQWLILHGE\WKH%$$40'ZLWKLQIHHWRIDVLWH7KHILQGLQJV GHWHUPLQHGWKDWWKHFRPELQHGFXPXODWLYHKHDOWKULVNVZRXOGQRWH[FHHGWKHUHVSHFWLYH%$$40'&(4$ FXPXODWLYHVRXUFHVLJQLILFDQFHWKUHVKROGV
7KHSURSRVHGDFWLRQZRXOGFRQWULEXWHWRFXPXODWLYHLPSDFWVRQDLUTXDOLW\EXWLWZRXOGEHOHVVWKDQ FXPXODWLYHO\FRQVLGHUDEOHEHFDXVHWKHFRPELQHGFXPXODWLYHKHDOWKULVNVZRXOGQRWH[FHHGWKHUHVSHFWLYH %$$40'&(4$VLJQLILFDQFHWKUHVKROGV7KHSURSRVHGDFWLRQ¶VFRQVWUXFWLRQSROOXWDQWPLWLJDWLRQSODQ GHVFULEHGLQWKHVXPPDU\RIWKHSURSRVHGDFWLRQLQ6HFWLRQRIWKLV&(4$&KHFNOLVWZRXOGDOVRUHGXFH ORFDOL]HGSURMHFWHPLVVLRQVWREHORZWKH%$$40'¶VVLQJOHVRXUFHWKUHVKROGV,QDGGLWLRQ0LWLJDWLRQ 0HDVXUH00IURPWKH6SHFLILF3ODQ3URJUDP(,5XSGDWHGLQWKLV&(4$&KHFNOLVWLQFOXGHVWKHPRVW UHFHQW%$$40'EDVLFFRQVWUXFWLRQPHDVXUHVIURP7DEOHVDQGRIWKH%$$40'&(4$$LU 4XDOLW\*XLGHOLQHVZKLFKZRXOGDOVREHUHTXLUHGIRUWKHSURSRVHGDFWLRQ $VDUHVXOWWKHFRQWULEXWLRQWRFXPXODWLYHDLUTXDOLW\LPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOH DQGWKHSURSRVHGDFWLRQ¶VLPSDFWZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR ,PSDFW
&RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRDLUTXDOLW\WKDQSUHYLRXVO\DGGUHVVHGLQ WKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREHZLWKLQWKHVFRSHRIWKH 6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR$LU4XDOLW\
0LWLJDWLRQ0HDVXUHV
7KHIROORZLQJPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5ZRXOGEH DSSOLFDEOHWRWKHSURSRVHGDFWLRQ0LWLJDWLRQ0HDVXUHKDVEHHQXSGDWHGWRDGGUHVVWKHFXUUHQW UHJXODWRU\UHTXLUHPHQWVGHWDLOHGLQWKH%$$40'&(4$$LU4XDOLW\*XLGHOLQHV$+HDOWK5LVN $VVHVVPHQWPHHWLQJWKHUHTXLUHPHQWVRI0LWLJDWLRQ0HDVXUH00ZDVSUHSDUHGIRUWKHSURSRVHG DFWLRQ
,OOLQJZRUWK 5RGNLQ
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
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
GRFXPHQWVDQGLPSOHPHQWHG7KHVHPHDVXUHVLQFOXGHWKHIROORZLQJZKLFKDUHWDNHQIURP7DEOHV DQGRIWKHFXUUHQWO\DGRSWHG%$$40'&(4$$LU4XDOLW\*XLGHOLQHV 
± %
$OOH[SRVHGVXUIDFHV
HJ SDUNLQJDUHDVVWDJLQJDUHDVVRLOSLOHVJUDGHGDUHDVDQG XQSDYHGDFFHVVURDGV
VKDOOEHZDWHUHGWZRWLPHVSHUGD\
± %
$OOKDXOWUXFNVWUDQVSRUWLQJVRLOVDQGRURWKHUORRVH PDWHULDORIIVLWHVKDOOEHFRYHUHG ± %
$OOYLVLEOHPXGRUGLUW WUDFNRXWRQWRDGMDFHQWSXEOLFURDGVVKDOOEHUHPRYHGXVLQJZHW SRZHUYDFXXPVWUHHWVZHHSHUVDWOHDVWRQFHSHUGD\7KHXVHRIGU\SRZHUVZHHSLQJLV SURKLELWHG
± %
$OOYHKLFOHVSHHGVRQXQ SDYHGURDGVVKDOOEHOLPLWHGWRPLOHVSHUKRXU PSK

± %
$OOURDGZD\VGULYHZD\V DQGVLGHZDONVWREHSDYHGVKDOOEHFRPSOHWHGDVVRRQDV SRVVLEOH%XLOGLQJSDGVVKDOOEHODLGDVVRRQDVSRVVLEOHDIWHUJUDGLQJXQOHVVVHHGLQJRUVRLO ELQGHUVDUHXVHG
± %
$OOH[FDYDWLRQJUDGLQJ DQGRUGHPROLWLRQDFWLYLWLHVVKDOOEHVXVSHQGHGZKHQDYHUDJH ZLQGVSHHGVH[FHHGPSK
± %
$OOWUXFNVDQGHTXLSPHQ WLQFOXGLQJWKHLUWLUHVVKDOOEHZDVKHGRIISULRUWROHDYLQJWKH VLWH
± %
8QSDYHGURDGVSURYLGLQJD FFHVVWRVLWHVORFDWHGIHHWRUIXUWKHUIURPDSDYHGURDG VKDOOEHWUHDWHGZLWKDWRLQFKOD\HURIFRPSDFWHGOD\HURIZRRGFKLSVPXOFKRUJUDYHO ± %

3XEOLFO\YLVLEOHVLJQVV KDOOEHSRVWHGZLWKWKHWHOHSKRQHQXPEHUDQGQDPHRIWKHSHUVRQ WRFRQWDFWDWWKHOHDGDJHQF\UHJDUGLQJGXVWFRPSODLQWV7KLVSHUVRQVKDOOUHVSRQGDQGWDNH FRUUHFWLYHDFWLRQZLWKLQKRXUV7KH$LU'LVWULFW¶V*HQHUDO$LU3ROOXWLRQ&RPSODLQWVQXPEHU VKDOODOVREHYLVLEOHWRHQVXUHFRPSOLDQFHZLWKDSSOLFDEOHUHJXODWLRQV ± (
/LPLWWKHVLPXOWDQHRXVRFFXUUHQFHRIH[FDYDWLRQJUDGLQ JDQGJURXQGGLVWXUELQJ FRQVWUXFWLRQDFWLYLWLHV
± (
,QVWDOOZLQGEUHDNV
H JWUHHVIHQFHV
RQWKHZLQGZDUGVLGH
V
RIDFWLYHO\GLVWXUEHG
DUHDVRIFRQVWUXFWLRQ:LQGEUHDNVVKRXOGKDYHDWPD[LPXPSHUFHQWDLUSRURVLW\ ± (
3ODQWYHJHWDWLYHJURXQG FRYHU
HJIDVWJHUPLQDWLQJQDWLYHJUDVVVHHG
LQGLVWXUEHG
DUHDVDVVRRQDVSRVVLEOHDQGZDWHUHGDSSURSULDWHO\XQWLOYHJHWDWLRQLVHVWDEOLVKHG ± (
,QVWDOOVDQGEDJVRURWKHU HURVLRQFRQWUROPHDVXUHVWRSUHYHQWVLOWUXQRIIWRSXEOLF URDGZD\VIURPVLWHVZLWKDVORSHJUHDWHUWKDQRQHSHUFHQW ± (
0LQLPL]HWKHDPRXQWRIH[ FDYDWHGPDWHULDORUZDVWHPDWHULDOVVWRUHGDWWKHVLWH ± (
+\GURVHHGRUDSSO\QRQ WR[LFVRLOVWDELOL]HUVWRFRQVWUXFWLRQDUHDVLQFOXGLQJSUHYLRXVO\ JUDGHGDUHDVWKDWDUHLQDFWLYHIRUDWOHDVWFDOHQGDUGD\V 7LPLQJ,PSOHPHQWDWLRQ
 ,PSOHPHQWHG GXULQJFRQVWUXFWLRQDFWLYLWLHVIRUVXEVHTXHQWSURMHFWV ZLWKLQWKHSURMHFWDUHD
(QIRUFHPHQW0RQLWRULQJ
 &LW\RI6 DQWD5RVD3ODQQLQJDQG(FRQRPLF'HYHORSPHQW'HSDUWPHQW 3ODQQLQJ'LYLVLRQ
00 3URMHFWVZLWKLQWKHSURMHFWDUHDWKDWKDYHDFRQVWUXFWLRQDUHD JUHDWHUWKDQDFUHV DQGZKLFKDUHVFKHGXOHGWRODVWPRUHWKDQWZR\HDUVVKDOOEHUHTXLUHGWRSUHSDUHDVLWHVSHFLILF FRQVWUXFWLRQSROOXWDQWPLWLJDWLRQSODQLQFRQVXOWDWLRQZLWK%D\$UHD$LU4XDOLW\0DQDJHPHQW 'LVWULFW
%$$40'
VWDIISULRUWRWKHLVVXDQFHRIJUDGLQJSHUPLWV$SURMHFWVSHFLILFFRQVWUXFWLRQ (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
UHODWHGGLVSHUVLRQPRGHODFFHSWDEOHWRWKH%$$40'VKDOOEHXVHGWRLGHQWLI\SRWHQWLDOWR[LFDLU FRQWDPLQDQWLPSDFWVLQFOXGLQJGLHVHOSDUWLFXODWHPDWWHU,I%$$40'ULVNWKUHVKROGV LH
SUREDELOLW\RIFRQWUDFWLQJFDQFHULVJUHDWHUWKDQLQRQHPLOOLRQ ZRXOGEHH[FHHGHGPLWLJDWLRQ
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
 $+HDOWK5LVN$VVHVVPHQWPHHWLQJWKHUHT XLUHPHQWVRI0LWLJDWLRQ 0HDVXUH00ZDVSUHSDUHGIRUWKHSURSRVHGDFWLRQ
,OOLQJZRUWK 
5RGNLQ
7KH+HDOWK5LVN$VVHVVPHQWLGHQWLILHGDFRQVWUXFWLRQ SROOXWDQWPLWLJDWLRQSODQWKDWLVFRQGLWLRQHGDVSDUWRIWKHSURSRVHG DFWLRQWKDWUHGXFHVFRQFHQWUDWLRQVRIDLUTXDOLW\HPLVVLRQVEHORZ %$$40'VLQJOHVRXUFHWKUHVKROGVRIVLJQLILFDQFHGHVFULEHGLQWKH VXPPDU\RIWKHSURSRVHGDFWLRQLQ6HFWLRQRIWKLV&(4$ &KHFNOLVW
(QIRUFHPHQW0RQLWRULQJ
 &LW\RI6 DQWD5RVD3ODQQLQJDQG(FRQRPLF'HYHORSPHQW'HSDUWPHQW 3ODQQLQJ'LYLVLRQ
00 7KHIROORZLQJPHDVXUHVVKDOOEH XWLOL]HGLQVLWHSODQQLQJDQGEXLOGLQJGHVLJQVWR UHGXFH7$&DQG30H[SRVXUHZKHUHQHZUHFHSWRUVDUHORFDWHGZLWKLQIHHWRIHPLVVLRQV

VRXUFHV

- )XWXUHGHYHORSPHQWLQWKHSURMHFWDUHDWKDWLQFOXGHVVHQVLWLYH UHFHSWRUV VXFKDVUHVLGHQFHV
VFKRROVKRVSLWDOVGD\FDUHFHQWHUVRUUHWLUHPHQWKRPHV ORFDWHGZLWKLQIHHWRI86
65DQGRUVWDWLRQDU\VRXUFHVVKDOOUHTXLUHVLWHVSHFLILFDQDO\VLVWRGHWHUPLQHWKHOHYHORI KHDOWKULVN7KLVDQDO\VLVVKDOOEHFRQGXFWHGIROORZLQJSURFHGXUHVRXWOLQHGE\WKH%$$40',I WKHVLWHVSHFLILFDQDO\VLVUHYHDOVVLJQLILFDQWH[SRVXUHVIURPDOOVRXUFHV LHKHDOWKULVNLQWHUPV
RIH[FHVVFDQFHUULVNJUHDWHUWKDQLQRQHPLOOLRQDFXWHRUFKURQLFKD]DUGVZLWKDKD]DUG ,QGH[JUHDWHUWKDQRUDQQXDO30H[SRVXUHVJUHDWHUWKDQȝJP PHDVXUHVVKDOOEH
HPSOR\HGWRUHGXFHWKHULVNWREHORZWKHWKUHVKROG
HJHOHFWURVWDWLFILOWHULQJV\VWHPVRU
HTXLYDOHQWV\VWHPVDQGORFDWLRQRIYHQWVDZD\IURP7$&VRXUFHV 
- )XWXUHQRQUHVLGHQWLDOGHYHORSPHQ WVSURMHFWHGWRJHQHUDWHPRUHWKDQKHDY\GXW\WUXFN WULSVGDLO\DQGRULQFOXGHWKHQHHGIRUD%$$40'SHUPLWWRRSHUDWHDVWDWLRQDU\VRXUFHVKDOO LQFOXGHPHDVXUHVWRSURWHFWSXEOLFKHDOWKWRHQVXUHWKH\GRQRWFDXVHDVLJQLILFDQWKHDOWKULVN LQWHUPVRIH[FHVVFDQFHUULVNJUHDWHUWKDQLQRQHPLOOLRQDFXWHRUFKURQLFKD]DUGVZLWKD +D]DUG,QGH[JUHDWHUWKDQRUDQQXDO30H[SRVXUHVJUHDWHUWKDQȝJP 
7LPLQJ,PSOHPHQWDWLRQ
 $+HDOWK5LVN$VVHVVPHQWPHHWLQJWKHUHT XLUHPHQWVRI0LWLJDWLRQ 0HDVXUH00ZDVSUHSDUHGIRUWKHSURSRVHGDFWLRQ
,OOLQJZRUWK 
5RGNLQ

(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
(QIRUFHPHQW0RQLWRULQJ
 &LW\RI6 DQWD5RVD3ODQQLQJDQG(FRQRPLF'HYHORSPHQW'HSDUWPHQW 3ODQQLQJ'LYLVLRQ 
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 %LRORJLFDO5HVRXUFHV
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI
6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
,PSOHPHQWDWLRQRIWKH6SHFLILF3ODQ
FRXOGUHVXOWLQDGYHUVHHIIHFWVHLWKHUGLUHFWO\RU
LQGLUHFWO\RQVSHFLHVOLVWHGDVHQGDQJHUHG
WKUHDWHQHGUDUHSURSRVHGDQGFDQGLGDWHSODQW
DQG
ZLOGOLIHVSHFLHVDVZHOODVSODQWVSHFLHV
LGHQWLILHGE\WKH&136ZLWKDUDWLQJRI/LVW$RU
%7KLVLPSDFWZRXOGEHSRWHQWLDOO\VLJQLILFDQW
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
ZLWK0LWLJDWLRQ
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
ZLWK0LWLJDWLRQ
00D
00E <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH6SHFLILF3ODQ
FRXOGUHVXOWLQGLUHFWDQGLQGLUHFWORVVRIKDELWDW
DQGLQGLYLGXDOVRIDQLPDODQGSODQWVSHFLHVRI
FRQFHUQDQGRWKHUQRQ
OLVWHGVSHFLDOVWDWXV
VSHFLHV7KLVLPSDFWZRXOGEHSRWHQWLDOO\
VLJQLILFDQW
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
ZLWK0LWLJDWLRQ
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
ZLWK0LWLJDWLRQ
00 <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH6SHFLILF3ODQ
FRXOGUHVXOWLQGLVWXUEDQFHDQGGHJUDGDWLRQRI
ULSDULDQKDELWDWRURWKHUVHQVLWLYHQDWXUDO
FRPPXQLWLHVLGHQWLILHGLQORFDORUUHJLRQDOSODQV
SROLFLHVRUUHJXODWLRQVRUE\WKH&'):RUWKH
86):67KHLPSDFWZRXOGEHOHVVWKDQ
VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH6SHFLILF3ODQ
FRXOGUHVXOWLQWKHORVVRUGHJUDGDWLRQRISURWHFWHG
ZHWODQGVRUYHUQDOSRROV7KLVLPSDFWZRXOGEH
SRWHQWLDOO\VLJQLILFDQW

3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
ZLWK0LWLJDWLRQ
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
ZLWK0LWLJDWLRQ
00D
00E <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH6SHFLILF3ODQ
FRXOGLQWHUIHUHZLWKPRYHPHQWRIQDWLYHUHVLGHQW
RUPLJUDWRU\ILVKRUZLOGOLIHVSHFLHVRUHVWDEOLVKHG
PLJUDWRU\FRUULGRU7KLVLPSDFWZRXOGEHOHVVWKDQ
VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH6SHFLILF3ODQ
ZLOOQRWUHVXOWLQDFRQIOLFWZLWKDORFDOSROLF\RU
RUGLQDQFHSURWHFWLQJELRORJLFDOUHVRXUFHV7KHUH
ZRXOGEHQRLPSDFW
1R,PSDFW 1R,PSDFW 1RQH
5HTXLUHG <HV
,PSDFW
'HYHORSPHQWLQWKH6SHFLILF3ODQ
DUHDZRXOGQRWFRQIOLFWZLWKWKHSURYLVLRQVRIDQ
DGRSWHG+DELWDW&RQVHUYDWLRQ3ODQ1DWXUDO
&RPPXQLW\&RQVHUYDWLRQ3ODQRURWKHUDSSURYHG
&RQVHUYDWLRQ3ODQ7KHUHZRXOGEHQRLPSDFW
1R,PSDFW 1R,PSDFW 1RQH
5HTXLUHG <HV
,PSDFW
'HYHORSPHQWLQWKH6SHFLILF3ODQ
DUHDZKHQFRQVLGHUHGWRJHWKHUZLWKRWKHUSDVW
H[LVWLQJDQGSODQQHGIXWXUHSURMHFWVFRXOGUHVXOW
LQDVLJQLILFDQWFXPXODWLYHLPSDFWRQELRORJLFDO
UHVRXUFHVLQWKHUHJLRQ7KHSURMHFW¶VFRQWULEXWLRQ
WRWKHVLJQLILFDQWFXPXODWLYHLPSDFWRQELRORJLFDO
UHVRXUFHVLPSDFWVZRXOGEHOHVVWKDQ
FXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
'LVFXVVLRQ

,PSDFW6SHFLDO6WDWXV6SHFLHV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDSRWHQWLDOO\VLJQLILFDQW LPSDFWUHODWLYHWRVSHFLDOVWDWXVVSHFLHVDQGDVVRFLDWHGKDELWDW0LWLJDWLRQ0HDVXUHV00DDQG00 EZHUHLQFOXGHGLQWKH6SHFLILF3ODQ3URJUDP(,5WRHQVXUHQRQHWORVVRIKDELWDWRUVSHFLHV$VD UHVXOWWKHLPSDFWLGHQWLILHGLQWKH6SHFLILF3ODQ3URJUDP(,5ZDVUHGXFHGWROHVVWKDQVLJQLILFDQWZLWK PLWLJDWLRQ
8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ7KH6SHFLILF3ODQDUHDLVORFDWHGZLWKLQ&ULWLFDO+DELWDWHVWDEOLVKHGIRU &DOLIRUQLDWLJHUVDODPDQGHU
&76

$PE\VWRPDFDOLIRUQLHQVH
DIHGHUDOO\HQGDQJHUHGDQG6WDWHWKUHDWHQHG
DPSKLELDQVSHFLHVDVZHOODVLQSRWHQWLDOKDELWDWDUHDVIRUUDUHSODQWVVXFKDV%XUNH¶VJROGILHOGV6RQRPD VXQVKLQH6HEDVWRSROPHDGRZIRDPDQGPDQ\IORZHUHGQDYDUUHWLD $%LRORJLFDO$VVHVVPHQWZDVFRPSOHWHGIRUWKHSURSRVHGDFWLRQWRDQDO\]HWKHSRWHQWLDOHIIHFWVRQVSHFLDO VWDWXVVSHFLHVDQGFULWLFDOKDELWDWVDWWKHVLWH
*+'
7KHFORVHVWNQRZQXSODQGRFFXUUHQFHRI&76LV
GDWHGDSSUR[LPDWHO\PLOHV
IHHW
ZHVWRIWKHSURMHFWDUHDDORQJ+HDUQ$YHQXH
&1''%

7KHFORVHVWNQRZQEUHHGLQJRFFXUUHQFHRI&76LVGDWHGDSSUR[LPDWHO\PLOHV IHHW

ZHVWRIWKHSURMHFWDUHDLQDQDSSUR[LPDWHIRRWGLDPHWHUYHUQDOSRRORQWKHVRXWKZHVWFRUQHURI 6RXWKZHVW&RPPXQLW\3DUNRQ+HDUQ$YHQXH
&1''%
%DVHGRQDHULDOLPDJHU\WKHYHUQDOSRROLQ
6RXWKZHVW&RPPXQLW\3DUNDSSHDUVWREHWKHFORVHVWORFDWLRQZLWKVXLWDEOHEUHHGLQJKDELWDWIRU&76 %HFDXVHWKHSURSRVHGDFWLRQLVORFDWHGZLWKLQGHVLJQDWHG&76&ULWLFDO+DELWDWH[FDYDWLRQRIVRLOGXULQJ FRQVWUXFWLRQDFWLYLWLHVPD\LPSDFW&76LQGLYLGXDOVWKDWPD\EHORFDWHGXQGHUJURXQGZLWKLQJRSKHU EXUURZV
3URWRFROOHYHOUDUHSODQWVXUYH\VDQGDIORULVWLFLQYHQWRU\ZHUHFRQGXFWHGDWWKHSURMHFWVLWHFRQIRUPLQJWR WKH&136³,QWXLWLYH&RQWUROOHG´PHWKRGDVZHOODVWKH&'):JXLGHOLQHVIRUFRQGXFWLQJSURWRFROOHYHO ERWDQLFDOVXUYH\V
9ROOPDU1DWXUDO/DQGV&RQVXOWLQJ
7KHVXUYH\VDOVRVDWLVI\WKH86):6
*XLGHOLQHVIRU&RQGXFWLQJDQG5HSRUWLQJ%RWDQLFDO,QYHQWRULHVIRU)HGHUDOO\/LVWHG3ODQWVRQWKH6DQWD 5RVD3ODLQ7KHHQWLUHW\RIWKHVLWHZDVLQYHVWLJDWHGGXULQJWKHILUVW\HDURIERWDQLFDOVXUYH\VRQ0DUFK $SULO0D\DQG-XO\7KHILUVW\HDURIERWDQLFDOVXUYH\VGLGQRWGHWHFWOLVWHGSODQWVSHFLHV $VHFRQG\HDURIERWDQLFDOVXUYH\VLVVFKHGXOHGIRUVSULQJDQGVXPPHURIGXULQJDSSURSULDWH EORRPLQJSHULRGV
7KHVLWHWREHGHYHORSHGZDVSDUWRIDSUHYLRXVGHYHORSPHQWSODQNQRZQDVWKH'XWWRQ0HDGRZV3URMHFW $SUHYLRXV&(4$UHYLHZRIWKH'XWWRQ0HDGRZV3URMHFWZDVFRPSOHWHGLQWKH'XWWRQ0HDGRZV3URMHFW 6XEVHTXHQW(,5
6&+

FHUWLILHGE\WKH&LW\RI6DQWD5RVDLQ
6DQWD5RVDD
E
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
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
FRQFHUQ
VHH,PSDFWDQG
,PSOHPHQWDWLRQRI3ROLF\26&'ZRXOGHQVXUHQRQHWORVVRI ZHWODQGVDQGSROLFLHV26&'DQG26&'HQVXUHIXUWKHUSURWHFWLRQRIZHWODQGVIURPGHYHORSPHQWDQG UHTXLUHFRQVXOWDWLRQZLWKWKH5HJLRQDO:DWHU4XDOLW\&RQWURO%RDUGLQRUGHUWRUHVWRUHDQGSURWHFWZHWODQGV WKDWSURYLGHEHQHILFLDOXVH
VHH,PSDFW

1RQHZVSHFLDOVWDWXVVSHFLHVKDYHEHHQOLVWHGLQWKHDUHDRIWKHSURSRVHGDFWLRQVLQFHFHUWLILFDWLRQRIWKH 6SHFLILF3ODQ3URJUDP(,53DVVHULQHV
SHUFKLQJELUGV
DQGUDSWRUV
ELUGVRISUH\
DUHSURWHFWHGXQGHUWKH
)HGHUDO0LJUDWRU\%LUG7UHDW\$FW
0%7$
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
,QVXPPDU\LPSDFWVWRVSHFLDOVWDWXVVSHFLHVDQGDVVRFLDWHGKDELWDWZRXOGEHOHVVWKDQVLJQLILFDQWZLWK PLWLJDWLRQDQGZLWKSULRUSXUFKDVHRIPLWLJDWLRQFUHGLWVDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSH RIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW6SHFLHVRI&RQFHUQDQG2WKHU1RQ/LVWHG6SHFLDO6WDWXV6SHFLHV 7KH6SHFLILF3ODQ
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
$VDUHVXOWWKHLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQWZLWKPLWLJDWLRQDQGWKHSURSRVHGDFWLRQZRXOGEH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW6HQVLWLYH9HJHWDWLRQ&RPPXQLWLHVLQFOXGLQJ5LSDULDQ+DELWDW 7KH6SHFLILF3ODQ
3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRSRWHQWLDOGHJUDGDWLRQRIVHQVLWLYH FRPPXQLWLHV7KH6SHFLILF3ODQ3URJUDP(,5GHVFULEHVWKHUHTXLUHGDGKHUHQFHRISURMHFWVWR*HQHUDO3ODQ JRDOVDQGSROLFLHVWKDWPLQLPL]HGHJUDGDWLRQRIFUHHNULSDULDQKDELWDWDQGRWKHUVHQVLWLYHFRPPXQLWLHV 5HTXLUHGLPSOHPHQWDWLRQRI*HQHUDO3ODQSROLF\26&'UHTXLUHVFRRUGLQDWLRQZLWK&'):WRLGHQWLI\DQG SURWHFWDUHDVRIHQYLURQPHQWDOFRQFHUQDQGGHYHORSDVWUDWHJ\WKDWZRXOGSUHVHUYHSODQWDQGDQLPDO SRSXODWLRQVLQWKH6SHFLILF3ODQDUHD
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
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
,PSDFW-XULVGLFWLRQDO:HWODQGV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDSRWHQWLDOO\VLJQLILFDQW LPSDFWUHODWLYHWRGHVWUXFWLRQRIZHWODQGVDQGDVVRFLDWHGVSHFLDOVWDWXVSODQWDQGDQLPDOVSHFLHVWKDWUHO\ RQVXFKKDELWDW0LWLJDWLRQ0HDVXUHV00DDQG00EZHUHLQFOXGHGLQWKH6SHFLILF3ODQ 3URJUDP(,5WRHQVXUHQRQHWORVVRIZHWODQGDQGRUYHUQDOSRROKDELWDW$VDUHVXOWWKHLPSDFWLGHQWLILHG LQWKH6SHFLILF3ODQ3URJUDP(,5ZDVUHGXFHGWROHVVWKDQVLJQLILFDQWZLWKPLWLJDWLRQ 7KHVLWHZDVSDUWRIDSUHYLRXVGHYHORSPHQWSODQLGHQWLILHGDVWKH'XWWRQ0HDGRZV3URMHFW$SUHYLRXV &(4$UHYLHZRIWKH'XWWRQ0HDGRZV3URMHFWZDVFRPSOHWHGLQWKH'XWWRQ0HDGRZV3URMHFW6XEVHTXHQW (QYLURQPHQWDO,PSDFW5HSRUW
6&+

FHUWLILHGE\WKH&LW\RI6DQWD5RVDLQ
6DQWD
5RVDDE
7KH'XWWRQ0HDGRZV3URMHFW6XEVHTXHQW(,5SUHYLRXVO\LGHQWLILHGDFUHRI YHULILHGMXULVGLFWLRQDOVHDVRQDOZHWODQGVRQWKHSURSHUWLHVDQGWKHGHYHORSHURIWKH'XWWRQ0HDGRZV 3URMHFWSXUFKDVHGDFUHRIZHWODQGFUHGLWVIURPWKH*REEL0LWLJDWLRQ3UHVHUYHLQIRUWKHVLWH %HFDXVHZHWODQGGHOLQHDWLRQVRQO\UHPDLQYDOLGIRUILYH\HDUVWKH&LW\FRPSOHWHGDQXSGDWHG$TXDWLF 5HVRXUFH'HOLQHDWLRQIRUWKHSURSRVHGDFWLRQPHHWLQJWKHUHTXLUHPHQWVRI0LWLJDWLRQ0HDVXUH00E IURPWKH6SHFLILF3ODQ(,5
*+'E
7KHGHOLQHDWLRQZDVFRPSOHWHGLQFRQIRUPDQFHZLWK86$&( FULWHULDIURPWKH5HJLRQDO6XSSOHPHQWWRWKH&RUSVRI(QJLQHHUV:HWODQG'HOLQHDWLRQ0DQXDO $ULG:HVW
5HJLRQ
9HUVLRQ
)LHOGZRUNIRUWKHDTXDWLFUHVRXUFHGHOLQHDWLRQZDVFRQGXFWHGRQ1RYHPEHUDQG $SULO
DQG0D\7KH$TXDWLF5HVRXUFH'HOLQHDWLRQLGHQWLILHGRQHWKUHH SDUDPHWHUZHWODQGDORQJWKHVRXWKHUQSRUWLRQRIWKHVLWHWRWDOLQJDFUHV VTXDUHIHHW
WKDWLV
SUHVXPHGWREHIHGHUDODQGVWDWHMXULVGLFWLRQDOGXHWRWKHSUHVHQFHRIK\GURSK\WLFYHJHWDWLRQK\GULFVRLOV DQGK\GURORJ\LQGLFDWRUV7KHUHPDLQGHURIWKHVLWHLVFRPSULVHGRIXSODQGDUHDVWKDWGRQRWPHHWWKH WKUHHSDUDPHWHUZHWODQGGHILQLWLRQ
7KHSURSRVHGDFWLRQLVH[SHFWHGWRUHVXOWLQWKHILOOLQJRIWKHDFUHRQVLWHZHWODQGDVZHOODVWR SRWHQWLDOO\UHVXOWLQPLQRULPSDFWVWRRIIVLWHZHWODQGVDQGZDWHUVIRUDSRWHQWLDORIIVLWHVWRUPZDWHURXWIDOO WR&ROJDQ&UHHN0LWLJDWLRQ0HDVXUH00EIURPWKH6SHFLILF3ODQ3URJUDP(,5ZRXOGEHDSSOLFDEOH WRWKHSURSRVHGDFWLRQHQVXULQJWKDWWKHUHZRXOGEHQRQHWORVVRIZHWODQGVRUZDWHUVWKURXJKWKHXVHRI SUHYLRXVO\SXUFKDVHGPLWLJDWLRQFUHGLWV&RPSHQVDWRU\PLWLJDWLRQIRUDQ\RIIVLWHLPSDFWVIRUWKHSRWHQWLDO VWRUPZDWHURXWIDOOWR&ROJDQ&UHHNDVGHWHUPLQHGLQ&OHDQ:DWHU$FW6HFWLRQSHUPLWVPD\DOVR EHUHTXLUHGIRUWKHSURSRVHGDFWLRQ
$VVXFKLPSDFWVWRZHWODQGVZRXOGEHOHVVWKDQVLJQLILFDQWZLWKPLWLJDWLRQDQGWKHSURSRVHGDFWLRQZRXOG EHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW0RYHPHQWRI1DWLYH5HVLGHQWRU0LJUDWRU\)LVKRU:LOGOLIH6SHFLHV:LWKLQ(VWDEOLVKHG 0LJUDWRU\&RUULGRU
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWR SRWHQWLDOLPSDFWVRQZLOGOLIHFRUULGRUVEHFDXVHIXWXUHDFWLRQVZRXOGEHUHTXLUHGWRLPSOHPHQWJRDOVDQG SROLFLHVRIWKH*HQHUDO3ODQDQGWKH&LW\ZLGH&UHHN0DVWHU3ODQWKDWSUHVHUYHDQGUHVWRUHULSDULDQ FRUULGRUV
0LJUDWRU\DQGGLVSHUVDOFRUULGRUVIURPVXUURXQGLQJRFFXSLHGKDELWDWDUHODUJHO\GLVUXSWHGE\KLJKDQG PHGLXPWUDIILFURDGVVWRUPGUDLQVDQGRWKHUGHYHORSPHQW7KHVLWHLVZLWKLQWKH3DFLILF)O\ZD\IRU PLJUDWRU\ELUGVKRZHYHULWGRHVQRWFRQWDLQODUJHH[SDQVHVRIKLJKTXDOLW\QDWXUDOKDELWDWWKDWZRXOG VXSSRUWKLJKOHYHOVRIPLJUDWRU\VSHFLHVVWRSRYHUXVHEUHHGLQJRUZLQWHULQJ1R³HVVHQWLDOFRQQHFWLYLW\ DUHDV´³QDWXUDOODQGVFDSHEORFNV´RU³VPDOOQDWXUDOODQGVFDSHDUHDV´WKDWZRXOGVXSSRUWRWKHUVHQVLWLYH VSHFLHVKDYHEHHQLGHQWLILHGRUPDSSHGZLWKLQWKHSURMHFWDUHDE\WKH&DOLIRUQLD(VVHQWLDO+DELWDW &RQQHFWLYLW\3URMHFW
7KHLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH 6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
,PSDFW/RFDO3ROLFLHVRU2UGLQDQFHV3URWHFWLQJ%LRORJLFDO5HVRXUFHVVXFKDVD7UHH 3UHVHUYDWLRQ3ROLF\RU2UGLQDQFH
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¶V7UHH2UGLQDQFH
&LW\&RGH&KDSWHU
IRUSODQWLQJDQGUHJHQHUDWLQJWUHHV
%HFDXVHWKHSURSRVHGDFWLRQZRXOGEHUHTXLUHGWRFRPSO\ZLWKWKHSODQVDQGORFDOSROLFLHVLGHQWLILHGLQWKH DSSOLFDEOHSROLF\GRFXPHQWVPHQWLRQHGDERYHQRLPSDFWZRXOGUHVXOWDQGWKHSURSRVHGDFWLRQZRXOGEH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW$GRSWHG+DELWDW&RQVHUYDWLRQ3ODQ1DWXUDO&RPPXQLW\&RQVHUYDWLRQ3ODQRU2WKHU $SSURYHG/RFDO5HJLRQDORU6WDWH+DELWDW&RQVHUYDWLRQ3ODQ 7KH6SHFLILF3ODQ3URJUDP(,5
LGHQWLILHGQRLPSDFWUHODWLYHWRWKH6SHFLILF3ODQFRQIOLFWLQJZLWKDQDSSOLFDEOHFRQVHUYDWLRQSODQ6DQWD 5RVDKDVQRWDGRSWHGDFRQVHUYDWLRQSODQQRULVLWVLJQDWRU\WRVXFKDSODQ+RZHYHUWKH&LW\RI6DQWD 5RVDUHTXLUHVGHYHORSPHQWSURMHFWVZLWKLQWKH6DQWD5RVD3ODLQWREHFRQGLWLRQHGWRLQFRUSRUDWHWKH DYRLGDQFHDQGPLWLJDWLRQPHDVXUHVLQWKH6DQWD5RVD3ODLQ&RQVHUYDWLRQ6WUDWHJ\DQG86):6 3URJUDPPDWLF%LRORJLFDO2SLQLRQIRUFRYHUHGVSHFLHV0LWLJDWLRQ0HDVXUH00DZDVLQFOXGHGLQWKH 6SHFLILF3ODQ3URJUDP(,5WRHQVXUHWKDWIXWXUHGHYHORSPHQWXQGHUWKH6SHFLILF3ODQZRXOGLPSOHPHQW VXFKDYRLGDQFHDQGPLWLJDWLRQPHDVXUHV
6LPLODUWRWKHDQDO\VLVLQWKH3URJUDP(,56DQWD5RVDKDVQRWDGRSWHGDFRQVHUYDWLRQSODQQRULVLW VLJQDWRU\WRVXFKDSODQKRZHYHU0LWLJDWLRQ0HDVXUH00DIURPWKH6SHFLILF3ODQ3URJUDP(,5 ZRXOGEHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ7KLVZRXOGHQVXUHWKDWDSSOLFDEOHFRQVHUYDWLRQPHDVXUHVDQG VSHFLHVVSHFLILFDYRLGDQFHDQGPLQLPL]DWLRQPHDVXUHVFRQWDLQHGLQWKH&RQVHUYDWLRQ6WUDWHJ\DQG 3URJUDPPDWLF%LRORJLFDO2SLQLRQZRXOGEHLPSOHPHQWHG $VDUHVXOWWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR ,PSDFW
,PSDFW&XPXODWLYH%LRORJLFDO5HVRXUFH,PSDFWV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVV
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
7KHSURSRVHGDFWLRQDQGRWKHUDFWLRQVLQFOXGHGLQWKH6SHFLILF3ODQZRXOGQRWFDXVHQHZFXPXODWLYHO\ FRQVLGHUDEOHLPSDFWVUHODWLYHWRELRORJLFDOUHVRXUFHVEHFDXVHWKHLPSDFWVRIWKHSURSRVHGDFWLRQDQGWKH LPSDFWVRIWKHRWKHUDFWLRQVLQFOXGHGLQWKH6SHFLILF3ODQKDYHQRWFKDQJHGVXEVWDQWLDOO\VLQFHSUHSDUDWLRQ (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE 


RIWKH3(,5&XPXODWLYHELRORJLFDOUHVRXUFHLPSDFWVZHUHLGHQWLILHGLQWKH6SHFLILF3ODQ(,5DVOHVVWKDQ FXPXODWLYHO\FRQVLGHUDEOH7KHFRQFOXVLRQRIWKLV&KHFNOLVWLVWKDWWKHLPSDFWVRIWKHSURSRVHGDFWLRQDUH VXEVWDQWLDOO\WKHVDPHDVWKRVHLGHQWLILHGLQWKH6SHFLILF3ODQ(,5DQGWKHUHPDLQGHURIWKHFRQFOXVLRQVRI WKH6SHFLILF3ODQ(,5UHODWLYHWRFXPXODWLYHLPSDFWVDUHVWLOOYDOLGDVQRVXEVWDQWLDOJURZWKKDVRFFXUUHGLQ WKH6SHFLILF3ODQDUHDWKDWZDVQRWHYDOXDWHGLQWKH3URJUDP(,5¶VFXPXODWLYHDQDO\VLV $VVXFKWKHLPSDFWVWRJHWKHUZLWKLPSDFWVIURPRWKHUSURSRVHGDQGDSSURYHGSURMHFWVLQWKHYLFLQLW\ ZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5 UHODWLYHWR,PSDFW
&RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRELRORJLFDOUHVRXUFHVEH\RQGWKRVH SUHYLRXVO\DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR%LRORJLFDO5HVRXUFHV 0LWLJDWLRQ0HDVXUHV
7KHIROORZLQJPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5ZRXOGEH DSSOLFDEOHWRWKHSURSRVHGDFWLRQUHGXFLQJSRWHQWLDO%LRORJLFDO5HVRXUFHLPSDFWVWROHVVWKDQVLJQLILFDQW OHYHOV
00D
,PSOHPHQW*HQHUDO3ODQ0LWLJDWLRQ0HDVXUH)
7KH&LW\RI6DQWD5RVDVKDOO
LQFRUSRUDWHWKHDYRLGDQFHDQGPLWLJDWLRQPHDVXUHVGHVFULEHGLQWKH6DQWD5RVD3ODLQ &RQVHUYDWLRQ6WUDWHJ\DQGWKH86):63URJUDPPDWLF%LRORJLFDO2SLQLRQDVFRQGLWLRQVRI DSSURYDOIRUGHYHORSPHQWLQRUQHDUDUHDVZLWKVXLWDEOHKDELWDWIRU&DOLIRUQLDWLJHUVDODPDQGHU %XUNH¶VJROGILHOGV6RQRPDVXQVKLQH6HEDVWRSROPHDGRZIRDPDQGPDQ\IORZHUHGQDYDUUHWLD +RZHYHULQDFFRUGDQFHZLWKWKH86):63URJUDPPDWLF%LRORJLFDO2SLQLRQSURMHFWVZLWKLQWKH 6RXWKZHVW6DQWD5RVD3UHVHUYH6\VWHPZLOOEHHYDOXDWHGLQGLYLGXDOO\DQGPLWLJDWLRQPD\QRW QHFHVVDULO\DGKHUHWRWKHUDWLRVGHVFULEHGLQWKH&RQVHUYDWLRQ6WUDWHJ\ 00E
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

D
IHHWIRUUDSWRUV
RU
E
IHHWIRURWKHU
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
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
7LPLQJ,PSOHPHQWDWLRQ
 3ULRUWRF RQVWUXFWLRQRIDQ\VXEVHTXHQWSURMHFWWKDWFRXOGUHVXOWLQ GLVWXUEDQFHWRELUGRUEDWQHVWV
(QIRUFHPHQW0RQLWRULQJ
 &LW\RI6 DQWD5RVD3ODQQLQJDQG(FRQRPLF'HYHORSPHQW'HSDUWPHQW 3ODQQLQJ'LYLVLRQ
00D
,PSOHPHQW0LWLJDWLRQ0HDVXUHV00DDQG00E 00E
$IRUPDOZHWODQGGHOLQHDWLRQVKDOOEHFRQGXFWHGIRUDUHDVWKDWZLOOEHSHUPDQHQWO\RU WHPSRUDULO\LPSDFWHGE\WKHSURMHFW,IMXULVGLFWLRQDOZDWHUVFDQQRWEHDYRLGHGWKH&LW\VKDOODSSO\ IRUD&:$6HFWLRQSHUPLWIURPWKH86$&(DQGD6HFWLRQSHUPLWIURPWKH5:4&% 7KHVHSHUPLWVVKDOOEHREWDLQHGSULRUWRLVVXDQFHRIJUDGLQJSHUPLWVDQGLPSOHPHQWDWLRQRIWKH SURSRVHGSURMHFW
7KH&LW\VKDOOHQVXUHWKDWWKHSURMHFWZLOOUHVXOWLQQRQHWORVVRIZDWHUVRIWKH86E\SURYLGLQJ PLWLJDWLRQWKURXJKLPSDFWDYRLGDQFHLPSDFWPLQLPL]DWLRQDQGRUFRPSHQVDWRU\PLWLJDWLRQIRUWKH LPSDFWDVGHWHUPLQHGLQWKH&:$6HFWLRQSHUPLWV &RPSHQVDWRU\PLWLJDWLRQPD\FRQVLVWRI
D
REWDLQLQJFUHGLWVIURPDPLWLJDWLRQEDQN

E
PDNLQJD
SD\PHQWWRDQLQOLHXIHHSURJUDPWKDWZLOOFRQGXFWZHWODQGVWUHDPRURWKHUDTXDWLFUHVRXUFH UHVWRUDWLRQFUHDWLRQHQKDQFHPHQWRUSUHVHUYDWLRQDFWLYLWLHV WKHVHSURJUDPVDUHJHQHUDOO\
DGPLQLVWHUHGE\JRYHUQPHQWDJHQFLHVRUQRQSURILWRUJDQL]DWLRQVWKDWKDYHHVWDEOLVKHGDQ DJUHHPHQWZLWKWKHUHJXODWRU\DJHQFLHVWRXVHLQOLHXIHHSD\PHQWVFROOHFWHGIURPSHUPLW

DSSOLFDQWV

DQGRU
F
SURYLGLQJFRPSHQVDWRU\PLWLJDWLRQWKURXJKDQDTXDWLFUHVRXUFHUHVWRUDWLRQ HVWDEOLVKPHQWHQKDQFHPHQWDQGRUSUHVHUYDWLRQDFWLYLW\7KLVODVWW\SHRIFRPSHQVDWRU\ PLWLJDWLRQPD\EHSURYLGHGDWRUDGMDFHQWWRWKHLPSDFWVLWH LHRQVLWHPLWLJDWLRQ
RUDWDQRWKHU
ORFDWLRQXVXDOO\ZLWKLQWKHVDPHZDWHUVKHGDVWKHSHUPLWWHGLPSDFW LHRIIVLWHPLWLJDWLRQ
7KH
SURMHFWSURSRQHQWSHUPLWDSSOLFDQWUHWDLQVUHVSRQVLELOLW\IRUWKHLPSOHPHQWDWLRQDQGVXFFHVVRIWKH PLWLJDWLRQSURMHFW
(YLGHQFHRIFRPSOLDQFHZLWKWKLVPLWLJDWLRQPHDVXUHVKDOOEHSURYLGHGSULRUWRFRQVWUXFWLRQDQG JUDGLQJDFWLYLWLHVIRUWKHSURSRVHGSURMHFW
7LPLQJ,PSOHPHQWDWLRQ
 $IRUPD OZHWODQGGHOLQHDWLRQZDVFRQGXFWHGIRUWKHSURMHFWVLWHLQ $GHOLQHDWLRQXSGDWHZRXOGEHQHHGHGIRUSRWHQWLDORIIVLWH VWRUPZDWHULPSURYHPHQWVWR&ROJDQ&UHHN7KHRYHUDOO UHTXLUHPHQWVRIWKLVPLWLJDWLRQPHDVXUHVKDOOEHLPSOHPHQWHGSULRUWR DQ\YHJHWDWLRQUHPRYDORUJURXQGGLVWXUELQJDFWLYLWLHV (QIRUFHPHQW0RQLWRULQJ
 &LW\RI6 DQWD5RVD3ODQQLQJDQG(FRQRPLF'HYHORSPHQW'HSDUWPHQW 3ODQQLQJ'LYLVLRQ




(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 &XOWXUDO5HVRXUFHV
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
5HGHYHORSPHQWZLWKLQWKH
6SHFLILF3ODQDUHDFRXOGDIIHFWKLVWRULF
SURSHUWLHVWKURXJKPRGLILFDWLRQRIKLVWRULF
FKDUDFWHUDQGWKURXJKFRQVWUXFWLRQ
DFWLYLWLHV7KLVLPSDFWZRXOGEHOHVVWKDQ
VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
,IIXWXUHSURMHFWVFRQVWUXFWHG
LQWKH6SHFLILF3ODQDUHDLQYROYHJURXQG
GLVWXUEDQFHLPSOHPHQWDWLRQRIWKH6SHFLILF
3ODQFRXOGUHVXOWLQWKHGLVWXUEDQFHRI
NQRZQDQGXQGLVFRYHUHG
DUFKDHRORJLFDO
UHVRXUFHVRUFDXVHDVXEVWDQWLDODGYHUVH
FKDQJHLQWKHVLJQLILFDQFHRIDWULEDOFXOWXUDO
UHVRXUFHDVGHILQHGLQ3XEOLF5HVRXUFHV
&RGH6HFWLRQ7KLVLPSDFWZRXOGEH
SRWHQWLDOO\VLJQLILFDQW
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
00D
00E <HV
,PSDFW
,IIXWXUHSURMHFWVFRQVWUXFWHG
LQWKH6SHFLILF3ODQDUHDLQYROYHJURXQG
GLVWXUEDQFHLPSOHPHQWDWLRQRIWKH6SHFLILF
3ODQFRXOGUHVXOWLQWKHGLVWXUEDQFHRI
KXPDQUHPDLQV7KLVLPSDFWZRXOGEH
SRWHQWLDOO\VLJQLILFDQW
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
00D
00E <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH6SHFLILF
3ODQDORQJZLWKDQ\IRUHVHHDEOH
GHYHORSPHQWLQWKHSURMHFWYLFLQLW\FRXOG
FRQWULEXWHWRFXPXODWLYHLPSDFWVWRFXOWXUDO
UHVRXUFHV7KLVFXPXODWLYHLPSDFWLV
FRQVLGHUHGOHVVWKDQFXPXODWLYHO\
FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYH
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYH
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW+LVWRULFDO5HVRXUFHV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQW LPSDFWUHODWLYHWRSRWHQWLDOLPSDFWVRQKLVWRULFDOUHVRXUFHVGXHWRUHTXLUHGDGKHUHQFHWR*HQHUDO3ODQ SROLFLHVDQGVWDWHDQGORFDOUHJXODWLRQVDQGVWDQGDUGV $+LVWRULF5HVRXUFHV(YDOXDWLRQZDVSUHSDUHGIRUWKHWKUHHSURSHUWLHVWREHGHYHORSHG 7UHDQRU+/

WKHUHVXOWVRIZKLFKZHUHXVHGDVDWHFKQLFDOEDVLVIRUHYDOXDWLQJSRWHQWLDOLPSDFWVWRKLVWRULFUHVRXUFHV 7KH+LVWRULF5HVRXUFHV(YDOXDWLRQGHWHUPLQHGWKDWWKHVXEMHFWSURSHUWLHVDW 
DQG+HDUQ
$YHQXHGRQRWSRVVHVVVXIILFLHQWKLVWRULFDOVLJQLILFDQFHSHUUHOHYDQWFULWHULDIRULQGLYLGXDOOLVWLQJRQWKH QDWLRQDOVWDWHRUORFDOKLVWRULFLQYHQWRULHV$GGLWLRQDOO\WKHUHDUHQRSUHVHUYDWLRQGLVWULFWVLQWKHSURMHFW DUHD7KHVXEMHFWSURSHUWLHVGRQRWTXDOLI\DVKLVWRULFUHVRXUFHV $VDUHVXOWWKHLPSDFWVZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSH RIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
,PSDFW.QRZQDQG8QGLVFRYHUHG$UFKDHRORJLFDO5HVRXUFHV 7KH6SHFLILF3ODQ3URJUDP(,5
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
$&XOWXUDO5HVRXUFHV6WXG\PHHWLQJWKHUHTXLUHPHQWVRI0LWLJDWLRQ0HDVXUH00DZDVSUHSDUHGIRU WKHSURSRVHGDFWLRQ
668$6&
ZKLFKHYDOXDWHGWKHSRWHQWLDOIRUVXUILFLDODQGRUEXULHG DUFKDHRORJLFDODQGKLVWRULFDOUHVRXUFHV7KH&XOWXUDO5HVRXUFHV6WXG\LQFOXGHGDUHFRUGVDQGOLWHUDWXUH VHDUFKDWWKH1RUWKZHVW,QIRUPDWLRQ&HQWHUFRRUGLQDWLRQZLWKWKH1DWLYH$PHULFDQ+HULWDJH&RPPLVVLRQ

1$+&
IRUUHYLHZRIWKH6DFUHG/DQGV)LOHFRRUGLQDWLRQZLWK7ULEDOFRPPXQLWLHVDQGDQDUFKDHRORJLFDO SHGHVWULDQVXUYH\RIWKHVLWHE\TXDOLILHGDUFKDHRORJLVW 7KH&XOWXUDO5HVRXUFHV6WXG\GLGQRWLGHQWLI\DQ\UHFRUGHGSUHKLVWRULFDUFKDHRORJLFDOUHVRXUFHVZLWKLQWKH SURSRVHGDFWLRQDUHDDQGQRLQIRUPDWLRQZDVUHFHLYHGIURPWKH1$+&WKDWVXJJHVWHGWKHSUHVHQFHRI NQRZQFXOWXUDOUHVRXUFHVLQWKHDUHD$VSDUWRIWKHFRRUGLQDWLRQZLWK7ULEDOUHSUHVHQWDWLYHVGXULQJ GHYHORSPHQWRIWKH&XOWXUDO5HVRXUFHV6WXG\UHSUHVHQWDWLYHVIURPWKH)HGHUDWHG,QGLDQVRI*UDWRQ 5DQFKHULDDQG/\WWRQ5DQFKHULDQRWHGWKDWWKHUHLVDSRWHQWLDOIRU7ULEDO&XOWXUDO5HVRXUFHVLQWKHDUHD %DVHGRQWKHUHVXOWVRIWKHUHFRUGVVHDUFKHV7ULEDOFRRUGLQDWLRQDQGILHOGVXUYH\WKH&XOWXUDO5HVRXUFHV 6WXG\LGHQWLILHGDPRGHUDWHVHQVLWLYLW\IRUSUHKLVWRULFDUFKDHRORJLFDOUHVRXUFHVRQWKHVXUIDFHRIWKHVLWHD KLJKVHQVLWLYLW\IRUEXULHGSUHKLVWRULFDUFKDHRORJLFDOUHVRXUFHVDQGDKLJKVHQVLWLYLW\IRUKLVWRULFHUD DUFKDHRORJLFDOUHVRXUFHVRQWKHVXUIDFH
0LWLJDWLRQ0HDVXUH00EIURPWKH6SHFLILF3ODQ3URJUDP(,5UHPDLQVDSSOLFDEOHWRWKHSURSRVHG DFWLRQDQGUHTXLUHVSURFHGXUHVWREHWDNHQLQWKHHYHQWRILQDGYHUWHQWGLVFRYHU\RIXQUHFRUGHGFXOWXUDO UHVRXUFHVGXULQJFRQVWUXFWLRQFRQVLVWHQWZLWKDSSURSULDWHODZVDQGUHTXLUHPHQWV $VDUHVXOWWKHLPSDFWRIWKHSURSRVHGDFWLRQUHODWLYHWRDUFKDHRORJLFDOUHVRXUFHVDQGWULEDOFXOWXUDO UHVRXUFHVZRXOGEHUHGXFHGWRDOHVVWKDQVLJQLILFDQWOHYHODQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKH VFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW+XPDQ5HPDLQV
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
668$6&
DQGLGHQWLILHGQRUHFRUGHGSUHKLVWRULFDUFKDHRORJLFDOUHVRXUFHVLQFOXGLQJ WKRVHFRQWDLQLQJKXPDQUHPDLQV0LWLJDWLRQ0HDVXUH00EIURPWKH6SHFLILF3ODQ3URJUDP(,5 (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
ZRXOGEHDSSOLFDEOHWRWKHSURSRVHGDFWLRQDQGUHTXLUHVSURFHGXUHVWREHWDNHQLQWKHHYHQWRILQDGYHUWHQW GLVFRYHU\RIKXPDQUHPDLQVGXULQJFRQVWUXFWLRQFRQVLVWHQWZLWKDSSURSULDWHODZVDQGUHTXLUHPHQWV $VDUHVXOWWKHLPSDFWVUHODWLYHWRKXPDQUHPDLQVZRXOGEHUHGXFHGWRDOHVVWKDQVLJQLILFDQWOHYHODQGWKH SURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW&XPXODWLYH&XOWXUDO5HVRXUFH,PSDFWV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVV
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
$VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ 3URJUDP(,5UHODWLYHWR,PSDFW
&RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRFXOWXUDOUHVRXUFHVRUWULEDOFXOWXUDO UHVRXUFHVEH\RQGWKRVHSUHYLRXVO\DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHG DFWLRQLVIRXQGWREHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR&XOWXUDO5HVRXUFHV 0LWLJDWLRQ0HDVXUHV
7KHIROORZLQJPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5ZRXOGEH DSSOLFDEOHWRWKHSURSRVHGDFWLRQUHGXFLQJSRWHQWLDO&XOWXUDO5HVRXUFHLPSDFWVWROHVVWKDQVLJQLILFDQW OHYHOV$&XOWXUDO5HVRXUFHV6WXG\PHHWLQJWKHUHTXLUHPHQWVRI0LWLJDWLRQ0HDVXUH00DDQGD ZDVSUHSDUHGIRUWKHSURSRVHGDFWLRQDVSDUWRIWKLV&(4$&KHFNOLVW 00D
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
 $&XOWXUDO5HVRXUFHV6WXG\PHHWLQJWKHU HTXLUHPHQWVRI0LWLJDWLRQ 0HDVXUH00DZDVSUHSDUHGIRUWKHSURSRVHGDFWLRQ 668$6&

7KLV0LWLJDWLRQ0HDVXUHLVLQFOXGHGEHFDXVH00EUHIHUV WRLW
00E
6KRXOGDQ\DUFKDHRORJLFDODUWLIDFWVEHGLVFRYHUHGGXULQJFRQVWUXFWLRQRIDQ\ VXEVHTXHQWSURMHFWDOOFRQVWUXFWLRQDFWLYLWLHVVKDOOEHKDOWHGLPPHGLDWHO\ZLWKLQIHHWRIWKH GLVFRYHU\WKH&LW\VKDOOEHQRWLILHGDQGDSURIHVVLRQDODUFKDHRORJLVWWKDWPHHWVWKH6HFUHWDU\RI WKH,QWHULRU¶V6WDQGDUGVDQG*XLGHOLQHVIRU3URIHVVLRQDO4XDOLILFDWLRQVLQDUFKDHRORJ\DQGRU KLVWRU\VKDOOEHUHWDLQHGWRGHWHUPLQHWKHVLJQLILFDQFHRIWKHGLVFRYHU\7KHSURIHVVLRQDO DUFKDHRORJLVWVKDOOSUHSDUHDSODQWRLGHQWLI\UHFRUGUHSRUWHYDOXDWHDQGUHFRYHUWKHUHVRXUFHV DVQHFHVVDU\ZKLFKVKDOOEHLPSOHPHQWHGE\WKHGHYHORSHU&RQVWUXFWLRQZLWKLQWKHDUHDRIWKH (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
GLVFRYHU\VKDOOQRWUHFRPPHQFHXQWLOLPSDFWVRQWKHDUFKDHRORJLFDOUHVRXUFHDUHPLWLJDWHGDV GHVFULEHGLQ0LWLJDWLRQ0HDVXUH00D$GGLWLRQDOO\3XEOLF5HVRXUFHV&RGH6HFWLRQ 


VWLSXODWHVWKDWDSURMHFWVSRQVRUPXVWLQIRUPSURMHFWSHUVRQQHOWKDWFROOHFWLRQRIDQ\ 1DWLYH$PHULFDQDUWLIDFWVLVSURKLELWHGE\ODZ
00D
,PSOHPHQW0LWLJDWLRQ0HDVXUH00D
3KDVH$UFKDHRORJLFDO5HVRXUFH6WXG\

00E
6KRXOGKXPDQUHPDLQVEHGLVFRYHUHGGXULQJFRQVWUXFWLRQRIDQ\SURMHFWLQWKHSURMHFW DUHDDOOFRQVWUXFWLRQDFWLYLWLHVVKDOOEHKDOWHGLPPHGLDWHO\ZLWKLQIHHWRIWKHGLVFRYHU\WKH&LW\ VKDOOEHQRWLILHGDQGWKH6RQRPD&RXQW\&RURQHUVKDOOEHQRWLILHGDFFRUGLQJWR6HFWLRQ 

RIWKH6WDWH3XEOLF5HVRXUFHV&RGHDQG6HFWLRQRI&DOLIRUQLD¶V+HDOWKDQG6DIHW\&RGH,I WKHUHPDLQVDUHGHWHUPLQHGWREH1DWLYH$PHULFDQWKHFRURQHUZLOOQRWLI\WKH1DWLYH$PHULFDQ +HULWDJH&RPPLVVLRQDQGWKHSURFHGXUHVRXWOLQHGLQ&(4$6HFWLRQ G
DQG
H
VKDOOEH
IROORZHG

(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 *HRORJ\DQG6RLOV
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
6XEVHTXHQWSURMHFWV
GHYHORSHGDVDUHVXOWRILPSOHPHQWDWLRQRI
WKH6SHFLILF3ODQFRXOGEHDWULVNIURP
VHLVPLFKD]DUGV7KLVLPSDFWLVOHVVWKDQ
VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
&RQVWUXFWLRQRIVXEVHTXHQW
SURMHFWVGHYHORSHGDVDUHVXOWRI
LPSOHPHQWDWLRQRIWKH
6SHFLILF3ODQFRXOG
UHVXOWLQWHPSRUDU\HURVLRQLPSDFWV7KLVLV
DOHVVWKDQVLJQLILFDQWLPSDFW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
6XEVHTXHQWSURMHFWV
GHYHORSHGDVDUHVXOWRILPSOHPHQWDWLRQRI
WKH6SHFLILF3ODQFRXOGEHFRQVWUXFWHGRQ
VRLOVWKDWDUHH[SDQVLYHRUKDYHRWKHU
SK\VLFDOFKDUDFWHULVWLFVWKDWFRXOGUHVXOWLQ
XQVWDEOHFRQGLWLRQV7KLVLVDOHVVWKDQ
VLJQLILFDQWLPSDFW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
6XEVHTXHQWSURMHFWV
GHYHORSHGDVDUHVXOWRILPSOHPHQWDWLRQRI
WKH6SHFLILF3ODQLQDGGLWLRQWRRWKHU
SURSRVHGDQGDSSURYHGSURMHFWVLQWKH
YLFLQLW\ZRXOGQRWFXPXODWLYHO\FUHDWHDQ\
QHZRUH[DFHUEDWHDQ\LGHQWLILHGJHRORJLFDO
RUVRLOVLPSDFWV&XPXODWLYHJHRORJ\DQG
VRLOVLPSDFWVZRXOGEHOHVVWKDQ
FXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW6HLVPLF+D]DUGV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFW UHODWLYHWRVHLVPLFKD]DUGVEHFDXVHIXWXUHSURMHFWVZRXOGEHUHTXLUHGWRDGKHUHWRDGRSWHGEXLOGLQJFRGHV WKDWDGGUHVVVHLVPLFKD]DUGV
8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ7KHVLWHDORQJZLWKDOODUHDVRI6DQWD5RVDLVVXEMHFWWRVHLVPLFVKDNLQJ WKDWZRXOGUHVXOWIURPHDUWKTXDNHVDORQJWKH6DQ$QGUHDV+HDOGVEXUJ5RGJHUV&UHHNDQGRWKHUIDXOWV$ UHYLHZRIJHRORJLFPDSSLQJLQGLFDWHVWKDWWKHVLWHLVQRWORFDWHGZLWKLQDGHVLJQDWHG$OTXLVW3ULROR (DUWKTXDNH)DXOW=RQHDQGQRRWKHUDFWLYHRUSRWHQWLDOO\DFWLYHIDXOWVKDYHEHHQPDSSHGSDVVLQJWKURXJK WKHVLWH
&'&

5HJLRQDOPDSSLQJRIOLTXHIDFWLRQVXVFHSWLELOLW\LQGLFDWHVWKDWWKHVRLOVDWWKHVLWHKDYH PRGHUDWHOLTXHIDFWLRQSRWHQWLDO
86*6


5HJLRQDOODQGVOLGHPDSSLQJLQGLFDWHVWKDWWKHVLWHLVORFDWHG LQDQDUHDWKDWLVFKDUDFWHUL]HGDV³IODWODQG´DQGWKHUHDUHQRFUHHNVWKDWIORZWKURXJKRUDUHLPPHGLDWHO\ DGMDFHQWWRWKHVLWH
86*6



*HQHUDO3ODQ3ROLF\16&UHTXLUHVDFRPSUHKHQVLYHJHRWHFKQLFDOLQYHVWLJDWLRQSULRUWRGHYHORSPHQW DSSURYDOZKLFKZRXOGEHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ*HRWHFKQLFDOLQYHVWLJDWLRQVFRPSOHWHGWRGDWH IRUWKHSURSRVHGDFWLRQLQFOXGHD&RQFHSWXDOOHYHO*HRWHFKQLFDO6WXG\5HSRUW $*(2
7KH
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
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
5RVD&LW\&RGHZKLFKUHTXLUHSURSHUIRXQGDWLRQHQJLQHHULQJDQGFRQVWUXFWLRQLQDFFRUGDQFHZLWK UHFRPPHQGDWLRQVRIDOLFHQVHGFLYLOHQJLQHHU%\DSSO\LQJWKHUHTXLUHGJHRWHFKQLFDOHYDOXDWLRQWHFKQLTXHV DQGDSSURSULDWHHQJLQHHULQJSUDFWLFHVSRWHQWLDOLQMXU\DQGGDPDJHIURPVHLVPLFDFWLYLW\DQGXQVWDEOHVRLOV ZRXOGEHVXEVWDQWLDOO\GHFUHDVHG$VDUHVXOWWKHLPSDFWVWRVHLVPLFKD]DUGVZRXOGEHOHVVWKDQ VLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR ,PSDFW
,PSDFW6RLO(URVLRQ
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¶V6WRUP:DWHU0DQDJHPHQW3ODQUHJXODWLRQVZKLFKZRXOGUHTXLUHWKHSUHSDUDWLRQDQG LPSOHPHQWDWLRQRID6WRUP:DWHU3ROOXWLRQ3UHYHQWLRQ3ODQ 6:333
DQGFRPSOLDQFHZLWK6WDWH:DWHU
5HVRXUFHV&RQWURO%RDUG13'(62UGHU1R

DVDPHQGHGE\2UGHU1RZKLFK
DSSOLHVWRSXEOLFDQGSULYDWHFRQVWUXFWLRQSURMHFWVWKDWLQFOXGHRQHRUPRUHDFUHVRIVRLOGLVWXUEDQFH %HFDXVHFRQVWUXFWLRQDFWLYLWLHVZRXOGEHUHTXLUHGWRLPSOHPHQWWKHEHVWPDQDJHPHQWSUDFWLFHVLQ DFFRUGDQFHZLWKWKHORFDODQGVWDWHUHJXODWLRQVVXEVWDQWLDOHURVLRQZRXOGQRWOLNHO\RFFXUGXULQJ FRQVWUXFWLRQ$VDUHVXOWWKHLPSDFWVWRVRLOHURVLRQZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQ ZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW6RLO+D]DUGV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFW UHODWLYHWRXQVWDEOHVRLOVEHFDXVHIXWXUHDFWLRQVXQGHUWKH6SHFLILF3ODQZRXOGEHUHTXLUHGWRDGKHUHWR H[LVWLQJUHJXODWLRQVDQGSROLFLHVLQWKH*HQHUDO3ODQDQG&DOLIRUQLD%XLOGLQJ&RGHWKDWDGGUHVVDFFHSWDEOH JHRWHFKQLFDOVWDQGDUGV
6RLOVDWWKHVLWHDUHPDSSHGDV=DPRUDVLOW\FOD\ORDPDQGFKDUDFWHUL]HGDV³IODWODQGV´*HQHUDO3ODQ 3ROLF\16&UHTXLUHVDFRPSUHKHQVLYHJHRWHFKQLFDOLQYHVWLJDWLRQSULRUWRGHYHORSPHQWDSSURYDOZKLFK ZRXOGEHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ*HRWHFKQLFDOLQYHVWLJDWLRQVFRPSOHWHGWRGDWHIRUWKH SURSRVHGDFWLRQLQFOXGHD&RQFHSWXDOOHYHO*HRWHFKQLFDO6WXG\5HSRUW $*(2
7KHVWXG\LQFOXGHG
VXEVXUIDFHLQYHVWLJDWLRQVDQGLGHQWLILHGGHVLJQFRQVLGHUDWLRQVUHODWHGWRILOOH[SDQVLYHVRLOVOLTXHIDFWLRQ LQGXFHGVHWWOHPHQWIRXQGDWLRQVXSSRUWJURXQGZDWHUDQGVKRULQJGXULQJH[FDYDWLRQV ,QDFFRUGDQFHZLWK*HQHUDO3ODQ3ROLF\16&DGHVLJQOHYHOJHRWHFKQLFDOUHSRUWZRXOGEHUHTXLUHG GXULQJWKHIXWXUHGHVLJQEXLOGSKDVH7KHSURSRVHGDFWLRQZRXOGEHVXEMHFWWRWKH&DOLIRUQLD%XLOGLQJ&RGH (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
DQG7LWOHVDQG
RIWKH6DQWD5RVD&LW\&RGHZKLFKUHTXLUHSURSHUIRXQGDWLRQHQJLQHHULQJDQG FRQVWUXFWLRQLQDFFRUGDQFHZLWKUHFRPPHQGDWLRQVRIDOLFHQVHGFLYLOHQJLQHHU%\DSSO\LQJWKHUHTXLUHG JHRWHFKQLFDOHYDOXDWLRQWHFKQLTXHVDQGDSSURSULDWHHQJLQHHULQJSUDFWLFHVSRWHQWLDOLQMXU\DQGGDPDJH IURPXQVWDEOHVRLOVZRXOGEHVXEVWDQWLDOO\GLPLQLVKHG$VDUHVXOWWKHLPSDFWVUHODWLYHWRVRLOKD]DUGV ZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ 3URJUDP(,5UHODWLYHWR,PSDFW
,PSDFW&XPXODWLYH*HRORJ\DQG6RLO,PSDFWV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVV
WKDQFXPXODWLYHO\FRQVLGHUDEOHLPSDFWUHODWLYHWRSRWHQWLDOLPSDFWVRQJHRORJ\DQGVRLOVGXHWRUHTXLUHG FRPSOLDQFHZLWKH[LVWLQJUHJXODWRU\UHTXLUHPHQWV*HQHUDO3ODQSROLFLHVDQG&LW\FRGHVDGGUHVVLQJ JHRORJLFDODQGVRLOVWDQGDUGV
7KHSURSRVHGDFWLRQZRXOGEHUHTXLUHGWRFRPSO\ZLWKWKH&DOLIRUQLD%XLOGLQJ&RGHDVUHTXLUHGXQGHU&LW\ &RGH7LWOHZKLFKUHTXLUHVVWULQJHQWHDUWKTXDNHUHVLVWDQWGHVLJQ6RLOVKD]DUGVZRXOGEHPLWLJDWHG WKURXJKFRPSOLDQFHZLWKWKH&LW\¶VUHTXLUHPHQWVIRUVRLOVWHVWLQJDQGDSSURSULDWHHQJLQHHULQJDVZHOODVWKH &LW\¶V6WRUP:DWHU0DQDJHPHQW3ODQ&RPSOLDQFHZLWKH[LVWLQJUHJXODWRU\UHTXLUHPHQWV*HQHUDO3ODQ SROLFLHVDQG&LW\FRGHVZRXOGHQVXUHWKDWWKHSURSRVHGDFWLRQLQFRPELQDWLRQZLWKRWKHUSDVWSUHVHQWRU SURSRVHGSURMHFWVLQWKHYLFLQLW\ZRXOGQRWFXPXODWLYHO\FUHDWHDQ\QHZRUH[DFHUEDWHJHRORJLFDORUVRLOV LPSDFWV
$VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW &RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVUHODWLYHWRJHRORJ\DQGVRLOVEH\RQGWKRVH SUHYLRXVO\DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR*HRORJ\DQG6RLOV 0LWLJDWLRQ0HDVXUHV
7KHUHDUHQRPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5WKDWZRXOG EHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ


(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 *UHHQKRXVH*DV(PLVVLRQV
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
7KH6SHFLILF3ODQZRXOGQRW
FRQIOLFWZLWKDQDSSOLFDEOHSODQDGRSWHGIRU
WKHSXUSRVHRIUHGXFLQJ*+*HPLVVLRQV
7KLVLVDOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOH
LPSDFW
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW&RPSOLDQFHZLWK6DQWD5RVD&OLPDWH$FWLRQ3ODQD4XDOLILHG*UHHQKRXVH*DV (PLVVLRQV5HGXFWLRQ3ODQ
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQFXPXODWLYHO\ FRQVLGHUDEOHLPSDFWUHODWLYHWRJUHHQKRXVHJDV
*+*
HPLVVLRQVEHFDXVHWKH6SHFLILF3ODQLVFRQVLVWHQW
ZLWKWKH&LW\¶V&OLPDWH$FWLRQ3ODQ
D4XDOLILHG*UHHQKRXVH*DV(PLVVLRQV5HGXFWLRQ3URJUDPDVGHILQHG E\WKH%D\$UHD$LU4XDOLW\0DQDJHPHQW'LVWULFW
DVZHOODVWKH&LW\¶V0XQLFLSDO2SHUDWLRQV&OLPDWH$FWLRQ 3ODQ
7KHH[LVWLQJDQGSURMHFWHG*+*LQYHQWRULHVFRQWDLQHGLQWKH&LW\¶V&OLPDWH$FWLRQ3ODQZHUHEDVHGRQWKH ODQGXVHGHVLJQDWLRQVDQGDVVRFLDWHGGHQVLWLHVGHILQHGIRUWKH6DQWD5RVD8UEDQ*URZWK%RXQGDU\LQWKH &LW\¶V*HQHUDO3ODQ%HFDXVHWKH6SHFLILF3ODQLVFRQVLVWHQWZLWKWKH&LW\¶V*HQHUDO3ODQODQGXVH LQWHQVLWLHVZRXOGQRWH[FHHGWKH&LW\¶VSURMHFWHGSRSXODWLRQLGHQWLILHGLQWKH*HQHUDO3ODQDQG DVVRFLDWHG*+*LQYHQWRULHVZRXOGEHFRQVLVWHQWEHFDXVHWKHLPSURYHPHQWVZHUHFRQVLGHUHGZLWKLQWKH RYHUDOO6SHFLILF3ODQ
,QDGGLWLRQWKHSURSRVHGSXEOLFXVHVZHUHHQYLVLRQHGDVSDUWRIWKHRYHUDOO6SHFLILF3ODQVXFKDVWKH UHORFDWLRQRIDQH[LVWLQJILUHVWDWLRQ7KHSURSRVHGDFWLRQZRXOGEHUHTXLUHGWRFRPSO\ZLWKDSSOLFDEOH*+* UHGXFWLRQPHDVXUHVLGHQWLILHGLQWKH&LW\¶V&OLPDWH$FWLRQ3ODQVXFKDVFRPSOLDQFHZLWK&DOLIRUQLD*UHHQ %XLOGLQJ6WDQGDUGVDQGUHGXFWLRQRISRWDEOHZDWHUXVHLQDFFRUGDQFHZLWK7LHUVWDQGDUGV7KHSURSRVHG DFWLRQDOVRVXSSRUWVFRPSOHWLRQRIWKHSODQQHGIDFLOLWLHVRXWOLQHGLQWKH6SHFLILF3ODQ&RXQW\ZLGH%LF\FOH DQG3HGHVWULDQ0DVWHU3ODQDQGWKH&LW\%LF\FOHDQG3HGHVWULDQ0DVWHU3ODQZKLFKHQFRXUDJHLQFUHDVHG XVHRIELF\FOHDQGSHGHVWULDQIDFLOLWLHV
$VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW &RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRJUHHQKRXVHJDVHPLVVLRQVEH\RQG WKRVHSUHYLRXVO\DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWR EHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR*UHHQKRXVH*DV(PLVVLRQV 0LWLJDWLRQ0HDVXUHV
7KHUHDUHQRPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5WKDWZRXOG EHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ+RZHYHUWKHSURSRVHGDFWLRQZRXOGEHUHTXLUHGWRFRPSO\ZLWK DSSOLFDEOH*+*UHGXFWLRQPHDVXUHVLGHQWLILHGLQWKH&LW\¶V&OLPDWH$FWLRQ3ODQ  (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE 


 +D]DUGVDQG+D]DUGRXV0DWHULDOV
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
,PSOHPHQWDWLRQRIWKH6SHFLILF
3ODQZRXOGUHVXOWLQWKHXVHVWRUDJHDQG
WUDQVSRUWRIKD]DUGRXVPDWHULDOV$FFLGHQWDO
UHOHDVHRIWKHVHPDWHULDOVFRXOGFRQVWLWXWHD
KD]DUGWRWKHSXEOLFRUWKHHQYLURQPHQW7KLV
LPSDFWLVFRQVLGHUHGOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
1HZGHYHORSPHQWLQWKH
6SHFLILF3ODQDUHDZRXOGOHDGWRDQ
DVVRFLDWHGLQFUHDVHLQXVHRIKD]DUGRXV
PDWHULDOV7KH6SHFLILF3ODQWKHUHIRUHKDV
SRWHQWLDOWRUHVXOWLQDQLQFUHDVHGULVNRI
DFFLGHQWDOUHOHDVHRIKD]DUGRXVPDWHULDOV
7KLVLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
6HYHUDOVFKRROVDUHORFDWHG
ZLWKLQDQGLQWKHYLFLQLW\RIWKH6SHFLILF3ODQ
DUHD+D]DUGRXVPDWHULDOVRUVXEVWDQFHV
PD\EHKDQGOHGLQWKHYLFLQLW\RIWKHVH
VFKRROV7KLVLPSDFWLVFRQVLGHUHGOHVVWKDQ
VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
5HYLHZRIHQYLURQPHQWDO
KD]DUGVGDWDEDVHVFRQGXFWHGLQDVVRFLDWLRQ
ZLWKWKH6SHFLILF3ODQLGHQWLILHGKD]DUGRXV
PDWHULDOVVLWHVLQWKHDUHDLQFOXGLQJVLWHVRQ
WKH&RUWHVH/LVW,PSDFWVUHODWHGWRIXWXUH
GHYHORSPHQWRIWKHVHVLWHVDUHSRWHQWLDOO\
VLJQLILFDQW
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
00D
00E <HV
,PSDFW
7KH6SHFLILF3ODQFRXOGKDYH
DQLPSDFWRQDUHDURDGZD\VXVHGWR
UHVSRQGWRKD]DUGRXVPDWHULDOVLQFLGHQWV
DQGRUIRUHPHUJHQF\HYDFXDWLRQV,PSDFWV
DVVRFLDWHGZLWKDGRSWHGHPHUJHQF\
UHVSRQVHDQGHYDFXDWLRQSODQVZRXOGEH
OHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH6SHFLILF
3ODQLQFRPELQDWLRQZLWKRWKHUH[LVWLQJDQG
UHDVRQDEO\IRUHVHHDEOHIXWXUHSURMHFWVPD\
UHVXOWLQFXPXODWLYHKD]DUGVDQGKD]DUGRXV
PDWHULDOVLPSDFWV7KHVHFXPXODWLYH
KD]DUGVLPSDFWVZRXOGEHOHVVWKDQ
FXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW8VH6WRUDJHDQG7UDQVSRUWRI+D]DUGRXV0DWHULDOV 7KH6SHFLILF3ODQ3URJUDP(,5
LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRXVHVWRUDJHDQGGLVSRVDORIKD]DUGRXVPDWHULDOV (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
EHFDXVHIXWXUHDFWLRQVXQGHUWKH6SHFLILF3ODQZRXOGEHUHTXLUHGWRDGKHUHWRH[LVWLQJUHTXLUHPHQWV UHVWULFWLRQVDQGSROLFLHVHQIRUFHGE\DJHQFLHVZLWKMXULVGLFWLRQRYHUWKHXVHRIVXFKPDWHULDOV 'XULQJFRQVWUXFWLRQDFWLYLWLHVVPDOODPRXQWVRIKD]DUGRXVPDWHULDOVVXFKDVIXHOVROYHQWVOXEULFDQWV SDLQWDQGFOHDQLQJPDWHULDOVZRXOGEHXVHG$/LPLWHG6LWH,QYHVWLJDWLRQZDVFRPSOHWHGDWWKHVLWH LQFOXGLQJFROOHFWLRQRIVKDOORZVRLOVDPSOHVIRUFRQFHSWXDOSODQQLQJSXUSRVHV )DUDOORQ&RQVXOWLQJ

7KHVRLOVDPSOHVZHUHDQDO\]HGIRUODQGILOOSURILOLQJUHTXLUHPHQWVIRUIXWXUHVRLOGLVSRVDOGXULQJWKHGHVLJQ EXLOGSKDVH%DVHGRQWKHDQDO\WLFDOUHVXOWVWKHUHDUHQRUHVWULFWLRQVIRUSRWHQWLDORIIVLWHH[SRUWIRU GLVSRVDOWRD&DOLIRUQLDUHJXODWHGQRQKD]DUGRXV&ODVVODQGILOO&RQFHQWUDWLRQVRIDUVHQLFQLFNHODQG FREDOWZHUHGHWHFWHGDWQDWXUDOO\RFFXUULQJOHYHOVZLWKRQHRUPRUHVDPSOHVH[FHHGLQJFRUUHVSRQGLQJ6WDWH :DWHU5HVRXUFHV&RQWURO%RDUG(QYLURQPHQWDO6FUHHQLQJ/HYHOV (6/V
IRUGLUHFWH[SRVXUHULVNWR
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
&DO26+$
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
DQGOHDGEDVHGSDLQWZHUHFRQGXFWHGDW
WKHVLWHLQ
3UR7HFK&RQVXOWLQJDQG(QJLQHHULQJ
DQGSURSHUDEDWHPHQWRIVXFKZDVWHVZRXOG
EHUHTXLUHGIRUWKHVHSDUDWLRQVWRUDJHDQGGLVSRVDODFFRUGLQJWRORFDOVWDWHDQGIHGHUDOUHJXODWLRQV 7KHSURSRVHGSXEOLFXVHVDWWKHVLWHZRXOGUHTXLUHWKHXVHVWRUDJHDQGWUDQVSRUWRIKD]DUGRXVPDWHULDOV VXFKDVDIXHOIRUWKHVWRUDJHWDQNDQGEDFNXSJHQHUDWRUIRUWKHILUHVWDWLRQDQGIRUWKHEDFNXSJHQHUDWRUV DWWKHOLEUDU\DQGPXOWLFXOWXUDOFHQWHUJ\PQDVLXP$OOSRWHQWLDOO\KD]DUGRXVPDWHULDOVZRXOGEHUHTXLUHGWR EHKDQGOHGXVHGDQGVWRUHGLQDFFRUGDQFHZLWKPDQXIDFWXUHUV¶VSHFLILFDWLRQVDQGDSSOLFDEOHKHDOWKDQG VDIHW\UHJXODWLRQV7KHXVHRIKD]DUGRXVPDWHULDOVZRXOGUHTXLUHUHJLVWUDWLRQDQGFRPSOLDQFHZLWKWKH &RXQW\¶V+D]DUGRXV0DWHULDOV%XVLQHVV3ODQ3URJUDP+D]DUGRXV:DVWH*HQHUDWRU3URJUDPDQG $FFLGHQWDO5HOHDVH3URJUDP&RPSOLDQFHZLWKWKHUHTXLUHPHQWVRIWKHVHSURJUDPVZRXOGHQVXUHWKDW KD]DUGRXVPDWHULDOVDUHSURSHUO\WUDQVSRUWHGVWRUHGLQYHQWRULHGDQGGLVSRVHG:LWKDGKHUHQFHWR DSSOLFDEOHUHJXODWRU\UHTXLUHPHQWVWKHRSHUDWLRQDOLPSDFWVUHODWHGWRWKHWUDQVSRUWXVHRUGLVSRVDODQG DFFLGHQWDOUHOHDVHRIKD]DUGRXVPDWHULDOVZRXOGEHOHVVWKDQVLJQLILFDQW (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
$VDUHVXOWWKHLPSDFWVUHODWHGWRWKHXVHVWRUDJHDQGWUDQVSRUWRIKD]DUGRXVPDWHULDOVZRXOGEHOHVV WKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5 UHODWLYHWR,PSDFW
,PSDFW$FFLGHQWDO5HOHDVHRI+D]DUGRXV0DWHULDOV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGD
OHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRWKHSRWHQWLDOIRUDQDFFLGHQWDOUHOHDVHRIKD]DUGRXVPDWHULDOV EHFDXVHIXWXUHSURMHFWVZRXOGEHUHTXLUHGWRFRPSO\ZLWK*HQHUDO3ODQSROLFLHVWKH&LW\¶V6WRUP:DWHU/RZ ,PSDFW'HYHORSPHQW7HFKQLFDO'HVLJQ0DQXDODQGWKH&RXQW\¶V+D]DUGRXV0DWHULDOV%XVLQHVV3ODQ +D]DUGRXV:DVWH*HQHUDWRUDQG$FFLGHQWDO5HOHDVH3URJUDPV 8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ$VVWDWHGLQ,PSDFWVPDOODPRXQWVRIKD]DUGRXVPDWHULDOVVXFKDV IXHOVROYHQWVOXEULFDQWVSDLQWDQGFOHDQLQJPDWHULDOVZRXOGEHXVHGGXULQJFRQVWUXFWLRQDQGWKH SURSRVHGSXEOLFXVHVPD\UHTXLUHWKHXVHVWRUDJHDQGWUDQVSRUWRIKD]DUGRXVPDWHULDOVVXFKDVIXHOIRU WKHVWRUDJHWDQNDQGEDFNXSJHQHUDWRUV
*HQHUDO3ODQ3ROLFLHV16)WKURXJK16)DUHDLPHGDWUHGXFLQJWKHULVNIURPDFFLGHQWDOUHOHDVHRI FKHPLFDOVZDVWHRURWKHUKD]DUGRXVPDWHULDOVDQGZRXOGEHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ:LWK DGKHUHQFHWRDSSOLFDEOHUHJXODWRU\UHTXLUHPHQWVLQFOXGLQJ*HQHUDO3ODQSROLFLHVWKH+D]DUGRXV0DWHULDOV %XVLQHVV3ODQ3URJUDP+D]DUGRXV:DVWH*HQHUDWRU3URJUDP$FFLGHQWDO5HOHDVH3URJUDPDQGWKH &LW\¶V6WRUP:DWHU/RZ,PSDFW'HYHORSPHQW7HFKQLFDO'HVLJQ0DQXDODQG6WRUP:DWHU0DQDJHPHQW 3ODQWKHLPSDFWVUHODWHGWRWKHDFFLGHQWDOUHOHDVHRIKD]DUGRXVPDWHULDOVZRXOGEHOHVVWKDQVLJQLILFDQW $VDUHVXOWWKHLPSDFWVUHODWLYHWRDFFLGHQWDOUHOHDVHRIKD]DUGRXVPDWHULDOVZRXOGEHOHVVWKDQVLJQLILFDQW DQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW 
,PSDFW+D]DUGRXV(PLVVLRQVQHDU6FKRROV
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
VHH,PSDFWVDQGDERYH
$OWKRXJKFRQVWUXFWLRQDFWLYLWLHVFRXOGUHVXOWLQ
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
,PSDFW&RQWDPLQDWHG6LWHV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDSRWHQWLDOO\VLJQLILFDQW LPSDFWUHODWLYHWRWKHSRWHQWLDOIRUFRQVWUXFWLRQDFWLYLWLHVWRHQFRXQWHUSUHYLRXVO\XQGLVFRYHUHG FRQWDPLQDWLRQRUVXEVXUIDFHIHDWXUHVWKDWFRXOGSRVHDULVNWRFRQVWUXFWLRQZRUNHUVDQGWKHSXEOLF (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
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
(%$DEF
7KH3KDVH,(QYLURQPHQWDO6LWH$VVHVVPHQWVZHUH
FRPSOHWHGLQFRQIRUPDQFHZLWKWKH$PHULFDQ6RFLHW\RI7HVWLQJDQG0DWHULDOV $670
6WDQGDUG3UDFWLFH
IRU(QYLURQPHQWDO6LWH$VVHVVPHQWV
3KDVH,(QYLURQPHQWDO6LWH$VVHVVPHQW3URFHVV
$670(±

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
,PSDFW(PHUJHQF\3ODQV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFW UHODWLYHWRSRWHQWLDOLQWHUIHUHQFHZLWKDQHPHUJHQF\DFFHVVRUHYDFXDWLRQSODQGXHWRUHTXLUHGDGKHUHQFHWR H[LVWLQJ*HQHUDO3ODQSROLFLHV&LW\VWDQGDUGVDQG&DOLIRUQLD)LUH&RGHUHTXLUHPHQWV 7KHVLWHLVORFDWHGZLWKLQWKH6RXWKZHVW6DQWD5RVD(YDFXDWLRQ3ODQQLQJ$UHD'HVLJQDWHGHYDFXDWLRQ WUDYHOURXWHVLGHQWLILHGLQWKHDUHDLQFOXGH+HDUQ$YHQXH6WRQ\3RLQW5RDG6HEDVWRSRO5RDGDQG +LJKZD\
'XULQJFRQVWUXFWLRQWKHQRUPDOIXQFWLRQDOLW\RI+HDUQ$YHQXHZRXOGEHWHPSRUDULO\DOWHUHGRYHUDVKRUW SHULRGRIWLPHGXULQJLQVWDOODWLRQRIDQHZVWRUPGUDLQSLSHOLQH6XFKFRQVWUXFWLRQZRXOGQRWUHTXLUHIXOO FORVXUHRI+HDUQ$YHQXHDQGWUDIILFFRQWUROVZRXOGEHUHTXLUHGWREHLPSOHPHQWHGLQDFFRUGDQFHZLWKD &LW\URDGZD\HQFURDFKPHQWSHUPLWZKLFKZRXOGIXUWKHUPLQLPL]HSRWHQWLDOWHPSRUDU\LPSDFWVRQ+HDUQ $YHQXHDVDGHVLJQDWHGHYDFXDWLRQURXWH
7KHSURSRVHGDFWLRQLQFOXGHVPRYHPHQWRI)LUH6WDWLRQWRWKHVXEMHFWVLWHZKLFKZRXOGEHFRQVLVWHQW ZLWK*HQHUDO3ODQ3ROLF\36)(ZKLFKVHHNVWRPRYHWKHILUHVWDWLRQRQ%XUEDQN$YHQXH 6WDWLRQ
WR
DQHZORFDWLRQLQWKH5RVHODQGDUHD7KHH[WHQVLRQRI'XWWRQ$YHQXHZRXOGSURYLGHRQHWUDYHOODQHLQ HDFKGLUHFWLRQSOXVDFHQWHUWXUQODQHRUPHGLDQIURP+HDUQ$YHQXHWRWKHVRXWKHUQERXQGDU\RIWKH SURSHUW\PDLQWDLQLQJDUHJLRQDODUWHULDOURDGZD\FODVVLILFDWLRQ$VWXERXWIRUDIXWXUHFRQQHFWLRQZLWK 'XWWRQ0HDGRZZRXOGDOVREHSURYLGHG7KLVURDGZD\ZRXOGFRQQHFWZLWK+HDUQ$YHQXHDVDQHYDFXDWLRQ WUDYHOURXWH
7KH6DQWD5RVD)LUH'HSDUWPHQW
65)'
KDVUHYLHZHGSUHOLPLQDU\SODQVIRUWKHVLWHDQGZRXOGUHYLHZ FRQVWUXFWLRQSODQVIRUWKHSURSRVHGURDGZD\H[WHQVLRQDQGSXEOLFXVHVDWWKHVLWHGXULQJDIXWXUHGHVLJQ EXLOGSKDVH'XULQJGHVLJQUHYLHZWKH&LW\ZRXOGFRQWLQXHWRHQVXUHWKDWURDGVDQGGULYHZD\VDUH GHVLJQHGDQGFRQVWUXFWHGWRPHHW&LW\VWDQGDUGVDVZHOODV&DOLIRUQLD)LUH&RGHUHTXLUHPHQWVIRU (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
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
&RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVUHODWLYHWRKD]DUGRXVPDWHULDOVEH\RQG WKDWSUHYLRXVO\DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR+D]DUGVDQG+D]DUGRXV0DWHULDOV 0LWLJDWLRQ0HDVXUHV
7KHIROORZLQJPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5ZRXOGEH DSSOLFDEOHWRWKHSURSRVHGDFWLRQUHGXFLQJSRWHQWLDO+D]DUGVDQG+D]DUGRXV0DWHULDOLPSDFWVWROHVVWKDQ VLJQLILFDQWOHYHOV
00D3KDVH,(QYLURQPHQWDO6LWH$VVHVVPHQW'HYHORSHUVVKDOOEHUHTXLUHGWRFRPSOHWHD 3KDVH,HQYLURQPHQWDOVLWHDVVHVVPHQWIRUHDFKSURSHUW\WREHGHYHORSHGRUUHGHYHORSHG,ID 5HFRJQL]HG(QYLURQPHQWDO&RQGLWLRQ
5(&
LVLGHQWLILHGLQD3KDVH,HQYLURQPHQWDOVLWH
DVVHVVPHQWD3KDVH,,HQYLURQPHQWDOVLWHDVVHVVPHQWVKDOOEHSUHSDUHGWRGHWHUPLQHZKHWKHU FRQGLWLRQVDUHSUHVHQWWKDWUHTXLUHUHPHGLDWLRQRURWKHUFRQWUROVWRPLQLPL]HWKHSRWHQWLDOIRU KD]DUGRXVPDWHULDOVFRQWDPLQDWLRQWRDGYHUVHO\DIIHFWSXEOLFKHDOWKDQGWKHHQYLURQPHQW,I UHPHGLDWLRQLVUHTXLUHGGHYHORSHUVVKDOOFRPSOHWHVLWHUHPHGLDWLRQLQDFFRUGDQFHZLWK26+$ VWDQGDUGVDQG6DQWD5RVD)LUH'HSDUWPHQW6RQRPD&RXQW\(QYLURQPHQWDO+HDOWK'HSDUWPHQW DQG6WDWH:DWHU5HVRXUFHV&RQWURO%RDUGJXLGHOLQHV7KH'HSDUWPHQWRI7R[LF6XEVWDQFHV &RQWURO
'76&
PD\EHFRPHLQYROYHGZKHUHYHUWR[LFOHYHOVRIFRQWDPLQDQWVDUHIRXQGWKDWSRVH DQLPPHGLDWHKD]DUG5HPHGLDWLRQVKDOOUHGXFHKXPDQH[SRVXUHULVNDQGHQYLURQPHQWDOKD]DUGV ERWKGXULQJDQGDIWHUFRQVWUXFWLRQ7KHUHPHGLDWLRQSODQVKDOOEHSUHSDUHGLQDFFRUGDQFHZLWKWKH HQYLURQPHQWDOFRQVXOWDQW¶VUHFRPPHQGDWLRQVDQGHVWDEOLVKHGSURFHGXUHVIRUVDIHUHPHGLDWLRQ 6SHFLILFPLWLJDWLRQPHDVXUHVGHVLJQHGWRSURWHFWKXPDQKHDOWKDQGWKHHQYLURQPHQWZLOOEH SURYLGHGLQWKHSODQ5HTXLUHPHQWVVKDOOLQFOXGHEXWQRWEHOLPLWHGWRWKHIROORZLQJ 
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
- 'RFXPHQWDWLRQRIWKHH[WHQWRISUHYLRXVHQYLURQPHQWDOLQYHVWLJ DWLRQDQGUHPHGLDWLRQDWWKH VLWHLQFOXGLQJFORVXUHUHSRUWVIRUXQGHUJURXQGVWRUDJHWDQNV 867V
DQGFRQWDPLQDQW
FRQFHQWUDWLRQV
- $VLWHVSHFLILFKHDOWKDQGVDIH W\SODQWREHSUHSDUHGE\DOOFRQWUDFWRUVDWWKHSURMHFWVLWHZKHUH DSSOLFDEOH7KHSODQPXVWDGGUHVVDOOGHPROLWLRQJUDGLQJDQGH[FDYDWLRQRQWKHVLWHDVZHOO DVIRUIXWXUHVXEVXUIDFHPDLQWHQDQFHZRUN7KHSODQVKDOOLQFOXGHDSSURSULDWHWUDLQLQJDQ\ UHTXLUHGSHUVRQDOSURWHFWLYHHTXLSPHQWDQGPRQLWRULQJRIFRQWDPLQDQWVWRGHWHUPLQH H[SRVXUH7KH+HDOWKDQG6DIHW\3ODQVKDOOEHUHYLHZHGDQGDSSURYHGE\DFHUWLILHGLQGXVWULDO K\JLHQLVW
- 'HVFULSWLRQRISURWRFROVIRUWKHLQYHVWLJDWLRQDQGHYDOXDWLRQ RISUHYLRXVO\XQLGHQWLILHG KD]DUGRXVPDWHULDOVWKDWFRXOGEHHQFRXQWHUHGGXULQJSURMHFWGHYHORSPHQWLQFOXGLQJ HQJLQHHULQJFRQWUROVWKDWPD\EHUHTXLUHGWRUHGXFHH[SRVXUHWRFRQVWUXFWLRQZRUNHUVDQG IXWXUHXVHUVRIWKHVLWH
- 5HTXLUHPHQWVIRUVLWHVSHFLILFF RQVWUXFWLRQWHFKQLTXHVWKDWZRXOGPLQLPL]HH[SRVXUHWRDQ\ VXEVXUIDFHFRQWDPLQDWLRQZKHUHDSSOLFDEOHZKLFKVKDOOLQFOXGHWUHDWPHQWDQGGLVSRVDO PHDVXUHVIRUDQ\FRQWDPLQDWHGJURXQGZDWHUUHPRYHGIURPH[FDYDWLRQVWUHQFKHVDQG GHZDWHULQJV\VWHPVLQDFFRUGDQFHZLWKORFDODQG5HJLRQDO:DWHU4XDOLW\&RQWURO%RDUG JXLGHOLQHV
- 6DPSOLQJDQGWHVWLQJSODQIRUH[FDYDWHGVRLOVWRGHWHUPLQHVXL WDELOLW\IRUUHXVHRUDFFHSWDELOLW\ IRUGLVSRVDODWDVWDWHOLFHQVHGODQGILOOIDFLOLW\
- 5HVWULFWLRQVOLPLWLQJIXWXUHH [FDYDWLRQRUGHYHORSPHQWRIWKHVXEVXUIDFHE\UHVLGHQWVDQG YLVLWRUVWRWKHSURSRVHGGHYHORSPHQWDQGSURKLELWLRQRIJURXQGZDWHUGHYHORSPHQWVKRXOGLWEH GHWHUPLQHGIURPWHVWUHVXOWVWKDWFRQWDPLQDWLRQLVSUHVHQW7KHUHVWULFWLRQVZRXOGEHGHYHORSHG EDVHGRQVLWHVSHFLILFFRQGLWLRQVDQGZRXOGUHIOHFWWKHUHTXLUHPHQWVRIWKH5:4&%DQGRU '76&GHSHQGLQJRQZKLFKDJHQF\LVUHVSRQVLEOHIRURYHUVLJKWRIWKHSDUWLFXODUVLWH 5HVWULFWLRQVZKLFKDUHVRPHWLPHVDOVRUHIHUUHGWRDVODQGXVHFRYHQDQWVVKDOOEHUHFRUGHG ZLWKWKHSDUFHO
V
VKDOOUXQZLWKWKHODQG7KHGHYHORSHURUODQGRZQHUVXFFHVVRU V
LQLQWHUHVW
VKDOOEHUHVSRQVLEOHIRUHQVXULQJGHYHORSPHQWFRPSOLHVZLWKWKHUHVWULFWLRQV&RPSOLDQFHZLWK WKHUHVWULFWLRQVPXVWEHGHPRQVWUDWHGWRWKHVDWLVIDFWLRQRIWKH&LW\EHIRUHDJUDGLQJSHUPLWLV LVVXHG
- &RPSOHWLRQRIDQDSSURYHGUHPHGL DWLRQSODQVKRXOGODQGXVHUHVWULFWLRQVEHLQVXIILFLHQWWRDOORZ GHYHORSPHQWWRSURFHHGVDIHO\5HPHGLDWLRQPHDVXUHVPD\LQFOXGHH[FDYDWLRQDQG UHSODFHPHQWRIFRQWDPLQDWHGVRLOZLWKFOHDQILOOSXPSLQJDQGWUHDWPHQWRIJURXQGZDWHU WKHUPDOWUHDWPHQWHWF

7LPLQJ,PSOHPHQWDWLRQ
 3KDVH,(QYLURQPHQWDO6LWH$VVHVVPHQWVP HHWLQJWKHUHTXLUHPHQWVRI 0LWLJDWLRQ0HDVXUH00DZHUHSUHSDUHGIRUWKHVLWH (%$D
EF
7KLVPLWLJDWLRQPHDVXUHLVLQFOXGHGEHFDXVH00
EUHIHUVWRLW
00E
,QWKHHYHQWSUHYLRXVO\XQNQRZQFRQWDPLQDWHGVRLOJURXQGZDWHURUVXEVXUIDFH IHDWXUHVDUHHQFRXQWHUHGRUKDYHWKHSRWHQWLDOWREHSUHVHQWGXULQJJURXQGGLVWXUELQJDFWLYLWLHVDW DQ\VLWHZRUNVKDOOFHDVHLPPHGLDWHO\DQGWKHGHYHORSHU¶VFRQWUDFWRUVKDOOQRWLI\WKH&LW\RI 6DQWD5RVD)LUH'HSDUWPHQWIRUIXUWKHULQVWUXFWLRQ7KH&LW\VKDOOHQVXUHDQ\JUDGLQJRU LPSURYHPHQWSODQRUEXLOGLQJSHUPLWLQFOXGHVDVWDWHPHQWVSHFLI\LQJWKDWLIKD]DUGRXVPDWHULDOV (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
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
7LPLQJ,PSOHPHQWDWLRQ
 $VDFRQG LWLRQRIVXEVHTXHQWSURMHFWDSSURYDODQGLPSOHPHQWHG GXULQJFRQVWUXFWLRQDFWLYLWLHV
(QIRUFHPHQW0RQLWRULQJ
 &LW\RI6 DQWD5RVD3ODQQLQJDQG(FRQRPLF'HYHORSPHQW'HSDUWPHQW 3ODQQLQJ'LYLVLRQ

(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  

 +\GURORJ\DQG:DWHU4XDOLW\
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW

&RQVWUXFWLRQDQGRSHUDWLRQRI
VXEVHTXHQWSURMHFWVLQWKH6SHFLILF3ODQ
DUHDFRXOGJHQHUDWHVWRUPZDWHUUXQRII
FRQWDLQLQJSROOXWDQWVIURPFRQVWUXFWLRQVLWHV
DQGQHZLPSHUYLRXVVXUIDFHVZKLFKFRXOG
DIIHFWZDWHUTXDOLW\7KLVLPSDFWZRXOGEH
OHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW

)XWXUHGHYHORSPHQWLQWKH
6SHFLILF3ODQDUHDZRXOGQRWVLJQLILFDQWO\
GHSOHWHJURXQGZDWHUVXSSOLHVRUDOWHUWKH
DUHDDYDLODEOHIRUUHFKDUJHRIWKH
JURXQGZDWHUDTXLIHU7KLVLPSDFWZRXOGEH
OHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW

)XWXUHGHYHORSPHQWLQWKH
6SHFLILF3ODQDUHDFRXOGDOWHUGUDLQDJH
SDWWHUQVEXWZRXOGQRWUHVXOWLQVXEVWDQWLDO
HURVLRQRUIORRGLQJ7KLVLPSDFWZRXOGEH
OHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW

)XWXUHGHYHORSPHQWLQWKH
6SHFLILF3ODQDUHDPD\UHVXOWLQLQFUHDVHG
VWRUPZDWHUUXQRIIWRWKHPXQLFLSDOVWRUP
GUDLQV\VWHP7KLVLPSDFWZRXOGEHOHVV
WKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW

)XWXUHGHYHORSPHQWLQWKH
6SHFLILF3ODQDUHDPD\RFFXULQDUHDV
VXEMHFWWRIORRGLQJKD]DUGV7KLVLPSDFW
ZRXOGEHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1R,PSDFW 1RQH
5HTXLUHG <HV
,PSDFW

7KH6SHFLILF3ODQLQ
FRPELQDWLRQZLWKH[LVWLQJDSSURYHG
SURSRVHGDQGUHDVRQDEO\IRUHVHHDEOH
GHYHORSPHQWLQWKH/DJXQDGH6DQWD5RVD
ZDWHUVKHGZRXOGDOWHUGUDLQDJHFRQGLWLRQV
UDWHVYROXPHVDQGZDWHUTXDOLW\ZKLFK
FRXOGUHVXOWLQSRWHQWLDOIORRGLQJDQG
VWRUPZDWHUTX
DOLW\LPSDFWVLQWKHRYHUDOO
ZDWHUVKHG7KLVFXPXODWLYHLPSDFWLV
FRQVLGHUHGOHVVWKDQFXPXODWLYHO\
FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW
:DWHU4XDOLW\
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFW UHODWLYHWRSRWHQWLDOIRUYLRODWLRQVRIZDWHUTXDOLW\VWDQGDUGVEHFDXVHIXWXUHDFWLRQVXQGHUWKH6SHFLILF3ODQ ZRXOGEHUHTXLUHGWRFRPSO\ZLWKH[LVWLQJORFDODQGVWDWHUHJXODWLRQVLQFOXGLQJWKH&LW\¶V6WRUP:DWHU/RZ ,PSDFW'HYHORSPHQW7HFKQLFDO'HVLJQ0DQXDOWKH6WDWH¶V*HQHUDO&RQVWUXFWLRQ3HUPLWDQGWKH6DQWD 5RVD&LW\&RGH
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ&RQVWUXFWLRQDFWLYLWLHVKDYHWKHSRWHQWLDOWRGHJUDGHZDWHUTXDOLW\DVDUHVXOW RIHURVLRQFDXVHGE\HDUWKPRYLQJDFWLYLWLHVRUWKHDFFLGHQWDOUHOHDVHRIKD]DUGRXVFRQVWUXFWLRQFKHPLFDOV $VGHVFULEHGLQWKH6SHFLILF3ODQ3URJUDP(,56WDWH:DWHU5HVRXUFHV&RQWURO%RDUG13'(62UGHU1R 

DVDPHQGHGE\2UGHU1RDSSOLHVWRSXEOLFDQGSULYDWHFRQVWUXFWLRQSURMHFWVWKDW LQFOXGHRQHRUPRUHDFUHVRIVRLOGLVWXUEDQFH7KHSURSRVHGDFWLRQZRXOGEHUHTXLUHGWRFRPSO\ZLWKWKH *HQHUDO&RQVWUXFWLRQ3HUPLWUHTXLULQJGHYHORSPHQWDQGLPSOHPHQWDWLRQRID6WRUP:DWHU3ROOXWLRQ 3UHYHQWLRQ3ODQ
6:333
ZKLFKLQDGGLWLRQWRRWKHUUHTXLUHPHQWVPXVWLQFOXGH%HVW0DQDJHPHQW 3UDFWLFHV
%03V
WRSURWHFWWKHTXDOLW\RIVWRUPZDWHUUXQRII7KHIXWXUHDFWLRQVZRXOGDOVRUHTXLUH DGKHUHQFHWRWKHUHTXLUHPHQWVVHWIRUWKLQWKH&LW\¶V6WRUP:DWHU/RZ,PSDFW'HYHORSPHQW7HFKQLFDO 'HVLJQ0DQXDO
/,'0DQXDO
SXUVXDQWWRWKH&LW\¶V13'(60XQLFLSDO6HSDUDWH6WRUP6HZHU 06
3HUPLW
UHTXLUHPHQWV&RPSOLDQFHZLWKWKHVHH[LVWLQJUHJXODWLRQVZRXOGHQVXUHWKDWWKHSURSRVHGDFWLRQLV PDQDJHGGXULQJFRQVWUXFWLRQWRDYRLGGLVFKDUJHVWRWKHVWRUPZDWHUV\VWHPDQGGHVLJQHGDQGRSHUDWHGWR PLQLPL]HWKHSRWHQWLDOIRUYLRODWLRQVRIZDWHUTXDOLW\VWDQGDUGV$VDUHVXOWWKHLPSDFWVUHODWLYHWRZDWHU TXDOLW\ZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF 3ODQ3URJUDP(,5UHODWLYHWR,PSDFW

,PSDFW
*URXQGZDWHU5HVRXUFHV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQW LPSDFWUHODWLYHWRGHSOHWLRQRIJURXQGZDWHUVXSSOLHVDQGJURXQGZDWHUUHFKDUJHEHFDXVHWKH6SHFLILF3ODQLV DQWLFLSDWHGWRUHGXFHZDWHUGHPDQGFRPSDUHGWRWKDWDVVXPHGLQWKH&LW\¶VORQJUDQJHZDWHUSODQQLQJ GRFXPHQWV
8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ7KH6DQWD5RVD8UEDQ:DWHU0DQDJHPHQW3ODQ 8:03
VXPPDUL]HV
WKH&LW\¶VZDWHUQHHGVDQGGHPDQGVRYHUD\HDUSODQQLQJKRUL]RQWKURXJK\HDU7KHIXQGDPHQWDO GHWHUPLQDWLRQRIWKH8:03LVWKDWWKH&LW\KDVRUZLOOKDYHVXIILFLHQWZDWHUUHVRXUFHVWRPHHWWKH &LW\¶VSURMHFWHGJURZWKRYHUWKHQH[W\HDUVXQGHUDOODQWLFLSDWHGK\GURORJLFFRQGLWLRQVDOWKRXJK FXVWRPHUVVKRXOGH[SHFWVRPHGHPDQGUHGXFWLRQVGXULQJGU\\HDUVWRHQVXUHGHPDQGVDOLJQZLWKWKH &LW\¶VZDWHUVXSSO\7KH&DOLIRUQLD:DWHU&RGHDOVRUHTXLUHVWKH&LW\WRSUHSDUHDQXSGDWHG:DWHU 6KRUWDJH&RQWLQJHQF\3ODQ
6KRUWDJH3ODQ
HYHU\ILYH\HDUV7KH6KRUWDJH3ODQGHILQHVZDWHUVKRUWDJH OHYHOVDQGLGHQWLILHVFRUUHVSRQGLQJUHVSRQVHDFWLRQVDQGSURFHGXUHVIRUUHGXFLQJGHPDQGIRUZDWHUGXULQJ PLOGWRVHYHUHGURXJKWVRURWKHUZDWHUVKRUWDJHFRQGLWLRQV7KH8:03DQGWKH6KRUWDJH3ODQ ZHUHDGRSWHGE\WKH&LW\&RXQFLORQ-XQH
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

,PSDFW
'UDLQDJH3DWWHUQV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFW UHODWLYHWRDOWHUDWLRQRIH[LVWLQJGUDLQDJHSDWWHUQVEHFDXVHIXWXUHDFWLRQVXQGHUWKH6SHFLILF3ODQZRXOGEH UHTXLUHGWRFRPSO\ZLWK*HQHUDO3ODQJRDOVDQGSROLFLHVWKH6DQWD5RVD&LW\ZLGH&UHHN0DVWHU3ODQDQG RWKHUORFDOUHTXLUHPHQWVWKDWUHTXLUHWKH&LW\WRPDQDJHPDLQWDLQDQGLPSURYHVWRUPZDWHUGUDLQDJHDQG FDSDFLW\
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
7KHVLWHLVORFDWHGDSSUR[LPDWHO\PLOHZHVWDQGQRUWKRIWKH&ROJDQ&UHHN)ORRG&RQWURO&KDQQHO1R RQVLWHVWUHDPVRUFUHHNVDUHSUHVHQWDQGWKHVLWHLVQRWORFDWHGZLWKLQD\HDUIORRGKD]DUGDUHDRU ZLWKLQDIORRGZD\RURWKHUVSHFLDOIORRGKD]DUG]RQH2IIVLWHVWRUPGUDLQLPSURYHPHQWVZRXOGLQFOXGHQHZ VWRUPGUDLQOLQHVWKDWZRXOGFRQQHFWWRHLWKHUDQH[LVWLQJVWRUPGUDLQRXWIDOOWR&ROJDQ&UHHNQHDU'DYLG /HH&RXUWRUDQHZVWRUPGUDLQRXWIDOOWR&ROJDQ&UHHNDGMDFHQWWRWKH&ROJDQ&UHHN0XOWLXVH3DWKVRXWK RIWKHVLWH
VHH)LJXUH
,IWKHQHZRIIVLWHVWRUPZDWHURXWIDOOWR&ROJDQ&UHHNLVLPSOHPHQWHGWKH LPSURYHPHQWZRXOGEHVXEMHFWWRD6WUHDPEHG$OWHUDWLRQ$JUHHPHQWZLWK&'):DQG&OHDQ:DWHU$FW 6HFWLRQSHUPLWV7KHSURSRVHGDFWLRQZRXOGDOVRUHTXLUHDGKHUHQFHWRWKHUHTXLUHPHQWVVHWIRUWK LQWKH&LW\¶V6WRUP:DWHU/,'0DQXDO&LW\*HQHUDO3ODQSROLFLHVDQGWKH&LW\¶V13'(6VWRUPZDWHUSHUPLW $VDUHVXOWHURVLRQDQGIORRGLQJLPSDFWVUHODWLYHWRDOWHUDWLRQRIGUDLQDJHSDWWHUQVZRXOGEHOHVVWKDQ VLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR ,PSDFW

,PSDFW
6WRUP'UDLQ&DSDFLW\
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

3HUVRQDO&RPPXQLFDWLRQE
$K\GURORJ\DQGK\GUDXOLFVDQDO\VHVLVEHLQJFRPSOHWHGWRVXSSRUWWKH SURSRVHGDFWLRQDQGWRFDOFXODWHGHVLJQIORZVGHSWKVDQGYHORFLWLHV7KHVWXG\ZLOOIXUWKHUFRQILUPWKH GHVLJQVWRUHJXODWHWKHGLVFKDUJHUDWHRIVWRUPZDWHUDQGK\GURPRGLILFDWLRQUHTXLUHPHQWVWRHQVXUHWKDW IORZVUHPDLQZLWKLQWKHWULEXWDU\ZDWHUVKHGRIWKHVLWHDQGZRXOGEHDFFRPPRGDWHGE\WKHGHVLJQFDSDFLW\ RIWKH/RZHU&ROJDQ&UHHNDUHD
$VDUHVXOWWKHLPSDFWVUHODWLYHWRVWRUPGUDLQFDSDFLW\ZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHG DFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW 
,PSDFW
)ORRGLQJ+D]DUGV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFW UHODWLYHWRSRWHQWLDOIRUULVNVDVVRFLDWHGZLWKIORRGKD]DUGVGXHWRUHTXLUHGDGKHUHQFHWR*HQHUDO3ODQDQG &LW\ZLGH&UHHN0DVWHU3ODQSROLFLHVDQGVWDWHSURJUDPV $VGHVFULEHGLQ,PSDFW
QRRQVLWHVWUHDPVRUFUHHNVDUHSUHVHQWRQWKHVLWHDQGWKHVLWHLVQRW ORFDWHGZLWKLQD\HDUIORRGKD]DUGDUHDRUZLWKLQDIORRGZD\RURWKHUVSHFLDOIORRGKD]DUG]RQH )(0$

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
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE 


YROXPHWRPDLQWDLQH[LVWLQJFRQGLWLRQV)ORRGZDWHUVZRXOGQRWEHUHGLUHFWHGDVDUHVXOWRIWKHSURSRVHG SURMHFW
$VDUHVXOWWKHUHZRXOGEHQRLPSDFWUHODWLYHWRIORRGLQJKD]DUGVDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW 
,PSDFW
&XPXODWLYH:DWHU4XDOLW\5XQRIIDQG)ORRGLQJ,PSDFWV 7KH6SHFLILF3ODQ3URJUDP(,5
LGHQWLILHGDOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHLPSDFWUHODWLYHWRZDWHUTXDOLW\UXQRIIDQGIORRGLQJGXHWR UHTXLUHGDGKHUHQFHWRH[LVWLQJ*HQHUDO3ODQDQG&LW\ZLGH&UHHN0DVWHU3ODQSROLFLHVWKH&LW\¶V6WRUP :DWHU/,'7HFKQLFDO'HVLJQ0DQXDO*HQHUDO&RQVWUXFWLRQ3HUPLWDQGFRPSOLDQFHZLWK&RXQW\FULWHULDIRU VWRUPZDWHUFDSDFLW\
$VGHVFULEHGLQ,PSDFWV
WKURXJK
WKHSURSRVHGDFWLRQZRXOGEHUHTXLUHGWRFRPSO\ZLWK DSSOLFDEOHUHJXODWLRQVDQGJXLGDQFHVXFKDVWKH6WDWH¶V*HQHUDO&RQVWUXFWLRQ3HUPLWWKH&LW\¶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¶VFXPXODWLYHDQDO\VLV $VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW 
&RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRK\GURORJ\DQGZDWHUTXDOLW\EH\RQG WKRVHSUHYLRXVO\DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWR EHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR+\GURORJ\DQG:DWHU4XDOLW\ 0LWLJDWLRQ0HDVXUHV
7KHUHDUHQRPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5WKDWZRXOG EHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ+RZHYHUWKHSURSRVHGDFWLRQZRXOGEHUHTXLUHGWRFRPSO\ZLWK DSSOLFDEOH%03VDQGSHUPLWUHTXLUHPHQWVVSHFLILHGLQWKH6WDWH¶V*HQHUDO&RQVWUXFWLRQ3HUPLWWKH&LW\¶V 6WRUP:DWHU/,'7HFKQLFDO'HVLJQ0DQXDODQG*HQHUDO3ODQSROLFLHV 
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 /DQG8VHDQG3ODQQLQJ
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
7KH6SHFLILF3ODQZRXOGQRW
GLYLGHDQHVWDEOLVKHGFRPPXQLW\7KHUH
ZRXOGEHQRLPSDFW
1R,PSDFW 1R,PSDFW 1RQH
5HTXLUHG <HV
,PSDFW
7KH6SHFLILF3ODQZRXOGQRW
FRQIOLFWZLWKDSSOLFDEOHODQGXVHSODQV7KLV
LPSDFWZRXOGEHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH
6SHFLILF3ODQZRXOGQRWVLJQLILFDQWO\
FRQWULEXWHWRDGYHUVHFXPXODWLYHLPSDFWV
UHODWHGWRODQGXVHLQFOXGLQJFRQIOLFWVZLWK
DSSOLFDEOHODQGXVHSODQV7KLVLPSDFWZRXOG
EHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW'LYLGH(VWDEOLVKHG&RPPXQLW\
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGQRLPSDFW
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
7KHSURSRVHGDFWLRQZRXOGKDYHQRLPSDFWUHODWLYHWRGLYLGLQJDQHVWDEOLVKHGFRPPXQLW\DQGZRXOGEH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW&RQIOLFWZLWK$SSOLFDEOH/DQG8VH3ODQVRU([LVWLQJ8VHV 7KH6SHFLILF3ODQ3URJUDP
(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRSRWHQWLDOFRQIOLFWVZLWKDSSOLFDEOHODQGXVHSODQV JLYHQWKDWWKH6SHFLILF3ODQZDVPDGHFRQVLVWHQWZLWKDSSOLFDEOHODQGXVHSODQVWKURXJKD*HQHUDO3ODQ $PHQGPHQW
8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ7KHSURSRVHGSXEOLFXVHVZKLFKLQFOXGHDILUHVWDWLRQOLEUDU\PXOWLFXOWXUDO FHQWHUJ\PQDVLXPDQGSRWHQWLDODTXDWLFFHQWHUGLIIHUVRPHZKDWIURPWKHODQGXVHGHVLJQDWLRQVRIWKH WKUHHSURSHUWLHVLQWKH6SHFLILF3ODQZKLFKDUHGHVLJQDWHGIRURIILFHPHGLXPORZUHVLGHQWLDODQG UHWDLOPHGLXPUHVLGHQWLDO$QHYDOXDWLRQRISRWHQWLDOFRQIOLFWVLVSURYLGHGEHORZIRUHDFKSURSHUW\ (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
Consistency Evaluation for 976 Hearn Ave (043-191-018)
7KHSURSHUW\DW
+HDUQ$YHQXHLVDDFUHSDUFHO7KH6SHFLILF3ODQODQGXVHGHVLJQDWLRQIRUWKH SURSHUW\LV³2IILFH´6DQWD5RVD¶V&2
2IILFH&RPPHUFLDO
]RQLQJGLVWULFWLVFRQVLVWHQWZLWKDQGLPSOHPHQWV
WKH2IILFHODQGXVHFODVVLILFDWLRQ
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
7DEOHRIWKH6DQWD5RVD=RQLQJ&RGHLGHQWLILHVXWLOLW\LQIUDVWUXFWXUHDQGUHFUHDWLRQDOIDFLOLWLHVDV SHUPLWWHGODQGXVHVLQWKH&2
2IILFH&RPPHUFLDO
]RQLQJGLVWULFW3XEOLFVDIHW\IDFLOLWLHVVXFKDVWKH SURSRVHGUHSODFHPHQWRI6DQWD5RVD)LUH6WDWLRQDUHDQDOORZDEOHODQGXVHZLWKLQWKH&2 2IILFH
&RPPHUFLDO
]RQLQJGLVWULFWZLWKD0LQRU&RQGLWLRQDO8VH3HUPLW7KHUHIRUHWKHSURSRVHGODQGXVHVIRUWKH SURSHUW\ZRXOGEHDOORZDEOHODQGXVHV7KHSURSRVHGPXOWLXVHSDWKDWWKLVORFDWLRQZRXOGEHFRQVLVWHQW ZLWKWKH6SHFLILF3ODQWKH6DQWD5RVD%LF\FOHDQG3HGHVWULDQ0DVWHU3ODQDQGWKH6DQWD5RVD&UHHN 0DVWHU3ODQHDFKRIZKLFKLGHQWLILHVDSODQQHGWUDLODFURVVWKHSURSHUW\7KHSURSRVHGDFWLRQZRXOGQRW UHVXOWLQDFRQIOLFWZLWKWKH6SHFLILF3ODQ
Consistency Evaluation for 980 Hearn Ave (043-191-019)
7KHSURSHUW\DW
+HDUQ$YHQXHLVDDFUHSDUFHO7KH6SHFLILF3ODQODQGXVHGHVLJQDWLRQVIRUWKH SURSHUW\LQFOXGH³0HGLXP/RZ5HVLGHQWLDO´DQG³5HWDLO0HGLXP5HVLGHQWLDO´6DQWD5RVD¶V5 6LQJOH
)DPLO\5HVLGHQWLDO
]RQLQJGLVWULFWLPSOHPHQWVWKH0HGLXP/RZ'HQVLW\ODQGXVHFODVVLILFDWLRQDQGWKH&*

*HQHUDO&RPPHUFLDO
DQG5
0HGLXP'HQVLW\0XOWL)DPLO\5HVLGHQWLDO
]RQLQJGLVWULFWVLPSOHPHQWWKH
5HWDLO0HGLXP5HVLGHQWLDOODQGXVHFODVVLILFDWLRQ
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
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
± 3XEOLFVDIHW\IDFLOLWLHVVXF KDVWKHSURSRVHGUHSODFHPHQWRI6DQWD5RVD)LUH6WDWLRQDUHDQ DOORZDEOHODQGXVHZLWKD0LQRU&RQGLWLRQDO8VH3HUPLWZLWKLQWKH55DQG&*]RQLQJGLVWULFWV ± /LEUDULHVDUHDSHUPLWWHGODQGXVHLQWKH&*]RQLQJGLVWULFW DQGDQDOORZDEOHODQGXVHZLWKD0LQRU &RQGLWLRQDO8VH3HUPLWLQWKH5DQG5]RQLQJGLVWULFWV ± &RPPXQLW\URRPV
SXEOLFPHHWLQJIDFLOLWLHV
DUHDQDOORZDEOH ODQGXVHZLWKD0LQRU&RQGLWLRQDO8VH 3HUPLWZLWKLQWKH55DQG*&]RQLQJGLVWULFWV ± 5HFUHDWLRQFHQWHUV
4XDVLSXEOLFKHDOWKILWQHVVIDFLOLWLHV
D UHDOORZDEOHODQGXVHVZLWKD0LQRU
&RQGLWLRQDO8VH3HUPLWLQWKH5DQG5]RQLQJGLVWULFWV $VVXPPDUL]HGDERYHWKHSURSRVHGSXEOLFXVHVIRUWKHSURSHUW\DUHHLWKHUSHUPLWWHGRUFRQGLWLRQDOO\ DOORZHGZLWKLQDOORIWKHODQGXVHGHVLJQDWLRQVRQWKHSURSHUW\7KHSURSRVHGSXEOLFXVHVRQWKLVSDUFHO ZRXOGQRWUHVXOWLQDFRQIOLFWZLWKWKH6SHFLILF3ODQ Consistency Evaluation for 1004 Hearn Ave (043-191-020) 7KHSURSHUW\DW+HDUQ$YHQXHLVDDFUHSDUFHO7KH6SHFLILF3ODQODQGXVHGHVLJQDWLRQIRUWKH SURSHUW\LV³0HGLXP/RZ5HVLGHQWLDO´6DQWD5RVD¶V5 6LQJOH)DPLO\5HVLGHQWLDO
]RQLQJGLVWULFW
LPSOHPHQWVWKH0HGLXP/RZ'HQVLW\ODQGXVHFODVVLILFDWLRQ 2QWKLVSDUFHOWKHSURSRVHGDFWLRQZRXOGLPSOHPHQWDSRUWLRQRIWKHSODQQHGH[WHQVLRQRI'XWWRQ$YHQXH DVZHOODVDSRWHQWLDODTXDWLFFHQWHU6LPLODUWRWKHDQDO\VLVIRU +HDUQ$YHQXHWKHSURSRVHGDFWLRQ
LQFOXGHVDOORZDEOHODQGXVHVDVVRFLDWHGZLWKWKH5]RQLQJGLVWULFWDQGWKH0HGLXP/RZ'HQVLW\ODQGXVH FODVVLILFDWLRQIRUWKHSURSHUW\7KHSURSRVHGLPSOHPHQWDWLRQRIWKHSRWHQWLDOLQIUDVWUXFWXUHUHODWHG LPSURYHPHQWVDQGSRWHQWLDODTXDWLFFHQWHURQWKLVSDUFHOZRXOGQRWUHVXOWLQDFRQIOLFWZLWKWKH6SHFLILF 3ODQ
%HFDXVHWKH6SHFLILF3ODQZDVPDGHFRQVLVWHQWZLWKDSSOLFDEOHODQGXVHSODQVWKURXJKD*HQHUDO3ODQ $PHQGPHQWWKHDERYHILQGLQJWKDWWKHSURSRVHGDFWLRQZRXOGQRWFRQIOLFWZLWKWKH6SHFLILF3ODQPHDQVWKDW WKHSURSRVHGDFWLRQDOVRZRXOGQRWFRQIOLFWZLWKWKH*HQHUDO3ODQ7KHUHDUHQRRWKHUDSSOLFDEOHODQGXVH SODQVWRFRQVLGHU
$VDUHVXOWWKHLPSDFWUHODWLYHWRFRQIOLFWVZLWKDSSOLFDEOHODQGXVHSODQVZRXOGEHOHVVWKDQVLJQLILFDQWDQG WKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW&XPXODWLYH/DQG8VHDQG3ODQQLQJ,PSDFWV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGD
OHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHLPSDFWUHODWLYHWRODQGXVHDQGSODQQLQJJLYHQWKDWWKHODQGXVHV FRQWHPSODWHGE\WKH6SHFLILF3ODQZHUHVXEVWDQWLDOO\VLPLODUWRWKHYLVLRQSUHVHQWHGLQWKH*HQHUDO3ODQ$V GHVFULEHGLQ,PSDFWDQG,PSDFWWKHSURSRVHGDFWLRQZRXOGQRWGLYLGHWKHFRPPXQLW\RUUHVXOW LQDFRQIOLFWZLWKWKH*HQHUDO3ODQ
7KHSURSRVHGDFWLRQDQGRWKHUDFWLRQVLQFOXGHGLQWKH6SHFLILF3ODQZRXOGQRWFDXVHQHZFXPXODWLYHO\ FRQVLGHUDEOHLPSDFWVUHODWLYHWRODQGXVHDQGSODQQLQJEHFDXVHWKHLPSDFWVRIWKHSURSRVHGDFWLRQDQGWKH LPSDFWVRIWKHRWKHUDFWLRQVLQFOXGHGLQWKH6SHFLILF3ODQKDYHQRWFKDQJHGVXEVWDQWLDOO\VLQFHSUHSDUDWLRQ RIWKH3URJUDP(,5&XPXODWLYHLPSDFWVZHUHLGHQWLILHGLQWKH6SHFLILF3ODQ(,5DVOHVVWKDQFXPXODWLYHO\ FRQVLGHUDEOH7KHFRQFOXVLRQRIWKLV&KHFNOLVWLVWKDWWKHLPSDFWVRIWKHSURSRVHGDFWLRQDUHVXEVWDQWLDOO\ WKHVDPHDVWKRVHLGHQWLILHGLQWKH6SHFLILF3ODQ(,5DQGWKHUHPDLQGHURIWKHFRQFOXVLRQVRIWKH6SHFLILF 3ODQ(,5UHODWLYHWRODQGXVHFXPXODWLYHLPSDFWVDUHVWLOOYDOLGDVQRVXEVWDQWLDOJURZWKKDVRFFXUUHGLQWKH 6SHFLILF3ODQDUHDWKDWZDVQRWHYDOXDWHGLQWKH3URJUDP(,5¶VFXPXODWLYHDQDO\VLV $VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
&RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRODQGXVHDQGSODQQLQJEH\RQGWKRVH SUHYLRXVO\DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR/DQG8VHDQG3ODQQLQJ 0LWLJDWLRQ0HDVXUHV
7KHUHDUHQRPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5WKDWZRXOG EHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ

(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 1RLVH
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
7KH6SHFLILF3ODQZRXOGQRW
H[SRVHUHVLGHQWVWRWUDIILFQRLVHRU
VWDWLRQDU\VRXUFHVRIQRLVHLQH[FHVVRI
HVWDEOLVKHGVWDQGDUGV,PSDFWVZRXOGEH
OHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
6SHFLILF3ODQRSHUDWLRQ
ZRXOGJHQHUDWHLQFUHDVHGORFDOWUDIILF
YROXPHVWKDWFRXOGFDXVHDVXEVWDQWLDO
SHUPDQHQWLQFUHDVHLQDPELHQWQRLVHOHYHOV
LQWKHSURMHFWYLFLQLW\7KLVZRXOGEHDOHVV
WKDQVLJQLILFDQWLPSDFW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
3ODQQHGGHYHORSPHQWXQGHU
WKH6SHFLILF3ODQZRXOGEHUHTXLUHGWR
FRPSO\ZLWK&LW\QRLVHVWDQGDUGVVHWIRUWKLQ
WKH&LW\&RGH7KLVLPSDFWZRXOGEH
FRQVLGHUHGOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
&RQVWUXFWLRQDFWLYLWLHVFRXOG
FDXVHDVXEVWDQWLDOWHPSRUDU\LQFUHDVHLQ
DPELHQWQRLVHOHYHOVDWQHDUE\QRLVH
VHQVLWLYHODQGXVHVZKLFKPD\UHVXOWLQ
LQFUHDVHGOHYHOVRIDQQR\DQFHDFWLYLW\
LQWHUIHUHQFHDQGVOHHSGLVUXSWLRQ7KLV
LPSDFWLVFRQVLGHUHGOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
7KH6SHFLILF3ODQZKHQ
FRQVLGHUHGLQFRPELQDWLRQZLWKRWKHUSDVW
H[LVWLQJSODQQHGIXWXUHSURMHFWVZRXOG
UHVXOWLQLQFUHDVHGQRLVHOHYHOV7KLV
FXPXODWLYHLPSDFWZRXOGEHFRQVLGHUHGOHVV
WKDQFXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW([SRVXUHRI3HUVRQVWRRU*HQHUDWLRQRI1RLVH/HYHOVLQ([FHVVRI6WDQGDUGV 7KH
6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRH[SRVXUHRIUHVLGHQWVWRWUDIILF QRLVHRUVWDWLRQDU\VRXUFHVRIQRLVHEHFDXVHDSSOLFDEOHSURMHFWVZRXOGEHUHTXLUHGWRFRQGXFWDFRXVWLFDO VWXGLHVDQGDGKHUHWRH[LVWLQJUHJXODWLRQVDQG&LW\SROLFLHVHVWDEOLVKLQJDFFHSWDEOHRUFRQGLWLRQDOO\ DFFHSWDEOHQRLVHWKUHVKROGVDQGLQFRUSRUDWHPHDVXUHVWRUHGXFHQRLVHHIIHFWV $QDFRXVWLFDOVWXG\ZDVSUHSDUHGIRUWKHSURSRVHGDFWLRQ ,OOLQJZRUWK 5RGNLQ
ZKLFKHYDOXDWHGWKH
SURSRVHGODQGXVHVDJDLQVWDSSOLFDEOHQRLVHOHYHOWKUHVKROGVHVWDEOLVKHGLQWKH/DQG8VH&RPSDWLELOLW\ 6WDQGDUGVRIWKH&LW\¶V*HQHUDO3ODQ
7KH&LW\¶VDSSOLFDEOHDFFHSWDEOHH[WHULRUQRLVHOHYHOVWDQGDUGIRUWKHSURSRVHGDFWLRQLVG%$'1/7KH SURSRVHGDFWLRQLQFOXGHVDVWDIISDWLRDQGJDUGHQDORQJWKHZHVWHUQIDoDGHRIWKHILUHVWDWLRQ DJDWKHULQJ
SOD]DQHDUWKHQRUWKZHVWFRUQHURIWKHOLEUDU\
DOHDUQLQJJDUGHQDQGFKLOGUHQ¶VRXWGRRUWHUUDFHDWWKHUHDURI WKHOLEUDU\
DFRPPXQLW\URRPWHUUDFHDQGFRPPXQLW\ODZQDWWKHUHDURIWKHOLEUDU\ DQGDQHYHQWODZQQHDU
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
WKHVRXWKZHVWHUQFRUQHURIWKHOLEUDU\$GGLWLRQDOO\DQRXWGRRUSRROZRXOGSRWHQWLDOO\EHORFDWHGLQWKH QRUWKZHVWHUQFRUQHURIWKHVLWH
)XWXUHH[WHULRUQRLVHOHYHOVDWWKHVWDIISDWLRDQGJDUGHQZRXOGEHG%$/GQDVVXPLQJSDUWLDOVKLHOGLQJ IURP+HDUQ$YHQXH)XWXUHH[WHULRUQRLVHOHYHOVDWWKHJDWKHULQJSOD]DDWWKHQRUWKZHVWFRUQHURIWKHOLEUDU\ DQGWKHHYHQWODZQDWWKHVRXWKZHVWFRUQHURIWKHOLEUDU\ZRXOGUDQJHIURPWRG%$/GQ7KHOHDUQLQJ JDUGHQFKLOGUHQ¶VRXWGRRUWHUUDFHFRPPXQLW\URRPWHUUDFHDQGFRPPXQLW\ODZQZRXOGDOOEHZHOOVKLHOGHG IURPWUDIILFQRLVHDORQJ+HDUQ$YHQXHE\WKHLQWHUYHQLQJILUHVWDWLRQDQGOLEUDU\$WWKHVHGLVWDQFHVIXWXUH H[WHULRUQRLVHOHYHOVZRXOGEHEHORZG%$/GQ7KHSRWHQWLDODTXDWLFFHQWHUSRROZRXOGEHORFDWHG DSSUR[LPDWHO\IHHWIURPWKHFHQWHUOLQHRI+HDUQ$YHQXHDQGDERXWIHHWIURPWKHFHQWHUOLQHRIWKH 'XWWRQ$YHQXHH[WHQVLRQ$VVXPLQJQRDWWHQXDWLRQIURPLQWHUYHQLQJSURMHFWEXLOGLQJVIXWXUHH[WHULRUQRLVH OHYHOVDWWKHDTXDWLFFHQWHUZRXOGEH
G%$'1/ZKLFKZRXOGPHHWWKH&LW\¶VH[WHULRUQRLVHWKUHVKROG 7KHSURSRVHGDFWLRQZRXOGEHFRPSDWLEOHZLWKWKHIXWXUHH[WHULRUQRLVHHQYLURQPHQWDWWKHSURMHFWVLWH )RULQWHULRUQRLVHWKH&DO*UHHQ&RGHVWDQGDUGVVSHFLI\DQLQWHULRUQRLVHHQYLURQPHQWDWWULEXWDEOHWR H[WHULRUVRXUFHVQRWWRH[FHHGDQKRXUO\HTXLYDOHQWQRLVHOHYHO /HT
KU

RIG%$LQRFFXSLHGDUHDVRI
QRQUHVLGHQWLDOXVHVGXULQJDQ\KRXURIRSHUDWLRQ7KHQHDUHVWSURSRVHGEXLOGLQJIDoDGHDGMDFHQWWR+HDUQ $YHQXHZRXOGEHDVVRFLDWHGZLWKWKHILUHVWDWLRQZKLFKLVVHWEDFNDSSUR[LPDWHO\IHHWIURPWKH FHQWHUOLQHRI+HDUQ$YHQXH$WWKDWGLVWDQFHGD\WLPHKRXUO\DYHUDJHQRLVHOHYHOVZRXOGUDQJHIURPWR G%$/HT6WDQGDUGFRQVWUXFWLRQPDWHULDOVIRUFRPPHUFLDOXVHVZRXOGSURYLGHDERXWG%$RIQRLVH UHGXFWLRQLQLQWHULRUVSDFHV7KHLQFOXVLRQRIDGHTXDWHIRUFHGDLUPHFKDQLFDOYHQWLODWLRQV\VWHPVLVLQFOXGHG LQWKHSURSRVHGDFWLRQVRWKDWZLQGRZVPD\EHNHSWFORVHGDWWKHRFFXSDQW¶VGLVFUHWLRQDQGZRXOGSURYLGH DQDGGLWLRQDOG%$UHGXFWLRQ7KHVWDQGDUGFRQVWUXFWLRQPDWHULDOVLQFRPELQDWLRQZLWKIRUFHGDLU PHFKDQLFDOYHQWLODWLRQZRXOGVDWLVI\WKHGD\WLPHWKUHVKROGRIG%$/HT KU
ZLWKLQWKHLQWHULRUDUHDVRI
WKHSURSRVHGILUHVWDWLRQ$GGLWLRQDOO\ILUHILJKWHUVXVXDOO\KDYHVKLIWVODVWLQJRYHUQLJKW:LWKVWDQGDUG FRPPHUFLDOFRQVWUXFWLRQPDWHULDOVWKHLQWHULRUQRLVHOHYHOVZRXOGEHEHORZG%$'1/ZKLFKLVWKH&LW\¶V LQWHULRUQRLVHUHTXLUHPHQWDVQRWHGLQ*HQHUDO3ODQ3ROLF\16% 7KHSURSRVHGOLEUDU\DQGPXOWLFXOWXUDOFHQWHUJ\PQDVLXPEXLOGLQJVZRXOGKDYHJUHDWHUVHWEDFNVIURP +HDUQ$YHQXHWKDQWKHILUHVWDWLRQDQGZRXOGEHSDUWLDOO\VKLHOGHGE\WKHILUHVWDWLRQVWUXFWXUH6WDQGDUG FRQVWUXFWLRQPDWHULDOVLQFRPELQDWLRQZLWKIRUFHGDLUPHFKDQLFDOYHQWLODWLRQZRXOGVDWLVI\WKHGD\WLPH WKUHVKROGRIG%$/HT
KU
DWERWKRIWKHVHSURSRVHGEXLOGLQJV
%XLOGLQJVDVVRFLDWHGZLWKWKHSRWHQWLDODTXDWLFFHQWHUZRXOGEHVHWEDFNDVLPLODUGLVWDQFHDVWKHILUH VWDWLRQDQGZRXOGDOVREHFRPSDWLEOHZLWKWKH6WDWHRI&DOLIRUQLDLQWHULRUWKUHVKROGVDVVXPLQJVWDQGDUG FRPPHUFLDOFRQVWUXFWLRQPDWHULDOVDQGPHWKRGV
7KHLPSDFWVUHODWLYHWRH[SRVXUHRISHUVRQVWRQRLVHOHYHOVLQH[FHVVRIVWDQGDUGVZRXOGEHOHVVWKDQ VLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR ,PSDFW
,PSDFW5HVXOWLQD6XEVWDQWLDO3HUPDQHQW,QFUHDVHLQ$PELHQW1RLVH/HYHOV$ERYH/HYHOV ([LVWLQJ:LWKRXWWKH3URMHFW
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFW UHODWLYHWRLQFUHDVHVLQWUDIILFQRLVHOHYHOVDVVRFLDWHGZLWKWKH6SHFLILF3ODQEHFDXVHVXFKOHYHOVZRXOGQRW EHJUHDWHUWKDQDSSOLFDEOHQRLVHOHYHOWKUHVKROGV
LHWUDIILFQRLVHZRXOGQRWLQFUHDVHE\G%$RUPRUH RYHUSUH6SHFLILF3ODQQRLVHFRQGLWLRQV

$QDFRXVWLFDOVWXG\ZDVSUHSDUHGIRUWKHSURSRVHGDFWLRQ ,OOLQJZRUWK 5RGNLQ
ZKLFKLQFOXGHGD
QRLVHPRQLWRULQJVXUYH\DWWKHVLWHDQGPRGHOLQJRIDQWLFLSDWHGRSHUDWLRQDOQRLVHIURPWUDIILFILUHVWDWLRQ VRXUFHVPHFKDQLFDOHTXLSPHQWHPHUJHQF\JHQHUDWRUVSDUNLQJORWXVHWUDLOXVHSRWHQWLDORXWGRRUSRRO DFWLYLW\DQGSRWHQWLDORXWGRRUHYHQWVXQGHUWKHSURSRVHGDFWLRQ (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
$FFRUGLQJWR3ROLF\16%RIWKH&LW\¶V*HQHUDO3ODQDVLJQLILFDQWRSHUDWLRQDOLPSDFWZRXOGRFFXULIWKH SURSRVHGSURMHFWFDXVHGWKH'D\1LJKW1RLVH/HYHO
'1/
DWQRLVHVHQVLWLYHXVHVWRLQFUHDVHE\G%$RU
PRUH7KH'1/UHSUHVHQWVWKHDYHUDJH$ZHLJKWHGQRLVHOHYHOGXULQJDKRXUGD\REWDLQHGDIWHU DGGLWLRQRIGHFLEHOVWROHYHOVPHDVXUHGLQWKHQLJKWEHWZHHQ SPDQG
DP%DVHGRQWKH
DFRXVWLFDOVWXG\WKHWRWDOFRPELQHGRSHUDWLRQDOQRLVHWKDWZRXOGEHJHQHUDWHGIURPWKHSURSRVHGDFWLRQ ZRXOGUHVXOWLQDQLQFUHDVHRIXSWRG%$'1/DWVXUURXQGLQJVHQVLWLYHODQGXVHVLQWKHSURMHFWYLFLQLW\ LH

UHVLGHQFHV
7KHUHIRUHWKHSURSRVHGDFWLRQZRXOGQRWFRQIOLFWZLWKRUH[FHHGWKHVLJQLILFDQFHWKUHVKROG HVWDEOLVKHGE\3ROLF\16%RIWKH&LW\¶V*HQHUDO3ODQ LHWKHSURSRVHGDFWLRQZRXOGQRWFDXVHWKH
'1/DWQRLVHVHQVLWLYHXVHVWRLQFUHDVHE\G%$RUPRUH 
6HFWLRQRIWKH0XQLFLSDO&RGHDOVRVWDWHVWKDWQRLVHSURGXFHGE\PHFKDQLFDOHTXLSPHQWVKDOO QRWH[FHHGDPELHQWEDVHQRLVHOHYHOVE\PRUHWKDQG%$DWUHFHLYLQJSURSHUW\OLQHV$VGHVFULEHGLQ 6HFWLRQRIWKLV&(4$&KHFNOLVW
6XPPDU\RI/DWHU$FWLYLW\>3URSRVHG$FWLRQ@
WKHSURSRVHG
HPHUJHQF\JHQHUDWRUVIRUWKHILUHVWDWLRQZRXOGEHORFDWHGDWWKHUHDURIWKHEXLOGLQJQHDUWKHHDVWHUQ SURSHUW\OLQHZLWKDVXUURXQGLQJHLJKWIRRWFRQFUHWHPDVRQU\ZDOODQGJHQHUDWRUVZRXOGEHSODFHGDORQJ WKHZHVWHUQIDoDGHVRIWKHPXOWLFXOWXUDOFHQWHUJ\PQDVLXPDQGOLEUDU\%DVHGRQWKHDFRXVWLFDOVWXG\ SURSRVHGSODFHPHQWRIWKHHPHUJHQF\JHQHUDWRUVZRXOGHQVXUHWKDWDVVRFLDWHGRSHUDWLRQDOQRLVHGXULQJ WHVWLQJRIVXFKJHQHUDWRUVZRXOGEHNHSWEHORZ&LW\VWDQGDUGV 2SHUDWLRQDOKRXUO\DYHUDJHQRLVHOHYHOVIRUDOOQRLVHVRXUFHVDVVRFLDWHGZLWKWKHILUHVWDWLRQZRXOG SRWHQWLDOO\EHXSWR
G%$/HTDWWKHVXUURXQGLQJUHVLGHQFHVGXULQJGD\WLPHKRXUVDQGXSWRG%$/HT GXULQJHYHQLQJKRXUVZKLFKZRXOGQRWH[FHHGWKH&LW\¶VWKUHVKROGV:KLOHEDFNXSEHHSHUVZRXOG SRWHQWLDOO\UHDFKQRLVHOHYHOVXSWRG%$/HTGXULQJQLJKWWLPHKRXUVWKLVQRLVHVRXUFHZRXOGEHH[HPSW IURP&LW\OLPLWVEDVHGRQ3ROLF\16%RIWKH&LW\¶V*HQHUDO3ODQ$OORWKHUQRLVHVRXUFHVGXULQJQLJKWWLPH KRXUVZRXOGJHQHUDWHQRLVHOHYHOVDWRUEHORZ
G%$/HT7KLVZRXOGEHDOHVVWKDQVLJQLILFDQWLPSDFW 6LPLODUO\WKHDFRXVWLFDOVWXG\LGHQWLILHGPLQLPXPVHWEDFNGLVWDQFHVQRZLQFRUSRUDWHGLQWR&KDSWHURI WKLV&(4$&KHFNOLVWDWZKLFKDPSOLILHGVSHHFKDQGPXVLFQRLVHDVVRFLDWHGZLWKSRWHQWLDORXWGRRU FRPPXQLW\HYHQWVFDQEHVLWHGIURPUHFHLYLQJUHVLGHQWLDOSURSHUW\OLQHVWRHQVXUHWKH&LW\¶VGD\WLPH WKUHVKROGRIG%$DQGWKH&LW\¶VHYHQLQJWKUHVKROGRIG%$DUHQRWH[FHHGHG2XWGRRUFRPPXQLW\ HYHQWVDVVRFLDWHGZLWKWKHSURSRVHGDFWLRQZRXOGFRPSO\ZLWKWKHVHVHWEDFNGLVWDQFHVWRHQVXUHWKH&LW\¶V QRLVHWKUHVKROGVDUHQRWH[FHHGHG
$VGHVFULEHGLQ6HFWLRQRIWKLV&(4$&KHFNOLVW
(QYLURQPHQWDO3URWHFWLRQ$FWLRQV,QFRUSRUDWHGLQWRWKH 3URSRVHG$FWLRQ
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
$VDUHVXOWWKHLPSDFWVUHODWLYHWRJHQHUDWLRQRIQRLVHOHYHOVLQH[FHVVRIVWDQGDUGVZRXOGEHOHVVWKDQ VLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR ,PSDFW
,PSDFW([SRVXUHWR*URXQGERUQH9LEUDWLRQ
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVV
WKDQVLJQLILFDQWLPSDFWUHODWLYHWRH[SRVXUHRIVHQVLWLYHUHFHSWRUVWRJURXQGERUQHYLEUDWLRQEHFDXVHIXWXUH SURMHFWVZRXOGEHUHTXLUHGWRFRPSO\ZLWKH[LVWLQJUHJXODWLRQVDVZHOODVWKHWHPSRUDU\LQWHUPLWWHQWQDWXUH RIFRQVWUXFWLRQDFWLYLW\
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
7KHFRQVWUXFWLRQRIWKHSURSRVHGDFWLRQPD\JHQHUDWHYLEUDWLRQZKHQKHDY\HTXLSPHQWRULPSDFWWRROVDUH XVHG&RQVWUXFWLRQDFWLYLWLHVZRXOGLQFOXGHJUDGLQJIRXQGDWLRQZRUNSDYLQJDQGQHZEXLOGLQJIUDPLQJDQG ILQLVKLQJ,PSDFWRUYLEUDWRU\SLOHGULYLQJDFWLYLWLHVDUHQRWH[SHFWHGIRUWKHSURSRVHGDFWLRQ$VGHVFULEHG LQ6HFWLRQRIWKLV&(4$&KHFNOLVW
(QYLURQPHQWDO3URWHFWLRQ$FWLRQV,QFRUSRUDWHGLQWRWKH3URSRVHG $FWLRQ
3URMHFW(QYLURQPHQWDO3URWHFWLRQ0HDVXUHZRXOGUHTXLUHSURYLVLRQVLQFRQWUDFWRUDJUHHPHQWVIRU LPSOHPHQWLQJJURXQGERUQHYLEUDWLRQFRQWUROVGXULQJFRQVWUXFWLRQ7KHSURSRVHGDFWLRQZRXOGLQFOXGH LPSOHPHQWDWLRQRIWKHVSHFLILHGFRQVWUXFWLRQYLEUDWLRQFRQWUROVGXULQJFRQVWUXFWLRQUHGXFLQJWKHSRWHQWLDO JURXQGERUQHYLEUDWLRQLPSDFWWRDOHVVWKDQVLJQLILFDQWOHYHO /RQJWHUPRSHUDWLRQDODFWLYLWLHVDVVRFLDWHGZLWKWKHSRWHQWLDOIXWXUHODQGXVHVZRXOGEHUHJXODWHGE\&LW\ &RGH6HFWLRQ
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
OHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRFRQVWUXFWLRQQRLVHEHFDXVHVXFKDFWLYLWLHVKDYHUHODWLYHO\VKRUW RYHUDOOGXUDWLRQVDQGEHFDXVHVWDQGDUGFRQGLWLRQVRIDSSURYDOVUHTXLUHPHDVXUHVIRUWKHFRQWURORI FRQVWUXFWLRQJHQHUDWHGQRLVHOHYHOV
$VGHVFULEHGLQWKH6SHFLILF3ODQ3URJUDP(,5WKH&LW\RI6DQWD5RVDGRHVQRWHVWDEOLVKTXDQWLWDWLYHQRLVH OLPLWVIRUFRQVWUXFWLRQDFWLYLWLHVRFFXUULQJLQWKHFLW\7KLVLVEHFDXVHQRLVHJHQHUDWHGE\LQIUDVWUXFWXUH LPSURYHPHQWVDQGLQILOOGHYHORSPHQWKDYHUHODWLYHO\VKRUWRYHUDOOFRQVWUXFWLRQGXUDWLRQVZLWKWKHQRLVLHVW SKDVHVRIFRQVWUXFWLRQ
HJIRXQGDWLRQVSURMHFWLQIUDVWUXFWXUHEXLOGLQJFRUHDQGVKHOO OLPLWHGWRDWLPH
IUDPHRIRQH\HDURUOHVV7KHQRLVLHVWSKDVHVRIWKHSURSRVHGDFWLRQLQFOXGLQJIRXQGDWLRQVSURMHFW LQIUDVWUXFWXUHDQGEXLOGLQJFRUHDQGVKHOODUHDQWLFLSDWHGWREHFRPSOHWHGLQDSSUR[LPDWHO\ZRUNLQJ GD\V$VGHVFULEHGLQ6HFWLRQRIWKLV&(4$&KHFNOLVW (QYLURQPHQWDO3URWHFWLRQ$FWLRQV,QFRUSRUDWHG
LQWRWKH3URSRVHG$FWLRQ
3URMHFW(QYLURQPHQWDO3URWHFWLRQ0HDVXUHZRXOGUHTXLUHSURYLVLRQVLQ FRQWUDFWRUDJUHHPHQWVIRULPSOHPHQWLQJFRQVWUXFWLRQQRLVHFRQWUROVGXULQJFRQVWUXFWLRQ7KHSURSRVHG DFWLRQZRXOGLQFOXGHLPSOHPHQWDWLRQRIWKHVSHFLILHGFRQVWUXFWLRQQRLVHFRQWUROVGXULQJFRQVWUXFWLRQDQG ZRXOGUHGXFHSRWHQWLDOLPSDFWVWRQHDUE\QRLVHVHQVLWLYHODQGXVHVWRDOHVVWKDQVLJQLILFDQWOHYHO

,OOLQJZRUWK 5RGNLQ

$VDUHVXOWWKHLPSDFWUHODWLYHWRVKRUWWHUPLQFUHDVHVLQDPELHQWQRLVHOHYHOVDERYHOHYHOVH[LVWLQJZLWKRXW WKHLPSURYHPHQWVZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH 6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW
,PSDFW&XPXODWLYH1RLVH,PSDFWV
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
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
%DVHGRQWKHUHYLHZRISODQQHGGHYHORSPHQWVZLWKLQWKHVLWHDUHDDSURSRVHGUHVLGHQWLDOVXEGLYLVLRQLV DQWLFLSDWHGWREHGHYHORSHGRQWKHVXUURXQGLQJSURSHUW\7KLVIXWXUHVXUURXQGLQJGHYHORSPHQWZDV FRQVLGHUHGDVDVHQVLWLYHUHFHSWRULQWKHDFRXVWLFVWXG\SUHSDUHGIRUWKHSURSRVHGDFWLRQ&RQVWUXFWLRQRI WKHSURSRVHGDFWLRQDQGWKHIXWXUHFXPXODWLYHSURMHFWPD\SRWHQWLDOO\RYHUODS+RZHYHUERWKVLWHVDUHODUJH DQGFRQVWUXFWLRQDFWLYLWLHVZRXOGPRYHDURXQGWKHVLWHV7KHVKDUHGQRLVHVHQVLWLYHUHFHSWRUV LHWKH
QRUWKUHVLGHQFHVDQGFRPPHUFLDOXVHV
ZRXOGQRWEHH[SRVHGWRSURORQJHGFRQVWUXFWLRQDFWLYLWLHVZLWKLQ IHHWRIERWKVLWHV7KHUHIRUHZLWKLPSOHPHQWDWLRQRIWKHFRQVWUXFWLRQEHVWPDQDJHPHQWSUDFWLFHVD FXPXODWLYHFRQVWUXFWLRQLPSDFWLVQRWH[SHFWHG
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¶VFXPXODWLYHDQDO\VLV $VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW &RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRQRLVHEH\RQGWKRVHSUHYLRXVO\ DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREHZLWKLQWKH VFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR1RLVH 0LWLJDWLRQ0HDVXUHV
7KHUHDUHQRPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5WKDWZRXOG EHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ

(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE 


 3RSXODWLRQDQG+RXVLQJ
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
7KH6SHFLILF3ODQZRXOG
UHVXOWLQSRSXODWLRQJURZWKLQWKHSURMHFW
DUHDWKDWLVFRQVLVWHQWZLWKJURZWK
SURMHFWLRQVIRUWKHFLW\7KHUHIRUHWKLV
LPSDFWZRXOGEHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
7KH6SHFLILF3ODQFRXOG
LQYROYHUHGHYHORSPHQWDFWLYLWLHVRQFXUUHQWO\
RFFXSLHGUHVLGHQWLDOSDUFHOVEXWWKHUHZRXOG
EHQRQHWGLVSODFHPHQWRISHRSOHRUKRXVLQJ
RYHUDOO7KHUHIRUHWKLVLPSDFWZRXOGEHOHVV
WKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1R,PSDFW 1RQH
5HTXLUHG <HV
,PSDFW
7KH6SHFLILF3ODQDORQJZLWK
RWKHUDSSURYHGSURSRVHGDQGUHDVRQDEO\
IRUHVHHDEOHGHYHORSPHQWFRXOGLQGXFH
SRSXODWLRQDQGKRXVLQJJURZWKLQWKH&LW\¶V
8UEDQ*URZWK%RXQGDU\7KLVFXPXODWLYH
JURZWKLVFRQVLVWHQWZLWKWKH&LW\¶V*HQHUDO
3ODQSRSXODWLRQSURMHFWLRQVDQG
LV
WKHUHIRUHOHVVWKDQFXPXODWLYHO\
FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW,QGXFH6XEVWDQWLDO3RSXODWLRQ*URZWK
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVV
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
,PSDFW'LVSODFHPHQW
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¶V5HORFDWLRQ$VVLVWDQFH3URJUDP
6DQWD5RVD
1RDGGLWLRQDOGLVSODFHPHQW
ZRXOGUHVXOWXQGHUWKHSURSRVHGDFWLRQ1RLPSDFWZRXOGUHVXOWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
,PSDFW&XPXODWLYH3RSXODWLRQDQG+RXVLQJ,PSDFWV 7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHG
DOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHLPSDFWUHODWLYHWRSRSXODWLRQJURZWKDQGKRXVLQJEHFDXVHWKH 6SHFLILF3ODQLVLQWHQGHGWRKHOS6DQWD5RVDPHHWKRXVLQJGHPDQGWKURXJKIRFXVHGXUEDQGHYHORSPHQW FRQVLVWHQWZLWKWKH6DQWD5RVD*HQHUDO3ODQ
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¶VFXPXODWLYH DQDO\VLV
$VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ 3URJUDP(,5UHODWLYHWR,PSDFW
&RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRSRSXODWLRQDQGKRXVLQJEH\RQGWKRVH SUHYLRXVO\DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR3RSXODWLRQDQG+RXVLQJ 0LWLJDWLRQ0HDVXUHV
7KHUHDUHQRPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5WKDWZRXOG EHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ
 
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 3XEOLF6HUYLFHV
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
'HYHORSPHQWUHVXOWLQJ
IURPLPSOHPHQWDWLRQRIWKH6SHFLILF3ODQ
FRXOGLQFUHDVHGHPDQGIRUILUHSURWHFWLRQ
ILUHSUHYHQWLRQHPHUJHQF\PHGLFDODQGODZ
HQIRUFHPHQWVHUYLFHVUHVXOWLQJLQWKHQHHG
IRUQHZIDFLOLWLHVWKHFRQVWUXFWLRQRIZKLFK
FRXOGUHVXOWLQSK\VLFDOHQYLURQPHQWDO
HIIHFWV7KLVLPSDFWZRXOGEHOHVVWKDQ

VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
7KH6SHFLILF3ODQLQ
FRPELQDWLRQZLWKRWKHUUHDVRQDEO\
IRUHVHHDEOHGHYHORSPHQWZRXOGLQFUHDVH
WKHFLW\¶VSRSXODWLRQDQGFRXOGFRQWULEXWHWR
WKHQHHGIRUH[SDQGHGILUHSURWHFWLRQDQG
HPHUJHQF\PHGLFDOVHUYLFHVWKDWFRXOG
FDXVHVLJQLILFDQWSK\VLFDOLPSDFWVWRWKH

HQYLURQPH
QW7KHSURSRVHG6SHFLILF3ODQ¶V
FRQWULEXWLRQWRWKLVFXPXODWLYHLPSDFWZRXOG
EHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
,PSDFW
7KH6SHFLILF3ODQZRXOG
UHVXOWLQWKHGHYHORSPHQWRIQHZUHVLGHQWLDO
DQGQRQUHVLGHQWLDOXVHVLQWKHSURMHFWDUHD
ZKLFKZRXOGLQFUHDVHHQUROOPHQWDWORFDO
VFKRROV7KLVLPSDFWZRXOGEHOHVVWKDQ
VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1R,PSDFW 1RQH
5HTXLUHG <HV
,PSDFW
7KH6SHFLILF3ODQLQ
FRPELQDWLRQZLWKRWKHUUHDVRQDEO\
IRUHVHHDEOHGHYHORSPHQWLQWKHFLW\ZRXOG
JHQHUDWHQHZVWXGHQWHQUROOPHQWVDWORFDO
DUHDVFKRROV7KHFXPXODWLYHLPSDFWZRXOG
EHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH
6SHFLILF3ODQZRXOGLQFUHDVHGHPDQGIRU
SDUNVDQGUHFUHDWLRQDOIDFLOLWLHV7KLVLPSDFW
ZRXOGEHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1R,PSDFW 1RQH
5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH
6SHFLILF3ODQLQFRPELQDWLRQZLWKRWKHU
UHDVRQDEO\IRUHVHHDEOHGHYHORSPHQWLQWKH
FLW\ZRXOGLQFUHDVHGHPDQGIRUSDUNVDQG
UHFUHDWLRQDOIDFLOLWLHV7KLVFXPXODWLYHLPSDFW
ZRXOGEHOHVVWKDQ
FXPXODWLYHO\
FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV

 
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
'LVFXVVLRQ

,PSDFW,QFUHDVH'HPDQGIRU)LUH3URWHFWLRQ)LUH3UHYHQWLRQ(PHUJHQF\0HGLFDODQG/DZ (QIRUFHPHQW6HUYLFHV
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
6WDWLRQ
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
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQFXPXODWLYHO\ FRQVLGHUDEOHLPSDFWUHODWLYHWRSXEOLFVDIHW\VHUYLFHVEHFDXVHWKH6SHFLILF3ODQ¶VLQFUHDVHLQLQWHQVLW\RI GHYHORSPHQWZRXOGQRWUHVXOWLQDQLQFUHDVHGHPDQGIRUVHUYLFHVEH\RQGWKRVHHQYLVLRQHGLQWKH*HQHUDO 3ODQ(,5
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¶V FXPXODWLYHDQDO\VLV
$VVXFKWKHLPSDFWZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGSURMHFWZRXOGEH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW*HQHUDWH'HPDQGIRU1HZ6FKRROV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVV
WKDQVLJQLILFDQWLPSDFWUHODWLYHWRGHPDQGIRUQHZVFKRROVDVLQFUHDVHVLQVFKRRODJHFKLOGUHQH[SHFWHG IURPEXLOGRXWRIWKH6SHFLILF3ODQZRXOGEHPLQRUDQGZRXOGGHYHORSRYHUWKHQH[W\HDUVFRXOGEH PDQDJHGWKURXJKDGMXVWPHQWVWRVFKRROERXQGDULHVWRHQVXUHVFKRROFDSDFLW\LVQRWH[FHHGHGZRXOGEH IXQGHGE\VFKRROLPSDFWIHHVSXUVXDQWWR6HQDWH%LOODQGZRXOGEHVXSSRUWHGLQH[LVWLQJDQGDOUHDG\ SODQQHGHGXFDWLRQDOIDFLOLWLHV
8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ7KHSURSRVHGDFWLRQZRXOGQRWQHFHVVLWDWHRUIDFLOLWDWHFRQVWUXFWLRQRIQHZ VFKRROVDVQRUHVLGHQFHVZRXOGEHEXLOW
$VDUHVXOWWKHSURSRVHGDFWLRQZRXOGKDYHQRLPSDFWUHODWLYHWRGHPDQGIRUQHZVFKRROVDQGWKH SURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW&XPXODWLYH6FKRRO,PSDFWV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQ FXPXODWLYHO\FRQVLGHUDEOHLPSDFWUHODWLYHWRVFKRROVEHFDXVHEXLOGRXWRIWKH6SHFLILF3ODQZRXOGEHVXEMHFW (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
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
,PSDFW,QFUHDVH'HPDQGIRU1HZ3DUNVDQG8VHRI([LVWLQJ'HYHORSHG3DUNV 7KH6SHFLILF
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
,PSDFW&XPXODWLYH3DUNVDQG5HFUHDWLRQDO)DFLOLW\,PSDFWV 7KH6SHFLILF3ODQ3URJUDP(,5
LGHQWLILHGDOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHLPSDFWUHODWLYHWRSDUNODQGEHFDXVHWKH6SHFLILF3ODQZRXOG SURYLGHVXIILFLHQWQHZODQG]RQHGIRUSDUNDQGUHFUHDWLRQXVHWRDFFRPPRGDWHWKHDQWLFLSDWHGSRSXODWLRQ LQFUHDVHEHFDXVHSDUNFRQVWUXFWLRQZRXOGEHIXQGHGYLDH[LVWLQJ&LW\IHHSURJUDPVDQGWKH6SHFLILF3ODQ DUHDZRXOGEHVXEMHFWWR*HQHUDO3ODQJRDOVDQGSROLFLHV $VGLVFXVVHGLQ,PSDFWWKHSURSRVHGDFWLRQZRXOGQRWFRQWULEXWHWRWKHQHHGIRUQHZRUH[SDQGHG SDUNVEH\RQGWKRVHHQYLVLRQHGLQWKH6SHFLILF3ODQEHFDXVHQRUHVLGHQFHVZRXOGEHEXLOW7KHUHIRUHWKH SURSRVHGDFWLRQZRXOGQRWFRQWULEXWHWRDFXPXODWLYHLPSDFWUHODWLYHWRGHPDQGIRUSDUNV $VVXFKWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW 
&RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRSXEOLFVHUYLFHVEH\RQGWKRVHSUHYLRXVO\ DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREHZLWKLQWKH VFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR3XEOLF6HUYLFHV 0LWLJDWLRQ0HDVXUHV
7KHUHDUHQRPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,5WKDWZRXOG EHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ





(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 7UDIILFDQG7UDQVSRUWDWLRQ
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRI
WKH
3URJUDP
(,5"
,PSDFW
6SHFLILF3ODQWUDIILFZRXOG
QRWGHJUDGHFRUULGRURSHUDWLRQVWR
XQDFFHSWDEOHOHYHOVRIVHUYLFHXQGHU
([LVWLQJSOXV3URMHFWFRQGLWLRQV7KLVLPSDFW
ZRXOGEHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1RQH5HTXLUHG <HV
,PSDFW
6SHFLILF3ODQWUDIILFZRXOG
KDYHWKHSRWHQWLDOWRGHJUDGHPDLQOLQH
IUHHZD\RSHUDWLRQVWRXQDFFHSWDEOHOHYHOVRI
VHUYLFHXQGHU([LVWLQJSOXV3URMHFW
FRQGLWLRQV7KLVLPSDFWZRXOGEHSRWHQWLDOO\
VLJQLILFDQW
6LJQLILFDQWDQG
8QDYRLGDEOH
6LJQLILFDQWDQG
8QDYRLGDEOH
1R)HDVLEOH
0LWLJDWLRQ
,GHQWLILHG
<HV
,PSDFW
6SHFLILF3ODQWUDIILFZRXOG
KDYHWKHSRWHQWLDOWRGHJUDGHIUHHZD\UDPS
RSHUDWLRQVWRDQXQDFFHSWDEOHOHYHORI
VHUYLFHDWWKHVRXWKERXQG86IUHHZD\
RIIUDPSDW+HDUQ$YHQXHXQGHU([LVWLQJ
SOXV3URMHFWFRQGLWLRQV7KLVLPSDFWZRXOG
EHSRWHQWLDOO\VLJQLI
LFDQW 6LJQLILFDQWDQG
8QDYRLGDEOH
6LJQLILFDQWDQG
8QDYRLGDEOH
,PSDFWZRXOG
EHDOOHYLDWHG
WKURXJKIXWXUH
ZLGHQLQJRI
+HDUQ$YHQXH
IUHHZD\
RYHUSDVVDQG
DVVRFLDWHG
LQWHUVHFWLRQ
LPSURYHPHQWV
DVHSDUDWH
SURMHFW
LGHQWLILHGLQWKH
*HQHUDO3ODQ
<HV
,PSDFW
7KH6SHFLILF3ODQLQFOXGHV
YDULRXVURDGZD\LPSURYHPHQWVWKDWZRXOG
EHGHVLJQHGDQGFRQVWUXFWHGDFFRUGLQJWR
&LW\
DSSURYHGGHVLJQVWDQGDUGVWRHQVXUH
VDIHW\7KLVLPSDFWZRXOGEHOHVVWKDQ
VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1RQH5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH
6SHFLILF3ODQZRXOGQRWLQWHUIHUHZLWK
HPHUJHQF\DFFHVVZLWKLQWKH6SHFLILF3ODQ
DUHD7KLVLPSDFWZRXOGEHOHVVWKDQ
VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1RQH5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH
6SHFLILF3ODQZRXOGQRWFRQIOLFWZLWKDQ\
DOWHUQDWLYHWUDQVSRUWDWLRQSROLFLHVRUSODQV
7KLVLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1RQH5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH
6SHFLILF3ODQZRXOGUHVXOWLQLPSURYHPHQWV
WRSHGHVWULDQDQGELF\FOHFLUFXODWLRQLQWKH
6SHFLILF3ODQDUHDWKDWZRXOGHQKDQFH
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1RQH5HTXLUHG <HV
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRI
WKH
3URJUDP
(,5"
FRQQHFWLYLW\DQGVDIHW\7KLVLPSDFWZRXOG
EHOHVVWKDQVLJQLILFDQW
,PSDFW
,PSOHPHQWDWLRQRIWKH
6SHFLILF3ODQZRXOGKDYHDEHQHILFLDOLPSDFW
RQEXVWUDQVLWE\FRQFHQWUDWLQJXVHVLQD

WUDQVLW
RULHQWHGGHYHORSPHQWSDWWHUQDQGE\
LQFUHDVLQJFRQQHFWLYLW\WRWUDQVLWIDFLOLWLHV
7KLVLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW 1RQH5HTXLUHG <HV
,PSDFW

&RQVWUXFWLRQDFWLYLWLHV
DVVRFLDWHGZLWK6SHFLILF3ODQ
LPSOHPHQWDWLRQPD\WHPSRUDULO\DIIHFW
YHKLFXODUSHGHVWULDQELF\FOHDQGWUDQVLW
FLUFXODWLRQ7KLVLPSDFWZRXOGEHSRWHQWLDOO\
VLJQLILFDQW
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
3RWHQWLDOO\
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQWZLWK
0LWLJDWLRQ
00
 <HV
,PSDFW
6SHFLILF3ODQWUDIILFZKHQ
FRQVLGHUHGWRJHWKHUZLWKRWKHUSDVWSUHVHQW
DQGIXWXUHGHYHORSPHQWZRXOGKDYHWKH
SRWHQWLDOWRGHJUDGHFRUULGRURSHUDWLRQVWR
XQDFFHSWDEOHOHYHOVRIVHUYLFH
)XWXUHSOXV
3URMHFWRUFXPXODWLYHFRQGLWLRQ
7KLV
LPSDFWZRXOGEHOHVVWKDQFXPXODWLYHO\
FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH5HTXLUHG <HV
,PSDFW
6SHFLILF3ODQWUDIILFZKHQ
FRQVLGHUHGWRJHWKHUZLWKRWKHUSDVWSUHVHQW
DQGIXWXUHGHYHORSPHQWZRXOGKDYHWKH
SRWHQWLDOWRGHJUDGHPDLQOLQHIUHHZD\
RSHUDWLRQVWRXQDFFHSWDEOHOHYHOVRIVHUYLFH

)XWXUHSOXV3URMHFWRU³FXPXODWLYH´

FRQGLWLRQV
7KLVLPSDFWZRXOGEHSRWHQWLDOO\
FXPXODWLYHO\FRQVLGHUDEOH
3RWHQWLDOO\
&XPXODWLYHO\
&RQVLGHUDEOH
3RWHQWLDOO\
&XPXODWLYHO\
&RQVLGHUDEOH
1R)HDVLEOH
0LWLJDWLRQ
,GHQWLILHG
<HV
,PSDFW
6SHFLILF3ODQWUDIILFZKHQ
FRQVLGHUHGWRJHWKHUZLWKRWKHUSDVWSUHVHQW
DQGIXWXUH
GHYHORSPHQWZRXOGKDYHWKH
SRWHQWLDOWRGHJUDGHIUHHZD\UDPS
RSHUDWLRQVWRDQXQDFFHSWDEOHOHYHORI
VHUYLFHDWWKHZHVWERXQG65IUHHZD\RII
UDPSDW'XWWRQ$YHQXH
)XWXUHSOXV3URMHFW
RUFXPXODWLYHFRQGLWLRQV
7KLVLPSDFWZRXOG
EHSRWHQWLDOO\FXPXODWLYHO\FRQVLGHUDEOH
3RWHQWLDOO\
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW&RUULGRU2SHUDWLRQV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGOHVVWKDQVLJQLILFDQW LPSDFWVUHODWLYHWRURDGZD\FRUULGRURSHUDWLRQVEHFDXVHVWXG\DUHDFRUULGRUVHYDOXDWHGZHUHH[SHFWHGWR FRQWLQXHRSHUDWLQJDFFHSWDEO\DWOHYHORIVHUYLFH
/26
'RUEHWWHUZLWKWKHDGGLWLRQRI6SHFLILF3ODQ
JHQHUDWHGWUDIILFDQGLQFRUSRUDWLRQRIWKHURDGZD\LPSURYHPHQWVLGHQWLILHGLQWKH6SHFLILF3ODQ7KLV LQFOXGHVWKHURDGZD\VHJPHQWRI+HDUQ$YHQXHDGMDFHQWWRWKHSURSRVHGDFWLRQ (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
$VRI-XO\6HQDWH%LOO
6%
HVWDEOLVKHGDFKDQJHLQWKHPHWULFIRUGHWHUPLQLQJWUDIILFLPSDFWV DVVRFLDWHGZLWKSURMHFWV5DWKHUWKDQWKHGHOD\EDVHGFULWHULDDVVRFLDWHGZLWKD/26DQDO\VLV9HKLFOH0LOHV 7UDYHOHG
907
LVQRZWKHEDVLVIRUGHWHUPLQLQJWUDIILFLPSDFWVXQGHU&(4$ 8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ$VGHVFULEHGLQWKH6SHFLILF3ODQ3URJUDP(,5907DWWULEXWDEOHWREXLOGRXW RIWKH6SHFLILF3ODQZDVDQWLFLSDWHGWRLQFUHDVHE\
SHUFHQWRYHUEDVHOLQHFRQGLWLRQVZKLOHWKHLQFUHDVH LQSRSXODWLRQZDVHVWLPDWHGDWSHUFHQW7KXV907ZDVHVWLPDWHGWRLQFUHDVHDWDPXFKORZHUUDWH WKDQSRSXODWLRQJURZWK%HFDXVHWKH'XWWRQ$YHQXHH[WHQVLRQPXOWLXVHSDWKDQGSXEOLFXVHVLQWKH SURSRVHGDFWLRQZHUHHYDOXDWHGLQWKH6SHFLILF3ODQ(,5WUDIILFDQDO\VHV907IRUWKHSURSRVHGDFWLRQLV LQFOXGHGLQWKHRYHUDOO907IRUWKH6SHFLILF3ODQ
7KH6WDWH2IILFHRI3ODQQLQJDQG5HVHDUFK
235
HQFRXUDJHVWKHXVHRIVFUHHQLQJPDSVWRHVWDEOLVK
JHRJUDSKLFDUHDVIRUZKLFKWKHDQWLFLSDWHG907ZRXOGEHSHUFHQWEHORZUHJLRQDODYHUDJHWKUHVKROGV DOORZLQJMXULVGLFWLRQVWR³VFUHHQ´SURMHFWVLQWKRVHDUHDVZKHUHLPSDFWVFDQEHSUHVXPHGWREHOHVVWKDQ VLJQLILFDQWDQGTXDQWLWDWLYH907DQDO\VHVDUHQRWUHTXLUHG7KH6RQRPD&RXQW\7UDQVSRUWDWLRQ$XWKRULW\

6&7$
KDVSUHSDUHGVFUHHQLQJPDSVIRUWKH&LW\RI6DQWD5RVDDQGWKHVLWHLVORFDWHGLQDSUHVFUHHQHG DUHD6XFKDUHDVDUHLGHQWLILHGDVEHLQJZLWKLQWUDQVLWSULRULW\DUHDV DUHDVZLWKLQPLOHRIUDLOVWDWLRQ

DORQJKLJKTXDOLW\WUDQVLWFRUULGRUV
DUHDVZLWKLQPLOHRIWUDQVLWURXWHVZLWKPLQXWHSHDNKHDGZD\V 
DQGDUHDVZLWKZRUNEDVHG907SHUHPSOR\PHQWDWOHDVWEHORZWKHFRXQW\ZLGHDYHUDJHDVHVWLPDWHG E\WKH
6RQRPD&RXQW\7UDYHO0RGHO7KHVLWHRIWKHSURSRVHGDFWLRQLVZLWKLQWKHSUHVFUHHQHGDUHD IRU6DQWD5RVDWKHUHIRUHLWLVUHDVRQDEOHWRFRQFOXGHWKDWWKHSURSRVHGDFWLRQZRXOGKDYHDOHVVWKDQ VLJQLILFDQW907LPSDFW
$VDUHVXOWWKHLPSDFWRQ907DQGFRUULGRURSHUDWLRQVZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHG DFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW0DLQOLQH)UHHZD\2SHUDWLRQV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDVLJQLILFDQW XQDYRLGDEOHLPSDFWUHODWLYHWRPDLQOLQHIUHHZD\RSHUDWLRQVEHFDXVHEXLOGRXWRXWRIWKH6SHFLILF3ODQZRXOG LQFUHDVHWKHGHQVLW\RIWUDIILFRQQRUWKERXQG86EHWZHHQ7RGG5RDGDQG6WDWH5RXWHE\PRUHWKDQ RQHSHUFHQW7KH6SHFLILF3ODQ3URJUDP(,5GHWHUPLQHGWKDWSK\VLFDOLPSURYHPHQWVVXFKDVIXUWKHU ZLGHQLQJ86ZRXOGQRWEHIHDVLEOHDQGWKDWWKH&LW\RI6DQWD5RVDWKH&RXQW\RI6RQRPDDQGWKH 6RQRPD&RXQW\7UDQVSRUWDWLRQ$XWKRULW\UHFRJQL]HWKDW86ZLOOH[SHULHQFHFRQJHVWLRQLQWRWKH IRUHVHHDEOHIXWXUH
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
,PSDFW'HJUDGH)UHHZD\5DPS2SHUDWLRQV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGD
VLJQLILFDQWLPSDFWUHODWLYHWRIUHHZD\UDPSRSHUDWLRQVEHFDXVHSURMHFWHGRIIUDPSTXHXHVDWVRXWKERXQG 86DW+HDUQ$YHQXHZHUHGHWHUPLQHGWRH[WHQGRQWRWKHPDLQOLQHIUHHZD\7KHTXHXHVZHUH GHWHUPLQHGWREHWKHUHVXOWRIVSLOOEDFNIURPXSVWUHDPVLJQDOVDQGFDSDFLW\FRQVWUDLQWVFUHDWHGE\WKH H[LVWLQJWZRODQH+HDUQ$YHQXHIUHHZD\RYHUSDVV7KH6SHFLILF3ODQ3URJUDP(,5QRWHGWKDWWKH&LW\RI 6DQWD5RVDLVLQWKHHQYLURQPHQWDOSKDVHRI&DOWUDQVSURMHFWDSSURYDO 3URMHFW$SSURYDO(QYLURQPHQWDO
'RFXPHQW>3$('@
IRUWKH+HDUQ$YHQXHRYHUSDVVZLGHQLQJSURMHFWZKLFKZRXOGXOWLPDWHO\DOOHYLDWH (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
DGYHUVHTXHXLQJFRQGLWLRQV+RZHYHUEHFDXVHWKH+HDUQ$YHQXHRYHUSDVVZRXOGQRWEHFRPSOHWHXQGHU ([LVWLQJSOXV3URMHFWFRQGLWLRQVWKHSURSRVHG6SHFLILF3ODQ¶VLPSDFWVZHUHFRQVLGHUHGWREHVLJQLILFDQWDQG XQDYRLGDEOHLQWKHQHDUWHUP8QGHU)XWXUHSOXV3URMHFWFRQGLWLRQV VHH,PSDFW
WKH+HDUQ
$YHQXHRYHUSDVVZLGHQLQJDQGLQWHUFKDQJHSURMHFWZDVSURMHFWHGWREHFRPSOHWHGDQGWKHLPSDFWZDV UHGXFHGWROHVVWKDQVLJQLILFDQW
8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ7KHLQIUDVWUXFWXUHDQGSXEOLFXVHVDVVRFLDWHGZLWKWKHSURSRVHGDFWLRQZHUH LQFOXGHGLQWKH6SHFLILF3ODQ3URJUDP(,5WUDIILFDQDO\VHVDQGWKHUHIRUHWKHFRQWULEXWLRQRIIXWXUHDFWLRQV WRLQFUHDVHGTXHXHVRQVRXWKERXQG86DWWKH+HDUQ$YHQXHRIIUDPSZDVLQFOXGHGDQGFRQVLGHUHGLQ WKH3URJUDP(,5
7KHWUDIILFIURPWKHSURSRVHGDFWLRQZRXOGFRQWULEXWHWRWKHRYHUDOOWUDIILFUHODWLYHWRWKHTXHXHVRQ VRXWKERXQG86DWWKHRIIUDPSIRU+HDUQ$YHQXHDQGWKHUHIRUHWKHLPSDFWZRXOGEHVLJQLILFDQWDQG XQDYRLGDEOHLQWKHQHDUWHUPEXWZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW 
,PSDFW'HVLJQ)HDWXUHV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGOHVVWKDQVLJQLILFDQWLPSDFWV UHODWLYHWRGHVLJQIHDWXUHVRIIXWXUHDFWLRQVXQGHUWKH6SHFLILF3ODQEHFDXVHLPSURYHPHQWVWRWKH WUDQVSRUWDWLRQDQGFLUFXODWLRQV\VWHPZLWKLQWKH6SHFLILF3ODQDUHDZRXOGEHUHTXLUHGWRDGKHUHWRORFDO UHJLRQDODQGIHGHUDOGHVLJQVWDQGDUGVDQGZRXOGEHFKHFNHGIRUFRPSOLDQFHDVSDUWRIWKHHQWLWOHPHQW SURFHVV
8QGHUWKHSURSRVHGDFWLRQWKH&LW\ZRXOGLPSOHPHQWLQIUDVWUXFWXUHLPSURYHPHQWVDQGSXEOLFXVHV LGHQWLILHGLQWKH6SHFLILF3ODQ7KHH[WHQVLRQRI'XWWRQ$YHQXHDQGWKH&ROJDQ&UHHN0XOWLXVH3DWKZRXOG EHGHVLJQHGDQGFRQVWUXFWHGLQDFFRUGDQFHZLWKDSSOLFDEOHORFDODQGVWDWHGHVLJQVWDQGDUGV%RWKILQDO SODQVDQGHDFKSKDVHRIFRQVWUXFWLRQZRXOGEHFKHFNHGIRUFRPSOLDQFHZLWKSODQVDQGDSSOLFDEOH VWDQGDUGV
$VDUHVXOWWKHLPSDFWUHODWHGWRGHVLJQIHDWXUHVZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQ ZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW(PHUJHQF\$FFHVV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGOHVVWKDQVLJQLILFDQWLPSDFWV UHODWLYHWRHPHUJHQF\DFFHVVEHFDXVHWKH6SHFLILF3ODQLQFOXGHVQHZVWUHHWVWKDWZRXOGLPSURYH FRQQHFWLYLW\ZLWKLQWKH6SHFLILF3ODQDUHDFUHDWLQJQHZURXWHVIRUDOOXVHUVLQFOXGLQJHPHUJHQF\ UHVSRQGHUV3ODQVIRULQGLYLGXDOGHYHORSPHQWVWREHFRQVWUXFWHGLQWKH6SHFLILF3ODQDUHDZRXOGEH UHYLHZHGIRUFRPSOLDQFHZLWKHPHUJHQF\DFFHVVUHTXLUHPHQWVE\SXEOLFVDIHW\RIILFLDOVDVSDUWRIWKH&LW\¶V HQWLWOHPHQWSURFHVV
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
3URJUDP(,5LGHQWLILHGOHVVWKDQVLJQLILFDQWLPSDFWVUHODWLYHWR6SHFLILF3ODQFRQVLVWHQF\ZLWKDOWHUQDWLYH WUDQVSRUWDWLRQSROLFLHVDQGSODQVEHFDXVHWKH6SHFLILF3ODQZDVGHYHORSHGWRERWKVXSSRUWDQGH[SDQG XSRQFXUUHQWSROLFLHVUHJDUGLQJDOWHUQDWLYHWUDQVSRUWDWLRQ7KLVLQFOXGHGFRPSOLDQFHZLWKWKHJRDOVRIWKH (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
6&7$&RPSUHKHQVLYH7UDQVSRUWDWLRQ3ODQFRPSOHWLRQRIIDFLOLWLHVRXWOLQHGLQWKH&RXQW\ZLGH%LF\FOHDQG 3HGHVWULDQ0DVWHU3ODQDQGWKH&LW\¶V*HQHUDO3ODQDQG%LF\FOHDQG3HGHVWULDQ0DVWHU3ODQ 7KHSURSRVHGH[WHQVLRQRI'XWWRQ$YHQXHDQGWKH&ROJDQ&UHHN0XOWLXVH3DWKDUHLGHQWLILHGLQWKH 6SHFLILF3ODQDQGRWKHUSODQQLQJGRFXPHQWVDVRFFXUULQJDWWKHSURSHUW\7KHSURSRVHGH[WHQVLRQRI 'XWWRQ$YHQXHDQGWKH&ROJDQ&UHHN0XOWLXVH3DWKZRXOGLPSOHPHQWWKH&LW\¶VDSSURYHGSODQVIRU DOWHUQDWLYHWUDQVSRUWDWLRQLQFOXGLQJWKH6SHFLILF3ODQWKH6DQWD5RVD%LF\FOHDQG3HGHVWULDQ0DVWHU3ODQ DQGWKH6DQWD5RVD&UHHN0DVWHU3ODQ
$VDUHVXOWWKHLPSDFWUHODWLYHWRFRQVLVWHQF\ZLWKDOWHUQDWLYHWUDQVSRUWDWLRQSROLFLHVDQGSODQVZRXOGEH OHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5 UHODWLYHWR,PSDFW
,PSDFW3HGHVWULDQDQG%LF\FOH&LUFXODWLRQ
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGOHVVWKDQ
VLJQLILFDQWLPSDFWVUHODWLYHWRSHGHVWULDQDQGELF\FOHFLUFXODWLRQEHFDXVHWKH6SHFLILF3ODQZDVGHYHORSHGWR VXSSRUWDQGH[SDQGXSRQSHGHVWULDQDQGELF\FOHIDFLOLWLHVLQFOXGLQJQHZVWUHHWDQGSDWKZD\FRQQHFWLRQV WKDWLPSURYHHDVW±ZHVWFLUFXODWLRQHQKDQFHFRQQHFWLYLW\WRDQGZLWKLQQHLJKERUKRRGVDQGLQWHJUDWHWKH IXWXUHPXOWLXVHSDWKVDORQJ5RVHODQGDQG&ROJDQFUHHNVDVZHOODVWKH60$57FRUULGRU 7KHSURSRVHGDFWLRQLQFOXGHVWKHSODQQHGH[WHQVLRQRI'XWWRQ$YHQXHZKLFKZRXOGLQFOXGH&ODVV,,ELF\FOH ODQHVDQGVLGHZDONVDQGWKH&ROJDQ&UHHN0XOWLXVH3DWKZKLFKZRXOGEHSDYHGDQGLQWHQGHGIRUELF\FOH DQGSHGHVWULDQXVH7KHSURSRVHGH[WHQVLRQRI'XWWRQ$YHQXHDQGWKH&ROJDQ&UHHN0XOWLXVH3DWKZRXOG LPSOHPHQWWKH&LW\¶V%LF\FOHDQG3HGHVWULDQ0DVWHU3ODQ $VDUHVXOWWKHLPSDFWUHODWLYHWRSHGHVWULDQDQGELF\FOHFLUFXODWLRQZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKH SURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW7UDQVLW2SHUDWLRQV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGOHVVWKDQVLJQLILFDQWLPSDFWV UHODWLYHWRWUDQVLWRSHUDWLRQVEHFDXVHWKH6SHFLILF3ODQZRXOGKDYHDEHQHILFLDOLPSDFWRQEXVWUDQVLWE\ FRQFHQWUDWLQJXVHVLQDWUDQVLWRULHQWHGGHYHORSPHQWSDWWHUQDQGE\LQFUHDVLQJFRQQHFWLYLW\WRWUDQVLW IDFLOLWLHV
7KHSURSRVHGDFWLRQZRXOGLQFOXGHWKHH[WHQVLRQRI'XWWRQ$YHQXHDQGWKH&ROJDQ&UHHN0XOWLXVH3DWK RQWRWKHSURSHUW\ZKLFKDUHLGHQWLILHGLQWKH6SHFLILF3ODQDQGZKLFKZRXOGLQFUHDVHFRQQHFWLYLW\WRWUDQVLW IDFLOLWLHVLQWKH6SHFLILF3ODQ7KHSURSRVHGDFWLRQZRXOGDOVRLQFOXGHQHZWUDQVLWVWRSVDORQJHDVWERXQG +HDUQ$YHQXHDGMDFHQWWRWKHVLWHDQGDORQJWKH'XWWRQ([WHQVLRQDWWKHSURSHUW\7KHVLWHLVORFDWHG ZLWKLQDWUDQVLWSULRULW\DUHD
DUHDVZLWKLQPLOHRIDUDLOVWDWLRQ
DQGDORQJDKLJKTXDOLW\WUDQVLWFRUULGRU

DUHDVZLWKLQPLOHRIWUDQVLWURXWHVZLWKPLQXWHSHDNKHDGZD\V 7KLVSURSHUW\ZDVDFTXLUHGE\WKH
&LW\IRUWKHSURSRVHGODQGXVHV
OLEUDU\PXOWLFXOWXUDOFHQWHUJ\PQDVLXPILUHVWDWLRQSRWHQWLDODTXDWLF FHQWHU
EHFDXVHLWLVHDVLO\UHDFKHGYLDWUDQVLWVHUYLFHV
7KHLPSDFWRQWUDQVLWRSHUDWLRQVZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKH VFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW
&RQVWUXFWLRQ,PSDFWV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDSRWHQWLDOO\VLJQLILFDQW LPSDFWUHODWLYHWRFRQVWUXFWLRQSKDVHLPSDFWVEHFDXVHFRQVWUXFWLRQRIQHZGHYHORSPHQWDQGLQIUDVWUXFWXUH XQGHUWKH6SHFLILF3ODQPD\WHPSRUDULO\KDYHDQDGYHUVHHIIHFWRQWUDIILFIORZVDQGDFFHVVLELOLW\GXULQJ FRQVWUXFWLRQDFWLYLW\VXFKDVUHTXLULQJWUDIILFGHWRXUV0LWLJDWLRQ0HDVXUH00 ZDVLQFOXGHGLQWKH
6SHFLILF3ODQ3URJUDP(,5WRHQVXUHWKDWIXWXUHFRQVWUXFWLRQDFWLYLW\ZRXOGLPSOHPHQWWUDIILFFRQWUROSODQVWR UHGXFHFRQVWUXFWLRQLPSDFWV$VDUHVXOWWKHLPSDFWLGHQWLILHGLQWKH6SHFLILF3ODQ3URJUDP(,5ZDV UHGXFHGWROHVVWKDQVLJQLILFDQWZLWKPLWLJDWLRQ
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE 


8QGHUWKHSURSRVHGDFWLRQFRQVWUXFWLRQDFWLYLWLHVZRXOGRFFXUDWWKHSURSHUW\DVZHOODVZLWKLQ+HDUQ $YHQXH9LFWRULD'ULYHDQG'DYLG/HH&RXUW0LWLJDWLRQ0HDVXUH IURPWKH6SHFLILF3ODQ3URJUDP
(,5ZRXOGEHDSSOLFDEOHWRWKHSURSRVHGDFWLRQHQVXULQJWKDWDFRQVWUXFWLRQWUDIILFFRQWUROSODQLV GHYHORSHGDQGLPSOHPHQWHGWRUHGXFHFRQJHVWLRQDQGGHOD\VRQWKHORFDOVWUHHWQHWZRUNGXULQJ FRQVWUXFWLRQ
$VDUHVXOWWKHLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQWZLWKPLWLJDWLRQDQGWKHSURSRVHGDFWLRQZRXOGEH ZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW 
,PSDFW&XPXODWLYH&RUULGRU2SHUDWLRQV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQ FXPXODWLYHO\FRQVLGHUDEOHLPSDFWRQFRUULGRURSHUDWLRQVEHFDXVHYHKLFXODUWUDIILFRQDOOVWXG\FRUULGRUVZDV H[SHFWHGWRFRQWLQXHRSHUDWLQJDFFHSWDEO\DW/26'RUEHWWHUZLWKWKHDGGLWLRQRI6SHFLILF3ODQJHQHUDWHG WUDIILFDQGURDGZD\LPSURYHPHQWV
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¶VFXPXODWLYHDQDO\VLV $VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW0DLQOLQH)UHHZD\2SHUDWLRQV
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¶VFXPXODWLYHDQDO\VLV
7KHWUDIILFIURPWKHSURSRVHGDFWLRQZRXOGFRQWULEXWHWRWKHFXPXODWLYHLQFUHDVHLQWUDIILFWR86$V VXFKLPSDFWVZRXOGEHFXPXODWLYHO\FRQVLGHUDEOHEXWZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5 UHODWLYHWR,PSDFW
,PSDFW)UHHZD\5DPS2SHUDWLRQV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDFXPXODWLYHO\ FRQVLGHUDEOHLPSDFWRQFXPXODWLYHFRQGLWLRQVUHODWLYHWRIUHHZD\UDPSVEHFDXVHWUDIILFIURPEXLOGRXWRIWKH 6SHFLILF3ODQZKHQFRQVLGHUHGWRJHWKHUZLWKRWKHUSDVWSUHVHQWDQGIXWXUHGHYHORSPHQWLQWKHYLFLQLW\LV (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
SURMHFWHGWRH[FHHGVWRUDJHRQRIIUDPSTXHXHVDQGH[WHQGRQWRPDLQOLQH65DWWKH'XWWRQ$YHQXHRII UDPS0LWLJDWLRQ0HDVXUH00ZDVLQFOXGHGLQWKH6SHFLILF3ODQ3URJUDP(,5WRHQVXUHWKDWWKH 'XWWRQ$YHQXHZHVWERXQGRIIUDPSLVZLGHQHGWRH[WHQGWKHULJKWWXUQSRFNHWWRDOOHYLDWHWKHDGYHUVH TXHXLQJRQWRWKHPDLQOLQHIUHHZD\
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¶VLPSDFWZRXOG EHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW &RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRWUDQVSRUWDWLRQEH\RQGWKRVHSUHYLRXVO\ DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREHZLWKLQWKH VFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR7UDIILFDQG7UDQVSRUWDWLRQ 0LWLJDWLRQ0HDVXUHV
7KHIROORZLQJPLWLJDWLRQPHDVXUHIURPWKH6SHFLILF3ODQ3URJUDP(,5ZRXOGEH DSSOLFDEOHWRWKHSURSRVHGDFWLRQUHGXFLQJ7UDIILFDQG7UDQVSRUWDWLRQ,PSDFW WROHVVWKDQVLJQLILFDQW
OHYHOV
00

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
7LPLQJ,PSOHPHQWDWLRQ
 3ULRUWRFRQVWUXFWLRQDFWLYLWLHV
(QIRUFHPHQW0RQLWRULQJ
 &LW\RI6 DQWD5RVD3ODQQLQJDQG(FRQRPLF'HYHORSPHQW'HSDUWPHQW 3ODQQLQJ'LYLVLRQ



(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 3XEOLF8WLOLWLHV
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
7KH6SHFLILF3ODQZRXOG
QRWH[FHHGWKH&LW\¶VSURMHFWHGZDWHU
GHPDQGLGHQWLILHGLQWKH8UEDQ:DWHU
0DQDJHPHQW3ODQ7KXVQRQHZRU
H[SDQGHGZDWHUHQWLWOHPHQWVZRXOGEH
UHTXLUHGDQGWKLVLPSDFWZRXOGEHOHVVWKDQ
VLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG
1RQH
5HTXLUHG
,PSDFW
,PSOHPHQWDWLRQRIWKH
6SHFLILF3ODQZRXOGQRWUHTXLUHDQ\QHZRU
H[SDQGHGZDWHUWUHDWPHQWIDFLOLWLHV7KHUH
ZRXOGEHQRLPSDFW
1R,PSDFW 1R,PSDFW 1RQH
5HTXLUHG
1RQH
5HTXLUHG
,PSDFW
7KH6SHFLILF3ODQLQ
FRPELQDWLRQZLWKRWKHUUHDVRQDEO\
IRUHVHHDEOHGHYHORSPHQWLQWKH6RQRPD
&RXQW\:DWHU$JHQF\VHUYLFHDUHDZRXOG
UHVXOWLQOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOH
ZDWHUVXSSO\LPSDFWV
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
,PSDFW
:DVWHZDWHUIORZV
JHQHUDWHGDVDUHVXOWRIWKHSURSRVHG
6SHFLILF3ODQZRXOGQRWH[FHHGH[LVWLQJ
FDSDFLW\DWWKH/DJXQD:DVWHZDWHU
7UHDWPHQW3ODQWRULQH[LVWLQJFRQYH\DQFH
IDFLOLWLHV1RLPSURYHPHQWVZRXOGEH

UHTXLUHG
WKHUHIRUHWKLVLPSDFWZRXOGEH
OHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
([LVWLQJSODQQHGDQG
UHDVRQDEO\IRUHVHHDEOHGHYHORSPHQWLQWKH
FXPXODWLYHVHWWLQJZKHQFRQVLGHUHG
WRJHWKHUZLWKWKH
6SHFLILF3ODQZRXOGUHVXOW
LQDFXPXODWLYHLQFUHDVHLQGHPDQGIRU
ZDVWHZDWHUFRQYH\DQFHDQGWUHDWPHQW
VHUYLFHVUHTXLULQJV\VWHPLPSURYHPHQWV
7KLVFXPXODWLYHLPSDFWZRXOGEHOHVVWKDQ
FXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH
6SHFLILF3ODQZRXOGUHTXLUHWKHH[WHQVLRQRI
H[LVWLQJVWRUPZDWHUGUDLQDJHIDFLOLWLHVWR
VHUYHQHZGHYHORSPHQW7KLVLPSDFWZRXOG
EHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
&XPXODWLYHJURZWKLQWKH
FLW\ZRXOGLQFUHDVHWKHYROXPHRI
VWRUPZDWHUHQWHULQJWKH&LW\¶VGUDLQDJH
V\VWHP7KLVFXPXODWLYHLPSDFWZRXOGEH
OHVVWKDQFXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
(QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
,PSDFW6WDWHPHQWIURP3URJUDP(,5
3URJUDP(,5
/HYHORI
6LJQLILFDQFH
3URMHFW/HYHO
RI6LJQLILFDQFH
0LWLJDWLRQ
0HDVXUH
:LWKLQ
6FRSHRIWKH
3URJUDP
(,5"
,PSDFW
)XWXUHGHYHORSPHQW
UHVXOWLQJIURPLPSOHPHQWDWLRQRIWKH6SHFLILF
3ODQZRXOGLQFUHDVHGHPDQGIRUVROLGZDVWH
FROOHFWLRQUHF\FOLQJDQGGLVSRVDOVHUYLFHV
7KLVLPSDFWZRXOGEHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
,PSOHPHQWDWLRQRIWKH
6SHFLILF3ODQZRXOGQRWEHH[SHFWHGWR
UHVXOWLQFRQIOLFWVZLWKDQ\IHGHUDOVWDWHRU
ORFDOVROLGZDVWHUHJXODWLRQV7KLVLPSDFW
ZRXOGEHOHVVWKDQVLJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
/HVVWKDQ
6LJQLILFDQW
1RQH
5HTXLUHG <HV
,PSDFW
7KH6SHFLILF3ODQZKHQ
FRQVLGHUHGLQFRPELQDWLRQZLWKRWKHU
H[LVWLQJDQGSODQQHGGHYHORSPHQWLQWKH
6&:0$VHUYLFHDUHDZRXOGLQFUHDVH
FXPXODWLYHGHPDQGIRUVROLGZDVWHGLVSRVDO
VHUYLFHV7KLVFXPXODWLYHLPSDFWZRXOGEH
OHVVWKDQFXPXODWLYHO\FRQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
/HVVWKDQ
&XPXODWLYHO\
&RQVLGHUDEOH
1RQH
5HTXLUHG <HV
'LVFXVVLRQ

,PSDFW5HTXLUH1HZRU([SDQGHG:DWHU(QWLWOHPHQWV 7KH6SHFLILF3ODQ3URJUDP(,5
LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRWKHQHHGIRUQHZZDWHUHQWLWOHPHQWVDVWKHZDWHU GHPDQGIRUWKH6SHFLILF3ODQDUHDZRXOGEHOHVVWKDQWKHGHPDQGDVVXPHGLQWKH8UEDQ:DWHU 0DQDJHPHQW3ODQ
8:03
DQGQRQHZV\VWHPLPSURYHPHQWVZRXOGEHUHTXLUHG
6DQWD5RVDUHFHLYHVWKHPDMRULW\RILWVGULQNLQJZDWHUVXSSO\IURPWKH6RQRPD&RXQW\:DWHU$JHQF\

6RQRPD:DWHU
ZKLFKSURYLGHVZDWHUSULQFLSDOO\IURPWKH5XVVLDQ5LYHUWRUHWDLOZDWHUVXSSOLHUVLQ 6RQRPD&RXQW\1HZGHYHORSPHQWLQWKH&LW\RI6DQWD5RVDLVUHTXLUHGWREHH[WUHPHO\ZDWHUHIILFLHQW FRPSO\LQJZLWKWKH&LW\¶V:DWHU(IILFLHQW/DQGVFDSH2UGLQDQFHDQGWKH&$/*UHHQEXLOGLQJFRGHZKLFK UHTXLUHVQHZGHYHORSPHQWWREHPRUHZDWHUHIILFLHQWWKDQH[LVWLQJGHYHORSPHQWZLWKQHZ GHYHORSPHQWRIWHQH[FHHGLQJWKLVWDUJHW
7KH6DQWD5RVD8:03
6DQWD5RVD
VXPPDUL]HVWKH&LW\¶VZDWHUQHHGVDQGGHPDQGVRYHUD
\HDUSODQQLQJKRUL]RQWKURXJK\HDU7KHIXQGDPHQWDOGHWHUPLQDWLRQRIWKH8:03LVWKDWWKH&LW\ KDVRUZLOOKDYHVXIILFLHQWZDWHUUHVRXUFHVWRPHHWWKH&LW\¶VSURMHFWHGJURZWKRYHUWKHQH[W\HDUVXQGHU DOODQWLFLSDWHGK\GURORJLFFRQGLWLRQVDOWKRXJKFXVWRPHUVVKRXOGH[SHFWVRPHGHPDQGUHGXFWLRQVGXULQJ GU\\HDUVWRHQVXUHGHPDQGVDOLJQZLWKWKH&LW\¶VZDWHUVXSSO\ $FFRUGLQJWR6DQWD5RVDSHUVRQQHOPRGHOLQJRIZDWHUVXSSOLHVDQGZDWHUSUHVVXUHDORQJH[LVWLQJZDWHU PDLQVLQ+HDUQ$YHQXHVKRZWKDWWKHZDWHUGHPDQGVIRUWKHSURSRVHGDFWLRQFDQEHDFFRPPRGDWHGE\ H[LVWLQJVXSSOLHVDQGIDFLOLWLHV
3HUVRQDO&RPPXQLFDWLRQD
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQ
WKHQHHGIRUQHZRUH[SDQGHGZDWHUHQWLWOHPHQWV
$VDUHVXOWWKHLPSDFWUHODWLYHWRWKHQHHGIRUZDWHUHQWLWOHPHQWVZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKH SURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
,PSDFW5HTXLUH1HZRU([SDQGHG:DWHU7UHDWPHQW)DFLOLWLHV 7KH6SHFLILF3ODQ3URJUDP(,5
LGHQWLILHGQRLPSDFWUHODWLYHWRWKHQHHGIRUH[SDQGHGZDWHUWUHDWPHQWIDFLOLWLHVDVEXLOGRXWRIWKH6SHFLILF 3ODQZRXOGQRWUHTXLUHWKHH[SDQVLRQRIH[LVWLQJZDWHUVXSSOLHVRUWUHDWPHQWIDFLOLWLHV $VGHVFULEHGLQ,PSDFWWKHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQWKHQHHGIRUQHZRUH[SDQGHG ZDWHUHQWLWOHPHQWV$GGLWLRQDOO\WKHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQWKHQHHGIRUQHZZDWHUWUHDWPHQW IDFLOLWLHV
$VDUHVXOWWKHLPSDFWUHODWLYHWRZDWHUWUHDWPHQWIDFLOLWLHVZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHG DFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW&XPXODWLYH:DWHU,PSDFWV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQ FXPXODWLYHO\FRQVLGHUDEOHLPSDFWUHODWLYHWRZDWHUVXSSO\LPSDFWVEHFDXVHVXIILFLHQWZDWHUVXSSOLHVZRXOG EHDYDLODEOHDQGEXLOGRXWRIWKH6SHFLILF3ODQZRXOGQRWFRQWULEXWHWRWKHQHHGIRUQHZRUH[SDQGHGZDWHU VXSSO\RUWUHDWPHQWLQIUDVWUXFWXUH
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¶VFXPXODWLYHDQDO\VLV $VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW:DVWHZDWHU&RQYH\DQFHDQG7UHDWPHQW
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGD
OHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRZDVWHZDWHUFDSDFLW\DVWKH&LW\¶VPRGHOLQJRIDQWLFLSDWHG ZDVWHZDWHUIORZVLQWKH6SHFLILF3ODQDUHDLQGLFDWHGWKDWEXLOGRXWRIWKH6SHFLILF3ODQZRXOGQRWZRUVHQ H[LVWLQJFDSDFLW\LVVXHVLQWKHFRQYH\DQFHV\VWHPDQGZRXOGQRWUHTXLUHSLSHXSVL]LQJRURWKHU LPSURYHPHQWVEH\RQGWKRVHSUHYLRXVO\LGHQWLILHGLQWKH&LW\¶V6DQLWDU\6HZHU6\VWHP0DVWHU3ODQ8SGDWH $VGHVFULEHGLQWKH6SHFLILF3ODQ3URJUDP(,5GHYHORSPHQWRIWKH6SHFLILF3ODQDUHDLQWHUPVRI JHQHUDWLQJZDVWHZDWHUZDVHYDOXDWHGLQWKH&LW\¶V*HQHUDO3ODQDQG6DQLWDU\6HZHU6\VWHP0DVWHU 3ODQ7KHFKDQJHLQODQGXVHVXQGHUWKHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQDVXEVWDQWLDOLQFUHDVHLQ GHPDQGIRUZDVWHZDWHUWUHDWPHQWEH\RQGWKDWHYDOXDWHGLQWKH6SHFLILF3ODQ(,5$FFRUGLQJWR6DQWD5RVD SHUVRQQHOPRGHOLQJRIWKHWRWDOSHDNVHZHUJHQHUDWLRQIURPWKHSURSRVHGDFWLRQLVZHOOEHORZWKHPRGHOHG PLQLPXPDYDLODEOHFDSDFLW\RIWKHORFDOVHZHUV\VWHPLQ+HDUQ$YHQXHDQGQRVHZHUFDSDFLW\LVVXHV ZRXOGUHVXOW
3HUVRQDO&RPPXQLFDWLRQD

$VDUHVXOWWKHLPSDFWUHODWLYHWRZDVWHZDWHUFRQYH\DQFHDQGWUHDWPHQWZRXOGEHOHVVWKDQVLJQLILFDQWDQG WKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW&XPXODWLYH:DVWHZDWHU&RQYH\DQFHDQG7UHDWPHQW,PSDFWV 7KH6SHFLILF3ODQ
3URJUDP(,5LGHQWLILHGDOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHLPSDFWUHODWLYHWRZDVWHZDWHUFRQYH\DQFH DQGWUHDWPHQWEHFDXVHZDVWHZDWHUPRGHOLQJLQGLFDWHVWKDWEXLOGRXWRIWKH6SHFLILF3ODQZRXOGQRW (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
FRQWULEXWHWRH[LVWLQJFRQYH\DQFHV\VWHPFDSDFLW\LVVXHVDQGZRXOGQRWUHTXLUHV\VWHPLPSURYHPHQWV EH\RQGWKRVHSUHYLRXVO\LGHQWLILHGLQWKH&LW\¶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¶VFXPXODWLYHDQDO\VLV $VVXFKLPSDFWVZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW5HTXLUH1HZDQG([SDQGHG6WRUPZDWHU'UDLQDJH)DFLOLWLHV 7KH6SHFLILF3ODQ
3URJUDP(,5LGHQWLILHGDOHVVWKDQVLJQLILFDQWLPSDFWUHODWLYHWRLPSDFWVDVVRFLDWHGZLWKFRQVWUXFWLRQRI LQIUDVWUXFWXUHLPSURYHPHQWVEHFDXVH

VWRUPZDWHUGUDLQDJHLQIUDVWUXFWXUHH[LVWVLQWKH6SHFLILF3ODQDUHD 
IXWXUHGHYHORSPHQWSURMHFWVZRXOGEHUHTXLUHGWRDGKHUHWRWKH&LW\¶V6WRUP:DWHU/,'7HFKQLFDO'HVLJQ 0DQXDODQG&LW\&RGH&KDSWHUZKLFKZRXOGOLPLWLQFUHDVHVLQVWRUPZDWHUUXQRIIDQG SK\VLFDO
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
$K\GURORJ\
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
LGHQWLILHGDOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHLPSDFWUHODWLYHWRVWRUPZDWHULPSDFWVEHFDXVH GHYHORSPHQWZRXOGEHVXEMHFWWRWKHJRDOVDQGSROLFLHVRIWKH*HQHUDO3ODQWKH&LW\¶V6WRUP:DWHU/,' (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
7HFKQLFDO'HVLJQ0DQXDODQG&LW\&RGH&KDSWHUDQGEHFDXVHEXLOGRXWRIWKH6SHFLILF3ODQLVQRW DQWLFLSDWHGWRUHVXOWLQDQHWLQFUHDVHLQVWRUPZDWHUYROXPHVDQGZRXOGQRWUHTXLUHPDMRULPSURYHPHQWVWR WKH&LW\¶VGUDLQDJHV\VWHP
6LPLODUO\DVGLVFXVVHGLQ,PSDFWWKHSURSRVHGDFWLRQZRXOGEHVXEMHFWWRDSSOLFDEOHUHJXODWLRQV DQGGHVLJQJXLGHOLQHVWKDWOLPLWLQFUHDVHVLQVWRUPZDWHUUXQRIIWRWKHORFDOGUDLQDJHV\VWHP7KHSURSRVHG DFWLRQLQFRPELQDWLRQZLWKRWKHUSURSRVHGDQGDSSURYHGDFWLRQVLQWKH6SHFLILF3ODQDUHDZRXOGQRW FXPXODWLYHO\FUHDWHQHZVWRUPZDWHUGUDLQDJHLPSDFWVEHFDXVHDFWLRQVZLWKLQWKH6SHFLILF3ODQZRXOGEH UHTXLUHGWRLQFOXGHVWRUPZDWHUIDFLOLWLHVLQFRPSOLDQFHZLWKWKH&LW\RI6DQWD5RVD/,'7HFKQLFDO'HVLJQ 0DQXDOLQFOXGLQJGUDLQDJHPDQDJHPHQWDUHDVQXPHULFVL]LQJFULWHULDIRUVWRUPZDWHUUHWHQWLRQDQG WUHDWPHQWSULRUWRGLVFKDUJHVLWHGHVLJQPHDVXUHVWRUHGXFHUXQRIIVWRUPZDWHUWUHDWPHQWPHDVXUHVDQG K\GURPRGLILFDWLRQPHDVXUHV6WRUPZDWHUJHQHUDWHGDVDUHVXOWRIQHZLPSHUYLRXVVXUIDFHVZRXOGEH FDSWXUHGE\UHTXLUHG/,'IHDWXUHVGHVLJQHGWRUHWDLQWKHLQFUHDVHLQVWRUPZDWHUUXQRIIWRPLPLFSUH GHYHORSPHQWK\GURORJLFFRQGLWLRQV
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¶V FXPXODWLYHDQDO\VLV
$VVXFKWKHLPSDFWZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ 3URJUDP(,5UHODWLYHWR,PSDFW
,PSDFW,QFUHDVHG'HPDQGIRU6ROLG:DVWH
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVV
WKDQVLJQLILFDQWLPSDFWUHODWLYHWRRSHUDWLRQDODQGFRQVWUXFWLRQZDVWHDVWKHLQFUHDVHLQVROLGZDVWH DQWLFLSDWHGWREHJHQHUDWHGE\EXLOGRXWRIWKH6SHFLILF3ODQZRXOGQRWH[FHHGWKHSHUPLWWHGFDSDFLW\RIORFDO ODQGILOOVDQGEHFDXVHIXWXUHGHYHORSPHQWZRXOGEHUHTXLUHGWRFRPSO\ZLWKH[LVWLQJUHJXODWLRQVVXFKDV *HQHUDO3ODQSROLFLHVDQG6DQWD5RVD¶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¶V&RQVWUXFWLRQDQG'HPROLWLRQ'HEULV)UDQFKLVH$JUHHPHQW$VGHVFULEHGLQWKH 6SHFLILF3ODQ3URJUDP(,5VXIILFLHQWFDSDFLW\H[LVWVDWUHJLRQDOODQGILOOVWRDFFRPPRGDWHWKHVROLGZDVWH GLVSRVDOQHHGV
$VDUHVXOWWKHLPSDFWUHODWLYHWRVROLGZDVWHZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKHSURSRVHGDFWLRQZRXOG EHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW (QYLURQPHQWDO$QDO\VLV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
,PSDFW6ROLG:DVWH5HJXODWLRQ&RQIOLFW
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQ VLJQLILFDQWLPSDFWUHODWLYHWRFRQIOLFWZLWKVROLGZDVWHUHJXODWLRQVDVGHYHORSPHQWXQGHUWKH6SHFLILF3ODQ ZRXOGEHUHTXLUHGWRFRPSO\ZLWKIHGHUDOVWDWHDQGORFDOUHJXODWLRQVDQGUHF\FOLQJHIIRUWV 6LPLODUO\WKHSURSRVHGDFWLRQZRXOGEHUHTXLUHGWRFRPSO\ZLWKH[LVWLQJUHJXODWLRQVUHODWHGWRWKHGLVSRVDO RIVROLGZDVWHLQFOXGLQJUHF\FOLQJHIIRUWVWRDVVLVWWKH&LW\LQFRPSO\LQJZLWK$VVHPEO\%LOO 
GLYHUVLRQ
UDWHUHTXLUHPHQWV
$VDUHVXOWWKHLPSDFWUHODWLYHWRFRQIOLFWVZLWKVROLGZDVWHUHJXODWLRQVZRXOGEHOHVVWKDQVLJQLILFDQWDQG WKHSURSRVHGDFWLRQZRXOGEHZLWKLQWKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW ,PSDFW&XPXODWLYH6ROLG:DVWH,PSDFWV
7KH6SHFLILF3ODQ3URJUDP(,5LGHQWLILHGDOHVVWKDQ FXPXODWLYHO\FRQVLGHUDEOHLPSDFWUHODWLYHWRVROLGZDVWHEHFDXVHWKHDQWLFLSDWHGLQFUHDVHLQVROLGZDVWH JHQHUDWLRQUHVXOWLQJIURPEXLOGRXWRIWKH6SHFLILF3ODQZRXOGQRWKDYHDVXEVWDQWLDOHIIHFWRQODQGILOO FDSDFLW\DQGEHFDXVHGHYHORSPHQWZRXOGEHVXEMHFWWR*HQHUDO3ODQJRDOVDQGSROLFLHVUHJDUGLQJVROLG ZDVWHGLVSRVDODQGZRXOGEHFRQGLWLRQHGWRSDUWLFLSDWHLQUHF\FOLQJSURJUDPVRIIHUHGWKURXJKWKH&LW\¶V IUDQFKLVHGZDVWHFROOHFWLRQFRPSDQ\
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

GLYHUVLRQUDWHUHTXLUHPHQWV
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¶VFXPXODWLYHDQDO\VLV $VVXFKWKHLPSDFWZRXOGEHOHVVWKDQFXPXODWLYHO\FRQVLGHUDEOHDQGWKHSURSRVHGDFWLRQZRXOGEHZLWKLQ WKHVFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR,PSDFW &RQFOXVLRQ
7KHSURSRVHGDFWLRQZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDO LQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVWRSXEOLFXWLOLWLHVEH\RQGWKRVHSUHYLRXVO\ DGGUHVVHGLQWKH6SHFLILF3ODQ3URJUDP(,57KHUHIRUHWKHSURSRVHGDFWLRQLVIRXQGWREHZLWKLQWKH VFRSHRIWKH6SHFLILF3ODQ3URJUDP(,5UHODWLYHWR3XEOLF8WLOLWLHV 0LWLJDWLRQ0HDVXUHV
7KHUHDUHQRPLWLJDWLRQPHDVXUHVIURPWKH6SHFLILF3ODQ3URJUDP(,53XEOLF 8WLOLWLHVVHFWLRQWKDWZRXOGEHDSSOLFDEOHWRWKHSURSRVHGDFWLRQ 



5HIHUHQFHV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 5HIHUHQFHV
$*(2&RQFHSWXDO/HYHO*HRWHFKQLFDO6WXG\5HSRUW 

DQG+HDUQ$YHQXH6DQWD5RVD
&DOLIRUQLD-XQH
%D\$UHD$LU4XDOLW\0DQDJHPHQW'LVWULFW
%$$40'
D&DOLIRUQLD(QYLURQPHQWDO4XDOLW\$FW$LU4XDOLW\ *XLGHOLQHV
%D\$UHD$LU4XDOLW\0DQDJHPHQW'LVWULFW
%$$40'
E-XVWLILFDWLRQ5HSRUW±&(4$7KUHVKROGVIRU(YDOXDWLQJ WKH6LJQLILFDQFHRI&OLPDWH,PSDFWV
%$$40'E)LQDO&OHDQ$LU3ODQ
6SDUHWKH$LU&RROWKH&OLPDWH$SULO

%$$40'$LU4XDOLW\6WDQGDUGVDQG$WWDLQPHQW6WDWXV:HEVLWH$FFHVVHG-DQXDU\DW 
KWWS
ZZZEDDTPGJRYUHVHDUFKDQGGDWDDLUTXDOLW\VWDQGDUGVDQGDWWDLQPHQWVWDWXV &DOLIRUQLD'HSDUWPHQWRI7UDQVSRUWDWLRQ
&DOWUDQV
6WDWH6FHQLF+LJKZD\/LVW$YDLODEOHRQOLQH

KWWSV
GRWFDJRYPHGLDGRWPHGLDSURJUDPVGHVLJQGRFXPHQWVGHVLJDQGHOLJLEOHD\[OV[ &DOLIRUQLD'HSDUWPHQWRI&RQVHUYDWLRQ
&'&

6SHFLDO6WXGLHV=RQHV
6DQWD5RVD4XDGUDQJOH-XO\
&DOLIRUQLD'HSDUWPHQWRI&RQVHUYDWLRQ
&'&
6RQRPD&RXQW\,PSRUWDQW)DUPODQG3XEOLVKHG 6HSWHPEHU
(%$(QJLQHHULQJD3KDVH,(QYLURQPHQWDO6LWH$VVHVVPHQW +HDUQ$YHQXH'HFHPEHU

(%$(QJLQHHULQJE3KDVH,(QYLURQPHQWDO6LWH$VVHVVPHQW +HDUQ$YHQXH'HFHPEHU
(%$(QJLQHHULQJF3KDVH,(QYLURQPHQWDO6LWH$VVHVVPHQW+HDUQ$YHQXH'HFHPEHU )DUDOORQ&RQVXOWLQJ/LPLWHG6LWH,QYHVWLJDWLRQ+HDUQ&RPPXQLW\&RPSOH[ 
DQG+HDUQ
$YHQXH6DQWD5RVD&DOLIRUQLD-XQH
)HGHUDO(PHUJHQF\0DQDJHPHQW$JHQF\
)(0$
)ORRG,QVXUDQFH5DWH0DS3DQHO
&)(IIHFWLYH
2FWREHU
*+'+HDUQ$YHQXH&RPPXQLW\+XE3URMHFW$TXDWLF5HVRXUFH'HOLQHDWLRQ5HSRUW *+'+HDUQ$YHQXH&RPPXQLW\+XE3URMHFW%LRORJLFDO$VVHVVPHQW ,OOLQJZRUWK 5RGNLQD+HDUQ$YHQXH&RPPXQLW\+XE+HDOWK5LVN$VVHVVPHQW ,OOLQJZRUWK 5RGNLQE+HDUQ$YHQXH&RPPXQLW\+XE1RLVHDQG9LEUDWLRQ$VVHVVPHQW 2IILFHRI3ODQQLQJDQG5HVHDUFK
235
7HFKQLFDO$GYLVRU\RQ(YDOXDWLQJ7UDQVSRUWDWLRQLPSDFWVLQ&(4$ 6WDWHRI&DOLIRUQLD*RYHUQRU¶V2IILFHRI3ODQQLQJDQG5HVHDUFK'HFHPEHU 3HUVRQDOFRPPXQLFDWLRQD-DVRQ5REHUWV$VVRFLDWH&LYLO(QJLQHHU&LW\RI6DQWD5RVD$SULO 
3HUVRQDOFRPPXQLFDWLRQE)ODQQHU\%DQNV$VVLVWDQW(QJLQHHU±6WRUP:DWHUDQG&UHHNV&LW\RI6DQWD 5RVD$SULO
3UR7HFK&RQVXOWLQJ (QJLQHHULQJ3UH'HPROLWLRQ6XUYH\ (YDOXDWLRQ$SULO 
6DQWD5RVD&LW\RID'XWWRQ0HDGRZV3URMHFW'UDIW6XEVHTXHQW(QYLURQPHQWDO,PSDFW5HSRUW6&+ 
-DQXDU\
6DQWD5RVD&LW\RIE'XWWRQ0HDGRZV3URMHFW)LQDO6XEVHTXHQW(QYLURQPHQWDO,PSDFW5HSRUW6&+ 
0D\
6DQWD5RVD&LW\RI
6DQWD5RVD*HQHUDO3ODQ1RYHPEHU
6DQWD5RVD&LW\RI
6DQWD5RVD*HQHUDO3ODQ(QYLURQPHQWDO,PSDFW5HSRUW-XQH 5HIHUHQFHV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
6DQWD5RVD&LW\RI&OLPDWH$FWLRQ3ODQ-XQH 6DQWD5RVD&LW\RI6DQWD5RVD&LW\ZLGH&UHHN0DVWHU3ODQ 6DQWD5RVD&LW\RID6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ1RYHPEHU 6DQWD5RVD&LW\RIE5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQDQG5RVHODQG$UHD$QQH[DWLRQ'UDIW (QYLURQPHQWDO,PSDFW5HSRUW6&+0D\
6DQWD5RVD&LW\RIF5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQDQG5RVHODQG$UHD$QQH[DWLRQ)LQDO (QYLURQPHQWDO,PSDFW5HSRUW6&+$XJXVW 6DQWD5RVD&LW\RI&LW\RI6DQWD5RVD6WRUP:DWHU/RZ,PSDFW'HYHORSPHQW7HFKQLFDO'HVLJQ0DQXDO 5HYLVHG'HFHPEHU
6DQWD5RVD&LW\RI
%LF\FOHDQG3HGHVWULDQ0DVWHU3ODQ8SGDWH0DUFK 6DQWD5RVD&LW\RI9HKLFOH0LOHV7UDYHOHG
907
*XLGHOLQHV)LQDO'UDIW-XQH
6DQWD5RVD&LW\RID8UEDQ:DWHU0DQDJHPHQW3ODQ-XQH 6DQWD5RVD&LW\RIE6RQRPD&RXQW\0XOWLMXULVGLFWLRQDO+D]DUG0LWLJDWLRQ3ODQ8SGDWH 6RQRPD6WDWH8QLYHUVLW\$QWKURSRORJLFDO6WXGLHV&HQWHU&XOWXUDO5HVRXUFHV6WXG\RI 
DQG
+DUQ$YHQXH6DQWD5RVD6RQRPD&RXQW\&DOLIRUQLD$SULO 7UHDQRU+/+LVWRULF5HVRXUFHV(YDOXDWLRQ

DQG+HDUQ$YHQXH'HFHPEHU
86*6

6XPPDU\'LVWULEXWLRQRI6OLGHVDQG(DUWK)ORZVLQ6RQRPD&RXQW\&DOLIRUQLD 9ROOPDU1DWXUDO/DQGV&RQVXOWLQJ%RWDQLFDO6XUYH\5HSRUW6DQWD5RVD+HDUQ$YHQXH&RPPXQLW\+XE 3URMHFW6HSWHPEHU
5HSRUW3UHSDUHUV
&LW\RI6DQWD5RVD5RVHODQG$UHD6HEDVWRSRO5RDG6SHFLILF3ODQ±+HDUQ$YHQXH&RPPXQLW\+XE  
 5HSRUW3UHSDUHUV
 &LW\RI6DQWD5RVD
/LVD:HOVK6HQLRU3ODQQHU
 *+'
%ULDQ%DFFLDULQL6HQLRU(QYLURQPHQWDO6FLHQWLVW
6DP0RRVH(QYLURQPHQWDO3ODQQHU
 6XEFRQVXOWDQWV
7UHDQRU+/
$\VHP.LOLQF$UFKLWHFWXUDO+LVWRULDQ3UHVHUYDWLRQ3ODQQHU ,OOLQJZRUWK 5RGNLQ
-RUG\Q%DXHU$LU4XDOLW\6SHFLDOLVW
0LFKDHO67KLOO1RLVH6SHFLDOLVW
6RQRPD6WDWH8QLYHUVLW\$QWKURSRORJLFDO6WXGLHV&HQWHU 6DPDQWKD'ROOLQJHU6WDII$UFKDHRORJLVW


← All documents from this meeting