HomeMy WebLinkAbout12 DEVELOPMENT AGREEMENT 2026-0002 FOR THE MARINERS TUSTIN LEGACY PROJECTMEETING DATE: SEPTEMBER 15, 2026
TO: ALDO E. SCHINDLER, CITY MANAGER
FROM: BRIAN MONCRIEF, DEPUTY CITY MANAGER – REAL PROPERTY
SUBJECT: DEVELOPMENT AGREEMENT 2026-0002 FOR THE MARINERS
CHURCH TUSTIN LEGACY PROJECT
SUMMARY:
This item is consideration of Development Agreement 2026 -0002 between the City of
Tustin and Mariners Church, a California non -profit religious corporation, for the
development of a two-story religious assembly use on a vacant, City -owned site at the
northeast corner of Warner Avenue and John Johnson Way, within Neighborhood D South
of the Tustin Legacy Specific Plan.
RECOMMENDATION:
Recommend the City Council Introduce and conduct first reading by title only of Ordinance
No. 1581, approving Development Agreement 2026 -0002 to facilitate the development and
conveyance of the 3.324-acre City-owned site, and set the second reading and adoption
for the next available City Council meeting.
FISCAL IMPACT:
There is no fiscal impact associated with the introduction and adoption of Ordinance No.
1581. The Development Agreement does not convey the property or establish the purchase
price; those terms were set in the Purchase and Sale Agreement previously approved by
the City Council.
CORRELATION TO THE STRATEGIC PLAN:
The proposed project furthers the objectives of Strategic Plan Goal A – Economic and
Neighborhood Development. Specifically, this item implements Strategy 1, which is to
develop critical phases of Tustin Legacy.
AGENDA REPORT
Agenda Item _______
Reviewed:
City Manager _______
Finance Director _______
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432
12
N/A
Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
City Council Agenda Report
Mariners Church - DA 2026-0002
September 15, 2026
Page 2
BACKGROUND AND DISCUSSION:
The project site is a vacant, City-owned 3.324-acre parcel identified as Lot 15 of Tract No.
18197 and Assessor's Parcel Numbers 430 -481-13, 430-481-14, and 430-481-15, within
Planning Areas 8, 13, and 14 of the Tustin Legacy Specific Plan (TLSP).
On September 17, 2025, the City and Mariners Church executed a Purchase and Sale
Agreement (PSA), which provides that the site will be used for religious facility purposes upon
acquisition.
Planning Commission Action – August 25, 2026
Following a duly noticed public hearing, the Planning Commission adopted Resolution No.
4556 determining that the location, purpose, and extent of the proposed disposition conforms
to the General Plan and the TLSP (GPC 2026 -0003), and adopted Resolution No. 4557
approving Design Review (DR) 2025-0020 and Conditional Use Permit (CUP) 2025-0022 for
the 33,422 square foot building and religious assembly use, adopting the Addendum to the
TLSP 2024 Supplemental Environmental Impact Report, and recommending that the City
Council adopt Ordinance No. 1581. Both resolutions were adopted with four commissioners
voting in favor, none opposed, and one absent.
Development Agreement 2026-0002
TLSP Section 4.2.7 requires a Development Agreement (DA) in conjunction with, or prior to,
the approval of entitlements associated with private development. A DA provides both the
applicant and the City with certainty that the project may proceed under the rules, conditions,
and regulations in place at the time of approval, while assuring the City that its objectives,
goals, and policies will be carried out and that the agreed public benefits are delivered.
Development Agreement (DA) 2026-0002 provides for the orderly implementation of the
General Plan and TLSP and certain assurances to the applicant and the City. Its provisions
include the Project Fair Share Contribution , CFD 18-01 Zone 4 fee, all applicable
Development Impact Fees, dedication of the on -site rights-of-way and easements needed
for public improvements, and a separate Landscape Installation and Maintenance Agreement
covering the adjacent parkway including annual review consistent with Government Code
Section 65865.1.
ENVIRONMENTAL REVIEW:
On January 16, 2001, the City certified the Program Final Environmental Impact
Statement/Environmental Impact Report (FEIS/EIR) for the reuse and disposal of Marine
Corps Air Station Tustin, and subsequently adopted a series of supplements and addenda.
On December 17, 2024, the City Council adopted Resolution No. 24 -76, approving a third
supplement (the TLSP 2024 SEIR). The FEIS/EIR, together with its addenda and
supplements, is a program EIR under the California Environmental Quality Act (CEQA).
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
City Council Agenda Report
Mariners Church - DA 2026-0002
September 15, 2026
Page 3
Because the project includes the construction and establishment of a religious assembly use,
it was evaluated through an Addendum tiering from the TLSP 2024 SEIR, prepared pursuant
to CEQA Guidelines Sections 15164, 15162, and 15168. The Addendum concludes that the
project is within the scope of the development already analyzed in the TLSP 2024 SEIR.
On August 25, 2026 the City’s Planning Commission certified that the project’s environmental
impacts were adequately covered by the FEIS/EIR and its addenda and supplements, based
on a CEQA Consistency and Streamlining Checklist prepared pursuant to CEQA Guidelines
Section 15183. The proposed Development Agreement (DA 2026-0002) was an integral part
of the religious assembly use project and CEQA Addendum presented to and considered by
the Commission. Therefore, pursuant to CEQA Guidelines Section 15162(c), no further CEQA
action is required because none of the conditions identified in Section 15162(a) have occurred
that would require the preparation of a subsequent or supplemental EIR, and because the
project is required to comply with applicable mitigation measures of the TLSP’s FEIS/EIR (SCH
94071005), 2017 SEIR (SCH 1994071005), and 2024 SEIR (SCH 1994071005), and their
respective Mitigation, Monitoring & Reporting Programs (MMRPs).
________________________________________
Jason Loya
Senior Management Analyst
________________________________________
Brian Moncrief
Deputy City Manager – Real Property
Attachments:
1.Ordinance 1581
a.Development Agreement 2026-0002
2.Planning Commission Meeting Minutes of August 25, 2026, and Resolution Nos.
4557 & 4556
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
________________
Ordinance No. 1581
DA 2026-0002
Page 1
ORDINANCE NO. 1581
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
CALIFORNIA, APPROVING DEVELOPMENT AGREEMENT 2026-
0002 BETWEEN THE CITY OF TUSTIN AND MARINERS CHURCH,
A CALIFORNIA NON-PROFIT RELIGIOUS CORPORATION FOR
THE DEVELOPMENT OF A 33,422 SQUARE FOOT RELIGIOUS
ASSEMBLY USE WITHIN NEIGHBORHOOD D OF THE TUSTIN
LEGACY SPECIFIC PLAN
The City Council of the City of Tustin, California does hereby ordain as follows:
SECTION 1. The City Council finds and determines as follows:
A. That a proper application has been submitted by Issac Luevano of Carlile
Coatsworth Architects on behalf of Mariners Church, a California non-profit
religious corporation, for the development of a new religious assembly use
comprised of 33,422 square feet of building area including a 622-seat
sanctuary space, meeting/worship rooms, service spaces and 276 on-site
parking spaces with landscaping and associated site improvements, on Lot
15 of Tract 18197, an approximately 3.32-acre site currently owned by the
City of Tustin within Planning Area (PA) 8, 13, and 14 (Neighborhood D) of
the Tustin Legacy Specific Plan (TLSP).
B. That Development Agreement (DA) 2026-0002 provides public benefits in
the form of public/quasi-public and/or institutional usage as a new religious
assembly use within the City; installation of on-site and off-site
improvements; and the creation and retention of jobs. In addition, the DA
requires the developer to:
1. Design and construct sidewalk, parkway landscape, and irrigation
systems adjacent to the project along Warner Avenue, Veteran’s
Way and John Johnson Way.
2. Enter into a Landscape Installation and Maintenance Agreement with
the City for the construction, maintenance, repair, and replacement
of landscaping within the landscape area;
3. Annex the property and project improvements into Community
Facilities District (CFD) 18-01, Zone 4, for the provision of
maintenance and essential services at Tustin Legacy; and
4. Pay the Project Fair Share Contribution for backbone infrastructure
in Tustin Legacy.
ATTACHMENT 1
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
_________________
Ordinance No. 1581
DA 2026-0002
Page 2
C. That TLSP Section 4.2.7 requires all private nonresidential development at
Tustin Legacy to obtain a DA in accordance with Section 65864 et seq. of
the Government Code and Sections 9600 to 9619 of the Tustin City Code
(TCC). In compliance with TCC Section 9611, the Tustin Planning
Commission must make a recommendation on the proposed DA to the City
Council.
D. That a public hearing was duly called, noticed, and held on said application
on August 25, 2026, by the Planning Commission. The Planning
Commission adopted Resolution No. 4557 recommending that the City
Council approve the DA.
E. That a public hearing was duly called, noticed, and held on said application
on September 15, 2026, by the City Council.
F. On January 16, 2001, the City of Tustin certified the Program Final
Environmental Impact Statement/Environmental Impact Report (FEIS/EIR)
for the reuse and disposal of MCAS Tustin. On December 6, 2004, the City
Council adopted Resolution No. 04-76 approving a supplement to the
FEIS/EIR for the extension of Tustin Ranch Road between Walnut Avenue
and the future alignment of Valencia North Loop Road. On April 3, 2006,
the City Council adopted Resolution No. 06-43 approving an addendum to
the FEIS/EIR. On May 13, 2013, the City Council adopted Resolution No.
13-32 approving a second addendum to the FEIS/EIR. On July 5, 2017,
the City Council adopted Resolution No. 17-23 approving a second
supplement to the FEIS/EIR. On December 17, 2024, the City Council
adopted Resolution No. 24-76 approving a third supplement to the
FEIS/EIR (the TLSP 2025 SEIR, State Clearinghouse No. 1994071005),
which evaluated the environmental effects in conjunction with an
amendment to the TLSP to implement the programs and policies of the
City’s Sixth Cycle Housing Element Rezone Project, which increased
residential capacity within TLSP Neighborhoods D (North and South) and
G (Housing Element Sites 1A, 1B and 2).
The FEIS/EIR, along with its addenda and supplements, is a program
EIR under the California Environmental Quality Act (CEQA). The
FEIS/EIR, addenda, and supplements considered the potential
environmental impacts associated with development on the former
Marine Corps Air Station, Tustin.
Because the proposed project includes the construction and
establishment of a new religious assembly use within a new two-story
building, the project has been evaluated through an addendum tiering
from the TLSP 2025 SEIR pursuant to CEQA Guidelines Sections 15164,
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
________________
Ordinance No. 1581
DA 2026-0002
Page 3
15162, and 15168. The addendum concludes that the project is within
the scope of the development previously analyzed in the TLSP 2025
SEIR, that none of the conditions described in CEQA Guidelines Section
15162 calling for preparation of a subsequent or supplemental EIR have
occurred, and that no further environmental documentation is required.
On August 25, 2006, the Planning Commission adopted the Addendum
to the TLSP 2025 SEIR with Resolution No. 4557.
G. That the DA can be supported by the following findings:
1. The project is consistent with the objectives, policies, general land
uses and programs specified in the General Plan and the TLSP in that
churches and other religious institutions are conditionally permitted
within Planning Area (PA) 8, 13, and 14 of Neighborhood D.
2. The project is compatible with the uses authorized in the district in
which the real property is located (PA 8, 13, and 14) in that similar and
compatible uses are envisioned within proximity of the project site.
3. The project is in conformity with the public necessity, public
convenience, general welfare, and good land use practices in that the
agreement incorporates public benefits in the form of a new religious
assembly use, to serve the need of residents in both Tustin Legacy
and throughout the city; sidewalk, parkway landscape, and irrigation
improvements along the project’s Warner Avenue, Veteran’s Way and
John Johnson Way frontages; ongoing landscape maintenance
secured by a Landscape Installation and Maintenance Agreement;
annexation into CFD 18-01, Zone 4, for maintenance and essential
services; increased tax revenues; and the creation and retention of
jobs.
4. The project will not be detrimental to health, safety, and general
welfare in that the project will provide a public/quasi-public and/or
institutional use in an area designated for such uses. That, as
conditioned, the construction and use of the project will not be
detrimental to health, safety, and general welfare.
5. The project will not adversely affect the orderly development of
property in that the existing and surrounding properties are improved
or planned for residential, institutional, and park uses, and the project
is orderly, well designed, and equipped with necessary infrastructure
and amenities to support existing and future residents of Tustin
Legacy.
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
_________________
Ordinance No. 1581
DA 2026-0002
Page 4
6. The provisions of the proposed DA and conditions of approval will
ensure that the project will have a positive fiscal impact on the City.
SECTION 2. The City Manager is hereby authorized to take such actions, and execute
such documents and instruments as deemed necessary or desirable to
implement the terms of the DA and other documents as necessary.
SECTION 3. The City Council hereby approves DA 2026-0002 attached hereto as
Exhibit A and subject to final approval of the City Attorney.
SECTION 4. Severability. If any section, subsection, sentence, clause, phrase, or
portion of this ordinance is for any reason held to be invalid or
unconstitutional by the decision of any court of competent jurisdiction,
such decision shall not affect the validity of the remaining portions of this
ordinance. The City Council of the City of Tustin hereby declares that it
would have adopted this ordinance and each section, subsection,
sentence, clause, phrase, or portion thereof irrespective of the fact that
any one or more sections, subsections, sentences, clauses, phrases, or
portions be declared invalid or unconstitutional.
PASSED AND ADOPTED, at a regular meeting of the City Council for the City of Tustin
on this 15th day of September 2026.
___________________________________
AUSTIN LUMBARD
Mayor
_________________________
ERICA N. YASUDA
City Clerk
APPROVED AS TO FORM:
_________________________
DAVID E. KENDIG
City Attorney
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF TUSTIN )
for
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
________________
Ordinance No. 1581
DA 2026-0002
Page 5
ORDINANCE NO. 1581
I, Erica N. Yasuda, City Clerk and ex-officio Clerk of the City Council of the City of
Tustin, California, does hereby certify that the whole number of the members of the
City Council of the City of Tustin is 5; that the above and foregoing Ordinance No. 1581
was duly and regularly introduced at a regular meeting of the Tustin City Council, held
on September 15, 2026, and was given its second reading, passed, and adopted at a
regular meeting of the City Council held on _______ ___, 2026, by the following vote:
COUNCILMEMBER AYES: ___________________________________
COUNCILMEMBER NOES: ___________________________________
COUNCILMEMBER ABSTAINED: ___________________________________
COUNCILMEMBER ABSENT: ___________________________________
COUNCILMEMBER RECUSED: ___________________________________
ERICA N. YASUDA
City Clerk
Exhibit A: Development Agreement 2026-0002
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
4908-3018-6947, v. 1
Recorded at request of: )
City Clerk )
City of Tustin )
)
When recorded return to: )
City of Tustin )
300 Centennial Way )
Tustin, CA 92780 )
Attention: City Clerk )
)
Exempt from filing fees pursuant to Government Code §6103
DEVELOPMENT AGREEMENT NO. 2026-0002
A DEVELOPMENT AGREEMENT BETWEEN
CITY OF TUSTIN
and
MARINERS CHURCH
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-1-
DEVELOPMENT AGREEMENT NO. 2026-0002
This Development Agreement (hereinafter “Agreement”), effective ___________, 20___,
is between the City of Tustin, California (“City”), and Mariner’s Church, a California non-profit
religious corporation (“Owner”) with reference to the following facts:
RECITALS
WHEREAS, City is authorized to enter into binding development agreements with persons
having legal or equitable interests in real property for the development of such property, under
Section 65864 et seq. of the Government Code; and
WHEREAS, the City and Owner made and entered into that Purchase and Sale Agreement
and Joint Escrow Instructions, dated September 17, 2025 (“Purchase and Sale Agreement”)
pursuant to which Owner is purchasing from City certain real property within the City. Specifically,
the property consists of approximately 3.324 gross acres/144,793.44 gross square feet, located
within a portion of Disposition Area 8 at Tustin Legacy, in the City of Tustin, County of Orange,
State of California, commonly referred to as Assessor’s Parcel Numbers 430-481-13, 430-481-14,
and 430-481-15 (altogether, the “Property”), all as more fully described in Exhibit A and depicted
in Exhibit B, both of which are attached hereto and incorporated herein by reference. The Purchase
and Sale Agreement is incorporated herein by reference; and
WHEREAS, Owner desires to develop the Property with religious facilities comprised of
a new two story building consisting of a 33,422 square foot worship center and has submitted
applications to the City for a Conditional Use Permit for religious assembly and Design Review
for site layout building design; and
WHEREAS, proceedings have been taken in accordance with, and consistent with the rules
and regulations of City, including, without limitation, Tustin Legacy Specific Plan Section 4.2.7
regarding development agreements and Tustin City Code (“TCC”) Chapter 6 of Article 9 regarding
the process and procedure governing development agreements; and
WHEREAS, this Agreement constitutes a current exercise of City’s police powers to
provide predictability to Owner in the development approval process by vesting the permitted uses,
density, intensity of use, and timing and phasing of development consistent with the Development
Plan as defined in Section 1.1.9 below in exchange for Owner’s commitment to provide public
benefits to City as set forth in Section 4 below; and
WHEREAS, this Agreement will enable the City to support the development of
underutilized properties within the City, allow for additional religious facilities, create a
community gathering place, and facilitate the well-being of residents and visitors, all of which will
therefore implement numerous General Plan and other public policies of the City; and
WHEREAS, the best interests of the citizens of the City and the public health, safety, and
welfare will be served by entering into this Agreement; and
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-2-
WHEREAS, the physical effects, if any, of the Project and this Agreement have been
analyzed in accordance with the California Environmental Quality Act (“CEQA”) (Pub. Res. Code
section 21000 et seq.); and
WHEREAS, all actions taken and approvals given by City have been duly taken or
approved in accordance with all applicable legal requirements for notice, public hearings, findings,
votes, and other procedural matters.
COVENANTS
NOW, THEREFORE, in consideration of the above recitals and of the mutual covenants
hereinafter contained and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties agree as follows:
1. DEFINITIONS AND EXHIBITS.
1.1 Definitions. The following terms when used in this Agreement shall be defined as
follows:
1.1.1 “Agreement” means this Development Agreement and any amendment
properly approved and executed pursuant to Section 2.6.
1.1.2 “City” means the City of Tustin, a California municipal corporation.
1.1.3 “City Council” means the duly elected city council of the City of Tustin.
1.1.4 “Commencement Date” means the date the Term of this Agreement
commences.
1.1.5 “Development” means the improvement of the Property for the purposes of
completing the structures, improvements, and facilities comprising the Project including, but not
limited to: grading; the construction of infrastructure and public facilities related to the Project
whether located within or outside the Property; the construction of buildings and structures; and
the installation of landscaping. “Development” does not include the maintenance, repair,
reconstruction, or redevelopment of any building, structure, improvement, or facility after the
construction and completion thereof.
1.1.6 “Development Approvals” means all permits and other entitlements for use
subject to approval or issuance by City in connection with development of the Property including,
but not limited to:
(a) General Plan and Specific Plans, including amendments thereto;
(b) Conceptual Site Plan and Design Review and Final Site Plan and Design
Review;
(c) Tentative Parcel or Tract Maps and Final Parcel or Tract maps;
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-3-
(d) Conditional Use Permits, Temporary Use Permits, Master Sign Plans,
Minor Adjustments, Variances and Design Review;
(e) Modification to Conditions of Approval;
(f) Grading, Building and/or Encroachment Permits; and
(g) CEQA compliance for the Project.
1.1.7 “Development Exaction” means any requirement of City in connection with
or pursuant to any Land Use Regulation or Development Approval for the dedication of land, the
construction of improvements or public facilities, or the payment of fees in order to lessen, offset,
mitigate or compensate for the impacts of development on the environment or other public
interests.
1.1.8 “Development Impact Fee” means all fees established and imposed upon
the Project by the City pursuant to the Mitigation Fee Act as set forth in Government Code Section
66000 et seq. “Development Impact Fees” shall not include any fees that have not been established
and imposed pursuant to the Mitigation Fee Act.
1.1.9 “Development Plan” means the plan for development of the Property as set
forth in Exhibit “C”.
1.1.10 “Effective Date” means the date the ordinance approving and authorizing
this Agreement becomes effective.
1.1.11 “Land Use Regulations” means all ordinances, resolutions, codes, rules,
regulations and official policies of City governing the development and use of land, including,
without limitation, the permitted use of land, the density or intensity of use, subdivision
requirements, the maximum height and size of proposed buildings, the provisions for reservation
or dedication of land for public purposes, and the design, improvement, and construction standards
and specifications applicable to the development of the Property. “Land Use Regulations” does not
include any City ordinance, resolution, code, rule, regulation, or official policy, governing:
(a) the conduct of businesses, professions, and occupations;
(b) taxes (special or general) and assessments;
(c) the control and abatement of nuisances;
(d) the granting of encroachment permits and the conveyance of rights and
interests that provide for the use of or the entry upon public property;
(e) the exercise of the power of eminent domain.
1.1.12 “Owner” means the persons and entities listed as Owner on page 1 of this
Agreement and their successors in interest to all or any part of the Property.
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-4-
1.1.13 “Mortgagee” means a mortgagee of a mortgage, a beneficiary under a deed
of trust or any other security-device lender, and their successors and assigns.
1.1.14 “Project” means the development of the Property contemplated by the
Development Plan as such Plan may be further defined, enhanced or modified pursuant to the
provisions of this Agreement.
1.1.15 “Public Benefit” refers to those benefits provided to the City and the
community by Owner pursuant to Section 4 below.
1.1.16 “Reservation of Rights” means the rights and authority excepted from the
assurances and rights provided to Owner under this Agreement and reserved to City under Section
3.3 of this Agreement.
1.2 Exhibits. The following documents are attached to, and by this reference made a
part of, this Agreement:
Exhibit “A” – Legal Description of the Property.
Exhibit “B” – Map and Depiction of Property and its location.
Exhibit “C” – Development Plan.
2. GENERAL PROVISIONS.
2.1 Binding Effect of Agreement. The Property is hereby made subject to this
Agreement and development of the Property shall be carried out in accordance with the terms of
the Development Plan and this Agreement.
2.2 Ownership of Property. Owner represents and covenants that it is the owner of the
fee simple title to, or has an equitable interest in, the Property or a portion thereof.
2.3 City Council Findings. The City Council finds that:
2.3.1 This Agreement is consistent with the objectives, policies, general land uses
and programs specified in the City’s General Plan and the Tustin Legacy Specific Plan.
2.3.2 This Agreement ensures a desirable and functional community
environment, provides effective and efficient development of public facilities, infrastructure, and
services appropriate for the development of the Project, and enhances effective utilization of
resources within the City.
2.3.3 This Agreement provides public benefits beyond those which are necessary
to mitigate the development of the Project.
2.3.4 This Agreement strengthens the public planning process, encourages private
participation in comprehensive planning, and reduces costs of development and government.
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-5-
2.3.5 The best interests of the citizens of the City and the public health, safety,
and welfare will be served by entering into this Agreement.
2.4 Term . The term of this Agreement shall commence on the date (the
“Commencement Date”) that is the Effective Date, and shall continue for a period of five years
thereafter, unless this term is modified or extended pursuant to the provisions of this Agreement.
Thereafter, the Owner shall have no vested right under this Agreement, regardless of whether or
not Owner has paid any Development Impact Fee.
2.5 Assignment.
2.5.1 Right to Assign. Owner shall have the right to sell, transfer or assign the
Property in whole or in part (provided that no such partial transfer shall violate the Subdivision
Map Act, Government Code Section 66410 et seq.) to any person, partnership, joint venture, firm,
or corporation at any time during the term of this Agreement; provided, however, that any such
sale, transfer, or assignment shall include the assignment and assumption of the rights, duties, and
obligations arising under or from this Agreement and be made in strict compliance with the
following conditions precedent:
(a) No sale, transfer, or assignment of any right or interest under this Agreement
shall be made unless made together with the sale, transfer, or assignment of all or a part of the
Property.
(b) Concurrent with any such sale, transfer, or assignment, Owner shall notify
City, in writing, of such sale, transfer, or assignment and shall provide City with an executed
agreement (“Assignment and Assumption Agreement”), in a form reasonably acceptable to City,
by the purchaser, transferee, or assignee and providing therein that the purchaser, transferee, or
assignee expressly and unconditionally assumes: (1) all the duties, obligations, agreements,
covenants, waivers of Owner under this Agreement, including, without limitation, the covenants
not to sue and waivers contained in Sections 6.2 and 7.5 hereof, and (2) all the applicable duties,
obligations, agreements, covenants, waivers of Owner under the Purchase and Sale Agreement,
including, without limitation, the Restrictive Covenant.
Any sale, transfer, or assignment not made in strict compliance with the foregoing
conditions shall constitute a default by Owner under this Agreement. Notwithstanding the failure
of any purchaser, transferee, or assignee to execute the agreement required by Paragraph (b) of this
Subsection 2.5.1, the burdens of this Agreement shall be binding upon such purchaser, transferee,
or assignee, but the benefits of this Agreement shall not inure to such purchaser, transferee, or
assignee until and unless such agreement is executed.
2.5.2 Release of Transferring Owner. Notwithstanding any sale, transfer, or
assignment, a transferring Owner shall continue to be obligated under this Agreement with respect
to the transferred Property or any transferred portion thereof, unless such transferring Owner is
given a release in writing by City, which release shall be provided by City upon the full satisfaction
by such transferring Owner of the following conditions:
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-6-
(a) Owner no longer has a legal or equitable interest in all or any part of the
Property subject to the transfer.
(b) Owner is not then in default under this Agreement.
(c) Owner has provided City with the notice and executed agreement required
under Paragraph (b) of Subsection 2.5.1 above.
(d) The purchaser, transferee, or assignee provides City with security
equivalent to any security previously provided by Owner to secure performance of its obligations
hereunder.
2.5.3 Subsequent Assignment. Any subsequent sale, transfer, or assignment after
an initial sale, transfer, or assignment shall be made only in accordance with and subject to the
terms and conditions of this Section 2.5.
2.5.4 Utilities. The Project shall be connected to all utilities necessary to provide
adequate water, sewer, gas, electric, and other utility service to the Project, prior to the issuance of
a certificate of occupancy for any portion of the Project.
2.6 Amendment or Cancellation of Agreement. This Agreement may be amended or
canceled in whole or in part only by written consent of all parties in the manner provided for in
Government Code Section 65868. This provision shall not limit any remedy of City or Owner as
provided by this Agreement. The parties may mutually consent to adopting “Minor Changes”
through their signing of an “operating memorandum” reflecting Minor Changes, which shall mean
changes to the Project that are consistent with the Development Approvals, which do not result in
a change in use, an increase in density or intensity of use, significant new or increased
environmental impacts that cannot be mitigated, or violations of any applicable health and safety
regulations in effect on the Effective Date. Neither the Minor Changes nor any Operating
Memorandum shall require public notice or hearing. The City Attorney and City Manager shall
be authorized to determine whether proposed modifications and refinements are “Minor Changes”
subject to this Section 2.6 or more significant changes requiring amendment of this Agreement.
The City Manager may execute any operating memoranda without City Council action.
2.7 Termination. This Agreement shall be deemed terminated and of no further effect
upon the earliest to occur of the following events:
(a) Expiration of the stated term of this Agreement as set forth in Section 2.4.
(b) Entry of a final judgment setting aside, voiding, or annulling the adoption
of the ordinance approving this Agreement.
(c) Adoption of a referendum measure overriding or repealing the ordinance
approving this Agreement.
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-7-
(d) Completion of the Project in accordance with the terms of this Agreement
including issuance of all required occupancy permits and acceptance by
City or applicable public agency of all required dedications.
The foregoing notwithstanding, this Agreement shall not terminate if the Owner has
filed an application for amendment of this Agreement (and any associated Development
Approvals) prior to completion of the Project. If the Owner has filed such application, this
Agreement shall not terminate until the earliest of: (1) the City approves the amendment and the
Project, as amended, is completed; (2) the City denies the amendment application; or (3) the Owner
formally withdraws the amendment application.
Termination of this Agreement shall not constitute termination of any other land
use entitlements approved for the Property. Upon the termination of this Agreement, no party shall
have any further right or obligation hereunder except with respect to any obligation to have been
performed prior to such termination or with respect to any default in the performance of the
provisions of this Agreement that has occurred prior to such termination or with respect to any
obligations that are specifically set forth as surviving this Agreement.
2.8 Notices.
All notices, demands, and correspondence required or permitted by this Agreement shall
be in writing and delivered in person or mailed by first class or certified mail, postage prepaid,
return receipt requested, addressed as follows:
If to City:
City of Tustin
300 Centennial Way
Tustin, CA 92780
Attention: City Manager
Copy to:
Deputy City Manager – Real Property
City of Tustin
300 Centennial Way
Tustin, CA 92780
Attention: Deputy City Manager – Real Property
Email: DCM-RP@tustinca.org
City Attorney
Woodruff & Smart, APC
555 Anton Blvd., Suite 1200
Costa Mesa, CA 92626
Attention: David E. Kendig, Esq.
Email: dkendig@woodruff.law
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-8-
Best Best & Krieger LLP
18101 Von Karman Ave.
Irvine, CA 92612
Attention: HongDao Nguyen
Email: hongdao.nguyen@bbklaw.com
If to Owner:
Mariners Church
5001 Newport Coast Drive
Irvine, CA 92603
Attention: Earl Roberson
Email: eroberson@marinerschurch.org
Copy to:
Allen Matkins Leck Gamble Mallory & Natsis LLP
2010 Main Street, 8th Floor
Irvine, CA 92614
Attention: Gary S. McKitterick, Esq.
Phone: (949) 851-5432
Email: gmckitterick@allenmatkins.com
Notice shall be deemed given upon personal delivery or, if mailed, two (2) business days
following deposit in the United States mail. City or Owner may change its address by giving notice
in writing to the other at the addresses listed above. Thereafter, notices, demands, and
correspondence shall be addressed and transmitted to the new address.
3. DEVELOPMENT OF THE PROPERTY.
3.1 Rights to Develop. Subject to the terms of this Agreement including the
Reservation of Rights, Owner shall have a vested right to develop the Property in accordance with,
and to the extent of, this Agreement. Except as expressly provided otherwise herein, the Project
shall remain subject to all Land Use Regulations and Development Approvals in effect on the
Effective Date that are required to complete the Project as contemplated by the Development Plan.
Except as otherwise provided in this Agreement, the permitted uses of the Property, the density
and intensity of use, the maximum height and size of proposed buildings, and provisions for
reservation and dedication of land for public purposes shall be those set forth in the Land Use
Regulations and Development Approvals in effect on the Effective Date or, if consented to by
Owner, those subsequently adopted or amended. Owner shall comply with all mitigation measures
required to be undertaken pursuant to any document prepared in compliance with the California
Environmental Quality Act with respect to the Project.
3.2 Effect of Agreement on Land Use Regulations. Except as otherwise provided under
the terms of this Agreement including the Reservation of Rights, the rules, regulations and official
policies governing permitted uses of the Property, the density and intensity of use of the Property,
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-9-
the maximum height and size of proposed buildings, and the design, improvement, and
construction standards and specifications applicable to development of the Property shall be the
Land Use Regulations and Development Approvals in effect on the Effective Date of this
Agreement or any amendments thereto. In connection with any subsequently imposed
Development Approvals and except as specifically provided otherwise herein, City may exercise
its discretion in accordance with the Land Use Regulations then in effect, as provided by this
Agreement, including, but not limited to, the Reservation of Rights. City shall accept for
processing, review and action all applications for subsequent development approvals, and such
applications shall be processed in the same manner and the City shall exercise its discretion, when
required or authorized to do so, to the same extent it would otherwise be entitled in the absence of
this Agreement.
3.3 Reservation of Rights.
3.3.1 Limitations, Reservations and Exceptions. Notwithstanding any other
provision of this Agreement, the following regulations shall apply to the development of the
Property:
(a) Processing fees and charges of every kind and nature imposed by City to
cover the estimated actual costs to City of processing applications for Development Approvals or
for monitoring compliance with any Development Approvals granted or issued.
(b) Procedural regulations relating to hearing bodies, petitions, applications,
notices, findings, records, hearings, reports, recommendations, appeals, and any other matter of
procedure.
(c) The requirements and obligations of the Purchase and Sale Agreement.
(d) Regulations, policies, and rules governing engineering and construction
standards and specifications applicable to public and private improvements, including, without
limitation, all uniform codes adopted by the City and any local amendments to those codes adopted
by the City, including, without limitation, the City’s Building Code, Plumbing Code, Mechanical
Code, Electrical Code, and Grading Ordinance.
(e) Regulations imposing Development Exactions unless otherwise provided
herein; provided, however, that no such subsequently adopted Development Exaction shall be
applicable to development of the Property unless such Development Exaction is applied uniformly
to development, either throughout the City or within a defined area of benefit which includes the
Property. No such subsequently adopted Development Exaction shall apply if its application to the
Property would physically prevent development of the Property for the uses and to the density or
intensity of development set forth in the Development Plan.
(f) Regulations that may be in material conflict with this Agreement but that
are reasonably necessary to protect the users of the project or the immediate community from a
condition perilous to their health or safety. To the extent possible, any such regulations shall be
applied and construed so as to provide Owner with the rights and assurances provided under this
Agreement.
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-10-
(g) Regulations that are not in material conflict with this Agreement or the
Development Plan. Any regulation, whether adopted by initiative or otherwise, limiting the rate
or timing of development of the Property shall be deemed to materially conflict with the
Development Plan and shall therefore not be applicable to the development of the Property.
(h) Regulations that are in material conflict with the Development Plan;
provided Owner has given written consent to the application of such regulations to development
of that Property in which the Owner has a legal or equitable interest.
(i) Regulations that impose, levy, alter or amend fees, charges, or Land Use
Regulations relating to consumers or end users, including, without limitation, trash can placement,
service charges, and limitations on vehicle parking.
(j) Regulations of other public agencies, including but not limited to
Development Impact Fees, adopted or imposed by such other public agencies, although collected
by City.
3.3.2 Subsequent Development Approvals. This Agreement shall not prevent
City, in acting on subsequent development approvals and to the same extent it would otherwise be
authorized to do so absent this Agreement, from applying subsequently adopted or amended Land
Use Regulations that do not materially conflict with this Agreement, except as specified in Section
3.2.
3.3.3 Modification or Suspension by State or Federal Law. In the event that State,
County or Federal laws or regulations, enacted after the Effective Date of this Agreement, prevent
or preclude compliance with one or more of the provisions of this Agreement, such provisions of
this Agreement shall be modified or suspended as may be necessary to comply with such State or
Federal laws or regulations; provided, however, that this Agreement shall remain in full force and
effect to the extent it is not inconsistent with such laws or regulations and to the extent such laws
or regulations do not render such remaining provisions impractical to enforce.
3.3.4 Intent. The parties acknowledge and agree that City is restricted in its
authority to limit certain aspects of its police power by contract and that the foregoing limitations,
reservations and exceptions are intended to reserve to City all of its police power that cannot be or
are not expressly so limited. This Agreement shall be construed, contrary to its stated terms if
necessary, to reserve to City all such power and authority that cannot be, or is not by this
Agreement's express terms, so restricted.
3.4 Regulation by Other Public Agencies. It is acknowledged by the parties that other
public agencies not within the control of City may possess authority to regulate aspects of the
development of the Property separately from or jointly with City and this Agreement does not limit
the authority of such other public agencies.
3.5 Timing of Development. Because the California Supreme Court held in Pardee
Construction Co. v. City of Camarillo, 37 Cal. 3d 465 (1984), that the failure of the parties in that
case to provide for the timing of development resulted in a later-adopted initiative restricting the
timing of development to prevail over the parties’ agreement, it is the specific intent of the parties
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-11 -
hereto to provide for the timing of the Project in this Agreement. To do so, the parties acknowledge
and provide that Owner shall have the right, but not the obligation, to complete the Project in such
order, at such rate, at such times during the term of this Agreement, and in as many development
phases and sub-phases as Owner deems appropriate in its sole subjective business judgment.
3.6 Conditions, Covenants and Restrictions. Owner shall have the ability to reserve
and record such covenants, conditions, and restrictions (CC&Rs) against the Property as Owner
deems appropriate, in its sole and absolute discretion. Such CC&Rs may not conflict with this
Agreement, the Purchase and Sale Agreement, the Tustin City Code, the Tustin Legacy Specific
Plan, or the General Plan.
3.7 Amendments. Owner may apply to City for permits or approvals necessary to
modify or amend the Project specified in the Development Approvals. This Agreement does not
constitute a promise or commitment by City to approve any such permit or approval, or to approve
the same with or without any particular requirements or conditions, and City’s discretion with
respect to such matters shall be the same as it would be in the absence of this Agreement.
4. PUBLIC BENEFITS.
4.1 Public Benefits.
4.1.1 General. The Owner will contribute activation of the Property as a gathering
place for community members who participate in their faith community. Owner will also provide
broader public benefits through community outreach activities including, without limitation,
providing food for the needy, youth mentoring, counseling, and spiritual, mental, and emotional
support for those in recovery, children, youth, parents, singles, men, and women. The Project will
also serve to revitalize an undeveloped site and will provide off-site and on-site infrastructure
upgrades. Moreover, the Project will implement numerous City planning and economic
development policies which benefit the health and fiscal welfare of the City and its residents.
4.1.2 Community Facilities District. The City has previously established
Community Facilities District 18-01 with a Tax B component to pay for various essential services
at Tustin Legacy (“District”). As a condition to the Close of Escrow and as further set forth in the
Purchase and Sale Agreement, the City, by action of the City Council, annexed the Property into
the District as CFD 18-01 Zone 4. Owner agreed to the imposition of the special tax lien of CFD
18-01 Zone 4, the proceeds of which shall be used by the City to fund a portion of City essential
services. The Property shall be obligated to pay the City an annual fee of $0.50 per square foot of
permitted building square footage actually constructed on the Property (“CFD Fee”), subject to a
2% annual escalation fee, and continuing in perpetuity, in accordance with the Purchase and Sale
Agreement.
4.1.3 Project Fair Share Contribution. In accordance with the terms of the
Purchase and Sale Agreement, Owner shall pay to City a Project Fair Share Contribution relating
to the Tustin Legacy Backbone Infrastructure Program of One Million Six Hundred Forty
Thousand Two Hundred Seventeen Dollars and Eighty Three Cents ($1,640,217.83) which is equal
to Four Hundred Ninety Three Thousand Four Hundred Forty Seven Dollars ($493,447) per acre
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-12-
of land conveyed to Owner by the City pursuant to the Purchase and Sale Agreement (“Project
Fair Share Contribution”). The Fair Share Contribution constitutes the full, complete and final
satisfaction of the project fair share contribution for the Property and Project under the Tustin
Legacy Backbone Infrastructure Program and no further payment shall be owed or payable
thereunder with respect thereto.
4.1.4 Development Impact Fees. Owner shall pay all Development Impact Fees
applicable to the Project at the time such amounts are due, but no later than prior to the issuance
of building permits. The City retains discretion to prospectively revise such fees as the City deems
appropriate and to adopt new Development Impact Fees from time to time, in its sole discretion.
4.1.5 Prepayment. In no event shall the prepayment of any Development Impact
Fees required hereunder establish a vested right on the part of Owner or any other owner of the
Property or any person or entity with an interest therein to develop the Project or the Property
following the expiration, cancellation or termination of this Agreement. Following the expiration,
cancellation or termination of this Agreement, all Development Impact Fees then in effect shall be
applicable to the Project and Property notwithstanding any provision of this Agreement and
notwithstanding the prepayment of Development Impact Fees, any increase or amendment of any
Development Impact Fee, or any combination thereof.
4.2 Dedication of On-Site Easements and Rights of Way. Owner shall dedicate to City
all on-site rights of way and easements deemed necessary for public improvements, as specified
in the Development Approvals.
4.3 Landscape and Maintenance Agreement. In accordance with the terms of the
Purchase and Sale Agreement, a separate landscape installation and maintenance agreement
(“Landscape Installation and Maintenance Agreement”) has been negotiated and finalized.
4.4 Timing of Construction of Off-Site Infrastructure. Approval of any building
permits on the Property shall be conditioned upon City's determination, in its sole discretion, that
sufficient progress is being made on construction of on-site and off-site infrastructure serving
development of Owner's Property.
5. REVIEW FOR COMPLIANCE.
5.1 Periodic Review. Pursuant to, and in accordance with Government Code Section
65865.1 and TCC Chapter 6 of Article 9, City shall review the good faith compliance of Owner
with the terms of this Agreement at least once during every twelve (12) month period of the Term.
6. DEFAULT AND REMEDIES.
6.1 Remedies in General. It is acknowledged by the parties that City would not have
entered into this Agreement if it were to be liable in damages under this Agreement, or with respect
to this Agreement or the application thereof. In general, each of the parties hereto may pursue any
remedy at law or equity available for the breach of any provision of this Agreement, except that
City shall not be liable in damages to Owner, or to any successor in interest of Owner, or to any
other person, and Owner covenants not to sue for damages or claim any damages:
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-13-
(a) For any breach of this Agreement or for any cause of action that arises out
of this Agreement; or
(b) For the taking, impairment or restriction of any right or interest conveyed
or provided under or pursuant to this Agreement; or
(c) Arising out of or connected with any dispute, controversy or issue regarding
the application or interpretation or effect of the provisions of this Agreement.
6.2 Release. Except for non-monetary remedies, Owner, for itself, its successors and
assignees, hereby releases City, its officers, agents and employees from any and all claims,
demands, actions, or suits of any kind or nature arising out of any liability, known or unknown,
present or future, including, but not limited to, any claim or liability, based or asserted, pursuant
to Article I, Section 19 of the California Constitution, the Fifth and Fourteenth Amendments to the
United States Constitution, or any other law or ordinance which seeks to impose any other liability
or damage, whatsoever, upon City because it entered into this Agreement or because of the terms
of this Agreement. Owner hereby acknowledges that it has read and is familiar with the provisions
of California Civil Code Section 1542, which is set forth below:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS
THAT THE CREDITOR OR RELEASING PARTY DOES NOT
KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT
THE TIME OF EXECUTING THE RELEASE AND THAT, IF
KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY
AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR
OR RELEASED PARTY.”
By initialing below, Owner hereby waives the provisions of Section 1542 in connection
with the matters that are the subject of the foregoing waivers and releases.
_______________
Owner’s Initials
6.3 Termination or Modification of Agreement for Default of Owner. City may
terminate or modify this Agreement for any failure of Owner to perform any material duty or
obligation of Owner under this Agreement, or to comply in good faith with the terms of this
Agreement (hereinafter referred to as "default"); provided, however, City may terminate or modify
this Agreement pursuant to this Section only after providing written notice to Owner of default
setting forth the nature of the default and the actions, if any, required by Owner to cure such default
and, where the default can be cured, Owner has failed to take such actions and cure such default
within sixty (60) days after the effective date of such notice or, in the event that such default cannot
be cured within such sixty (60) day period but can be cured within a longer time, has failed to
commence the actions necessary to cure such default within such sixty (60) day period and to
diligently proceed to complete such actions and cure such default.
6.4 Termination of Agreement for Default of City. Owner may terminate this
Agreement only in the event of a default by City in the performance of a material term of this
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-14-
Agreement and only after providing written notice to City of default setting forth the nature of the
default and the actions, if any, required by City to cure such default and, where the default can be
cured, City has failed to take such actions and cure such default within sixty (60) days after the
effective date of such notice or, in the event that such default cannot be cured within such sixty
(60) day period but can be cured within a longer time, has failed to commence the actions necessary
to cure such default within such sixty (60) day period and to diligently proceed to complete such
actions and cure such default. Owner shall have no right to monetary damages from City for any
reason except for fraud, gross negligence, or willful misconduct.
7. LITIGATION.
7.1 Third Party Litigation Concerning Agreement. Owner shall, at Owner’s expense,
defend, indemnify, and hold City, its agents, officials, officers, and employees harmless from any
claim, action, or proceeding against the City, its agents, officials, officers, and employees to attack,
set aside, void, or annul the approval of this Agreement, or the approval of any Development
Approvals granted pursuant to this Agreement. City shall promptly notify Owner of any such
claim, action, or proceeding, and City shall cooperate in the defense of any such claim, action, or
proceeding.
7.2 Indemnity. In addition to the provisions of Section 7.1, Owner shall hold City, its
agents, officials, officers, and employees free and harmless from any liability whatsoever, based
or alleged upon any act or omission of Owner, its officers, agents, employees, subcontractors and
independent contractors for property damage, bodily injury or death (Owner’s employees
included) or any other element of damage of any kind or nature, relating to or arising out from
Development of the Property, except for claims for damages arising through active negligence or
willful misconduct of City. Owner shall indemnify and defend at Owner’s expense, including
attorneys’ fees, City, its officials, officers, employees from any liability whatsoever arising from
the alleged negligence or willful misconduct of Owner, its officers, agents, employees,
subcontracts, and independent contractors in connection with development of the Project, this
Agreement or the Development Approvals. City, may in its discretion, participate in the defense
of such legal claim, action, or proceeding.
7.3 Environmental Assurances. Owner shall indemnify and hold City, its officials,
officers, agents, and employees free and harmless from any liability, based or asserted, upon any
act or omission of Owner, its officers, agents, employees, subcontractors, predecessors in interest,
successors, assigns, and independent contractors for any violation of any federal, state or local law,
ordinance or regulation relating to industrial hygiene or to environmental conditions on, under or
about the Property, including, but not limited to, soil and groundwater conditions, and Owner shall
defend, at its expense, including attorneys' fees, City, its officers, agents and employees in any
action based or asserted upon any such alleged act or omission. City may in its discretion
participate in the defense of any such action.
7.4 Reservation of Rights. With respect to Sections 7.1, 7.2 and 7.3 herein, City
reserves the right to either (1) approve the attorney(s) that the indemnifying party selects, hires or
otherwise engages to defend the indemnified party hereunder, which approval shall not be
unreasonably withheld, or (2) conduct its own defense; provided, however, that the indemnifying
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-15-
party shall reimburse the indemnified party forthwith for any and all reasonable expenses incurred
for such defense, including attorneys' fees, upon billing and accounting therefor.
7.5 Challenge to Existing Land Use Approvals. By accepting the benefits of this
Agreement, Owner, on behalf of itself and its successors in interest, hereby expressly agrees and
covenants not to sue or otherwise challenge any land use approval affecting the Property and in
effect as of the Effective Date. Such agreement and covenant includes, without limitation, the
covenant against any direct suit by Owner or its successor in interest, or any participation,
encouragement or involvement whatsoever that is adverse to City by Owner or its successor in
interest, other than as part of required response to lawful orders of a court or other body of
competent jurisdiction. Owner hereby expressly waives, on behalf of itself and its successors in
interest, any claim or challenge to any land use approval affecting the Property and in effect as of
the Effective Date. In the event of any breach of the covenant or waiver contained herein, City
shall, in addition to any other remedies provided for at law or in equity, be entitled to:
(a) impose and recover (at any time, including after sale to a member of the
public or other ultimate user) from the party breaching such covenant or waiver, the full amount
of Development Impact Fees that the breaching party would have been required to pay in the
absence of this Development Agreement; and
(b) impose any subsequently adopted land use regulation on those land use
approvals for which the breaching party had not, as of the time of such breach, obtained a building
permit.
Owner hereby acknowledges that it has read and is familiar with the provisions of
California Civil Code Section 1542, which is set forth below:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS
WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO
EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST
HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT
WITH THE DEBTOR.”
By initialing below, Owner hereby waives the provisions of Section 1542 in connection
with the matters that are the subject of the foregoing waivers and releases.
_______________
Owner’s Initials
7.6 Survival. The provisions of Sections 6.1, 6.2 and 7.1 through 7.5, inclusive, shall
survive the termination of this Agreement.
8. MORTGAGEE PROTECTION.
The parties hereto agree that this Agreement shall not prevent or limit Owner, in any
manner, at Owner's sole discretion, from encumbering the Property or any portion thereof or any
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-16-
improvement thereon by any mortgage, deed of trust or other security device securing financing
with respect to the Property. City acknowledges that the lenders providing such financing may
require certain Agreement interpretations and modifications and agrees upon request, from time to
time, to meet with Owner and representatives of such lenders to negotiate in good faith any such
request for interpretation or modification. City will not unreasonably withhold its consent to any
such requested interpretation or modification provided such interpretation or modification is
consistent with the intent and purposes of this Agreement. Any Mortgagee of the Property shall
be entitled to the following rights and privileges:
(a) Neither entering into this Agreement nor a breach of this Agreement shall
defeat, render invalid, diminish or impair the lien of any mortgage on the Property made in good
faith and for value, unless otherwise required by law.
(b) The Mortgagee of any mortgage or deed of trust encumbering the Property,
or any part thereof, which Mortgagee, has submitted a request in writing to the City in the manner
specified herein for giving notices, shall be entitled to receive written notification from City of any
default by Owner in the performance of Owner's obligations under this Agreement.
(c) If City timely receives a request from a mortgagee requesting a copy of any
notice of default given to Owner under the terms of this Agreement, City shall provide a copy of
that notice to the Mortgagee within ten (10) days of sending the notice of default to Owner. The
Mortgagee shall have the right, but not the obligation, to cure the default during the remaining cure
period allowed such party under this Agreement.
(d) Any Mortgagee who comes into possession of the Property, or any part
thereof, pursuant to foreclosure of the mortgage or deed of trust, or deed in lieu of such foreclosure,
shall take the Property, or part thereof, subject to the terms of this Agreement. Notwithstanding
any other provision of this Agreement to the contrary, no Mortgagee shall have an obligation or
duty under this Agreement to perform any of Owner's obligations or other affirmative covenants
of Owner hereunder, or to guarantee such performance; provided, however, that to the extent that
any covenant to be performed by Owner is a condition precedent to the performance of a covenant
by City, the performance thereof shall continue to be a condition precedent to City's performance
hereunder, and further provided that any sale, transfer or assignment by any Mortgagee in
possession shall be subject to the provisions of Section 2.5 of this Agreement.
9. MISCELLANEOUS PROVISIONS.
9.1 Recordation of Agreement. This Agreement and any amendment or cancellation
thereof shall be recorded with the Orange County Recorder by the Clerk of the City Council within
ten (10) days after the City enters into the Agreement, in accordance with Section 65868.5 of the
Government Code. If the parties to this Agreement or their successors in interest amend or cancel
this Agreement, or if the City terminates or modifies this Agreement as provided herein for failure
of the Owner to comply in good faith with the terms and conditions of this Agreement, the City
Clerk shall have notice of such action recorded with the Orange County Recorder.
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-17-
9.2 Entire Agreement. This Agreement sets forth and contains the entire understanding
and agreement of the parties, and there are no oral or written representations, understandings, or
ancillary covenants, undertakings or agreements that are not contained or expressly referred to
herein. No testimony or evidence of any such representations, understandings or covenants shall
be admissible in any proceeding of any kind or nature to interpret or determine the terms or
conditions of this Agreement.
9.3 Severability. If any term, provision, covenant, or condition of this Agreement shall
be determined invalid, void or unenforceable, the remainder of this Agreement shall not be affected
thereby to the extent such remaining provisions are not rendered impractical to perform taking into
consideration the purposes of this Agreement. Notwithstanding the foregoing, the provision of the
Public Benefits set forth in Section 4 of this Agreement are essential elements of this Agreement
and City would not have entered into this Agreement but for such provisions, and therefore in the
event such provisions are determined to be invalid, void, or unenforceable, this entire Agreement
shall be null and void and of no force and effect whatsoever.
9.4 Interpretation and Governing Law. This Agreement and any dispute arising
hereunder shall be governed and interpreted in accordance with the laws of the State of California.
This Agreement shall be construed as a whole according to its fair language and common meaning
to achieve the objectives and purposes of the parties hereto, and the rule of construction to the
effect that ambiguities are to be resolved against the drafting party shall not be employed in
interpreting this Agreement, all parties having been represented by counsel in the negotiation and
preparation hereof.
9.5 Section Headings. All section headings and subheadings are inserted for
convenience only and shall not affect any construction or interpretation of this Agreement.
9.6 Singular and Plural. As used herein, the singular of any word includes the plural.
9.7 Joint and Several Obligations. If at any time during the Term of this Agreement the
Property is owned, in whole or in part, by more than one Owner, all obligations of such Owners
under this Agreement shall be joint and several, and the default of any such Owner shall be the
default of all such Owners. Notwithstanding the foregoing, no Owner of a single lot that has been
finally subdivided and sold to such Owner as a member of the general public or otherwise as an
ultimate user shall have any obligation under this Agreement except as expressly provided for
herein.
9.8 Time of Essence. Time is of the essence in the performance of the provisions of
this Agreement as to which time is an element.
9.9 Waiver. Failure by a party to insist upon the strict performance of any of the
provisions of this Agreement by the other party, or the failure by a party to exercise its rights upon
the default of the other party, shall not constitute a waiver of such party's right to insist and demand
strict compliance by the other party with the terms of this Agreement thereafter.
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-18-
9.10 No Third Party Beneficiaries. This Agreement is made and entered into for the sole
protection and benefit of the parties and their successors and assigns. No other person shall have
any right of action based upon any provision of this Agreement.
9.11 Force Majeure. Neither party shall be deemed to be in default where failure or
delay in performance of any of its obligations under this Agreement is caused by floods,
earthquakes, other Acts of God, fires, wars, riots or similar hostilities, strikes and other labor
difficulties beyond the party's control, (including the party's employment force), government
regulations, court actions (such as restraining orders or injunctions), or other causes beyond the
party's control. If any such events shall occur, the Term of this Agreement and the time for
performance by either party of any of its obligations hereunder may be extended by the written
agreement of the parties for the period of time that such events prevented such performance,
provided that the Term of this Agreement shall not be extended under any circumstances for more
than five (5) additional years.
9.12 Mutual Covenants. The covenants contained herein are mutual covenants and also
constitute conditions to the concurrent or subsequent performance by the party benefited thereby
of the covenants to be performed hereunder by such benefited party.
9.13 Successors in Interest. The burdens of this Agreement shall be binding upon, and
the benefits of this Agreement shall inure to, all successors in interest to the parties to this
Agreement. All provisions of this Agreement shall be enforceable as equitable servitudes and
constitute covenants running with the land. Each covenant to do or refrain from doing some act
hereunder with regard to development of the Property: (a) is for the benefit of and is a burden upon
every portion of the Property; (b) runs with the Property and each portion thereof; and (c) is binding
upon each party and each successor in interest during ownership of the Property or any portion
thereof.
9.14 Counterparts. This Agreement may be executed by the parties in counterparts,
which counterparts shall be construed together and have the same effect as if all of the parties had
executed the same instrument.
9.15 Jurisdiction and Venue. Any action at law or in equity arising under this Agreement
or brought by a party hereto for the purpose of enforcing, construing or determining the validity
of any provision of this Agreement shall be filed and tried in the Superior Court of the County of
Orange, State of California, and the parties hereto waive all provisions of law providing for the
filing, removal or change of venue to any other court.
9.16 Project as a Private Undertaking. It is specifically understood and agreed by and
between the parties hereto that the development of the Project is a private development, that neither
party is acting as the agent of the other in any respect hereunder, and that each party is an
independent contracting entity with respect to the terms, covenants and conditions contained in
this Agreement. No partnership, joint venture or other association of any kind is formed by this
Agreement. The only relationship between City and Owner is that of a government entity
regulating the development of private property and the owner of such property.
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-19-
9.17 Further Actions and Instruments. Each of the parties shall cooperate with and
provide reasonable assistance to the other to the extent contemplated hereunder in the performance
of all obligations under this Agreement and the satisfaction of the conditions of this Agreement.
Upon the request of either party at any time, the other party shall promptly execute and file or
record such required instruments and writings and take any actions as may be reasonably necessary
under the terms of this Agreement to carry out the intent and to fulfill the provisions of this
Agreement or to evidence or consummate the transactions contemplated by this Agreement.
9.18 Eminent Domain. No provision of this Agreement shall be construed to limit or
restrict the exercise by City of its power of eminent domain.
9.19 Agent for Service of Process. In the event Owner is not a resident of the State of
California or it is an association, partnership or joint venture without a member, partner or joint
venturer resident of the State of California, or it is a foreign corporation, then in any such event,
Owner shall file with the City Manager, upon its execution of this Agreement, a designation of a
natural person residing in the State of California, giving his or her name, residence and business
addresses, as its agent for the purpose of service of process in any court action arising out of or
based upon this Agreement, and the delivery to such agent of a copy of any process in any such
action shall constitute valid service upon Owner. If for any reason service of such process upon
such agent is not feasible, then in such event Owner may be personally served with such process
and such service shall constitute valid service upon Owner. Owner is amenable to the process so
served, submits to the jurisdiction of the Court so obtained and waives any and all objections and
protests thereto.
9.20 Authority to Execute. The person or persons executing this Agreement on behalf
of Owner warrants and represents that he or she/they have the authority to execute this Agreement
on behalf of his or her/their corporation, partnership or business entity and warrants and represents
that he or she/they has/have the authority to bind Owner to the performance of its obligations
hereunder.
(Signatures on following page)
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-20-
IN WITNESS WHEREOF, the parties hereto have executed this Development Agreement
on the last day and year set forth below.
City
CITY OF TUSTIN, a California municipal
corporation
By:_______________________________________
Austin Lumbard, Mayor
Dated: ____________________________________
ATTEST:
By _______________________________________
Erica Yasuda, City Clerk
APPROVED AS TO LEGAL FORM:
By _______________________________________
David Kendig, City Attorney
By _______________________________________
HongDao Nguyen, Special Counsel
Owner
MARINERS CHURCH
a California Non-Profit Religious Corporation
By:_______________________________________
James D. Franklin, Authorized Signatory
Dated: ____________________________________
For
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
-21-
CALIFORNIA ALL PURPOSE ACKNOWLEDGEMENT
A notary public or other officer completing this certificate verifies only the identity of the
individual who signed the document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document.
State of California
County of _________________________________
On _________________ before me, ________________________________________________,
Date (Insert Name and Title of the Officer)
personally appeared ___________________________________________________________
Name(s) of Signer(s)
____________________________________________________________________________,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument
the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Place Notary Seal and/or Stamp above Signature: ______________________________________
Signature of Notary Public
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
Exhibit A
EXHIBIT “A”
(Legal Description of the Property)
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
Exhibit B
EXHIBIT “B”
(Map and Depiction of the Property)
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
55136.00461\42107206.4
EXHIBIT “C”
(Development Plan)
Specific Plan No. SP-1
Design Review No. 2025-0020
Conceptual Site Plan and Design Review No. [N/A]
Zoning Ordinance Amendment No. [N/A]
Conditional Use Permit No. 2025-0022
Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Action Minutes – Planning Commission Meeting – August 25, 2026 – Page 1
ACTION MINUTES
COUNCIL CHAMBER & VIDEO CONFERENCE
TUSTIN PLANNING COMMISSION
MEETING
AUGUST 25, 2026
CALL TO ORDER: 6:00 p.m.
PLEDGE OF ALLEGIANCE: Commissioner Gullo
ROLL CALL: Let the record reflect all Commissioners are present, except Chair Pro Tem
Kozak, who is absent due to illness.
PUBLIC INPUT:
Hurtado confirmed no public input was received.
CONSENT CALENDAR:
1.APPROVAL OF MEETING MINUTES – AUGUST 11, 2026
RECOMMENDATION:
That the Planning Commission approve the Minutes of the August 11, 2026
Planning Commission meeting, as provided.
Hurtado confirmed no public input was received regarding Item No. 1.
Motion: It was moved by Gullo, seconded by Douthit, to approve the Consent
Calendar, as provided.
Roll Call Vote: Hurtado
Motion carried: 4-0-1
PUBLIC HEARING:
2.DESIGN REVIEW (DR) 2025-0009, SUBDIVISION (SUB) 2025-0010/TENTATIVE
PARCEL MAP (TPM) 2026-108
APPLICANT: Jocelyn Wan
HPA, Inc.
18831 Bardeen Avenue, Suite 100
Docusign Envelope ID: B0F3AE4A-4EBD-8204-804F-A58072822ECF Attachment 2Docusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Action Minutes – Planning Commission Meeting – August 25, 2026 – Page 2
Irvine, CA 92612
PROPERTY OWNER: EBS Realty Partners
Attn: Michael McKenna
18881 Von Karman Avenue, Suite 1450
Irvine, CA 92612
LOCATION: 2441 Michelle Drive
APN: 432-471-16 and 432-391-59
REQUESTS:
1. DR 2025-0009 for site layout and building design of two new industrial
warehouse buildings consisting of a total of 177,696 square feet.
2. SUB 2025-0010/TPM 2026-108 to subdivide the site into two numbered
parcels and one lettered lot.
ENVIRONMENTAL:
This project is consistent with the City’s previously certified General Plan
Environmental Impact Report (State Clearinghouse No. 92101104) and does not
require additional environmental review in accordance with Section 15183 of the
California Environmental Quality Act (CEQA). A Streamline Exemption analysis was
prepared pursuant to CEQA Guidelines Section 15183, which evaluated the project
against the previously certified environmental document.
RECOMMENDATION:
Recommend the Planning Commission:
1. Adopt Resolution No. 4555 approving the following:
• DR 2025-0009 for site layout and building design of two new industrial
warehouse buildings consisting of approximately 177,696 square feet on an
8.3-acre site; and
• SUB 2025-0010/TPM 2026-108 to subdivide the site into two numbered
parcels and one lettered lot.
Presentation provided by Erica H. Demkowicz, AICP, Senior Planner.
Commissioner Higuchi inquired about the proposed fencing along Interstate 5, noting that a
chain-link fence currently appears to exist adjacent to the site, possibly associated with
Docusign Envelope ID: B0F3AE4A-4EBD-8204-804F-A58072822ECFDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Action Minutes – Planning Commission Meeting – August 25, 2026 – Page 3
OCTA property or an easement. He sought clarification on whether a chain-link fence would
be installed as part of the proposed project.
In response, Demkowicz stated the existing fence type is chain link; however, the proposed
project includes an 8-foot wrought iron fence surrounding the perimeter of the site.
Commissioner Douthit referenced the Spirit and Truth Church project approved by the
Commission and recalled that part of the church’s agreement with Kaiser Permanente
required construction of a sidewalk connection between the two properties. Referring to the
project renderings, he asked whether the proposed sidewalk improvements were being
coordinated with the church or whether they would satisfy that requirement.
Barragan explained that a condition of approval for the Spirit and Truth Church project,
approved by the Commission on August 11, 2026, requires completion of the sidewalk
improvements associated with the proposed project before the church may utilize its joint-
use parking agreement with Kaiser Permanente.
Commissioner Gullo disclosed email correspondence with City staff regarding traffic
concerns. Specifically, she had expressed concern with traffic queuing along Walnut Avenue
at Tustin Ranch Road, including vehicles backing up past Franklin Avenue because they
needed to turn north at Tustin Ranch Road to access Interstate 5. She noted that staff
responded that the City’s Traffic Engineer has not received any complaints regarding the
Walnut Avenue and Tustin Ranch Road intersection.
In response, Eastman stated that staff is not currently aware of any specific traffic issues at
the intersection but recognizes that congestion occurs at numerous intersections throughout
the City during peak travel periods. He noted that staff would review conditions at Walnut
Avenue and Tustin Ranch Road to determine whether recurring congestion exists. Eastman
further explained that the project site is currently developed with an industrial building, and
that the proposed net increase in industrial floor area is relatively modest, approximately
50,000 square feet. Given the site's industrial zoning and intended use, staff does not
anticipate any traffic impacts resulting from the project.
Michael McKenna, applicant, expressed his gratitude to City staff with regards to the
application process.
Chair Mason asked the applicant whether any outreach had been conducted with
neighboring residents or the surrounding community.
Mr. McKenna, applicant, stated that public hearing notices were mailed to surrounding
property owners and residents. No comments or concerns were received from residents
along Tustin Ranch Road. He noted that while the project site appears to be in close
proximity to those residences, a significant grade separation exists between the site and the
Docusign Envelope ID: B0F3AE4A-4EBD-8204-804F-A58072822ECFDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Action Minutes – Planning Commission Meeting – August 25, 2026 – Page 4
homes. As a result, he does not anticipate any substantial impacts to the adjacent
neighborhood.
Commissioner Douthit asked, if the project was approved, how quickly tenants could be
secured and when construction of the new buildings would begin.
In response, Mr. McKenna stated that market conditions have changed significantly in recent
years due to inflation and impacts from the COVID epidemic. Despite these challenges, the
applicant has already begun marketing the project and has received interest from several
prospective businesses and industrial users. He estimated that the project would be
constructed in phases over approximately 10 to 12 months. He further noted that
preparation of construction documents and the plan check process would take
approximately six months.
Hurtado confirmed no public input was received regarding Item No. 2.
Commissioner Higuchi’s closing comments included commending staff for using the CEQA
Section 15183 exemption and expressed appreciation for the project’s architectural
elevations along Interstate 5.
Commissioner Gullo’s closing comments included support for the project and
encouragement to continue monitoring traffic conditions in the area. She noted concerns
regarding bicycle circulation near the Irvine bicycle trail, which currently terminates at the
Tustin border near Myford Road. She described the project as well planned, beneficial to
the City's industrial and employment base, and appropriately located.
Motion: It was moved by Douthit, seconded by Gullo, to approve Item no. 2, as provided.
Roll Call Vote: Hurtado
Motion carried: 4-0-1
3. DEVELOPMENT AGREEMENT (DA) 2026-0002, CONDITIONAL USE PERMIT (CUP)
2025-0022, DESIGN REVIEW (DR) 2025-0020, FOR THE DEVELOPMENT AND
OPERATION OF A 33,422 SQUARE FOOT RELIGIOUS ASSEMBLY USE WITHIN
NEIGHBORHOOD D OF THE TUSTIN LEGACY SPECIFIC PLAN (TLSP)
APPLICANT: Blake Crane, on behalf of Mariners Church
5001 Newport Coast Drive
Irvine, CA 92603
PROPERTY
Docusign Envelope ID: B0F3AE4A-4EBD-8204-804F-A58072822ECFDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Action Minutes – Planning Commission Meeting – August 25, 2026 – Page 5
OWNER: City of Tustin
300 Centennial Way
Tustin, CA 92780
LOCATION: Northeast corner of Warner Avenue and John Johnson Way
(vacant lot)
REQUESTS:
To establish a 33,422 square foot, two-story religious assembly building and use
with 276 on-site parking spaces and other site improvements on a 3.32-acre site.
The project includes the following requests:
• DR 2025-0020 for the design and site layout.
• CUP 2025-0022 to establish and operate an assembly use.
• DA 2026-0002 to facilitate the development and conveyance of the 3.32-acre
City-owned project site.
The project also includes GPC 2026-0003 to determine that the location, purpose,
and extent of the proposed disposition of the 3.32-acre City-owned site (APN 430-
481-015) within Neighborhood D South of the TLSP, for the development of the
proposed project, is in conformance with the General Plan and the TLSP.
ENVIRONMENTAL:
An addendum to the TLSP 2025 Supplemental Environmental Impact Report (SEIR)
has been prepared pursuant to California Environmental Quality Act (CEQA)
Guidelines Sections 15164, 15162, and 15168. The addendum concludes that none
of the conditions requiring preparation of a subsequent or supplemental
Environmental Impact Report have occurred, therefore further environmental
documentation is not required.
RECOMMENDATION:
1. Recommend the Planning Commission adopt Resolution No. 4556, determining
that the location, purpose, and extent of the proposed disposition of the 3.32-acre
site within Neighborhood D of the TLSP for the development of the proposed
project is in conformance with the City’s adopted General Plan.
2. Recommend the Planning Commission adopt Resolution No. 4557, for the
following:
Docusign Envelope ID: B0F3AE4A-4EBD-8204-804F-A58072822ECFDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Action Minutes – Planning Commission Meeting – August 25, 2026 – Page 6
a. Approval of DR 2025-0020 for the design and site layout of the proposed
project;
b. Approval of CUP 2025-0022 to establish and operate a religious assembly
use within a 33,422 square foot building;
c. Recommend that the City Council adopt Ordinance No. 1581, approving DA
2026-0002 to facilitate the development and conveyance of the 3.32-acre
City-owned site; and
d. Adopt an Addendum to the TLSP 2025 SEIR, finding that, pursuant to CEQA
Guidelines Sections 15164, 15162, and 15168, the proposed project is within
the scope of the TLSP 2025 SEIR and that no subsequent or SEIR is required.
Presentation provided by Erica H. Demkowicz, AICP, Senior Planner.
The applicant, Blake Crane, spoke on behalf of Mariners Church and provided background
information regarding the church and its history. He introduced several church
representatives in attendance and expressed appreciation to City staff for the opportunity
to present the project.
Commissioner Higuchi referred to the site plan and asked for clarification regarding the
proposed parking supply, specifically whether the 276 parking spaces identified were
exclusively on-site. He also questioned references to street parking shown on an earlier
site plan and asked whether the basins surrounding the project site were intended for
water quality treatment. Additionally, he noted that colored building elevations were not
included in the Planning Commission packet.
In response, Demkowicz confirmed that the 276 parking spaces are all located on-site. She
explained that the specific site plan referenced by Commissioner Higuchi reflected an
earlier iteration of the project and not the current proposal. She further confirmed that the
basin is for water quality management. Demkowicz noted that colored elevations were
included in the PowerPoint presentation but appear to not have made it into the meeting
packet.
Commissioner Douthit asked about future development plans on the opposite side of
Warner Avenue and raised questions regarding pedestrian access between the proposed
church site and the Linear Park pedestrian bridge crossing Warner Avenue. He emphasized
the importance of ensuring a safe connection between the park and the church. Douthit
also asked whether residents within the nearby Irvine Company residential development
had received public hearing notices, and whether any responses had been received.
Docusign Envelope ID: B0F3AE4A-4EBD-8204-804F-A58072822ECFDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Action Minutes – Planning Commission Meeting – August 25, 2026 – Page 7
Demkowicz stated that the residential tract referenced by Commissioner Douthit was
included in the public hearing notice mailing and that no comments were received.
Eastman explained that the area north of Warner Avenue is designated for future
residential and mixed-use development and is currently undeveloped. He noted that
portions of the area remain under Navy ownership and have not yet been released.
Eastman further explained that a pedestrian bridge is planned over Warner Avenue as part
of the Linear Park, which will continue northeast of the project site. While detailed
pedestrian circulation plans were not available at this time, he indicated that pedestrians
would likely utilize sidewalks and existing street crossings to access the church site.
Chair Mason asked about the anticipated occupancy of the facility and the typical weekly
activities planned by the church.
Demkowicz referenced the applicant's Letter of Operations and explained that the church
anticipates holding two Sunday services, with peak attendance occurring between
approximately 8:30 a.m. and 1:00 p.m. Weekday small-group meetings are proposed
between 6:00 p.m. and 9:00 p.m. Attendance is estimated at up to 600 individuals on
Sundays and approximately 100 individuals during weekday activities. She clarified that
these figures represent anticipated attendance rather than maximum building occupancy
under the Building Code.
Chair Mason also asked whether the traffic analysis accounted for larger gatherings and
whether parking is permitted on Warner Avenue.
Eastman stated that the traffic analysis evaluated the proposed use as presented. He noted
that church-related traffic would primarily occur during off-peak Sunday hours when
overall traffic volumes are lower. He further stated that parking is not permitted on Warner
Avenue.
Commissioner Higuchi asked about the limited office space and kitchen area shown on the
site plan.
Mr. Crane explained that the church has adopted a hybrid operating model, with staff
spending more time in the community rather than working from traditional office spaces.
As a result, the project minimizes administrative space and prioritizes areas that directly
serve the community. He noted that the kitchen area is intended primarily for coffee service.
Chair Mason made favorable comments regarding the proposed project.
Hurtado confirmed no public input was received regarding Item No. 3.
Docusign Envelope ID: B0F3AE4A-4EBD-8204-804F-A58072822ECFDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Action Minutes – Planning Commission Meeting – August 25, 2026 – Page 8
Commissioner Gullo's closing comments included support for the project, noting that it
was thoughtfully designed, appropriately located, and a positive addition to the
community. She also observed that while parking is not permitted on Warner Avenue, a
bicycle lane is provided along the roadway.
Commissioner Douthit's closing comments included noting that nearby residents had been
properly notified and that the absence of public comments indicated a generally favorable
response. He expressed support for the project and complimented its overall design.
Commissioner Higuchi shared a personal connection to Mariners Church, recalling that it
was the first church group he attended as a youth. While expressing support for the
applicant and the project, he encouraged additional consideration of pedestrian
connections between the church and nearby park facilities, greater opportunities for
outdoor gathering spaces, and potential improvements to site access and circulation. He
concluded by commending the applicant for the proposed project.
Motion: It was moved by Mason seconded by Douthit, to approve Item No. 3, as provided.
Roll Call Vote: Hurtado
Motion carried: 4-0-1
REGULAR BUSINESS: None.
OTHER BUSINESS:
Alexa Smittle, Community Development Director, provided verbal updates regarding
CDD.
PLANNING COMMISSION COMMENTS AND REPORTS:
Commissioner Higuchi did not have any comments.
Commissioner Gullo attended the Local Redevelopment Agency meeting as well as the
Camino Real Park ribbon cutting on August 25, 2026.
Commissioner Douthit informed the Commission and audience of the Dive Bar history tour
lead by the Tustin Historic Society, to occur the weekend of August 29, 2026.
Chair Mason commended staff with regards to all of the development occurring in Tustin.
ADJOURNMENT 6:51 p.m.: The next regular meeting of the Planning Commission is
scheduled for Tuesday, September 8, 2026.
Docusign Envelope ID: B0F3AE4A-4EBD-8204-804F-A58072822ECFDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Action Minutes – Planning Commission Meeting – August 25, 2026 – Page 9
AMY MASON
Chairperson
ALEXA SMITTLE
Planning Commission Secretary
Docusign Envelope ID: B0F3AE4A-4EBD-8204-804F-A58072822ECFDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
RESOLUTION NO. 4556
A RESOLUTION OF THE PLANNING COMMISSION
OF THE CITY OF TUSTIN, CALIFORNIA,
DETERMINING THAT THE LOCATION, PURPOSE,
AND EXTENT OF THE PROPOSED DISPOSITION
OF LOT 15 OF TRACT 18197, AN APPROXIMATE
3.32-ACRE SITE WITHIN PLANNING AREA 8, 13,
AND 14 (NEIGHBORHOOD D) OF THE TUSTIN
LEGACY SPECIFIC PLAN, FOR THE
DEVELOPMENT OF A RELIGIOUS ASSEMBLY USE
PROJECT LOCATED AT THE NORTHEAST
CORNER OF WARNER AVENUE AND JOHN
JOHNSON WAY, IS IN CONFORMANCE WITH THE
GENERAL PLAN AND TUSTIN LEGACY SPECIFIC
PLAN
The Planning Commission of the City of Tustin, California does hereby resolve as follows:
I. The Planning Commission finds and determines as follows:
A. That a proper application was submitted by Issac Luevano of Carlile
Coatsworth Architects, on behalf of Mariners Church c/o Blake Crane for
development of a two-story, 33,422 square foot religious assembly
building and other site improvements on an approximately 3.32-acre site.
The site is currently owned by the City of Tustin and located within
Planning Area 8, 13, and 14 (Neighborhood D) of the Tustin Legacy
Specific Plan.
B. That the City wishes to dispose of Lot 15 of Tract 18197, an approximate
3.32-acre site within Planning Area 8, 13, and 14, to accommodate the
development of a new religious assembly use including a 622-seat
sanctuary, administrative, meeting and service spaces along with 276 on-
site parking spaces, landscaping and associated site improvements.
C. That Government Code Section 65402(a) provides that no real property
shall be disposed of until the location, purpose, and extent of the project
has been reported upon by the local planning agency as to the conformity
with the adopted general plan.
D. That the disposition of the site is subject to the Surplus Land Act
(Government Code Section 54220 et seq.). The City declared the property
exempt surplus land on June 15, 2021, pursuant to Government Code
Section 54221(f)(1)(H), and the California Department of Housing and
Community Development approved the City’s determination on
September 15, 2022.
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Resolution No. 4556
August 25, 2026
Page 2
E. That the General Plan designates the site as Tustin Legacy Specific Plan,
which envisions the area as an active living, working, shopping, and
recreation environment with access to amenities and facilities that support
the community. The proposed disposition supports several General Plan
Land Use goals, including the following:
1. Land Use Element Goal 1: Provide for a well-balanced land use
pattern that accommodates existing and future needs for housing,
commercial and industrial land, open space and community facilities
and services, while maintaining a healthy, diversified economy
adequate to provide future City services.
2. Land Use Element Goal 3: Ensure that new development is compatible
with surrounding land uses in the community, the City’s circulation
network, availability of public facilities, existing development
constraints and the City’s unique characteristics and resources.
3. Land Use Element Goal 4: Assure a safe, healthy and aesthetically
pleasing community for residents and businesses.
4. Land Use Goal 6: Improve urban design in Tustin to ensure
development that is both architecturally and functionally compatible,
and to create uniquely identifiable neighborhoods, commercial and
business park districts.
5. Land Use Goal 8: Ensure that necessary public facilities and services
should be available to accommodate development proposed on the
Land Use Policy Map.
6. Land Use Goal 14: Continue to implement the Specific Plan/Reuse
Plan for MCAS Tustin [the Tustin Legacy Specific Plan] which
maximizes the appeal of the site as a mixed-use, master planned
development.
F. That the proposed project would provide public/quasi-public and/or
institutional services responsive to the needs of the City’s population in
Tustin Legacy, consistent with the General Plan goals identified above.
G. That Section 65402(a) of the Government Code authorizes the Planning
Commission to determine whether the location, purpose, and extent of the
proposed disposition of real property is consistent with the General Plan.
H. That a public hearing was duly noticed, called, and held on the associated
entitlement project and General Plan Conformity (GPC) 2026-0003 by the
Planning Commission on August 25, 2026.
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Resolution No. 4556
August 25, 2026
Page 3
I. That the General Plan Conformity determinations required by Government
Code Section 65402(a) are not “projects” requiring environmental review
pursuant to the California Environmental Quality Act.
II. The Planning Commission hereby determines the location, purpose, and extent
of the disposition of Lot 15 of Tract 18197 to Issac Luevano of Carlile Coatsworth
Architects, on behalf of Mariners Church for the development of a new religious
assembly use including a 622-seat sanctuary, administrative, meeting and service
spaces along with 276 on-site parking spaces, landscaping and associated site
improvements is in conformance with the General Plan and the Tustin Legacy
Specific Plan.
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Resolution No. 4556
Page 4
PASSED AND ADOPTED by the Planning Commission of the City of Tustin at a regular
meeting held on the 25th day of August 2026.
AMY MASON
Chairperson
ALEXA SMITTLE
Planning Commission Secretary
APPROVED AS TO FORM:
___________________________
MICHAEL DAUDT
Assistant City Attorney
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Resolution No. 4556
Page 5
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF TUSTIN )
I, ALEXA SMITTLE, the undersigned, hereby certify that I am the Planning Commission
Secretary of the City of Tustin, California; that Resolution No. 4556 was duly passed and
adopted at a regular meeting of the Tustin Planning Commission, held on the 25th day of
August 2026.
PLANNING COMMISSIONER AYES: DOUTHIT, GULLO, HIGUCHI, MASON _____ (4)
PLANNING COMMISSIONER NOES: _________________________________
PLANNING COMMISSIONER ABSTAINED: _________________________________
PLANNING COMMISSIONER ABSENT: KOZAK (1)
___________________________
ALEXA SMITTLE
Planning Commission Secretary
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
RESOLUTION NO. 4557
A RESOLUTION OF THE PLANNING COMMISSION OF
THE CITY OF TUSTIN, CALIFORNIA, APPROVING
DESIGN REVIEW 2025-0020 AND CONDITIONAL USE
PERMIT 2025-0022 AUTHORIZING THE DEVELOPMENT
OF A 33,422 SQUARE FOOT, TWO-STORY RELIGIOUS
ASSEMBLY BUILDING AND OTHER SITE
IMPROVEMENTS AND AUTHORIZING THE
ESTABLISHMENT AND OPERATION OF A RELIGIOUS
ASSEMBLY USE, RECOMMENDING THAT THE CITY
COUNCIL ADOPT ORDINANCE NO. 1581 FOR
DEVELOPMENT AGREEMENT 2026-0002 AND
ADOPTING AN ADDENDUM TO THE TUSTIN LEGACY
SPECIFIC PLAN 2025 SUPPLEMENTAL
ENVIRONMENTAL IMPACT REPORT FOR THE PROJECT
LOCATED ON A 3.32-ACRE SITE ON THE NORTHWEST
CORNER OF WARNER AVENUE AND JOHN JOHNSON
WAY WITHIN THE TUSTIN LEGACY SPECIFIC PLAN AREA
(APN 430-481-15)
The Planning Commission of the City of Tustin does hereby resolve as follows:
I. The Planning Commission finds and determines as follows:
A. That a proper application has been submitted by Isaac Luevano of Carlile
Coatsworth Architects on behalf on Mariners Church c/o Jim Franklin or
Blake Crane, requesting authorization to establish a 33,422 square foot,
two-story religious assembly building, 276 on-site parking spaces,
landscaping and other site improvements on Lot 15 of Tract 18197, an
approximately 3.32-acre site currently owned by the City of Tustin within
Planning Area (PA) 8, 13, and 14 (Neighborhood D) of the Tustin Legacy
Specific Plan (TLSP). The request also includes the approval of a
development agreement.
B. That the Development Application requests the following approvals:
1. Development Agreement (DA) 2026-0002 to facilitate the development
and conveyance of the approximately 3.32-acre City-owned project site.
2. Design Review (DR) 2025-0020 for the design and site layout of a new
33,422 square foot, two-story assembly building that includes a 622-seat
sanctuary space, meeting/worship rooms and service spaces with
surface parking, landscaping, and associated site improvements.
3. Conditional Use Permit (CUP) 2025-0022 to establish and operate a
religious assembly use.
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Exhibit A
Resolution No. 4557
DR 2025-0020 & CUP 2025-0022
Page 2
C. That a General Plan Conformity (GPC) 2026-0003 is required to determine
that the location, purpose, and extent of the proposed disposition of the 3.32-
acre city-owned site (APN 430-481-15) within Neighborhood D of the Tustin
Legacy Specific Plan, for the development of the proposed project, is in
conformance with the General Plan and the Tustin Legacy Specific Plan.
Findings in support of GPC 2026-0003 were adopted by the Planning
Commission via Resolution No. 4556.
D. That the site is zoned as TLSP (SP-1) within PA 8, 13, and 14 (Neighborhood
D), and designated as TLSP by the General Plan. In addition, the project
has been reviewed for consistency with the Air Quality Sub-element of the
City of Tustin General Plan and has been determined to be consistent with
the Air Quality Sub-element.
E. That TLSP Section 4.2.7 requires all private nonresidential development at
Tustin Legacy to obtain a DA in accordance with Section 65864 et seq. of the
Government Code and Sections 9600 to 9619 of the Tustin City Code. In
compliance with TCC Section 9611, the Planning Commission must make a
recommendation on the proposed DA to the City Council. The
recommendation to City Council can be supported by the following findings:
1. The project is consistent with the objectives, policies, general land uses
and programs specified in the General Plan and the Tustin Legacy
Specific Plan.
2. The project includes a use compatible with other uses authorized in the
district in which the real property is located (PA 8, 13, and 14) in that
churches and other religious institutions are conditionally permitted, and
similar and compatible uses are constructed and envisioned within close
proximity of the project site.
3. The project is in conformity with the public necessity, public
convenience, general welfare, and good land use practices in that the
project would provide public/quasi-public and/or institutional use within
the area responsive to the community welfare of the Tustin Legacy
population and to all residents throughout the City of Tustin.
4. The project will not be detrimental to the health, safety, and general
welfare. The project will comply with the TLSP, TCC, and other
regulations to ensure that the project will not be detrimental in any way.
5. The project will not adversely affect the orderly development of property
in that the proposed project is orderly, well designed, and equipped with
necessary infrastructure and amenities to support existing and future
residents in Tustin Legacy and throughout the City of Tustin.
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Exhibit A
Resolution No. 4557
DR 2025-0020 & CUP 2025-0022
Page 3
6. The provisions of the proposed DA and conditions of approval will
ensure that the project will have a positive fiscal impact on the City.
F. That pursuant to the TLSP and TCC Section 9272, the Planning Commission
finds that the location, size, architectural features, and general appearance of
the proposed development will not impair the orderly and harmonious
development of the area, the present or future development therein, or the
occupancy as a whole. In making such findings, the Commission has
considered at least the following items:
1. Height, bulk, and area of buildings. The two-story assembly building has
a maximum height of 37 feet with an overall lot coverage of 16% with the
majority of the site designated as parking for the use. The overall building
square footage of 33,422 square feet will be distributed across the 3.32-
acre site such that building mass is concentrated towards the northeast
corner of the site at John Johnson Way and Warner Avenue.
2. Setbacks and site planning. The building is designed with four-sided
architecture with parking located to the south of the building. The building
will be situated towards the northeast corner of the site with no
encroachments into the required building setbacks along John Johnson
Way and Veteran’s Way. The building includes visual fenestration and
architectural relief on all elevations including a secondary entry off Warner
Avenue.
3. Exterior materials and colors. The building’s use of a warm to cool-gray
color palette on the concrete tilt up panels with decorative tile insets and
use of solar blue glazing with black aluminum mullions is consistent with
TLSP Section 3.19.
4. Type and pitch of roofs. The proposed building includes the use of a low-
sloped roof concealed behind a parapet, with maximum building heights
measured to the top of parapet.
5. Size and spacing of windows, doors, and other openings. Window and
door openings are distributed and located to articulate each façade and
reduce apparent building mass.
6. Roof structures. Rooftop mechanical equipment is screened from public
view by parapets that are integrated into the overall architectural design.
7. Location, height, and standards of exterior illumination. Exterior
lighting is designed to provide safe pedestrian and vehicular circulation
while shielding and directing light downward to avoid spillover onto
adjacent properties. As conditioned, exterior illumination will comply with
the standards of the Tustin Security Ordinance.
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Exhibit A
Resolution No. 4557
DR 2025-0020 & CUP 2025-0022
Page 4
8. Landscaping, parking area design, and traffic circulation. The project
provides 15,638 square feet of landscaping, including drought-tolerant
trees and shrubs along the site boundary and within parking areas. A total
of 276 parking spaces is provided, which exceeds the minimum number of
spaces required for weekday and weekend uses. A total of fifty-six trees is
proposed on the site which will help to define and highlight the building. Site
access is taken from either John Johnson Way or Veterans Way.
9. Location and appearance of equipment located outside an enclosed
structure. Ground-mounted mechanical, electrical, and utility equipment is
located away from street frontages and screened by walls and landscaping,
and rooftop equipment is screened by parapets.
10. Location and method of refuse storage. Refuse and recycling for the
building will be in a designated trash enclosure located adjacent to John
Johnson Way. The enclosure will be screened from view and painted to
match the building.
11. Physical relationship of proposed structures to existing structures in
the neighborhood. The site is bounded by public streets on all four sides.
Similar to the adjacent two-story assisted living and memory care building,
the proposed project provides a gentler visual for most of the project
frontage on John Johnson Way, facing the park.
12. Appearance and design relationship of proposed structures to
existing structures and possible future structures in the
neighborhood and public thoroughfares. The contemporary
architecture and warm to cool-gray color palette are consistent with the
design character established elsewhere in Neighborhood D. Building
orientation and façade articulation along Warner Avenue, Veterans Way,
and John Johnson Way establish a consistent street presence that will
complement future development on adjoining parcels.
13. Development Guidelines and criteria as adopted by the City Council.
The project complies with TLSP Section 3.19, Urban Design Guidelines,
and with the development standards applicable to Planning Area 8, 13, and
14.
G. That TLSP Section 3.11 lists a “church and other religious institution” as a
conditionally permitted use within PA 8, 13, and 14, and TCC Section 9291
grants the Planning Commission the authority to consider and act on such
requests for a CUP. The proposed religious assembly building falls within
this land use category.
H. That in determining whether to recommend approval of the CUP
application, the Planning Commission finds that the establishment,
maintenance, and operation of the proposed use will not, under the
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Exhibit A
Resolution No. 4557
DR 2025-0020 & CUP 2025-0022
Page 5
circumstances of this case, be detrimental to the health, safety, morals,
comfort, or general welfare of the persons residing or working in the
neighborhood of such proposed use, nor be injurious or detrimental to the
property and improvements in the neighborhood of the subject property, or
to the general welfare of the City of Tustin, in that:
1. The proposed religious assembly use is a conditionally permitted use
within PA 8, 13, and 14 pursuant to Tustin Legacy Specific Plan Section
3.11.
2. The building and use is compatible with the Mixed-Use Urban
designation of Neighborhood D and with the adjacent residential
community and recently approved assisted living and memory care
facility (located directly to the east), and with the future extension of the
Legacy Linear Park to the south.
3. The operations of the religious assembly use occur entirely within the
enclosed 33,422 square foot building, which is comprised of a 622-seat
sanctuary space, meeting/worship rooms, service spaces and on-site
parking spaces.
4. The facility provides 276 on-site parking spaces, exceeding the spaces
required by TCC Section 9263 based upon the anticipated use during the
weekday evenings and peak usage on Sundays.
5. That Parking/Trip/Vehicle Miles Traveled Screening & Level of Service
Analysis were reviewed and accepted by the City’s Traffic Engineer and
both studies concluded that the project will not create either traffic or
parking nuisances in the general vicinity of the project site.
6. Conditions of approval have been included to address the development
and ongoing operation of the facility.
I. That the project is consistent with Tustin General Plan Land Use Element goals
and policies related to commercial development including:
Goal 1: Provide for a well-balanced land use pattern that
accommodates existing and future needs for housing,
commercial and industrial land, open space and community
facilities and services, while maintaining a healthy, diversified
economy adequate to provide future City services.
Policy 1.6: Ensure an adequate supply of commercial and
industrial land within the City of Tustin for potential commercial
and industrial expansion and development.
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Exhibit A
Resolution No. 4557
DR 2025-0020 & CUP 2025-0022
Page 6
Goal 5: Revitalize older commercial, industrial and residential
uses and properties.
Goal 6: Improve urban design in Tustin to ensure development
that is both architecturally and functionally compatible, and to
create uniquely identifiable neighborhoods, commercial and
business park districts.
Policy 6.2: Encourage and promote high-quality design and
physical appearance in all development projects.
J. That a public hearing was duly called, noticed, and held on said applications
on August 25, 2026, by the Planning Commission.
K. On January 16, 2001, the City of Tustin certified the Program Final
Environmental Impact Statement/Environmental Impact Report (FEIS/EIR) for
the reuse and disposal of MCAS Tustin. On December 6, 2004, the City
Council adopted Resolution No. 04-76 approving a supplement to the
FEIS/EIR for the extension of Tustin Ranch Road between Walnut Avenue
and the future alignment of Valencia North Loop Road. On April 3, 2006, the
City Council adopted Resolution No. 06-43 approving an addendum to the
FEIS/EIR. On May 13, 2013, the City Council adopted Resolution No. 13-
32 approving a second addendum to the FEIS/EIR. On July 5, 2017, the
City Council adopted Resolution No. 17-23 approving a second supplement
to the FEIS/EIR. On December 17, 2024, the City Council adopted
Resolution No. 24-76 approving a third supplement to the FEIS/EIR (the
TLSP 2025 SEIR, State Clearinghouse No. 1994071005), which evaluated
the environmental effects in conjunction with an amendment to the TLSP to
implement the programs and policies of the City’s Sixth Cycle Housing
Element Rezone Project, which increased residential capacity within TLSP
Neighborhoods D (North and South) and G (Housing Element Sites 1A, 1B
and 2).
The FEIS/EIR, along with its Addenda and supplements, is a program EIR
under the California Environmental Quality Act (CEQA). The FEIS/EIR,
Addendum, and supplements considered the potential environmental
impacts associated with development on the former Marine Corps Air
Station, Tustin.
Because the proposed project includes a religious assembly use and
therefore considered a nonresidential use, the project has been evaluated
through an addendum tiering from the TLSP 2025 SEIR pursuant to CEQA
Guidelines Sections 15164, 15162, and 15168.
An addendum to the TLSP 2025 SEIR has been prepared for the proposed
project and is supported by project-specific technical studies. Based upon
the addendum, the Planning Commission finds that:
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Exhibit A
Resolution No. 4557
DR 2025-0020 & CUP 2025-0022
Page 7
1. The proposed project is within the scope of the development previously
analyzed in the TLSP 2025 SEIR;
2. No substantial changes are proposed in the project, and no substantial
changes have occurred with respect to the circumstances under which
the project is undertaken, that would require major revisions to the TLSP
2025 SEIR due to the involvement of new significant environmental
effects or a substantial increase in the severity of previously identified
significant effects;
3. No new information of substantial importance, which was not known and
could not have been known with the exercise of reasonable diligence at
the time the TLSP 2025 SEIR was certified, has become available;
4. None of the conditions described in CEQA Guidelines Section 15162
calling for preparation of a subsequent or supplemental EIR have
occurred, and only minor technical changes or additions are necessary,
such that an Addendum is the appropriate document pursuant to CEQA
Guidelines Section 15164; and
5. Pursuant to CEQA Guidelines Section 15164(c), the Addendum need not
be circulated for public review, and pursuant to Section 15164(d), the
Addendum has been considered together with the TLSP 2025 SEIR prior
to making a decision on the project.
All mitigation measures from the MCAS Tustin FEIS/EIR, TLSP 2017 SEIR,
and TLSP 2025 SEIR Mitigation Monitoring and Reporting Programs
applicable to the project have been incorporated into the conditions of
approval attached hereto as Exhibit B.
II. The Planning Commission hereby adopts Resolution No. 4557, approving CUP
2025-0022 and DR 2025-0020, subject to the conditions attached hereto as Exhibit
B, recommending that the City Council adopt Ordinance No. 1581 for DA 2026-
0002 attached hereto as Exhibit A, and adopting the Addendum to the TLSP 2025
SEIR attached hereto as Exhibit C for the project.
III. The Planning Commission’s approval of CUP 2025-0022 and DR 2025-0020 is
contingent upon the City Council’s subsequent approval of DA 2026-0002. CUP
2025-0022 and DR 2025-0020 shall take effect concurrently with Ordinance No.
1581.
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Exhibit A
Resolution No. 4557
DR 2025-0020 & CUP 2025-0022
Page 8
PASSED AND ADOPTED by the Planning Commission of the City of Tustin at a regular
meeting on the 25th day of August, 2026.
AMY MASON
Chairperson
ALEXA SMITTLE
Planning Commission Secretary
APPROVED AS TO FORM:
___________________________
MICHAEL DAUDT
Assistant City Attorney
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Exhibit A
Resolution No. 4557
DR 2025-0020 & CUP 2025-0022
Page 9
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF TUSTIN )
I, Alexa Smittle, the undersigned, hereby certify that I am the Planning Commission
Secretary of the City of Tustin, California; that Resolution No. 4557 was duly passed and
adopted at a regular meeting of the Tustin Planning Commission, held on the 25th day of
August, 2026.
PLANNING COMMISSIONER AYES: DOUTHIT, GULLO, HIGUCHI, MASON (4)
PLANNING COMMISSIONER NOES: ___________________________________
PLANNING COMMISSIONER ABSTAINED: ________________________________
PLANNING COMMISSIONER ABSENT: KOZAK (1)
ALEXA SMITTLE
Planning Commission Secretary
Exhibit A – Draft Ordinance No. 1581 and Development Agreement 2026-0002
Exhibit B – Conditions of Approval
Exhibit C - Addendum to the Tustin Legacy Specific Plan 2025 SEIR
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
SOURCE CODES
(1) STANDARD CONDITION (5) RESPONSIBLE AGENCY REQUIREMENT
(2) CEQA MITIGATION (6) LANDSCAPING GUIDELINES
(3) UNIFORM BUILDING CODE/S (7) PC/CC POLICY
(4) DESIGN REVIEW *** EXCEPTION
&21',7,21$/86(3(50,7'(6,*15(,9(:'(9(/230(17$*5((0(17
&21',7,2162)$33529$/
1257+($67&251(52):$51(5$9(18($1'-2+1-2+1621:$<
7&&6(&7,21*(1(5$/&203/(7(5(63216,%/(
'(3$570(17
G 7KHSURSRVHGSURMHFWVKDOOVXEVWDQWLDOO\FRQIRUPZLWKWKHVXEPLWWHG
SODQVIRUWKHSURMHFWGDWHVWDPSHG$XJXVWRQILOHZLWKWKH
&RPPXQLW\'HYHORSPHQW'HSDUWPHQWDVKHUHLQPRGLILHGRUDV
PRGLILHGE\WKH&RPPXQLW\'HYHORSPHQW'LUHFWRULQDFFRUGDQFH
ZLWKWKLV([KLELW7KH&RPPXQLW\'HYHORSPHQW'LUHFWRUPD\DOVR
DSSURYHVXEVHTXHQWPLQRUPRGLILFDWLRQVWRSODQVGXULQJSODQFKHFN
LIVXFKPRGLILFDWLRQVDUHFRQVLVWHQWZLWKSURYLVLRQVRIWKH7XVWLQ
&LW\&RGH 7&&
2QJRLQJ 3ODQQLQJ
D 8QOHVVRWKHUZLVHVSHFLILHGWKHFRQGLWLRQVFRQWDLQHGLQWKLV([KLELW
VKDOOEHFRPSOLHGZLWKDVVSHFLILHGVXEMHFWWRUHYLHZDQGDSSURYDOE\
WKH&RPPXQLW\'HYHORSPHQW'HSDUWPHQW
2QJRLQJ 3ODQQLQJ
E 7KLV DSSURYDO VKDOO EHFRPH QXOO DQG YRLG XQOHVV WKH XVH LV
HVWDEOLVKHGZLWKLQWZHOYH PRQWKVIURPWKHGDWHWKHDSSOLFDQW
FORVHVHVFURZZLWKWKH&LW\7LPHH[WHQVLRQVPD\EHJUDQWHGLID
ZULWWHQUHTXHVWDQGDVVRFLDWHGIHHLVUHFHLYHGE\WKH&RPPXQLW\
'HYHORSPHQW'HSDUWPHQWZLWKLQWKLUW\ GD\VSULRUWRH[SLUDWLRQ
2QJRLQJ 3ODQQLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
$SSURYDO RI '$ &83 '5 LV
FRQWLQJHQW XSRQ WKH DSSOLFDQW DQG SURSHUW\ RZQHU VLJQLQJ DQG
UHWXUQLQJWRWKH&RPPXQLW\'HYHORSPHQW'HSDUWPHQWDQRWDUL]HG
$JUHHPHQWWR&RQGLWLRQV,PSRVHGIRUPDQGWKHSURSHUW\RZQHU
VLJQLQJDQGUHFRUGLQJZLWKWKH&RXQW\&OHUN5HFRUGHUDQRWDUL]HG
1RWLFHRI'LVFUHWLRQDU\3HUPLW$SSURYDODQG&RQGLWLRQVRI$SSURYDO
IRUP7KHIRUPVVKDOOEHHVWDEOLVKHGE\WKH&RPPXQLW\'HYHORSPHQW
'LUHFWRU DQG HYLGHQFH RI UHFRUGDWLRQ VKDOO EH SURYLGHG WR WKH
&RPPXQLW\'HYHORSPHQW'HSDUWPHQW
8SRQDSSURYDO 3ODQQLQJ
$VDFRQGLWLRQRIDSSURYDORI&83'5WKH
DSSOLFDQWDQGIXWXUHSURSHUW\RZQHUVVKDOODJUHHDWWKHLUVROHFRVW
DQGH[SHQVHWRGHIHQGLQGHPQLI\DQGKROGKDUPOHVVWKH&LW\LWV
RIILFHUVHPSOR\HHVDJHQWVDQGFRQVXOWDQWVIURPDQ\FODLPDFWLRQ
RUSURFHHGLQJEURXJKWE\DWKLUGSDUW\DJDLQVWWKH&LW\LWVRIILFHUV
DJHQWVDQGHPSOR\HHVZKLFKVHHNVWRDWWDFNVHWDVLGHFKDOOHQJH
YRLG RU DQQXO DQ DSSURYDO RI WKH &LW\ &RXQFLO WKH 3ODQQLQJ
&RPPLVVLRQ RU DQ\ RWKHU GHFLVLRQPDNLQJ ERG\ LQFOXGLQJ VWDII
FRQFHUQLQJ WKLV SURMHFW 7KH &LW\ DJUHHV WR SURPSWO\ QRWLI\ WKH
DSSOLFDQWDQGRUSURSHUW\RZQHURIDQ\VXFKFODLPRUDFWLRQILOHG
DJDLQVWWKH&LW\DQGWRIXOO\FRRSHUDWHLQWKHGHIHQVHRIDQ\VXFK
DFWLRQ7KH&LW\PD\DWLWVVROHFRVWDQGH[SHQVHHOHFWWRSDUWLFLSDWH
LQWKHGHIHQVHRIDQ\VXFKDFWLRQXQGHUWKLVFRQGLWLRQ
2QJRLQJ 3ODQQLQJ
D $Q\YLRODWLRQRIDQ\RIWKHFRQGLWLRQVLPSRVHGLVVXEMHFWWRLVVXDQFH
RIDQ$GPLQLVWUDWLYH&LWDWLRQSXUVXDQWWR7&&6HFWLRQ D
2QJRLQJ 3ODQQLQJ
D 7KHDSSOLFDQWDQGRUSURSHUW\RZQHUVKDOOEHUHVSRQVLEOHIRUFRVWV
DVVRFLDWHGZLWKDQ\QHFHVVDU\FRGHHQIRUFHPHQWDFWLRQLQFOXGLQJ
DWWRUQH\¶VIHHVVXEMHFWWRWKHDSSOLFDEOHQRWLFHKHDULQJDQGDSSHDO
SURFHVVDVHVWDEOLVKHGE\WKH&LW\&RXQFLOE\RUGLQDQFH
2QJRLQJ3ODQQLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
F &83'5PD\EHUHYLHZHGRQDQDQQXDOEDVLV
RUPRUHRIWHQLIQHFHVVDU\E\WKH&RPPXQLW\'HYHORSPHQW'LUHFWRU
7KH &RPPXQLW\ 'HYHORSPHQW 'LUHFWRU VKDOO UHYLHZ WKH XVH WR
DVFHUWDLQFRPSOLDQFHZLWKWKH&RQGLWLRQVRI$SSURYDO,IWKHXVHLVQRW
RSHUDWHGLQDFFRUGDQFHZLWK&83RULVIRXQGWREHD
QXLVDQFH RU QHJDWLYH LPSDFWV DUH DIIHFWLQJ WKH VXUURXQGLQJ
QHLJKERUKRRGWKH&RPPXQLW\'HYHORSPHQW'LUHFWRUVKDOOLPSRVH
DGGLWLRQDOFRQGLWLRQVWRHOLPLQDWHWKHQXLVDQFHRUQHJDWLYHLPSDFWVRU
PD\LQLWLDWHSURFHHGLQJVWRUHYRNHWKH&83
2QJRLQJ 3ODQQLQJ
86(5(675,&7,216
7KHSURMHFWVKDOOLQFOXGHWKHHVWDEOLVKPHQWRIDUHOLJLRXVDVVHPEO\
XVHZLWKLQDVTXDUHIRRWEXLOGLQJZKLFKLQFOXGHVDVHDW
VDQFWXDU\ DGPLQLVWUDWLYH PHHWLQJZRUVKLS URRPV DQG VHUYLFH
VSDFHVDORQJZLWKRQVLWHSDUNLQJVSDFHV
7KHDVVHPEO\RISHRSOHZLWKLQWKHVDQFWXDU\DQGRWKHUDUHDVRIWKH
IDFLOLW\VKDOOQRWH[FHHGWKHFDSDFLW\DVGHWHUPLQHGE\WKHEXLOGLQJ
DQGILUHFRGHVLQFOXGLQJEXWQRWOLPLWHGWR(DVWHUDQG&KULVWPDV
VHUYLFHV
2QJRLQJ 3ODQQLQJ
7KHKRXUVRIRSHUDWLRQVKDOOEHUHVWULFWHGWRWKHIROORZLQJ
x0RQGD\WKURXJK)ULGD\ $0WR 30±(YHQWV
VXFKDVVPDOOJURXS%LEOHVWXG\VPDOOJURXSPHHWLQJVDQG
VWXGHQW \RXWK JURXS PHHWLQJV 7KHVH DFWLYLWLHV DUH
HVWLPDWHGWRJHQHUDWHDWWHQGDQFHRILQGLYLGXDOVSHU
ZHHN
x6DWXUGD\±1RRQVLWHHYHQWVRUDFWLYLWLHV
x6XQGD\ $0WR 30±7ZRVHUYLFHVLQFOXGLQJD
$0VHUYLFHVWDUWDQGD $0VHUYLFHVWDUW
2QJRLQJ 3ODQQLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
0RGLILFDWLRQVWRWKHKRXUVRIRSHUDWLRQDQGHYHQWVPD\EHDSSURYHG
E\WKH&RPPXQLW\'HYHORSPHQW'LUHFWRULILWLVGHWHUPLQHGWKDWQR
LPSDFWVWRWKHVXUURXQGLQJDUHDRUSURSHUWLHVZLOORFFXU5HTXHVWVWR
PRGLI\ WKH HVWDEOLVKHG KRXUV RI RSHUDWLRQ DQG HYHQWV VKDOO EH
VXEPLWWHGLQZULWLQJDQGVKDOOEHVXSSRUWHGE\WHFKQLFDODQDO\VLVDV
GHWHUPLQHG QHFHVVDU\ E\ WKH &RPPXQLW\ 'HYHORSPHQW 'LUHFWR
$Q\DSSURYHGFKDQJHVWRWKHKRXUVRUHYHQWVLGHQWLILHGKHUHLQVKDOO
EH PDLQWDLQHG RQ ILOH ZLWK WKH &RPPXQLW\ 'HYHORSPHQW
'HSDUWPHQW
7KH DSSURYHG RSHUDWLRQV SODQ RQ ILOH ZLWK WKH &RPPXQLW\
'HYHORSPHQW'HSDUWPHQWVKDOOJRYHUQWKHSULPDU\DVVHPEO\XVH
7KH RSHUDWLRQV SODQ DXWKRUL]HV WKH ZRUVKLS VHUYLFHV LQ WKH
VDQFWXDU\RQ6XQGD\VZKLFKRFFXUFRQFXUUHQWO\ZLWKXVHRIRWKHU
PHHWLQJZRUVKLSURRPV
$GPLQLVWUDWLYH XVHV VPDOO JURXS PHHWLQJV \RXWK SURJUDPPLQJ
DQGRWKHUURXWLQHZHHNGD\DFWLYLWLHVDVGHVFULEHGLQWKH0DULQHUV
2SHUDWLRQV OHWWHU RQ ILOH ZLWK WKH &RPPXQLW\ 'HYHORSPHQW
'HSDUWPHQWDUHSHUPLWWHG0RQGD\WKURXJK)ULGD\DQG6XQGD\V
ZKHQWKHZRUVKLSVHUYLFHVDUHQRWRFFXUULQJ
2QJRLQJ 3ODQQLQJ
$OOSDUNLQJVSDFHVZLWKLQWKHSURMHFWVLWHVKDOOEHPDLQWDLQHGDV
VKRZQRQWKHDSSURYHGVLWHSODQ$Q\FKDQJHVWRWKHQXPEHU
ORFDWLRQRUVL]HRISDUNLQJVSDFHVVKDOOEHUHYLHZHGDQGDSSURYHG
E\WKH&RPPXQLW\'HYHORSPHQW'LUHFWRU
2QJRLQJ 3ODQQLQJ
([WHULRUOLJKWLQJVKDOOEHGHVLJQHGWRSURYLGHVDIHSHGHVWULDQDQG
YHKLFXODUFLUFXODWLRQZKLOHVKLHOGLQJDQGGLUHFWLQJOLJKWGRZQZDUGWR
DYRLGVSLOORYHURQWRDGMDFHQWSURSHUWLHV$SKRWRPHWULFSODQVKDOOEH
VXEPLWWHGDWSODQFKHFNGHPRQVWUDWLQJFRPSOLDQFHZLWKWKH7XVWLQ
6HFXULW\ 2UGLQDQFH DQG ZLWK 7&& OLJKWLQJVWDQGDUGV VXEMHFWWR
$WWKHWLPHRI3ODQ
&KHFN6XEPLWWDO
3ODQQLQJ7XVWLQ3'
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
UHYLHZDQGDSSURYDOE\WKH&RPPXQLW\'HYHORSPHQW'HSDUWPHQW
SULRUWRLVVXDQFHRIEXLOGLQJSHUPLWV
,ILQWKHIXWXUHWKH&LW\GHWHUPLQHVWKDWDSDUNLQJSUREOHPH[LVWVRQ
WKHVLWHRULQWKHYLFLQLW\DVDUHVXOWRIWKHSURMHFWWKH&RPPXQLW\
'HYHORSPHQW 'LUHFWRU PD\ UHTXLUH WKH DSSOLFDQW WR SUHSDUH D
SDUNLQJGHPDQGDQDO\VLV,IWKHVXEVHTXHQWVWXG\LQGLFDWHVWKDW
WKHUHLVLQDGHTXDWHSDUNLQJWKHDSSOLFDQWVKDOOSURYLGHWDNHLQWHULP
DQG SHUPDQHQW PHDVXUHV WR SURYLGH DGGLWLRQDO SDUNLQJ DV
GHWHUPLQHG E\ WKH 'LUHFWRU RI WKH &RPPXQLW\ 'HYHORSPHQW
'HSDUWPHQWDQGRUWKH3XEOLF:RUNV'HSDUWPHQW7KHDSSOLFDQW
VKDOOEHDUWKHFRVWDVVRFLDWHGZLWKWKHSUHSDUDWLRQRIWKHSDUNLQJ
DQDO\VLV DQG DQ\ LPSOHPHQWDWLRQ PHDVXUHV WKDW DUH GHHPHG
QHFHVVDU\E\WKH&LW\
2QJRLQJ 3ODQQLQJ
'HVLJQ 5HYLHZ DSSURYDO VKDOO EH UHTXLUHG IRU DQ\ IXWXUH
PRGLILFDWLRQV WR WKH VLWH EXLOGLQJ DUFKLWHFWXUH HOHYDWLRQV
ODQGVFDSLQJ OLJKWLQJ RU RWKHU H[WHULRU VLWH LPSURYHPHQWV DV
GHWHUPLQHGE\WKH&RPPXQLW\'HYHORSPHQW'LUHFWRU
2QJRLQJ 3ODQQLQJ
7KHSURMHFWVLWHVKDOOFRPSO\ZLWK&LW\QRLVHVWDQGDUGV1RRXWGRRU
HYHQWVZRUVKLSRURWKHUDFWLYLWLHVVKDOORFFXUXQOHVVDSSURYHGE\
WKH&RPPXQLW\'HYHORSPHQW'HSDUWPHQW
2QJRLQJ 3ODQQLQJ
K 3XUVXDQWWR7&& K D0DVWHU6LJQ3ODQ 063 LVUHTXLUHGIRU
GHYHORSPHQWVORFDWHGLQSODQQHGFRPPXQLW\GLVWULFWV7KHDSSOLFDQW
VKDOOVXEPLWD063DQGREWDLQVLJQSHUPLWVSULRUWRWKHLQVWDOODWLRQ
RIDQ\VLJQDJH
3ULRUWRLQVWDOODWLRQ
RIVLJQDJH
3ODQQLQJ
$OOJURXQGPRXQWHGIHDWXUHV LHZDOOVPRQXPHQWVLJQVHWF QHHG
WRPHHWWKHWULDQJOHYLVLELOLW\UHTXLUHPHQWV OLQHRIVLJKW SXUVXDQW
WR 7&& 6HFWLRQ 6LJQDJHV DQG ODQGVFDSLQJ VKDOO QRW EH
3ULRUWR,QVWDOODWLRQ
RI6LJQDJH
3ODQQLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
SODFHG ZKHUH LW FUHDWHV D KD]DUG WR YHKLFOHV ELF\FOHV RU
SHGHVWULDQV
$5&+,7(&785($1''(6,*1
$OOURRIDFFHVVVKDOOEHSURYLGHGIURPWKHLQVLGHRIWKHEXLOGLQJ 2QJRLQJ 3ODQQLQJ
$OOH[SRVHGIODVKLQJRUWULPVKDOOEHSDLQWHGWRPDWFKWKHEXLOGLQJ
2QJRLQJ 3ODQQLQJ
$OOURRIWRSPRXQWHGHTXLSPHQWVKDOOEHLQVWDOOHGEHORZWKHWRSRI
WKHSDUDSHWVRDVQRWWREHYLVLEOHIURPWKHSXEOLFULJKWRIZD\
DGMDFHQWSURSHUWLHVRURQVLWH
2QJRLQJ3ODQQLQJ
8WLOLW\PHWHUVORFDWHGRXWVLGHRIWKHEXLOGLQJVKDOOEHVFUHHQHGZLWK
ODQGVFDSLQJWRWKHJUHDWHVWH[WHQWSRVVLEOH
2QJRLQJ 3ODQQLQJ
2QVLWH OLJKWLQJ VKDOO EH GHVLJQHG WR FRQWDLQ LOOXPLQDWLRQ RQWRWKH
SURSHUW\DQGVKDOOQRWVSLOORXWRQWRDGMDFHQWVWUHHWVRUSURSHUWLHV
)LQDOVLWHDQGEXLOGLQJOLJKWLQJVKDOOEHUHYLHZHGDQGDSSURYHGDWSODQ
FKHFN
2QJRLQJ 3ODQQLQJ
$OOXWLOLWLHVVKDOOEHLQVWDOOHGDQGPDLQWDLQHGXQGHUJURXQG 2QJRLQJ 3ODQQLQJ
$OOH[WHULRUFRORUVDQGDUFKLWHFWXUDOPDWHULDOVVKDOOEHFRQVLVWHQW
ZLWKWKRVHSUHVHQWHGRQWKHSODQVGDWHG$XJXVW$Q\
FKDQJHVRUGHYLDWLRQVIURPWKHDSSURYHGSODQVPXVWEHVXEPLWWHG
WR WKH &RPPXQLW\ 'HYHORSPHQW 'HSDUWPHQW IRU UHYLHZ DQG
DSSURYDOSULRUWRRFFXUULQJ
2QJRLQJ 3ODQQLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
/$1'6&$3(
/DQGVFDSHGDUHDVVKDOOEHPDLQWDLQHGDQGZDWHUHGDQGDOOGHDG
SODQWPDWHULDOVKDOOEHUHPRYHGDQGUHSODFHG
2QJRLQJ 3ODQQLQJ
$OO SODQW PDWHULDOV VKDOO EH LQVWDOOHG LQ D KHDOWK\ DQG YLJRURXV
FRQGLWLRQW\SLFDOWRWKHVSHFLHV/DQGVFDSLQJVKDOOEHPDLQWDLQHGLQ
DQHDWDQGKHDOWK\FRQGLWLRQZKLFKLQFOXGHVEXWLVQRWOLPLWHGWR
WULPPLQJ PRZLQJ ZHHGLQJ OLWWHU UHPRYDO IHUWLOL]LQJ UHJXODU
ZDWHULQJDQGUHSODFHPHQWRIGLVHDVHGRUGHDGSODQWV
2QJRLQJ 3ODQQLQJ
$WSODQFKHFNFRPSOHWHGHWDLOHGODQGVFDSLQJDQGLUULJDWLRQSODQV
IRUDOOODQGVFDSLQJDUHDVDUHUHTXLUHGFRQVLVWHQWZLWKWKHDSSURYHG
ODQGVFDSHSODQV&LW\&RXQFLO2UGLQDQFHDGRSWHG*XLGHOLQHV
IRU,PSOHPHQWDWLRQRI7XVWLQ¶V:DWHU(IILFLHQW/DQGVFDSH2UGLQDQFH
DQG7&&6HFWLRQ H
$W3ODQ&KHFN
6XEPLWWDO
3ODQQLQJ
%DFNIORZGHYLFHVDQGGRXEOHGHWHFWRUFKHFNVVKDOOEHSDLQWHGWR
PDWFK VXUURXQGLQJ ODQGVFDSLQJ ZKHQ LQ SODQWHUV RU SDLQWHG WR
PDWFK WKH EXLOGLQJ ZKHQ ORFDWHG DGMDFHQW WR D EXLOGLQJ
/DQGVFDSLQJVKDOOEHXWLOL]HGWRVFUHHQWKHGHYLFHVZKHUHSRVVLEOH
2QJRLQJ 3ODQQLQJ
/DQGVFDSHDGMDFHQWWRWKHULJKWRIZD\VKDOOEHLQFRPSOLDQFHZLWK
WKH 7/63 DQG WKH &LW\ RI 7XVWLQ /DQGVFDSH DQG ,UULJDWLRQ
*XLGHOLQHV
$W3ODQ&KHFN
6XEPLWWDO
3ODQQLQJ
7KHSURMHFWVKDOOFRPSO\ZLWKWKH&LW\¶V:DWHU(IILFLHQW/DQGVFDSH
2UGLQDQFHDQGDQ\([HFXWLYH2UGHUVLVVXHGE\WKH*RYHUQRURIWKH
6WDWHRI&DOLIRUQLDSHUWDLQLQJWRZDWHUFRQVHUYDWLRQDQGLUULJDWLRQ
PHWKRGV
3ULRUWR)LQDO
&HUWLILFDWHRI
2FFXSDQF\
3ODQQLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
3ULRUWRILQDO&RI2WKH&RPPXQLW\'HYHORSPHQW'HSDUWPHQWVKDOO
FRQGXFWDILQDOLQVSHFWLRQHQVXULQJDOOODQGVFDSLQJLVSODQWHGLQ
FRPSOLDQFH ZLWK WKH DSSURYHG ODQGVFDSH SODQV DQG FROOHFW D
FRPSOHWHG /DQGVFDSH ,QVWDOODWLRQ &HUWLILFDWH RI &RPSOHWLRQ
$WWDFKPHQW(RIWKH:DWHU(IILFLHQW/DQGVFDSH2UGLQDQFH
12,6(
$W SODQ FKHFN DQ XSGDWHG QRLVH DQDO\VLV VKDOO EH SURYLGHG WR
HQVXUHFRPSOLDQFHZLWKWKH7XVWLQ1RLVHVWDQGDUGV
$WWLPHRI3ODQ
&KHFN
3ODQQLQJ
$OOFRQVWUXFWLRQDFWLYLW\VKDOOFRPSO\ZLWK7&&6HFWLRQZKLFK
DOORZVFRQVWUXFWLRQRQO\EHWZHHQWKHKRXUVRI DPDQG
SP0RQGD\WKURXJK)ULGD\EHWZHHQ DPDQG SPRQ
6DWXUGD\VDQGDWQRWLPHRQ6XQGD\VDQG&LW\REVHUYHGIHGHUDO
KROLGD\V
'XULQJ&RQVWUXFWLRQ 3ODQQLQJ7XVWLQ3ROLFH
'HSDUWPHQW
$OO DFWLYLWLHV VKDOO FRPSO\ ZLWK WKH &LW\¶V 1RLVH 2UGLQDQFH 1R
DPSOLILHGVRXQGGHYLFHVDUHSHUPLWWHGRXWVLGHRIWKHEXLOGLQJ$OO
VFUHHQLQJDURXQGPHFKDQLFDOHTXLSPHQWVXFKDV+9$&XQLWVVKDOO
EHPDLQWDLQHGLQUHSDLUHGDVQHHGHG
2QJRLQJ3ODQQLQJ
3/$168%0,77$/
7KHSODQVVKDOOFRPSO\ZLWKWKHODWHVWHGLWLRQRIWKHFRGHV&LW\
2UGLQDQFHV6WDWHDQG)HGHUDOODZVDQGUHJXODWLRQVDVDGRSWHGE\
WKH7XVWLQ&LW\&RXQFLO
3ULRUWR,VVXDQFHRI
%XLOGLQJ3HUPLW
%XLOGLQJ
$WUDVKHQFORVXUHVKDOOEHSURYLGHGZLWKILUHVSULQNOHUVDQGGUDLQV
DVUHTXLUHG
3ULRUWR,VVXDQFHRI
%XLOGLQJ3HUPLW
%XLOGLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
38%/,&:25.6'(3$570(17:$7(548$/,7<&21',7,216
7KLV GHYHORSPHQW VKDOO FRPSO\ ZLWK DOO DSSOLFDEOH
SURYLVLRQVRIWKH&LW\RI7XVWLQ:DWHU4XDOLW\2UGLQDQFH
DQG DOO )HGHUDO 6WDWH DQG 5HJLRQDO :DWHU 4XDOLW\
&RQWURO%RDUGUXOHVDQGUHJXODWLRQV
2QJRLQJ3XEOLF:RUNV
'HSDUWPHQW
3ULRU WR LVVXDQFH RI DQ\ SHUPLWV WKH DSSOLFDQW VKDOO
VXEPLWIRUDSSURYDOE\WKH&RPPXQLW\'HYHORSPHQWDQG
3XEOLF:RUNV'HSDUWPHQWVD:DWHU4XDOLW\0DQDJHPHQW
3ODQ :403 LQWKH&LW\¶V&LWL]HQ6HOI6HUYLFH3RUWDO,I
WKH:403KDVEHHQGHWHUPLQHGWREHD3ULRULW\:403
LWVKDOOLGHQWLI\/RZ,PSDFW'HYHORSPHQW /,' SULQFLSOHV
DQG%HVW0DQDJHPHQW3UDFWLFHV %03V WKDWZLOOEHXVHG
RQVLWH WR UHWDLQ VWRUP ZDWHU DQGtreat SUHGLFWDEOH
SROOXWDQWUXQRII7KH3ULRULW\:403VKDOOLGHQWLI\ WKH
LPSOHPHQWDWLRQRI%03VWKHDVVLJQPHQWRIORQJWHUP
PDLQWHQDQFHUHVSRQVLELOLWLHV VSHFLI\LQJWKHGHYHORSHU
SDUFHORZQHUPDLQWHQDQFHDVVRFLDWLRQOHVVHHVHWF
DQGUHIHUHQFHWRWKHORFDWLRQ V RIVWUXFWXUDO%03V
3ULRUWR,VVXDQFHRI
$Q\3HUPLWV
3XEOLF:RUNV
'HSDUWPHQW
3ULRUWRVXEPLWWDORID:DWHU4XDOLW\0DQDJHPHQW3ODQ
:403 WKH DSSOLFDQW VKDOO VXEPLW D GHSRVLW RI
WR WKH 3XEOLF :RUNV 'HSDUWPHQW IRU WKH
HVWLPDWHG FRVW RI UHYLHZLQJ WKH :403 7KH GHSRVLW
DPRXQW PD\ LQFUHDVH LI WKH &LW\ DGRSWV D QHZ IHH
VFKHGXOH
3ULRUWR3ODQ&KHFN 3XEOLF:RUNV
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
3ULRU WR LVVXDQFH RI DQ\ SHUPLWV WKH DSSOLFDQW VKDOO
UHFRUGD&RYHQDQWDQG$JUHHPHQW5HJDUGLQJ2 03ODQ
WR)XQGDQG0DLQWDLQ:DWHU4XDOLW\%03V&RQVHQWWR
,QVSHFW DQG ,QGHPQLILFDWLRQ´ ZLWK WKH &RXQW\ &OHUN
5HFRUGHU 7KHVH GRFXPHQWV VKDOO ELQG FXUUHQW DQG
IXWXUHRZQHU V RIWKHSURSHUW\UHJDUGLQJLPSOHPHQWDWLRQ
DQG PDLQWHQDQFH RI WKH VWUXFWXUDO DQG QRQVWUXFWXUDO
%03VDVVSHFLILHGLQWKHDSSURYHG:403
3ULRUWR,VVXDQFHRI
)LUVW3HUPLWV
3XEOLF:RUNV
'HSDUWPHQW
3ULRU WR WKH RZQHU REWDLQLQJ D )LQDO $SSURYDO DQG
&HUWLILFDWH RI 2FFXSDQF\ & RI 2 WKH HQJLQHHU
UHVSRQVLEOH IRU WKH DSSURYHG :403 VKDOO VWDPS DQG
VLJQWKH6WRUPZDWHU2EVHUYDWLRQ5HSRUW)RUP
3ULRUWR)LQDO
,QVSHFWLRQ
&HUWLILFDWHRI
2FFXSDQF\
3XEOLF:RUNV
'HSDUWPHQW
3ULRUWRLVVXDQFHRID*UDGLQJ3HUPLWWKHDSSOLFDQWVKDOO
VXEPLWDFRS\RIWKH1RWLFHRI,QWHQW 12, LQGLFDWLQJWKDW
FRYHUDJHKDVEHHQREWDLQHGXQGHUWKH1DWLRQDO3ROOXWDQW
'LVFKDUJH(OLPLQDWLRQ6\VWHP 13'(6 6WDWH*HQHUDO
3HUPLW IRU 6WRUP :DWHU 'LVFKDUJHV $VVRFLDWHG ZLWK
&RQVWUXFWLRQ $FWLYLW\ IURP WKH 6WDWH :DWHU 5HVRXUFHV
4XDOLW\&RQWURO%RDUG
3ULRUWR,VVXDQFHRI
*UDGLQJ3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
38%/,&:25.6'(3$570(17675((7,03529(0(17&21',7,216
3ULRU WR LVVXDQFH D &HUWLILFDWH RI 2FFXSDQF\ WKH
DSSOLFDQWVKDOOFRPSOHWHVWUHHWLPSURYHPHQWVRQ-RKQ
-RKQVRQ:D\9HWHUDQV:D\DQG:DUQHU$YHQXH DORQJ
WKHSURMHFWIURQWDJHFRQVLVWLQJRI
D &RPPHUFLDO GULYHZD\ DSURQV VKDOO EH
GHVLJQHG DQG FRQVWUXFWHGUHFRQVWUXFWHG
3ULRUWRWKH,VVXDQFH
RI&HUWLILFDWHRI
2FFXSDQF\
3XEOLF:RUNV
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
SHU WKH PRVW FXUUHQW &LW\ RI 7XVWLQ
FRPPHUFLDO GULYHZD\ VWDQGDUGV ZLWK
PLQLPXP DSURQ ZLGWK RI IRRW
'HSHQGLQJRQWKHDSSOLFDEOH&LW\VWDQGDUG
GHGLFDWLRQ LQ IHH RQ SULYDWH SURSHUW\ IRU
SHGHVWULDQDFFHVVPD\EHUHTXLUHG,QWKLV
FDVH D OHJDO GHVFULSWLRQ DQG SODW RI WKH
GHGLFDWLRQDUHDDVSUHSDUHGE\D&DOLIRUQLD
5HJLVWHUHG &LYLO (QJLQHHU RU &DOLIRUQLD
/LFHQVHG /DQG 6XUYH\RU VKDOO EH
VXEPLWWHGWRWKH3XEOLF:RUNV'HSDUWPHQW
IRUUHYLHZDQGDSSURYDO
E 7KHGHYHORSHUVKDOOGHVLJQDQGFRQVWUXFW
VLGHZDONSDUNZD\ODQGVFDSHDQGLUULJDWLRQ
V\VWHPDORQJWKHSURSHUW\IURQWDJH
F 7KHGHYHORSHUVKDOOGHVLJQDQGFRQVWUXFW
VLGHZDONDORQJSURSHUW\IURQWDJHRQ
L 9HWHUDQV:D\IURP:DUQHU$YHWR
-RKQ-RKQVRQ:D\
LL -RKQ -RKQVRQ :D\ IURP 9HWHUDQV
:D\WR:DUQHU$YH
G 7KH H[LVWLQJ VWUXFWXUDO VHFWLRQ RQ -RKQ
-RKQVRQ :D\ DQG 9HWHUDQV :D\ IURP
$LUVKLS $YH WR :DUQHU $YH LV FXUUHQWO\
OLPLWHG WR EDVH SDYHPHQW 'XH WR
GHYHORSPHQWDFWLYLW\LQWKHUHJLRQWKH&LW\
RPLWWHG FDSSLQJ WKH DERYHPHQWLRQHG
VWUHHWV7KHGHYHORSHUVKDOOLPSOHPHQWWKH
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
IROORZLQJ LPSURYHPHQWV EDVHG RQ
FRQGLWLRQVDQGLPSDFWVDWVXFKWLPHWKDWWKH
GHYHORSHU PRYHV IRUZDUG ZLWK WKH
FRQVWUXFWLRQ RI WKH SURMHFW WR WKH
VDWLVIDFWLRQRIWKH&LW\(QJLQHHU
L -RKQ-RKQVRQ:D\
LL 9HWHUDQV:D\
LLL :DUQHU$YHQXH
+DOI:LGWK ,I FLW\ DQQXDO
PDLQWHQDQFH FRQWUDFWRU FDS SDYHV
WKH VWUHHW SULRU WR GHYHORSHU
EHJLQQLQJ FRQVWUXFWLRQ DQG LPSDFW
IURPGHYHORSPHQWSURMHFWWRVWUHHWLV
OLPLWHGWRDGMDFHQWKDOIRIWKHVWUHHW
*ULQGDQGRYHUOD\WRWKHVDWLVIDFWLRQ
RIWKH&LW\(QJLQHHU
)XOO:LGWK ,I GHYHORSPHQW SURMHFW
WLPLQJ LQWHUIHUHV ZLWK FLW\ DQQXDO
PDLQWHQDQFHFRQWUDFWRUIRUFLQJWKH
FLW\WRKDYHWRRPLWVWUHHWVIURPWKH
VFRSH RI ZRUN RU VKRXOG D FLW\
SDYHPHQW PRUDWRULXP EH LQ HIIHFW
ZLWKLQ\HDUVDIWHUQHZO\RYHUOD\HG
RUUHFRQVWUXFWHGVWUHHWVDQGZLWKLQ
\HDUV DIWHU QHZO\ VOXUU\ VHDOHG
VWUHHWV *ULQG DQG RYHUOD\ WR WKH
VDWLVIDFWLRQRIWKH&LW\(QJLQHHU
/DQH *ULQGDQG2YHUOD\PD\EH
UHTXLUHG RQ VWUHHWV QRW XVHG IRU
KDXOLQJURXWHVVXEMHFW WR D
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
GHWHUPLQDWLRQE\WKH&LW\(QJLQHHU
DQGPD\EHXSWR+DOIZLGWKEDVHG
RQ ILHOG REVHUYDWLRQV FRQGLWLRQV
7UHQFK UHSDLU VKDOO EH SHU FLW\
VWDQGDUG QR &LW\ PRUDWRULXP
VWDQGDUGVVKDOOEHDSSOLFDEOHLILQ
HIIHFW
3ULRU WR DQ\ ZRUN LQ WKH SXEOLF ULJKWRIZD\ DQ
(QFURDFKPHQW3HUPLWVKDOOEHREWDLQHGIURPDSSOLFDEOH
IHHVSDLGWRWKH3XEOLF:RUNV'HSDUWPHQW
3ULRUWR:RUNLQWKH
3XEOLF5LJKWRI:D\
3XEOLF:RUNV
'HSDUWPHQW
3ULRU WR LVVXDQFH RI D *UDGLQJ 3HUPLW DQG DQ
(QFURDFKPHQW3HUPLWWKHDSSOLFDQWVKDOOVXEPLWLQWKH
&LW\¶V&LWL]HQ 6HOI 6HUYLFH 3RUWDO VWUHHW LPSURYHPHQW
SODQV DV SUHSDUHG E\ D &DOLIRUQLD 5HJLVWHUHG &LYLO
(QJLQHHU IRU UHYLHZ DQG DSSURYDO 7KH SODQV VKDOO
FOHDUO\ VKRZ H[LVWLQJ DQG SURSRVHG VXUIDFH DQG
XQGHUJURXQG LPSURYHPHQWV LQFOXGLQJ FRQVWUXFWLRQ
DQGRUUHSODFHPHQWRIDQ\PLVVLQJRUGDPDJHGSXEOLF
LPSURYHPHQWVDGMDFHQWWRWKLVGHYHORSPHQW´[´
VLJQHGDQGVWDPSHGUHSURGXFHDEOHVWUHHWLPSURYHPHQW
SODQLVUHTXLUHGIRUILQDODSSURYDO
3ULRUWR,VVXDQFHRI
*UDGLQJ3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
3ULRU WR LVVXDQFH RI DQ (QFURDFKPHQW 3HUPLW IRU
FRQVWUXFWLRQZLWKLQWKHSXEOLFULJKWRIZD\WKHDSSOLFDQW
VKDOO VXEPLW LQ WKH &LW\¶V&LWL]HQ 6HOI 6HUYLFH 3RUWDO
SXEOLFLPSURYHPHQWSODQDQGFRQVWUXFWLRQWUDIILFFRQWURO
SODQV DV SUHSDUHG E\ D &DOLIRUQLD 5HJLVWHUHG 7UDIILF
(QJLQHHURU&LYLO(QJLQHHUH[SHULHQFHGLQWKLVW\SHRI
SODQ SUHSDUDWLRQ WR WKH 3XEOLF :RUNV 'HSDUWPHQW IRU
UHYLHZDQGDSSURYDO
3ULRUWR,VVXDQFHRI
(QFURDFKPHQW
3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
&XUUHQW )HGHUDO $PHULFDQV ZLWK 'LVDELOLWLHV $FW $'$
UHTXLUHPHQWVVKDOOEHPHWDWDOOGULYHZD\VDQGVLGHZDONV
DGMDFHQWWRWKHVLWH&LW\RI7XVWLQVWDQGDUGVVKDOODSSO\
XQOHVV RWKHUZLVH DSSURYHG E\ WKH &LW\ (QJLQHHU
'HSHQGLQJRQWKHDSSOLFDEOH&LW\VWDQGDUGDQHDVHPHQW
RQ SULYDWH SURSHUW\ IRU SHGHVWULDQ DFFHVV PD\ EH
UHTXLUHG,QWKLVFDVHDOHJDOGHVFULSWLRQDQGVNHWFKRI
WKH GHGLFDWLRQ DUHD DV SUHSDUHG E\ D &DOLIRUQLD
5HJLVWHUHG &LYLO (QJLQHHU RU&DOLIRUQLD /LFHQVHG /DQG
6XUYH\RU VKDOO EH VXEPLWWHG WR WKH 3XEOLF :RUNV
'HSDUWPHQWIRUUHYLHZDQGDSSURYDO
3ULRUWR)LQDO
,QVSHFWLRQ&HUWLILFDWH
RI2FFXSDQF\
3XEOLF:RUNV
'HSDUWPHQW
3ULRUWRLVVXDQFHRI*UDGLQJ3HUPLWWKHDSSOLFDQWVKDOO
HQWHULQWRDODQGVFDSHPDLQWHQDQFHDJUHHPHQWZLWKWKH
&LW\RI7XVWLQIRUPDLQWHQDQFHRISDUNZD\LPSURYHPHQWV
DGMDFHQWWRWKHSURMHFWDORQJ-RKQ-RKVRQ:D\9HWHUDQV
:D\DQG:DUQHU$YHQXH
3ULRUWR,VVXDQFHRI
*UDGLQJ3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
7KHDSSOLFDQWVKDOOREWDLQZULWWHQDSSURYDODQGRUSHUPLWV
IURPWKHDSSOLFDEOHXWLOLW\FRPSDQLHVLQFOXGLQJEXWQRW
OLPLWHGWR6RXWKHUQ&DOLIRUQLD(GLVRQ7KH*DV&RPSDQ\
,UYLQH 5DQFK :DWHU 'LVWULFW ,5:' $7 7 &R[
&RPPXQLFDWLRQV6SHFWUXPHWF
3ULRUWR,VVXDQFHRI
)LUVW3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
7KH DSSOLFDQW VKDOO FRRUGLQDWH WKH GHVLJQ DQG
FRQVWUXFWLRQRIDOOXWLOLWLHVZLWKWKHXWLOLW\SURYLGHUVDQGWKH
&LW\7KHDSSOLFDQWLVUHVSRQVLEOHIRUWKHFRRUGLQDWLRQDQG
DOOFRVWVUHODWHGWRWKHLQVWDOODWLRQXSJUDGHDOWHUDWLRQ
UHORFDWLRQRUDEDQGRQPHQWRIDOOH[LVWLQJZHWDQGGU\
XWLOLWLHVDIIHFWHGE\WKHSURSRVHGSURMHFW
3ULRUWR,VVXDQFHRI
)LUVW3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
38%/,&:25.6'(3$570(17:$7(5,03529(0(17&21',7,216
3DUNZD\ODQGVFDSLQJUHTXLUHVDVHSDUDWHZDWHUVHUYLFH
DQG PHWHU IRU LUULJDWLRQ ZLOOEH UHTXLUHG $ UHGXFHG
SUHVVXUHSULQFLSDODVVHPEO\ 533$ VKDOOEHUHTXLUHGWR
SUHYHQW FURVV FRQWDPLQDWLRQ ZLWK WKH SXEOLF ZDWHU
V\VWHP
3ULRUWR/DQGVFDSH
)LQDO
3XEOLF:RUNV
'HSDUWPHQW3ODQQLQJ
7KHDSSOLFDQWLVUHVSRQVLEOHIRUDOOFRVWVUHODWHGWRWKH
LQVWDOODWLRQ XSJUDGH DOWHUDWLRQ UHORFDWLRQ RU
DEDQGRQPHQWRIDOOH[LVWLQJ&LW\RI7XVWLQSXEOLFZDWHU
IDFLOLWLHVDIIHFWHGE\WKHSURSRVHGSURMHFW
2QJRLQJ3XEOLF:RUNV
'HSDUWPHQW
7KHDGHTXDF\RIDSURSRVHGZDWHUV\VWHPSODQIRUD
SURSRVHG GHYHORSPHQW SURMHFW LQFOXGLQJ WKH QXPEHU
VL]HDQGGLVWULEXWLRQRIILUHK\GUDQWVPXVWEHUHYLHZHGE\
WKH2UDQJH&RXQW\)LUH$XWKRULW\ 2&)$ 3ODQVPHHWLQJ
2&)$ILUHSURWHFWLRQUHTXLUHPHQWVPXVWEHVWDPSHGDQG
DSSURYHGE\WKDWDJHQF\
3ULRUWR,VVXDQFHRI
)LUVW3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
7KH SURSRVHG GRPHVWLF ZDWHU V\VWHP SODQV PXVW
FRQIRUP WR DOO DSSOLFDEOH UHJXODWLRQV HQIRUFHG E\ WKH
2UDQJH&RXQW\+HDOWK'HSDUWPHQW
3ULRUWR,VVXDQFHRI
)LUVW3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
38%/,&:25.6'(3$570(1762/,':$67(5(&<&/,1*&21',7,216
&RQVWUXFWLRQDQG'HPROLWLRQ & ' :DVWH5HF\FOLQJ
DQG5HGXFWLRQ3ODQ :553
D 7KHDSSOLFDQWFRQWUDFWRULVUHTXLUHGWRVXEPLW
D:553WRWKH3XEOLF:RUNV'HSDUWPHQW7KH
:553 PXVW LQGLFDWH KRZ WKH DSSOLFDQW ZLOO
3ULRUWR,VVXDQFHRI
)LUVW3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
FRPSO\ZLWKWKH&LW\¶VUHTXLUHPHQW &LW\&RGH
6HFWLRQHWDO WRUHF\FOHDWOHDVWRI
WKH SURMHFW ZDVWH PDWHULDO RU WKH DPRXQW
UHTXLUHG E\ WKH &DOLIRUQLD *UHHQ %XLOGLQJ
6WDQGDUGV&RGH
E 3ULRU WR WKH LVVXDQFH RI DQ\ EXLOGLQJ RU
GHPROLWLRQSHUPLWWKDWLQYROYHVWKHFUHDWLRQRI
& ' GHEULV HDFK DSSOLFDQW IRU FRYHUHG
SURMHFWVVKDOOSD\WRWKH&LW\DQDSSOLFDWLRQIHH
LQWKHDPRXQWVHWIRUWKLQDUHVROXWLRQRIWKH
&LW\&RXQFLOVXIILFLHQWWRFRYHUWKH&LW\
VFRVWV
RI UHYLHZLQJ DQ DSSOLFDWLRQ DQG PRQLWRULQJ
FRPSOLDQFHZLWKWKLVVHFWLRQDQGRUWKH:553
RUUHYLHZLQJDQDSSOLFDWLRQIRUH[HPSWLRQ
F 6HFXULW\GHSRVLW,QDGGLWLRQWRWKHDSSOLFDWLRQ
IHHHDFKDSSOLFDQWVKDOOGHSRVLWZLWKWKH&LW\D
VHFXULW\GHSRVLWDVVHFXULW\IRUSHUIRUPDQFH
7KHVHFXULW\GHSRVLWLVUHPLWWHGDWWKHVDPH
WLPHWKHSHUPLWDSSOLFDWLRQLVILOHG7KHVHFXULW\
GHSRVLWPD\EHLQWKHIRUPRIFDVKFDVKLHU
V
FKHFNSHUVRQDOFKHFNPRQH\RUGHURUPD\
EHDSSOLHGWRDFUHGLWFDUGLQDFFRUGDQFHZLWK
VWDQGDUGVVHWE\WKH)LQDQFH'HSDUWPHQW
&RPPHUFLDO $OO FRPPHUFLDO SURMHFWV
VKDOO VXEPLW D VHFXULW\ GHSRVLW LQ WKH
DPRXQW RI ILYH SHUFHQW RI WKH
SURMHFW
VYDOXDWLRQDVGHWHUPLQHGE\WKH
%XLOGLQJ2IILFLDOURXQGHGWRWKHQHDUHVW
WKRXVDQGRUWZRWKRXVDQGILYHKXQGUHG
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
GROODUV ZKLFKHYHU LV
JUHDWHU ,Q QR HYHQW VKDOO D GHSRVLW
H[FHHG WZHQW\ILYH WKRXVDQG GROODUV
*UDGLQJ $OO SURMHFWV UHTXLULQJ D
JUDGLQJSHUPLWVKDOOVXEPLWDVHFXULW\
GHSRVLWLQWKHDPRXQWRIRQHWKRXVDQG
GROODUV SHUDFUHURXQGHGXSWR
WKH QHDUHVW TXDUWHU DFUH 3URMHFWV
UHTXLULQJ ERWKD URXJK JUDGLQJ SHUPLW
DQG D JUDGLQJ SHUPLW VKDOO UHTXLUH D
VLQJOH GHSRVLW DQG FROOHFWHG XQGHU D
VLQJOH:553DSSOLFDWLRQ
38%/,& :25.6 '(3$570(17 )$&,/,7< 62/,' :$67( &2//(&7,21 $1'
5(&<&/,1*3/$16
)DFLOLW\6ROLG:DVW&ROOHFWLRQDQG5HF\FOLQJ3ODQ
D 7KHDSSOLFDQWSURSHUW\RZQHUDQGRUWHQDQW V
DUH UHTXLUHG WR SDUWLFLSDWH LQ WKH &LW\¶V
UHF\FOLQJSURJUDPV
E :DVWHDQG5HF\FOLQJFROOHFWLRQIDFLOLWLHVVKDOO
EH HTXDOO\ DQG UHDGLO\ DFFHVVLEOH E\ WKH
SURSHUW\RZQHU V RUWHQDQW V
F :DVWHDQG5HF\FOLQJFROOHFWLRQIDFLOLWLHVPXVW
EHSODFHGLQDORFDWLRQWKDWFDQEHHDVLO\DQG
VDIHO\DFFHVVHGE\WKHVROLGZDVWHKDXOHUZKLOH
2QJRLQJ3XEOLF:RUNV
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
XWLOL]LQJ HLWKHU IURQW ORDGHU RU VLGH ORDGLQJ
HTXLSPHQW
G $GHTXDWHFROOHFWLRQFDSDFLW\VKDOOEHSURYLGHG
WR HQVXUH WKDW FROOHFWLRQ IUHTXHQF\ VKDOO QRW
H[FHHG IRXU WLPHV SHU ZHHN IRU FRPPHUFLDO
FXVWRPHUV
H $OOWUDVKHQFORVXUHVVKDOOEHGHVLJQHGZLWKURRI
DQGEHDEOHWRDFFRPPRGDWHDWOHDVWWZR
\DUGELQVZLWKDWOHDVWRQH ELQUHVHUYHGIRU
UHF\FODEOHPDWHULDOV6SDFHIRUDFRQWDLQHUIRU
RUJDQLFV LV DOVR UHTXLUHG DV GHVFULEHG LQ
6HFWLRQ*EHORZ
I 3ULRU WR WKH DSSURYDO RI D VLWH SODQ RU WKH
LVVXDQFHRIDEXLOGLQJSHUPLWWKH3XEOLF:RUNV
'HSDUWPHQW VKDOO UHYLHZ DQG DSSURYH WKH
QXPEHURIWUDVKHQFORVXUHVUHTXLUHGWRVHUYLFH
WKHSURMHFWVLWH
J $OOGHYHORSPHQWVDUHUHTXLUHGWRSURYLGHVSDFH
IRUWKHFROOHFWLRQRIRUJDQLFPDWHULDOV2UJDQLFV
DUH FROOHFWHG LQ JDOORQ DQG JDOORQ
ZKHHOHGFDUWVDQG\DUGELQV7KHVL]HRIWKH
RUJDQLFVFRQWDLQHUZLOOEHGHSHQGHQWXSRQWKH
XVHDQGVL]HRIWKHEXLOGLQJ2UJDQLFVFDQEH
FROOHFWHGVL[ GD\VSHUZHHNWRPLQLPL]HWKH
VSDFHUHTXLUHGIRUDFRQWDLQHU
38%/,&:25.6'(3$570(170,6&(//$1286&21',7,216
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
3ULRUWRLVVXDQFHRIILUVWSHUPLWWKHDSSOLFDQWVKDOOVXEPLW
DQò´[´VWUHHWDGGUHVVPDSH[KLELWWRWKH3XEOLF
:RUNV'HSDUWPHQWIRUUHYLHZDQGDSSURYDO7KHDGGUHVV
PDSH[KLELWVKDOOEHLQSRUWDEOHGRFXPHQWIRUPDW 3')
DQGVKDOOLQFOXGHWKHVLWHSODQIRRWSULQWRIEXLOGLQJ V DQG
VWUHHWV
3ULRUWR,VVXDQFHRI
)LUVW3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
3ULRU WR LVVXDQFH RI WKH ILUVW *UDGLQJ 3HUPLW WKH
GHYHORSHU VKDOO HQWHU LQWR D /DQGVFDSH 0DLQWHQDQFH
$JUHHPHQW ZLWK WKH &LW\ RI 7XVWLQ IRU PDLQWHQDQFH RI
SDUNZD\ LPSURYHPHQWV DGMDFHQW WR WKH SURMHFW DORQJ
$UPVWURQJ$YHQXH:DUQHU$YHQXH9HWHUDQV:D\DQG
-RKQ-RKQVRQ:D\7KHDSSOLFDQWVKDOOEHUHVSRQVLEOH
IRU&LW\$WWRUQH\UHYLHZIHHVDQGWKHFRVWRIUHFRUGLQJWKH
DJUHHPHQW
3ULRUWR,VVXDQFHRI
)LUVW*UDGLQJ3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
7KH FRQVWUXFWLRQ ODQGVFDSH DQG LUULJDWLRQ SODQ VKDOO
LGHQWLI\OLPLWHGXVHDUHDVIRUDFFHVVRQWRSXEOLFVWUHHWV
DWDPLQLPXPD¶WULDQJOHRQHDFKVLGHRIDGULYHZD\
DQGD¶WULDQJOHDWDVLJQDOL]HGLQWHUVHFWLRQEHKLQGWKH
VLGHZDONDQGEDVHGRQDFRUQHUVLJKWGLVWDQFHDQDO\VLV
IRUSDUNZD\ODQGVFDSLQJ :LWKLQOLPLWHGXVHDUHDVWKH
KDUGVFDSH LPSURYHPHQWV DQG ODQGVFDSLQJ PXVW EH
UHVWULFWHGWRDKHLJKWRILQFKHVRUOHVVGHSHQGLQJRQ
WKHVSHHGRIWKHURDG2EVWUXFWLRQVWKDWFRXOGEORFNOLQH
RIVLJKWDUHQRWDOORZHGLQWKHOLPLWHGXVHDUHDLQFOXGLQJ
EXW QRW OLPLWHG WR EXV VKHOWHUV ZDOOV DQG
ODQGVFDSLQJ $GGLWLRQDOO\ WR PDLQWDLQ DGHTXDWH VLJKW
OLQHVRISHGHVWULDQVRQWKHVLGHZDONDQGYHKLFOHVDQG
ELF\FOHVRQWKHVWUHHWWKHGLDPHWHURIVWUHHWWUHHVVKDOO
EHQRJUHDWHUWKDQLQFKHVLQFOXGLQJFDQRSLHVZLWKLQ
WKHDUHDLQFKHVDERYHWKHFXUE
$W/DQGVFDSH3ODQ
6XEPLWWDO2QJRLQJ
3XEOLF:RUNV
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
7KHSURSRVHGVWUHHWWUHHVKDOOPHHWWKH7XVWLQ/HJDF\
SODQW SDOOHW UHTXLUHPHQWV RU DSSURYHG E\ WKH &LW\ RI
7XVWLQ$UERULVW
7KHDSSOLFDQWVKDOOVDWLVI\GHGLFDWLRQDQGRUUHVHUYDWLRQ
UHTXLUHPHQWVDVDSSOLFDEOHLQFOXGLQJEXWQRWOLPLWHGWR
GHGLFDWLRQLQ)HH7LWOHRIDOOUHTXLUHGVWUHHWULJKWVRIZD\
GHGLFDWLRQ RI DOO UHTXLUHG IORRG FRQWURO ULJKWRIZD\
HDVHPHQWV DQG GHGLFDWLRQ RI YHKLFXODU DFFHVV ULJKWV
VHZHU HDVHPHQWV DQG ZDWHU HDVHPHQWV GHILQHG DQG
DSSURYHGDVWRVSHFLILFORFDWLRQVE\WKH&LW\(QJLQHHU DW
QRFRVWWRWKH&LW\ DQGRURWKHUDJHQFLHV
3ULRUWR,VVXDQFHRI
)LUVW3HUPLW
3XEOLF:RUNV
'HSDUWPHQW
3ULRUWRLVVXDQFHRID%XLOGLQJ3HUPLW V SD\PHQWRIWKH
PRVWFXUUHQW0DMRU7KRURXJKIDUHDQG%ULGJH)HHV IRU
WKH )RRWKLOO(DVWHUQ 7UDQVSRUWDWLRQ &RUULGRU $JHQF\
7&$ WRWKH&LW\RI7XVWLQ WKURXJKWKH3XEOLF:RUNV
'HSDUWPHQW VKDOOEHUHTXLUHG7KHIHHUDWHVFKHGXOH
DXWRPDWLFDOO\LQFUHDVHVRQ-XO\VWRIHDFK\HDU
3ULRUWR,VVXDQFHRI
%XLOGLQJ3HUPLW
%XLOGLQJ3XEOLF:RUNV
'HSDUWPHQW
$Q\GDPDJHGRQHWRH[LVWLQJSXEOLFVWUHHWLPSURYHPHQWV
DQGRUXWLOLWLHVVKDOOEHUHSDLUHGWRWKHVDWLVIDFWLRQRIWKH
&LW\(QJLQHHUSULRUWRLVVXDQFHRIWKHILUVW&HUWLILFDWHRI
2FFXSDQF\IRUWKHGHYHORSPHQW
3ULRUWR,VVXDQFHRI
&HUWLILFDWHRI
2FFXSDQF\
3XEOLF:RUNV
'HSDUWPHQW
32/,&('(3$570(17
'XULQJ FRQVWUXFWLRQ FRYHULQJ WKH FRQVWUXFWLRQ DUHD
VXUYHLOODQFHFDPHUDVVKDOOEHLQVWDOOHGLQFOXGLQJQHDUDQ\
FRQWDLQHUV FRQWDLQLQJ KLJKYDOXH LWHPV VXFK DV WRROV
+9$&HTXLSPHQWHOHFWULFDOHTXLSPHQWDQGEUHDNHUVRU
3ULRUWR,VVXDQFHRI
*UDGLQJ3HUPLW
7XVWLQ3ROLFH
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
RWKHUFRPPRQO\WDUJHWHGVWROHQLWHPV 0LQLPXPGD\
UHWHQWLRQSHULRG
$IWHU FRQVWUXFWLRQ KLJKUHVROXWLRQ FDPHUDV VKDOO EH
LQVWDOOHGFRYHULQJDOOVLGHVRIWKHEXLOGLQJLQFOXGLQJH[LWV
DQG HQWUDQFHV DQG SDUNLQJ ORW DUHDV 7KHVH FDPHUDV
VKRXOGKDYHWKHDELOLW\IRUOLYHYLHZDVZHOODVDPLQLPXP
GD\UHWHQWLRQSHULRG&RQVLGHUDWLRQVKRXOGEHJLYHQ
WRVKDULQJFDPHUDVZLWK3'DVSDUWRIWKHIXWXUH5HDO
7LPH&ULPH&HQWHU
3ULRUWR)LQDO
,QVSHFWLRQ&HUWLILFDWH
RI2FFXSDQF\
7XVWLQ3ROLFH
6LJQV VKDOO EH SRVWHG DW DOO SHGHVWULDQ DQG YHKLFOH
HQWUDQFHVWKDWVWDWH³1R7UHVSDVVLQJ´LQFRPSOLDQFHZLWK
ODQJXDJHVWDWHGLQ7XVWLQ&LW\&RGH F
3ULRUWR3ODQQLQJ
)LQDO
7XVWLQ
3ROLFH&RPPXQLW\
'HYHORSPHQW
6LJQVVKDOOEHSRVWHGDWDOOYHKLFOHHQWUDQFHVH[LWVWKDW
VWDWH³1R2YHUQLJKW3DUNLQJ9LRODWRUV:LOOEH7RZHG´LQ
FRPSOLDQFHZLWKWKHODQJXDJHVL]HHWFLQ7XVWLQ&LW\
&RGHE
3ULRUWR&HUWLILFDWHRI
2FFXSDQF\
3ODQQLQJ7XVWLQ3ROLFH
'HSDUWPHQW
,I YHKLFOH JDWHV DUH LQVWDOOHG DFURVV WKH ORDGLQJ GRFN
DUHDDFFHVVWRWKHSURSHUW\IRU)LUVW5HVSRQGHUVVKDOOEH
WKURXJKWKHEUDQG³&OLFN(QWHU´
3ULRUWR&HUWLILFDWHRI
2FFXSDQF\
3ODQQLQJ7XVWLQ3ROLFH
'HSDUWPHQW
25$1*(&2817<),5($87+25,7<
3ULRUWR2&)$FOHDUDQFHRIDILQDOPDSRULVVXDQFHRID
SUHFLVHJUDGLQJSHUPLWRUDEXLOGLQJSHUPLWWKHDSSOLFDQW
RUUHVSRQVLEOHSDUW\VKDOOVXEPLWDILUHPDVWHUSODQWR
2&)$IRUUHYLHZDQGDSSURYDO VHUYLFHFRGH35
3ULRUWR,VVXDQFHRI
WKH)LUVW3HUPLW
3URMHFW
$SSOLFDQW%XLOGLQJ
'LYLVLRQ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
3ULRUWRLVVXDQFHRIDEXLOGLQJSHUPLW
x $UFKLWHFWXUDO IRU *URXS $ 2FFXSDQF\ VHUYLFH
FRGHV35
x )LUH6SULQNOHU6\VWHP VHUYLFHFRGHV35
x 8QGHUJURXQG3LSLQJIRU3ULYDWH+\GUDQWVDQG)LUH
6SULQNOHU6\VWHPV VHUYLFHFRGHV35
3ULRUWR,VVXDQFHRI
D%XLOGLQJ3HUPLW
3URMHFW
$SSOLFDQW%XLOGLQJ
'LYLVLRQ
3ULRUWRFRQFHDOLQJLQWHULRUFRQVWUXFWLRQWKHDSSOLFDQWRU
UHVSRQVLEOH SDUW\ VKDOO VXEPLW WKH IROORZLQJ SODQV WR
2&)$IRUUHYLHZDQGDSSURYDO
x 9RLFH)LUH$ODUP6\VWHP VHUYLFHFRGH35
x +RRG DQG 'XFW ([WLQJXLVKLQJ 6\VWHP LI
&RPPHUFLDO&RRNLQJ$SSOLDQFHVZLOOEH,QVWDOOHG
VHUYLFHFRGH35
3ULRUWR&RQFHDOLQJ
,QWHULRU:RUN
2&)$
/XPEHUGURS,QVSHFWLRQ$IWHULQVWDOODWLRQRIUHTXLUHGILUH
DFFHVV URDGZD\V DQG K\GUDQWV WKH DSSOLFDQW VKDOO
UHFHLYH FOHDUDQFH IURP WKH 2&)$ SULRU WR EULQJLQJ
FRPEXVWLEOH EXLOGLQJ PDWHULDOV RQVLWH &DOO 2&)$
,QVSHFWLRQ6FKHGXOLQJDWZLWKWKH6HUYLFH
5HTXHVWQXPEHURIWKHDSSURYHGILUHPDVWHUSODQDWOHDVW
ILYH GD\VLQDGYDQFHWRVFKHGXOHWKHOXPEHUGURS
LQVSHFWLRQ
$IWHU)LUH
$VVHVVPHQWDQG
+\GUDQW,QVWDOODWLRQ
2&)$
7HPSRUDU\)LQDO 2FFXSDQF\ ,QVSHFWLRQV 3ULRU WR
LVVXDQFHRIDWHPSRUDU\RUILQDOFHUWLILFDWHRIRFFXSDQF\
DOO 2&)$ LQVSHFWLRQV VKDOO EH FRPSOHWHG WR WKH
VDWLVIDFWLRQRIWKH2&)$LQVSHFWRUDQGEHLQVXEVWDQWLDO
FRPSOLDQFHZLWKFRGHVDQGVWDQGDUGVDSSOLFDEOHWRWKH
SURMHFWDQGFRPPHQVXUDWHZLWKWKHW\SHRIRFFXSDQF\
3ULRUWR)LQDO
,QVSHFWLRQ
2&)$
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
WHPSRUDU\ RU ILQDO UHTXHVWHG ,QVSHFWLRQV VKDOO EH
VFKHGXOHGDWOHDVWILYHGD\VLQDGYDQFHE\FDOOLQJ2&)$
,QVSHFWLRQ6FKHGXOLQJDW
)((6
3ULRUWRWKHLVVXDQFHRIDQ\EXLOGLQJSHUPLWVSD\PHQW
VKDOOEHPDGHRIDOODSSOLFDEOHIHHVLQFOXGLQJEXWQRW
OLPLWHGWRWKHIROORZLQJ3D\PHQWVKDOOEHUHTXLUHGEDVHG
XSRQWKRVHUDWHVLQHIIHFWDWWKHWLPHRISD\PHQWDQGDUH
VXEMHFWWRFKDQJH
$ %XLOGLQJ SODQ FKHFN DQG SHUPLW IHHV WR WKH
&RPPXQLW\ 'HYHORSPHQW 'HSDUWPHQW EDVHG RQ
WKHPRVWFXUUHQWVFKHGXOHDWWKHWLPHRISHUPLW
LVVXDQFH
% (QJLQHHULQJ SODQ FKHFN DQG SHUPLW IHHV WR WKH
3XEOLF :RUNV 'HSDUWPHQW EDVHG RQ WKH PRVW
FXUUHQWVFKHGXOHDWWKHWLPHRISHUPLWLVVXDQFH
& 3D\PHQWRIWKHPRVWFXUUHQW0DMRU7KRURXJKIDUH
DQG %ULGJH )HHV IRU WKH )RRWKLOO(DVWHUQ
7UDQVSRUWDWLRQ&RUULGRU$JHQF\ 7&$ WRWKH&LW\
RI7XVWLQ WKURXJKWKH3XEOLF:RUNV'HSDUWPHQW
VKDOO EH UHTXLUHG 7KH IHH UDWH VFKHGXOH
DXWRPDWLFDOO\LQFUHDVHVRQ-XO\VWRIHDFK\HDU
' 1HZFRQVWUXFWLRQIHHLQWKHDPRXQWRIWHQFHQWV
SHUVTXDUHIRRWLQFOXGLQJDQ\DUHDXSRQ
RUZLWKLQDEXLOGLQJGHVLJQHGIRUSDUNLQJ
3ULRUWR,VVXDQFHRI
%XLOGLQJ3HUPLWV
%XLOGLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
:LWKLQ IRUW\HLJKW KRXUV RI DSSURYDO RI WKH VXEMHFW
SURMHFW WKH DSSOLFDQW VKDOO GHOLYHU WR WKH &RPPXQLW\
'HYHORSPHQW'HSDUWPHQWDFDVKLHU¶VFKHFNSD\DEOHWRWKH
25$1*(&2817<&/(5.5(&25'(5LQWKHDPRXQW
RI ILIW\ GROODUV WR HQDEOH WKH &LW\ WR ILOH WKH
DSSURSULDWHHQYLURQPHQWDOGRFXPHQWDWLRQIRUWKHSURMHFW,I
ZLWKLQVXFKIRUW\HLJKW KRXUSHULRGWKHDSSOLFDQWKDV
QRWGHOLYHUHGWRWKH&RPPXQLW\'HYHORSPHQW'HSDUWPHQW
WKHDERYHQRWHGFKHFNWKHVWDWXWHRIOLPLWDWLRQVIRUDQ\
LQWHUHVWHG SDUW\ WR FKDOOHQJH WKH HQYLURQPHQWDO
GHWHUPLQDWLRQ XQGHU WKH SURYLVLRQV RI WKH &DOLIRUQLD
(QYLURQPHQWDO 4XDOLW\ $FW FRXOG EH VLJQLILFDQWO\
OHQJWKHQHG
3ULRUWR$SSO\LQJIRU
%XLOGLQJ3HUPLWV
3ODQQLQJ
(19,5210(17$/
7KHGHYHORSHUVKDOOFRPSO\ZLWKDOOPLWLJDWLRQPHDVXUHV
DSSOLFDEOH WR WKH SURMHFW WKDW DUH UHTXLUHG E\ WKH
0LWLJDWLRQ 0RQLWRULQJ DQG 5HSRUWLQJ 3URJUDP IRU WKH
7XVWLQ /HJDF\ 6SHFLILF 3ODQ 0&$6 7XVWLQ DUHD
LQFOXGLQJEXWQRWOLPLWHGWRWKH7XVWLQ/HJDF\6SHFLILF
3ODQ 6XSSOHPHQWDO (,5 FHUWLILHG 'HFHPEHU
DQGDVLGHQWLILHGLQWKHDGGHQGXPSUHSDUHGIRUWKLV
SURMHFW7KHDSSOLFDEOHPLWLJDWLRQPHDVXUHVDUHVHWIRUWK
LQ WKH 0LWLJDWLRQ 0HDVXUHV VXEWDEOH EHORZ DQG DUH
KHUHE\LQFRUSRUDWHGDVFRQGLWLRQVRIDSSURYDO
2QJRLQJ3ODQQLQJ
0,7,*$7,210($685(6$33/,&$%/(727+(352-(&7 0&$67XVWLQ)(,6(,56(,5$1'
6(,5
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
6(,500
9,6
$QXUEDQGHVLJQSODQVKDOOEHDGRSWHGWRSURYLGHIRU
GLVWLQFWDQGFRKHVLYHDUFKLWHFWXUDODQGODQGVFDSHGHVLJQ
IHDWXUHV DQG WUHDWPHQWV DQG KDUPRQ\ ZLWK H[LVWLQJ
DGMDFHQWODQGVFDSH
3ODQ&KHFN &RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
6(,500
$4
$SSOLFDQWVIRUQHZGHYHORSPHQWSURMHFWVZLWKLQWKH7/63
VKDOOUHTXLUHWKHFRQVWUXFWLRQFRQWUDFWRUWRXVHHTXLSPHQW
WKDW PHHWV WKH 86 (QYLURQPHQWDO 3URWHFWLRQ $JHQF\
(3$ 7LHU HPLVVLRQV VWDQGDUGV IRU RIIURDG GLHVHO
SRZHUHG FRQVWUXFWLRQ HTXLSPHQW ZLWK PRUH WKDQ
KRUVHSRZHUGXULQJFRQVWUXFWLRQDFWLYLWLHVXQOHVVLWFDQ
EH GHPRQVWUDWHG WR WKH &LW\ RI 7XVWLQ WKDW VXFK
HTXLSPHQWLVQRWDYDLODEOH
$Q\HPLVVLRQVFRQWUROGHYLFHXVHGE\WKHFRQWUDFWRUVKDOO
DFKLHYHHPLVVLRQVUHGXFWLRQVWKDWDUHQROHVVWKDQZKDW
ZRXOGEHDFKLHYHGE\D/HYHOGLHVHOHPLVVLRQVFRQWURO
VWUDWHJ\IRUDVLPLODUO\VL]HGHQJLQHDVGHILQHGE\WKH
&DOLIRUQLD$LU5HVRXUFHV%RDUG¶VUHJXODWLRQV
3ULRUWRFRQVWUXFWLRQWKHSURMHFWHQJLQHHUVKDOOHQVXUH
WKDWDOOGHPROLWLRQDQGJUDGLQJSODQVFOHDUO\VKRZWKH
UHTXLUHPHQWIRU(3$7LHURUKLJKHUHPLVVLRQVVWDQGDUGV
IRU FRQVWUXFWLRQ HTXLSPHQW ZLWK PRUH WKDQ
KRUVHSRZHU 'XULQJ FRQVWUXFWLRQ WKH FRQVWUXFWLRQ
FRQWUDFWRUVKDOOPDLQWDLQDOLVWRIDOORSHUDWLQJHTXLSPHQW
LQXVHRQWKHVLWHIRUWKHYHULILFDWLRQRIWKH&LW\RI7XVWLQ
7KHFRQVWUXFWLRQHTXLSPHQWOLVWVKDOOVWDWHWKHPDNHV
PRGHOVDQGQXPEHUVRIFRQVWUXFWLRQHTXLSPHQWRQVLWH
(TXLSPHQWVKDOOEHSURSHUO\VHUYLFHGDQGPDLQWDLQHGLQ
DFFRUGDQFHZLWKWKHPDQXIDFWXUHU
VUHFRPPHQGDWLRQV
&RQVWUXFWLRQ FRQWUDFWRUV VKDOO DOVR HQVXUH WKDW DOO
3ULRUWRDQGGXULQJ
FRQVWUXFWLRQ
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW3XEOLF
:RUNV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
QRQHVVHQWLDOLGOLQJRIFRQVWUXFWLRQHTXLSPHQWLVUHVWULFWHG
WRILYHPLQXWHVRUOHVVLQFRPSOLDQFHZLWK&DOLIRUQLD$LU
5HVRXUFHV%RDUG5XOH
6(,500
$4
3ULRUWRLVVXDQFHRIJUDGLQJSHUPLWVWKHSURMHFWVKDOOXVH
ORZ92&DUFKLWHFWXUDOFRDWLQJVIRUDOOLQWHULRUDQGH[WHULRU
SDLQWLQJRSHUDWLRQV
3ULRUWR*UDGLQJ &RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
6(,5
00$4
3ULRUWRWKHLVVXDQFHRIJUDGLQJSHUPLWVWKHDSSOLFDQWV
IRULQGLYLGXDOQHZGHYHORSPHQWVVKDOOHYDOXDWHORFDOL]HG
FRQVWUXFWLRQUHODWHG DLU TXDOLW\ LPSDFWV /RFDOL]HG
FRQVWUXFWLRQHPLVVLRQVVKDOOEHHYDOXDWHGWRWKH6RXWK
&RDVW $LU 4XDOLW\ 0DQDJHPHQW 'LVWULFW¶V /RFDOL]HG
6LJQLILFDQFH 7KUHVKROGV IRU FRQVWUXFWLRQ $SSOLFDEOH
PLWLJDWLRQ PHDVXUHV WR UHGXFH SRWHQWLDO ORFDOL]HG
FRQVWUXFWLRQUHODWHGDLUTXDOLW\LPSDFWVVKDOOEHLQFOXGHG
LQWKHHYDOXDWLRQDVQHFHVVDU\WRPLQLPL]HLPSDFWVWR
WKH H[WHQW IHDVLEOH DQG VKDOO EH LPSOHPHQWHG 7KH
HYDOXDWLRQVKDOOEHVXEPLWWHGWRWKH&LW\RI7XVWLQIRU
UHYLHZ ,Q DGGLWLRQ DOO UHFRPPHQGHG PLWLJDWLRQ
PHDVXUHV VKDOO EH QRWHG RQ DOO FRQVWUXFWLRQ SODQV
VXEPLWWHGWRWKH&LW\RI7XVWLQ%XLOGLQJDQG3XEOLF:RUNV
'HSDUWPHQWIRUYHULILFDWLRQ
3ULRUWR*UDGLQJ &RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
6(,5
00$4
(OHFWULF/DQGVFDSH(TXLSPHQW
3ULRU WR WKH LVVXDQFH RI RFFXSDQF\ SHUPLWV WKH
&RPPXQLW\'HYHORSPHQW'HSDUWPHQWVKDOOFRQILUPWKDW
WKH&RGHV&RYHQDQWVDQG5HVWULFWLRQV && 5V DQGRU
WHQDQWOHDVHDJUHHPHQWVLQFOXGHFRQWUDFWXDOODQJXDJH
WKDWDOOODQGVFDSLQJHTXLSPHQWXVHGRQVLWHVKDOOEH
SHUFHQW HOHFWULFDOO\ SRZHUHG $OO UHVLGHQWLDO DQG QRQ
3ULRUWR&HUWLILFDWHRI
2FFXSDQF\
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
UHVLGHQWLDO SURSHUWLHV VKDOO EH HTXLSSHG ZLWK H[WHULRU
HOHFWULFDORXWOHWVWRDFFRPPRGDWHWKLVUHTXLUHPHQW7KLV
UHTXLUHPHQWVKDOOEHLQFOXGHGLQWKHWKLUGSDUW\YHQGRU
DJUHHPHQWVIRUODQGVFDSHVHUYLFHVIRUWKHEXLOGLQJRZQHU
DQGWHQDQWVDVDSSOLFDEOH
6(,5$4
3ULRUWRWKHLVVXDQFHRIGHYHORSPHQWSHUPLWVIRUQHZQRQ
UHVLGHQWLDO SURMHFWV ZLWK RU PRUH HPSOR\HHV DQG
H[SDQGHG SURMHFWV ZKHUH DGGLWLRQDO VTXDUH IRRWDJH
ZRXOGUHVXOWLQDWRWDORIRUPRUHHPSOR\HHVWKH&LW\
RI 7XVWLQ DQG WKH &LW\ RI ,UYLQH DV DSSOLFDEOH VKDOO
LPSRVHDPL[RI7'0PHDVXUHVZKLFKXSRQHVWLPDWLRQ
ZRXOGUHVXOWLQDQDYHUDJHYHKLFOHULGHUVKLSRIDWOHDVW
IRUHDFKGHYHORSPHQWZLWKFKDUDFWHULVWLFVWKDWZRXOG
EHUHDVRQDEO\FRQGXFLYHWRVXFFHVVIXOLPSOHPHQWDWLRQRI
VXFK7'0PHDVXUHV7KHVH7'0PHDVXUHVPD\LQFOXGH
RQHRUPRUHRIWKHIROORZLQJDVGHWHUPLQHGDSSURSULDWH
DQGIHDVLEOHE\HDFKFLW\RQDFDVHE\FDVHEDVLV
(VWDEOLVKSUHIHUHQWLDOSDUNLQJIRUFDUSRROYHKLFOHV
3URYLGHELF\FOHSDUNLQJIDFLOLWLHV
3URYLGHVKRZHUDQGORFNHUIDFLOLWLHV
3URYLGHFDUSRRODQGYDQSRROORDGLQJDUHDV
,QFRUSRUDWH EXV VWRS LPSURYHPHQWV LQWR IDFLOLW\
GHVLJQ
,PSOHPHQWVKXWWOHVWRVKRSSLQJHDWLQJUHFUHDWLRQ
DQGRUSDUNLQJDQGWUDQVLWIDFLOLWLHV
&RQVWUXFWUHPRWHSDUNLQJIDFLOLWLHV
3URYLGHSHGHVWULDQFLUFXODWLRQOLQNDJHV
&RQVWUXFWSHGHVWULDQJUDGHVHSDUDWLRQV
(VWDEOLVKFDUSRRODQGYDQSRROSURJUDPV
3ULRUWR,VVXDQFHRI
%XLOGLQJ3HUPLWV
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
3URYLGHFDVKDOORZDQFHVSDVVHVDQGRWKHUSXEOLF
WUDQVLWDQGSXUFKDVHLQFHQWLYHV
(VWDEOLVKSDUNLQJIHHVIRUVLQJOHRFFXSDQF\YHKLFOHV
3URYLGHSDUNLQJVXEVLGLHVIRUULGHVKDUHYHKLFOHV
,QVWLWXWH D FRPSXWHUL]HG FRPPXWHU ULGHVKDUH
PDWFKLQJV\VWHP
3URYLGH D JXDUDQWHHG ULGHKRPH SURJUDP IRU
ULGHVKDULQJ
(VWDEOLVK DOWHUQDWLYH ZRUN ZHHN IOH[WLPH DQG
FRPSUHVVHGZRUNZHHNVFKHGXOHV
(VWDEOLVKWHOHFRPPXWLQJRUZRUNDWKRPHSURJUDPV
3URYLGHDGGLWLRQDOYDFDWLRQDQGFRPSHQVDWRU\OHDYH
LQFHQWLYHV
3URYLGH RQVLWH OXQFK URRPVFDIHWHULDV DQG
FRPPHUFLDOVHUYLFHVXFKDVEDQNVUHVWDXUDQWVDQG
VPDOOUHWDLO
3URYLGHRQVLWHGD\FDUHIDFLOLWLHV
(VWDEOLVKDQHPSOR\HHWUDQVSRUWDWLRQFRRUGLQDWRU V
6(,500
$4
/RZ 92& 3DLQW 2SHUDWLRQV /RZ 92& DUFKLWHFWXUDO
FRDWLQJVVKDOOEHXVHGIRUDOOLQWHULRUDQGH[WHULRUSDLQWLQJ
RSHUDWLRQVGXULQJSURMHFWRSHUDWLRQV
'XULQJ3URMHFW
2SHUDWLRQV
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
6(,500
%,2
7KH SURMHFW SURSRQHQWV RI DQ\ GHYHORSPHQW DIIHFWLQJ
MXULVGLFWLRQDOZDWHUVRIWKH86RUYHJHWDWHGZHWODQGV
VKDOOREWDLQ6HFWLRQ6HFWLRQ6HFWLRQDQG
RWKHU FHUWLILFDWLRQV DSSURYDOV DQG SHUPLWV DV
QHFHVVDU\&RSLHVRIWKHQHFHVVDU\6WDWHDQG)HGHUDO
SHUPLWVVKDOOEHSURYLGHGWRWKH&LW\SULRUWRWKHLVVXDQFH
RIPDVVRUJUDGLQJSHUPLWVIRUJUDGLQJDFWLYLWLHVLPSDFWLQJ
MXULVGLFWLRQDO DUHDV $ UHSODFHPHQW UDWLR IRU DIIHFWHG
3ULRUWR
PDVVJUDGLQJSHUPLW
LIDSSOLFDEOH
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
ZHWODQGUHVRXUFHVVKDOOEHGHWHUPLQHGLQFRQVXOWDWLRQ
ZLWKUHJXODWRU\DJHQFLHVDVSDUWRIWKHSHUPLWWLQJSURFHVV
DQGVKDOOEHQROHVVWKDQ UHSODFHPHQWRIIXQFWLRQDQG
YDOXH $GGLWLRQDO FULWHULD DQG UHTXLUHPHQWV ZLOO EH DV
IROORZV
x &UHDWH HVWDEOLVK UHVWRUH RU HQKDQFH
ZHWODQGULSDULDQ KDELWDWV RQVLWH WR WKH PD[LPXP
H[WHQWSUDFWLFDEOHWRPLQLPL]HDQGUHSODFHWKHRQVLWH
ORVVRI86$&(DQG&')*MXULVGLFWLRQDODFUHDJHDQG
IXQFWLRQ RU RIIVLWH DV PD\ EH SHUPLWWHG E\ WKH
86$&(DQG&')*
x 7RUHWXUQMXULVGLFWLRQDOKDELWDWVWKDWDUHWHPSRUDULO\
GLVWXUEHG GXULQJ FRQVWUXFWLRQ WR SUHFRQVWUXFWLRQ
FRQGLWLRQV
7R SURYLGH IRU PDLQWHQDQFH PDQDJHPHQW DQG
PRQLWRULQJRIWKHPLWLJDWLRQVLWHRUVLWHVIRUDPLQLPXPRI
WKUHH \HDUV DV GHWHUPLQHG WKURXJK WKH SHUPLWWLQJ
SURFHVV
6(,500
%,2
%DVHGRQFRQVXOWDWLRQVZLWK&')*&LW\RI7XVWLQRUD
SURMHFWSURSRQHQWDVDSSOLFDEOHDQRIIVLWHUHORFDWLRQ
VLWHIRUVRXWKZHVWHUQSRQGWXUWOHVFDSWXUHGRQVLWHVKDOO
EHLGHQWLILHGWKDWLVDVFORVHWRWKH5HXVH3ODQDUHDDV
SRVVLEOH DQG WKDW LV VXVWDLQDEOH LQ SHUSHWXLW\ 1R
DSSURSULDWHKDELWDWLQWKH&LW\RI7XVWLQLVDYDLODEOHIRU
UHORFDWLRQ 3RWHQWLDOUHORFDWLRQVLWHVLQFOXGHEXWDUHQRW
OLPLWHGWRDWXUWOHSRQGDQGUHORFDWLRQVLWHORFDWHGLQ
XSSHU6KDG\&DQ\RQZLWKLQWKH2UDQJH&RXQW\1DWXUH
3UHVHUYH RUWKH6DQ-RDTXLQ0DUVKZKLFKLVPDQDJHG
3ULRUWRLVVXDQFHRI
JUDGLQJSHUPLWV
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
E\ 8& ,UYLQH ,UYLQH 5DQFK DQG WKH 2UDQJH &RXQW\
:DWHU 'LVWULFW 6RPH SURSHUW\ RZQHUV DQG SXEOLF
DJHQFLHVPD\EHDGYHUVHWRWKHUHORFDWLRQRIVSHFLHVRI
VSHFLDOFRQFHUQRQWRWKHLUSURSHUW\RUMXULVGLFWLRQDQGLW
ZRXOG EH VSHFXODWLYH WR LGHQWLI\ DFWXDO VLWHV SULRU WR
FRPSOHWLRQRIFRQVXOWDWLRQZLWK&')*DQGZLWKSRWHQWLDO
SURSHUW\RZQHUVDQGRUDSSURSULDWHSXEOLFDJHQFLHV$
UHORFDWLRQDQGPLWLJDWLRQSODQVKDOOEHSUHSDUHGE\D
TXDOLILHG ELRORJLVW IRU DSSURYDO E\ WKH &')* 7KH
UHORFDWLRQ DQG PLWLJDWLRQ SODQ VKDOO LQFOXGH WKH
IROORZLQJ
x 5HTXLUHPHQW IRU IRFXVHG VXUYH\V IRU VRXWKZHVWHUQ
SRQG WXUWOHV SULRU WR FRQVWUXFWLRQ DFWLYLWLHV DQG
VXEPLWWDORIVXUYH\UHSRUWWRWKH&')*
x ,GHQWLILFDWLRQ RI VSHFLILF UHORFDWLRQ VLWH ZLWKLQ WKH
1HZSRUW%D\ZDWHUVKHG
x 0HWKRGRORJ\ IRU WUDSSLQJ FDSWXUH UHFRUGDWLRQ DQG
UHOHDVHRIVRXWKZHVWHUQSRQGWXUWOHV
x 5HTXLUHPHQW RI ELRORJLFDO PRQLWRULQJ GXULQJ
FRQVWUXFWLRQ DQG UHTXLUHPHQW IRU FDSWXUH DQG
UHORFDWLRQ E\ D TXDOLILHG ELRORJLVW RI DQ\ DGGLWLRQDO
VRXWKZHVWHUQ SRQG WXUWOHV REVHUYHG GXULQJ
FRQVWUXFWLRQ
6(,500
%,2
3HUPLWVIURPWKH&')*VKDOOEHREWDLQHGIRUOLYHFDSWXUH
RIWKHWXUWOHVDQGIRUWUDQVSRUWLQJWKHPWRWKHUHORFDWLRQ
VLWH
3ULRUWR,VVXDQFHRI
*UDGLQJ3HUPLWV
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
6(,500
%,2
$SURMHFWSURSRQHQWVKDOOQHJRWLDWHZLWKWKH&')*RU
RWKHU DJHQF\ RU RUJDQL]DWLRQ DV DSSURSULDWH IRU
UHORFDWLRQ RI WXUWOHV DQGRU FRQWULEXWLRQ RI IXQGV WR
LPSURYH UHVWRUH RU FUHDWH D UHORFDWLRQ VLWH DV WXUWOH
KDELWDW LQ FRQMXQFWLRQ ZLWK DQ\ UHJXODWRU\ SHUPLWV
QHFHVVDU\
2QJRLQJ &RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
6(,500
%,2
%LRORJLFDO VXUYH\V VKDOO EH FRQGXFWHG E\ D TXDOLILHG
ELRORJLVW WR GHWHUPLQH WKH SRWHQWLDO IRU VSHFLDO VWDWXV
VSHFLHVZLWKLQWKHSURMHFWVLWHIRUDOOIXWXUHSURMHFWVDWWKH
WLPH WKDW GHYHORSPHQW LV SURSRVHG 7KH SURMHFWOHYHO
ELRORJLFDO VXUYH\ UHSRUW VKDOO DQDO\]H WKHVH SURMHFWV¶
LPSDFWVRQVHQVLWLYHDQLPDOVSHFLHVDQGVKDOOSURSRVH
PLWLJDWLRQ WR UHGXFH SURMHFW LPSDFWV WR D OHVV WKDQ
VLJQLILFDQWOHYHO
3ULRUWR*UDGLQJ &RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
6(,500
3$/(2
3ULRU WR WKH LVVXDQFH RI D JUDGLQJ SHUPLW SURMHFW
DSSOLFDQWVVKDOOSURYLGHZULWWHQHYLGHQFHWRHDFKFLW\WKDW
D FRXQW\FHUWLILHG SDOHRQWRORJLVW KDV EHHQ UHWDLQHG WR
FRQGXFW VDOYDJH H[FDYDWLRQ RI XQLTXH SDOHRQWRORJLFDO
UHVRXUFHVLIWKH\DUHIRXQG
3ULRUWR,VVXDQFHRI
*UDGLQJ3HUPLWV
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
6(,500
+,67
$VVSHFLILHGLQWKH02$DVXEVWDQWLYHHIIRUWZLOOEHPDGH
WR GHWHUPLQH ZKHWKHU WKHUH LV DQ HFRQRPLFDOO\ YLDEOH
DGDSWLYHXVHRI+DQJDUDQG+DQJDU
2QJRLQJDQG3ULRUWR
$Q\6XEVWDQWLDO
&KDQJHVWR+DQJDUV
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
6(,500
+,67
,IWKHPDUNHWLQJHIIRUWLGHQWLILHVDQHFRQRPLFDOO\YLDEOH
DGDSWLYHXVHRIHLWKHURIWKHFRPSOH[HVWKDWFRPSOH[ZLOO
EHHQFXPEHUHGE\DKLVWRULFSUHVHUYDWLRQFRYHQDQW,Q
WKHFDVHRIWKH+DQJDUFRPSOH[WKHVHPHDVXUHVVKDOO
EDODQFHWKHQHHGVRIWKHDGDSWLYHXVHDQGWKHQHHGVIRU
2QJRLQJDQG3ULRUWR
$Q\6XEVWDQWLDO
&KDQJHVWR+DQJDUV
'HSDUWPHQWRIWKH1DY\
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
HIIHFWLYH RSHUDWLRQ RI WKH )HGHUDO /DQGV WR 3DUNV RU
+LVWRULF0RQXPHQWSURJUDPV
6(,5333
/8
$)HGHUDO)DFLOLW\6LWH5HPHGLDWLRQ$JUHHPHQW ))65$
EHWZHHQ WKH 'HSDUWPHQW RI WKH 1DY\ '21 DQG
'HSDUWPHQWRI7R[LF6XEVWDQFH&RQWUROZDVVLJQHGIRU
)RUPHU0&$67XVWLQRQ$XJXVW 7KH))65$
GHILQHV '21¶V UHVSRQVH DFWLRQ REOLJDWLRQV XQGHU WKH
&RPSUHKHQVLYH (QYLURQPHQWDO 5HVSRQVH
&RPSHQVDWLRQ DQG /LDELOLW\ $FW &(5&/$ DQG
FRUUHFWLYH DFWLRQ REOLJDWLRQV XQGHU WKH 5HVRXUFH
&RQVHUYDWLRQ DQG 5HFRYHU\ $FW $OO UHPHGLDWLRQ
DFWLYLWLHVSXUVXDQWWRWKH))65$VKDOOEHFDUULHGRXWSULRU
WR RULQFRQMXQFWLRQZLWKLQFHUWDLQDSSURYHGFRQGLWLRQV
LPSOHPHQWDWLRQRIWKH7/63$OOIXWXUHGHYHORSPHQWVKDOO
FRPSO\ ZLWK WKH UHTXLUHPHQWV DQG FULWHULD XQGHU WKH
))65$DQGDVVHWIRUWKE\'76&86(QYLURQPHQWDO
3URWHFWLRQ$JHQF\ (3$ 5:4&%DQGDSSOLFDEOHORFDO
DJHQFLHV LQFOXGLQJWKH&LW\RI7XVWLQDQG&LW\RI,UYLQH
3ULRUWR%XLOGLQJ
3HUPLW
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW'HSDUWPHQW
RIWKH1DY\
6(,500
1
)RUQHZGHYHORSPHQWZLWKLQWKHUHXVHDUHDWKH&LW\RI
7XVWLQDQG&LW\RI,UYLQHDVDSSOLFDEOHVKDOOHQVXUHWKDW
LQWHULRUDQGH[WHULRUQRLVHOHYHOVGRQRWH[FHHGWKRVH
SUHVFULEHG E\ 6WDWH UHTXLUHPHQWV DQG ORFDO FLW\
RUGLQDQFHV DQG JHQHUDO SODQV 3ODQV GHPRQVWUDWLQJ
QRLVHUHJXODWLRQFRQIRUPLW\VKDOOEHVXEPLWWHGIRUUHYLHZ
DQGDSSURYDOSULRUWREXLOGLQJSHUPLWVEHLQJLVVXHGWR
DFFRPPRGDWHUHXVH
3ULRUWR%XLOGLQJ
3HUPLW
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
)(,6(,5
00 I P R
S T U DQG
V
7KHPLWLJDWLRQPHDVXUHVRIWKH)(,6(,5LGHQWLILHG
DVDSSOLFDEOHWRWKHSURSRVHG3URMHFWLQWKHDGGHQGXP
DVVHWIRUWKLQIXOOLQ6HFWLRQ /DQG8VHDQG3ODQQLQJ
RIWKHDGGHQGXPDUHLQFRUSRUDWHGKHUHLQE\UHIHUHQFH
DQG VKDOO EH LPSOHPHQWHG DV DSSOLFDEOH 7KHVH
PHDVXUHV DGGUHVV LQIUDVWUXFWXUH SKDVLQJ XWLOLW\
HDVHPHQWVDQGSURUDWDFRQVWUXFWLRQDJUHHPHQWVZDWHU
DQGVHZHUVHUYLFHILUHIORZDQGK\GUDQWVIORRGFRQWURO
DQGGUDLQDJHILUHDQGSROLFHSURWHFWLRQOLEUDULHVSDUNV
DQGUHFUHDWLRQVFKRROIHHVDQGPRUH:KHUHDPHDVXUH
LPSRVHVDQREOLJDWLRQDOVRLPSRVHGE\DQRWKHUFRQGLWLRQ
LQWKLV([KLELWFRPSOLDQFHZLWKWKDWFRQGLWLRQVDWLVILHVWKH
PHDVXUH
$VVSHFLILHGLQHDFK
PHDVXUH
&''3:3'2&)$
6(,5333
7
$OO IXWXUH GHYHORSPHQW FRQVWUXFWHG XQGHU WKH 3URMHFW
VKDOOEHVXEMHFWWRWKHWUDIILFFRQWUROVWDQGDUGVVSHFLILHG
E\ WKH &LW\¶V ODWHVW 6WDQGDUG 3ODQV DQG 'HVLJQ
6WDQGDUGV ZKLFK LQFOXGHV WKH UHTXLUHPHQW IRU 7UDIILF
&RQWURO 3ODQ GXULQJ FRQVWUXFWLRQ WKH SURFHVV SULRU WR
FRPPHQFLQJFRQVWUXFWLRQZLWKLQWKH&LW\SXEOLFULJKWRI
ZD\ LQFOXGLQJ XWLOLW\ ZRUN DQG VSHFLILFDWLRQV IRU
RSHUDWLRQDOURDGZD\DQGWUDIILFFRQWUROGHVLJQ
3ULRUWR%XLOGLQJ
3HUPLW
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW3XEOLF
:RUNV'HSDUWPHQW
6(,5
,PSOHPHQWDWLRQ
0HDVXUH,$
3ULRUWRWKHDSSURYDORI D6LWH3ODQDQG'HVLJQ5HYLHZ
SXUVXDQWWR6HFWLRQRIWKH6SHFLILF3ODQ DVLWH
GHYHORSPHQWSHUPLWRU DYHVWLQJWHQWDWLYHPDSIRU
QHZ VTXDUH IRRWDJH QRW IRU ILQDQFLQJ RU FRQYH\DQFH
SXUSRVHV D SURMHFW GHYHORSHU VKDOO SURYLGH WUDIILF
LQIRUPDWLRQFRQVLVWHQWZLWKWKHSURYLVLRQVRIWKH6SHFLILF
3ODQ WKH )(,6(,5 DQG WKLV $GGHQGXP DQG WKH
UHTXLUHPHQWVRIWKH&LW\RI7XVWLQ7UDIILF(QJLQHHU7KH
WUDIILF LQIRUPDWLRQ VKDOO D LGHQWLI\ DQG DVVLJQ WUDIILF
3ULRUWRWKHDSSURYDO
RI D6LWH3ODQ
DQG'HVLJQ5HYLHZ
SXUVXDQWWR6HFWLRQ
RIWKH6SHFLILF
3ODQ DVLWH
GHYHORSPHQWSHUPLW
RU DYHVWLQJ
WHQWDWLYHPDSIRU
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW3XEOLF
:RUNV'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
FLUFXODWLRQPLWLJDWLRQPHDVXUHVUHTXLUHGLQWKH(,6(,5
SXUVXDQWWRWKH3KDVLQJ3ODQGHVFULEHGLQ7DEOHVDQG
RIWKH7XVWLQ/HJDF\6SHFLILF3ODQ3KDVLQJ3ODQ VHH
7DEOHDWWKHHQGRIWKH0LWLJDWLRQ0RQLWRULQJDQG
5HSRUWLQJ3URJUDP E HYDOXDWHWKHHIIHFWVRIHLWKHUWKH
GHOD\ RI DQ\ SUHYLRXVO\ FRPPLWWHG FLUFXODWLRQ
LPSURYHPHQWV RU WKH FRQVWUXFWLRQ RI FXUUHQWO\
XQDQWLFLSDWHG FLUFXODWLRQ LPSURYHPHQWV DQG F XWLOL]H
WKHFLUFXODWLRQV\VWHPDQGFDSDFLW\DVVXPSWLRQVZLWKLQ
WKH(,6(,5DQGDQ\DGGLWLRQDOFLUFXODWLRQLPSURYHPHQWV
FRPSOHWHG E\ DIIHFWHG MXULVGLFWLRQV IRU WKH DSSOLFDEOH
WLPHIUDPHRIDQDO\VLV
$VDPHQGHGE\$GGHQGXPDQG6XSSOHPHQWDO
QHZVTXDUHIRRWDJH
QRWIRUILQDQFLQJRU
FRQYH\DQFH
SXUSRVHV
6(,5
,PSOHPHQWDWLRQ
0HDVXUH,$
3ULRU WR WKH LVVXDQFH RI EXLOGLQJ SHUPLWV IRU QHZ
GHYHORSPHQWZLWKLQSODQQLQJDUHDVUHTXLULQJDFRQFHSW
SODQDSURMHFWGHYHORSHUVKDOOHQWHULQWRDQDJUHHPHQW
ZLWK WKH &LW\ RI 7XVWLQ WR D GHVLJQ DQG FRQVWUXFW
URDGZD\ LPSURYHPHQWV FRQVLVWHQW ZLWK WKH $'7
JHQHUDWLRQ3KDVLQJ3ODQGHVFULEHGLQ7DEOHVDQG
RIWKH7XVWLQ/HJDF\6SHFLILF3ODQ3KDVLQJ3ODQ VHH
7DEOHDWWKHHQGRIWKH0LWLJDWLRQ0RQLWRULQJDQG
5HSRUWLQJ3URJUDP DQG E DGGUHVVWKHLPSDFWRIDQG
VSHFLI\WKHUHVSRQVLELOLW\IRUDQ\SUHYLRXVO\FRPPLWWHG
FLUFXODWLRQLPSURYHPHQWVDVVXPHGLQWKH(,6(,5ZKLFK
KDYHQRWEHHQFRQVWUXFWHG
$VDPHQGHGE\$GGHQGXPDQG6XSSOHPHQW
3ULRUWR,VVXDQFHRI
%XLOGLQJ3HUPLWV
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW3XEOLF
:RUNV'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
6(,500
7&5
5HWDLQ D 1DWLYH $PHULFDQ 0RQLWRU 3ULRU WR
&RPPHQFHPHQWRI*URXQG'LVWXUELQJ$FWLYLWLHV
D 3ULRU WR WKH LVVXDQFH RI GHPROLWLRQ RU JUDGLQJ
SHUPLWV IRU DQ\ SURMHFWV WKDW ZRXOG GLVWXUE
SUHYLRXVO\XQGLVWXUEHGVRLOV QDWLYHVRLOV RUVRLOV
WKDW KDYH QDWLYH ILOO WKH SURMHFW
DSSOLFDQWGHYHORSHU VKDOO UHWDLQ D 1DWLYH
$PHULFDQ0RQLWRUZLWKILUVWSUHIHUHQFHJLYHQWR
WKH*DEULHOHxR%DQGRI0LVVLRQ,QGLDQV±.L]K
1DWLRQZKRUHVSRQGHGWRWKH&LW\¶VUHTXHVWIRU
FRQVXOWDWLRQ RQ 1RYHPEHU ILUVW
SUHIHUHQFH7ULEH7ULEH 7KHDSSOLFDQWGHYHORSHU
VKDOODOORZGD\VIURPWKHLQLWLDOFRQWDFWZLWK
WKHILUVWSUHIHUHQFHWULEHWRHQWHULQWRDFRQWUDFW
IRU PRQLWRULQJ VHUYLFHV ,I WKH
DSSOLFDQWGHYHORSHULVXQDEOHWRFRQWDFWWKH.L]K
1DWLRQ DIWHU WKUHH GRFXPHQWHG DWWHPSWV RU LV
XQDEOH WR VHFXUH DQ DJUHHPHQW WKH DSSOLFDQW
VKDOO UHSRUW WR WKH OHDG DJHQF\ DQG WKH OHDG
DJHQF\ZLOOFRQWDFWWKH.L]K1DWLRQWRYDOLGDWH
WKDW WKH SDUWLHV ZHUH XQDEOH WR HQWHU LQWR DQ
DJUHHPHQW7KHDSSOLFDQWGHYHORSHUVKDOOKDYH
PDGH WKUHH GRFXPHQWHG DWWHPSWV WR GLUHFWO\
FRQWDFW WKH .L]K 1DWLRQ WR HQWHU LQWR D WULEDO
PRQLWRULQJDJUHHPHQW,IWKHDSSOLFDQWGHYHORSHU
FDQGHPRQVWUDWHWKH\ZHUHXQDEOHWRVHFXUHDQ
DJUHHPHQW ZLWK WKH ILUVW SUHIHUHQFH WULEH DV
YDOLGDWHG DQG GRFXPHQWHG E\ WKH &RPPXQLW\
'HYHORSPHQW 'HSDUWPHQW LQ ZULWLQJ RU LI WKH
3ULRUWR
'HPROLWLRQ*UDGLQJ
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
FRQWUDFWHGWULEHIDLOVWRIXOILOOLWVREOLJDWLRQXQGHU
WKHFRQWUDFWWHUPVWKHQWKHDSSOLFDQWGHYHORSHU
PD\UHWDLQDQDOWHUQDWLYHTXDOLILHGWULEDOPRQLWRU
IURPDFXOWXUDOO\DIILOLDWHGWULEHLIDSSURYHGE\WKH
&LW\
E7KHPRQLWRUVKDOOEHUHWDLQHGSULRUWRWKHLVVXDQFH
RIDGHPROLWLRQSHUPLWRUJUDGLQJSHUPLWDQGWKH
FRPPHQFHPHQW RI DQ\ GHYHORSPHQW UHODWHG
³JURXQGGLVWXUELQJDFWLYLW\´IRUWKHVXEMHFWSURMHFW
DWDOOSURMHFWORFDWLRQV LHERWKRQVLWHDQGDQ\
RIIVLWHORFDWLRQVWKDWDUHLQFOXGHGLQWKHSURMHFW
GHVFULSWLRQGHILQLWLRQ DQGRU UHTXLUHG LQ
FRQQHFWLRQ ZLWK WKH SURMHFW VXFK DV SXEOLF
LPSURYHPHQWZRUN ³*URXQGGLVWXUELQJDFWLYLW\´
VKDOO LQFOXGH EXW LV QRW OLPLWHG WR GHPROLWLRQ
SDYHPHQWUHPRYDODXJXULQJJUXEELQJERULQJ
JUDGLQJH[FDYDWLRQGULOOLQJDQGWUHQFKLQJIRUWKH
SXUSRVHV RI UHFRQVWUXFWLRQ DQG QHZ
GHYHORSPHQW *URXQGGLVWXUELQJ DFWLYLW\ VKDOO
QRWLQFOXGHPLQRUPDLQWHQDQFHDFWLYLWLHVVXFKDV
SRWKROLQJ WUHH UHPRYDO DQG SDUNLQJ ORW
PDLQWHQDQFH7KLVPLWLJDWLRQPHDVXUHGRHVQRW
DSSO\ WR SURMHFWV WKDW ZRXOG RQO\ GLVWXUE VRLOV
PDGHXSRIDUWLILFLDOILOODVYHULILHGE\DVRLOVRU
JHRWHFKQLFDOUHSRUW
F. $FRS\RIWKHH[HFXWHG0RQLWRULQJ$JUHHPHQWVKDOO
EH VXEPLWWHG WR WKH OHDG DJHQF\ SULRU WR WKH
FRPPHQFHPHQWRIDQ\JURXQGGLVWXUELQJDFWLYLW\
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
RU WKH LVVXDQFH RI DQ\ SHUPLW QHFHVVDU\ WR
FRPPHQFHDJURXQGGLVWXUELQJDFWLYLW\
G. 7KHPRQLWRUZLOOFRPSOHWHGDLO\PRQLWRULQJORJV
WKDW ZLOO SURYLGH GHVFULSWLRQV RI WKH UHOHYDQW
JURXQGGLVWXUELQJ DFWLYLWLHV WKH W\SH RI
FRQVWUXFWLRQ DFWLYLWLHV SHUIRUPHG ORFDWLRQV RI
JURXQGGLVWXUELQJ DFWLYLWLHV VRLO W\SHV FXOWXUDO
UHODWHGPDWHULDOVDQGDQ\RWKHUIDFWVFRQGLWLRQV
PDWHULDOV RU GLVFRYHULHV RI VLJQLILFDQFH WR WKH
.L]K1DWLRQ0RQLWRUORJVZLOOLGHQWLI\DQGGHVFULEH
DQ\GLVFRYHUHG7&5VLQFOXGLQJEXWQRWOLPLWHGWR
1DWLYH$PHULFDQFXOWXUDODQGKLVWRULFDODUWLIDFWV
UHPDLQVSODFHVRIVLJQLILFDQFHHWF FROOHFWLYHO\
WULEDOFXOWXUDOUHVRXUFHVRU³7&5´ DVZHOODVDQ\
GLVFRYHUHG 1DWLYH$PHULFDQ DQFHVWUDO KXPDQ
UHPDLQVDQGEXULDOJRRGV&RSLHVRIPRQLWRUORJV
ZLOO EH SURYLGHG WR WKH SURMHFW DSSOLFDQWOHDG
DJHQF\ XSRQ ZULWWHQ UHTXHVW WR WKH FRQVXOWLQJ
WULEH,IDPRQLWRULVVHOHFWHGIURPDWULEHRWKHU
WKDQ WKH .L]K 1DWLRQ WKH .L]K 1DWLRQ VKDOO EH
FRQWDFWHGLIDQ\GLVFRYHULHVDUHIRXQG
H 2QVLWHWULEDOPRQLWRULQJVKDOOFRQFOXGHXSRQWKH
ODWWHURIWKHIROORZLQJ ZULWWHQFRQILUPDWLRQWR
WKH FRQVXOWLQJ WULEH IURP D GHVLJQDWHG SRLQW RI
FRQWDFWIRUWKHSURMHFWDSSOLFDQWOHDGDJHQF\WKDW
DOO JURXQGGLVWXUELQJ DFWLYLWLHV DQG SKDVHV WKDW
PD\LQYROYHJURXQGGLVWXUELQJDFWLYLWLHVDQGWKDW
KDYHWKHSRWHQWLDOWRLPSDFWORFDO7&5VRQWKH
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
SURMHFWVLWHRULQFRQQHFWLRQZLWKWKHSURMHFWDUH
FRPSOHWH
6(,500
7&5
8QDQWLFLSDWHG 'LVFRYHU\ RI 7ULEDO &XOWXUDO 5HVRXUFH
2EMHFWV 1RQ)XQHUDU\1RQ&HUHPRQLDO
8SRQGLVFRYHU\RIDQ\7&5VDOOFRQVWUXFWLRQDFWLYLWLHVLQ
WKHLPPHGLDWHYLFLQLW\RIWKHGLVFRYHU\VKDOOFHDVH LH
QRW OHVV WKDQ WKH VXUURXQGLQJ IHHW DQG VKDOO QRW
UHVXPHXQWLOWKHGLVFRYHUHG7&5KDVEHHQIXOO\DVVHVVHG
E\WKHWULEDOPRQLWRUDQGFRQVXOWLQJDUFKDHRORJLVW,IWKH
FRQVXOWLQJ WULEH LV RWKHU WKDQ WKH *DEULHOHxR %DQG RI
0LVVLRQ,QGLDQV±.L]K1DWLRQWKH.L]K1DWLRQVKDOOEH
FRQWDFWHGDQGWKHFRQVXOWLQJWULEHZLOOUHFRYHUDQGUHWDLQ
DOOGLVFRYHUHG7&5VLQWKHIRUPDQGRUPDQQHUWKH.L]K
1DWLRQ GHHPV DSSURSULDWH LQ WKH .L]K 1DWLRQ VROH
GLVFUHWLRQDQGIRUDQ\SXUSRVHWKH.L]K1DWLRQGHHPV
DSSURSULDWH LQFOXGLQJ IRU HGXFDWLRQDO FXOWXUDO DQGRU
KLVWRULFSXUSRVHV
8SRQ'LVFRYHU\
'XULQJ&RQVWUXFWLRQ
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
6(,500
7&5
8QDQWLFLSDWHG 'LVFRYHU\ RI +XPDQ 5HPDLQV DQG
$VVRFLDWHG)XQHUDU\RU&HUHPRQLDO2EMHFWV
D 1DWLYH$PHULFDQKXPDQUHPDLQVDUHGHILQHGLQ35&
G DVDQLQKXPDWLRQRUFUHPDWLRQDQGLQ
DQ\VWDWHRIGHFRPSRVLWLRQRUVNHOHWDOFRPSOHWHQHVV
)XQHUDU\REMHFWVFDOOHGDVVRFLDWHGJUDYHJRRGVLQ
3XEOLF5HVRXUFHV&RGH6HFWLRQ DUHDOVRWR
EHWUHDWHGDFFRUGLQJWRWKLVVWDWXWH
E ,I 1DWLYH $PHULFDQ KXPDQ UHPDLQV DQGRU JUDYH
JRRGVDUHGLVFRYHUHGRUUHFRJQL]HGRQWKHSURMHFW
VLWHWKHQ3XEOLF5HVRXUFH&RGH DVZHOODV
+HDOWK DQG 6DIHW\ &RGH 6HFWLRQ VKDOO EH
IROORZHG
F +XPDQ UHPDLQV DQG JUDYHEXULDO JRRGV VKDOO EH
WUHDWHGDOLNHSHU&DOLIRUQLD3XEOLF5HVRXUFHV&RGH
VHFWLRQ G DQG
G 3UHVHUYDWLRQLQSODFH LHDYRLGDQFH LVWKHSUHIHUUHG
PDQQHURIWUHDWPHQWIRUGLVFRYHUHGKXPDQUHPDLQV
DQGRUEXULDOJRRGV
$Q\GLVFRYHU\RIKXPDQUHPDLQVEXULDOJRRGVVKDOOEH
NHSWFRQILGHQWLDOWRSUHYHQWIXUWKHUGLVWXUEDQFH
8SRQ'LVFRYHU\
'XULQJ&RQVWUXFWLRQ
&RPPXQLW\
'HYHORSPHQW
'HSDUWPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
([KLELW$&RQGLWLRQVRI$SSURYDO
&83'5'$
$XJXVW
3DJH
6(,500
87
3ULRUWRSURMHFWDSSURYDOWKHGHYHORSPHQWDSSOLFDQWVKDOO
FRRUGLQDWHZLWK,5:'WRFRQGXFWLQIUDVWUXFWXUHDQDO\VHV
RIZDWHUDQGVHZHUXWLOLWLHVLQWKHSURMHFWDUHDWRHQVXUH
H[LVWLQJFRQYH\DQFHDQGSUHVVXUHLVDGHTXDWHWRVHUYH
WKH SURMHFW 2QFH GHYHORSPHQW DVVXPSWLRQV LGHQWLILHG
ZLWKLQWKH,5:'DSSURYHG6$03DUHVXUSDVVHGSURMHFW
DSSOLFDQWV VKDOO FRRUGLQDWH ZLWK ,5:' WR XSGDWH WKH
6$03IRUWKH7/63DUHD
3ULRUWR3URMHFW
$SSURYDO
3XEOLF:RUNV,5:'
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Appendix G (Environmental Checklist Form)
&,7<2)7867,1
&20081,7<'(9(/230(17'(3$570(17
300 Centennial Way, Tustin, CA 92780
(714) 573-3100
(19,5210(17$/$1$/<6,6&+(&./,67
)RU3URMHFWVZLWK3UHYLRXVO\&HUWLILHG$SSURYHG(QYLURQPHQWDO'RFXPHQWV
(QYLURQPHQWDO,PSDFW6WDWHPHQW(QYLURQPHQWDO,PSDFW5HSRUW (,6(,5
IRUWKH'LVSRVDODQG5HXVHRI0DULQH&RUSV$LU6WDWLRQ 0&$6 7XVWLQ
7KHIROORZLQJFKHFNOLVWWDNHVLQWRFRQVLGHUDWLRQWKHSUHSDUDWLRQRIDQHQYLURQPHQWDOGRFXPHQW RUGRFXPHQWV
SUHSDUHGDWDQHDUOLHUVWDJHRIWKHSURSRVHGSURMHFW7KLVFKHFNOLVWHYDOXDWHVWKHDGHTXDF\RIWKHHDUOLHU
GRFXPHQW V SXUVXDQWWR6HFWLRQDQGRIWKH&DOLIRUQLD(QYLURQPHQWDO4XDOLW\$FW &(4$
*XLGHOLQHV
$ %$&.*5281'
3URMHFW7LWOH *HQHUDO3ODQ&RQIRUPLW\ 'HVLJQ5HYLHZ
&RQGLWLRQDO8VH3HUPLW DQG'HYHORSPHQW$JUHHPHQW
/HDG$JHQF\ &LW\RI7XVWLQ
&HQWHQQLDO:D\
7XVWLQ&DOLIRUQLD
/HDG$JHQF\&RQWDFW3HUVRQ (ULFD+'HPNRZLF]6HQLRU3ODQQHU
3KRQH
3URMHFW/RFDWLRQ 7KHSURMHFWLVORFDWHGZLWKLQWKH7XVWLQ/HJDF\6SHFLILF3ODQRQWKH
VRXWK VLGH RI :DUQHU $YHQXH EHWZHHQ 9HWHUDQ¶V :D\ DQG
&RPSDVV $YHQXH ZLWKLQ 3ODQQLQJ $UHDV DQG RI
1HLJKERUKRRG'7XVWLQ/HJDF\6SHFLILF3ODQ 0&$67XVWLQ 6LWH
LQFOXGHVORWRI7UDFW
3URMHFW6SRQVRU¶V1DPHDQG$GGUHVV &DUOLOH&RDWVZRUWK$UFKLWHFWV
FR0U,VVDF/HXYDQR
0DF$UWKXU%OYG6XLWH
,UYLQH&$
*HQHUDO3ODQ/DQG8VH'HVLJQDWLRQ 7XVWLQ/HJDF\6SHFLILF3ODQ
=RQLQJ'HVLJQDWLRQ 7XVWLQ/HJDF\6SHFLILF3ODQ
3URMHFW'HVFULSWLRQ *HQHUDO3ODQ&RQIRUPLW\ 'HVLJQ5HYLHZ
&RQGLWLRQDO8VH3HUPLWDQG'HYHORSPHQW$JUHHPHQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
2 | Page
DQGIRUWKHFRQVWUXFWLRQDQGRSHUDWLRQRIDQHZ
DVVHPEO\XVHFRPSULVLQJRIDVTXDUHIRRWZRUVKLSFHQWHU
ZLWKDGPLQLVWUDWLYHRIILFHVPHHWLQJVSDFHVDQGVHUYLFHDUHDVZLWK
RQVLWHSDUNLQJVSDFHV3URMHFWDFFHVVZRXOGEHYLDQHZ
GULYHZD\VRQ9HWHUDQ¶V:D\DQG-RKQ-RKQVRQ:D\
6XUURXQGLQJ/DQG8VHVDQG6HWWLQJ 1RUWK 9DFDQWODQG
(DVW 9DFDQWODQG
6RXWK 9DFDQWODQG 5HVLGHQWLDO
:HVW 9DFDQWODQG
3UHYLRXV(QYLURQPHQWDO'RFXPHQWDWLRQ 2Q-DQXDU\WKH&LW\RI7XVWLQFHUWLILHGWKHSURJUDP)LQDO
(QYLURQPHQWDO,PSDFW6WDWHPHQW(QYLURQPHQWDO,PSDFW5HSRUW )(,6(,5 IRUWKHUHXVHDQGGLVSRVDORI0&$6
7XVWLQ2Q'HFHPEHUWKH&LW\&RXQFLODGRSWHG5HVROXWLRQ1RDSSURYLQJD6XSSOHPHQWWRWKH
)(,6(,5IRUWKHH[WHQVLRQRI7XVWLQ5DQFK5RDGEHWZHHQ:DOQXW$YHQXHDQGWKHIXWXUHDOLJQPHQWRI
9DOHQFLDQRUWKORRSURDG2Q$SULOWKH&LW\&RXQFLODGRSWHG5HVROXWLRQ1RDSSURYLQJDQ
$GGHQGXPWRWKH)(,6(,5DQGRQ0D\WKH&LW\&RXQFLODGRSWHG5HVROXWLRQ1RDSSURYLQJD
6HFRQG$GGHQGXPWRWKH)(,6(,5
2Q-XO\WKH&LW\&RXQFLODGRSWHG5HVROXWLRQ1RDSSURYLQJDVHFRQG6XSSOHPHQWWRWKH
)(,6(,57KH)(,6(,5DORQJZLWKLWVDGGHQGXPVDQGVXSSOHPHQWVLVDSURJUDP(,5XQGHUWKH&DOLIRUQLD
(QYLURQPHQWDO4XDOLW\$FW &(4$ 7KH)(,6(,5DGGHQGXPVDQGVXSSOHPHQWVFRQVLGHUHGWKHSRWHQWLDO
HQYLURQPHQWDOLPSDFWVDVVRFLDWHGZLWKGHYHORSPHQWRQWKHIRUPHU0DULQH&RUSV$LU6WDWLRQ7XVWLQ
2WKHUSXEOLFDJHQFLHVZKRVHDSSURYDOLVUHTXLUHG
2UDQJH&RXQW\)LUH$XWKRULW\ &LW\RI6DQWD$QD
2UDQJH&RXQW\(0$ 'LVWULFW &LW\RI,UYLQH
6RXWK&RDVW$LU4XDOLW\0DQDJHPHQW 2WKHU
2UDQJH&RXQW\+HDOWK&DUH$JHQF\
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
3 | Page
% (19,5210(17$/)$&7256327(17,$//<$))(&7('
7KHHQYLURQPHQWDOIDFWRUVFKHFNHGEHORZZRXOGEHSRWHQWLDOO\DIIHFWHGE\WKLVSURMHFWLQYROYLQJDWOHDVW
RQHLPSDFWWKDWLVD3RWHQWLDOO\6LJQLILFDQW,PSDFWDVLQGLFDWHGE\WKHFKHFNOLVWRQWKHIROORZLQJSDJHV
$HVWKHWLFV
%LRORJLFDO5HVRXUFHV
*UHHQKRXVH*DV(PLVVLRQV
/DQG8VH3ODQQLQJ
3RSXODWLRQ+RXVLQJ
7UDQVSRUWDWLRQ7UDIILF
0DQGDWRU\)LQGLQJVRI
6LJQLILFDQFH
$JULFXOWXUHDQG)RUHVWU\
5HVRXUFHV
&XOWXUDO5HVRXUFHV
(QHUJ\
+D]DUGV +D]DUGRXV
0DWHULDOV
0LQHUDO5HVRXUFHV
3XEOLF6HUYLFHV
7ULEDO&XOWXUDO5HVRXUFHV
$LU4XDOLW\
*HRORJ\6RLOV
+\GURORJ\:DWHU4XDOLW\
1RLVH
5HFUHDWLRQ
8WLOLWLHV6HUYLFH6\VWHPV
:LOGILUH
'(7(50,1$7,21
2QWKHEDVLVRIWKLVLQLWLDOHYDOXDWLRQ
,ILQGWKDWWKHSURSRVHGSURMHFW&28/'127KDYHDVLJQLILFDQWHIIHFWRQWKHHQYLURQPHQWDQGD
1(*$7,9('(&/$5$7,21ZLOOEHSUHSDUHG
,ILQGWKDWDOWKRXJKWKHSURSRVHGSURMHFWFRXOGKDYHDVLJQLILFDQWHIIHFWRQWKHHQYLURQPHQWWKHUHZLOO
QRWEHDVLJQLILFDQWHIIHFWLQWKLVFDVHEHFDXVHWKHPLWLJDWLRQPHDVXUHVGHVFULEHGRQDQDWWDFKHGVKHHW
KDYHEHHQDGGHGWRWKHSURMHFW$1(*$7,9('(&/$5$7,21ZLOOEHSUHSDUHG
,ILQGWKDWWKHSURSRVHGSURMHFW0$<KDYHDVLJQLILFDQWHIIHFWRQWKHHQYLURQPHQWDQGDQ
(19,5210(17$/,03$&75(3257LVUHTXLUHG
,ILQGWKDWWKHSURSRVHGSURMHFW0$<KDYHDVLJQLILFDQWHIIHFW V RQWKHHQYLURQPHQWEXWDWOHDVWRQH
HIIHFW KDVEHHQDGHTXDWHO\DQDO\]HGLQDQHDUOLHUGRFXPHQWSXUVXDQWWRDSSOLFDEOHOHJDOVWDQGDUGV
DQG KDVEHHQDGGUHVVHGE\PLWLJDWLRQPHDVXUHVEDVHGRQWKHHDUOLHUDQDO\VLVDVGHVFULEHGRQ
DWWDFKHGVKHHWVLIWKHHIIHFWLVD³3RWHQWLDOO\6LJQLILFDQW,PSDFW´RU³3RWHQWLDOO\6LJQLILFDQW8QOHVV
0LWLJDWHG´$Q(19,5210(17$/,03$&75(3257LVUHTXLUHGEXWLWPXVWDQDO\]HRQO\WKHHIIHFWV
WKDWUHPDLQWREHDGGUHVVHG
,ILQGWKDWDOWKRXJKWKHSURSRVHGSURMHFWFRXOGKDYHDVLJQLILFDQWHIIHFWRQWKHHQYLURQPHQWWKHUH:,//
127EHDVLJQLILFDQWHIIHFWLQWKLVFDVHEHFDXVHDOOSRWHQWLDOO\VLJQLILFDQWHIIHFWV KDYHEHHQDQDO\]HG
DGHTXDWHO\LQDQHDUOLHU(,5SXUVXDQWWRDSSOLFDEOHVWDQGDUGVDQG KDYHEHHQDYRLGHGRUPLWLJDWHG
SXUVXDQWWRWKDWHDUOLHU(,5LQFOXGLQJUHYLVLRQVRUPLWLJDWLRQPHDVXUHVWKDWDUHLPSRVHGXSRQWKH
SURSRVHGSURMHFW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
4 | Page
,ILQGWKDWDOWKRXJKWKHSURSRVHGSURMHFWFRXOGKDYHDVLJQLILFDQWHIIHFWRQWKHHQYLURQPHQWWKHUH:,//
127EHDVLJQLILFDQWHIIHFWLQWKLVFDVHEHFDXVHDOOSRWHQWLDOO\VLJQLILFDQWHIIHFWV KDYHEHHQDQDO\]HG
DGHTXDWHO\LQDQHDUOLHU1(*$7,9('(&/$5$7,21SXUVXDQWWRDSSOLFDEOHVWDQGDUGVDQG KDYH
EHHQDYRLGHGRUPLWLJDWHGSXUVXDQWWRWKDWHDUOLHU1(*$7,9('(&/$5$7,21LQFOXGLQJUHYLVLRQVRU
PLWLJDWLRQPHDVXUHVWKDWDUHLPSRVHGXSRQWKHSURSRVHGSURMHFW
Preparer: Date:
Erica H. Demkowicz, AICP Senior Planner
Date
Alexa Smittle, Community Development Director
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
Appendix G (Environmental Checklist Form)
& (9$/8$7,212)(19,5210(17$/,03$&76 6HH$WWDFKHG
$EULHIH[SODQDWLRQLVUHTXLUHGIRUDOODQVZHUVH[FHSW1R,PSDFWDQVZHUVWKDWDUHDGHTXDWHO\VXSSRUWHG
E\WKHLQIRUPDWLRQVRXUFHVDOHDGDJHQF\FLWHVLQWKHSDUHQWKHVHVIROORZLQJHDFKTXHVWLRQ$1R,PSDFW
DQVZHULVDGHTXDWHO\VXSSRUWHGLIWKHUHIHUHQFHGLQIRUPDWLRQVRXUFHVVKRZWKDWWKHLPSDFWVLPSO\GRHV
QRWDSSO\WRSURMHFWVOLNHWKHRQHLQYROYHG HJWKHSURMHFWIDOOVRXWVLGHDIDXOWUXSWXUH]RQH $1R
,PSDFWDQVZHUVKRXOGEHH[SODLQHGZKHUHLWLVEDVHGRQSURMHFWVSHFLILFIDFWRUVDVZHOODVJHQHUDO
VWDQGDUGV HJWKHSURMHFWZLOOQRWH[SRVHVHQVLWLYHUHFHSWRUVWRSROOXWDQWVEDVHGRQDSURMHFWVSHFLILF
VFUHHQLQJDQDO\VLV
$OO DQVZHUV PXVW WDNH DFFRXQW RI WKH ZKROH DFWLRQ LQYROYHG LQFOXGLQJ RIIVLWH DV ZHOO DV RQVLWH
FXPXODWLYHDVZHOODVSURMHFWOHYHOLQGLUHFWDVZHOODVGLUHFWDQGFRQVWUXFWLRQDVZHOODVRSHUDWLRQDO
LPSDFWV
2QFHWKHOHDGDJHQF\KDVGHWHUPLQHGWKDWDSDUWLFXODUSK\VLFDOLPSDFWPD\RFFXUWKHQWKHFKHFNOLVW
DQVZHUVPXVWLQGLFDWHZKHWKHUWKHLPSDFWLVSRWHQWLDOO\VLJQLILFDQWOHVVWKDQVLJQLILFDQWZLWKPLWLJDWLRQ
RUOHVVWKDQVLJQLILFDQW3RWHQWLDOO\6LJQLILFDQW,PSDFWLVDSSURSULDWHLIWKHUHLVVXEVWDQWLDOHYLGHQFHWKDW
DQHIIHFWPD\EHVLJQLILFDQW,IWKHUHDUHRQHRUPRUH3RWHQWLDOO\6LJQLILFDQW,PSDFWHQWULHVZKHQWKH
GHWHUPLQDWLRQLVPDGHDQ(,5LVUHTXLUHG
1HJDWLYH 'HFODUDWLRQ /HVV 7KDQ 6LJQLILFDQW :LWK 0LWLJDWLRQ ,QFRUSRUDWHG DSSOLHV ZKHUH WKH
LQFRUSRUDWLRQRIPLWLJDWLRQPHDVXUHVKDVUHGXFHGDQHIIHFWIURP3RWHQWLDOO\6LJQLILFDQW,PSDFWWRD/HVV
7KDQ6LJQLILFDQW,PSDFW7KHOHDGDJHQF\PXVWGHVFULEHWKHPLWLJDWLRQPHDVXUHVDQGEULHIO\H[SODLQ
KRZWKH\UHGXFHWKHHIIHFWWRDOHVVWKDQVLJQLILFDQWOHYHO PLWLJDWLRQPHDVXUHVIURP(DUOLHU$QDO\VHV
DVGHVFULEHGLQ EHORZPD\EHFURVVUHIHUHQFHG
(DUOLHUDQDO\VHVPD\EHXVHGZKHUHSXUVXDQWWRWKHWLHULQJSURJUDP(,5RURWKHU&(4$SURFHVVDQ
HIIHFWKDVEHHQDGHTXDWHO\DQDO\]HGLQDQHDUOLHU(,5RUQHJDWLYHGHFODUDWLRQ6HFWLRQ F '
,QWKLVFDVHDEULHIGLVFXVVLRQVKRXOGLGHQWLI\WKHIROORZLQJ
D (DUOLHU$QDO\VLV8VHG,GHQWLI\DQGVWDWHZKHUHWKH\DUHDYDLODEOHIRUUHYLHZ
E ,PSDFWV$GHTXDWHO\$GGUHVVHG,GHQWLI\ZKLFKHIIHFWVIURPWKHDERYHFKHFNOLVWZHUHZLWKLQWKH
VFRSHRIDQGDGHTXDWHO\DQDO\]HGLQDQHDUOLHUGRFXPHQWSXUVXDQWWRDSSOLFDEOHOHJDOVWDQGDUGV
DQGVWDWHZKHWKHUVXFKHIIHFWVZHUHDGGUHVVHGE\PLWLJDWLRQPHDVXUHVEDVHGRQWKHHDUOLHU
DQDO\VLV
F 0LWLJDWLRQ 0HDVXUHV )RU HIIHFWV WKDW DUH /HVV WKDQ 6LJQLILFDQW ZLWK 0LWLJDWLRQ 0HDVXUHV
,QFRUSRUDWHGGHVFULEHWKHPLWLJDWLRQPHDVXUHVZKLFKZHUHLQFRUSRUDWHGRUUHILQHGIURPWKH
HDUOLHUGRFXPHQWDQGWKHH[WHQWWRZKLFKWKH\DGGUHVVVLWHVSHFLILFFRQGLWLRQVIRUWKHSURMHFW
/HDGDJHQFLHVDUHHQFRXUDJHGWRLQFRUSRUDWHLQWRWKHFKHFNOLVWUHIHUHQFHVWRLQIRUPDWLRQVRXUFHVIRU
SRWHQWLDOLPSDFWV HJJHQHUDOSODQV]RQLQJRUGLQDQFHV 5HIHUHQFHWRDSUHYLRXVO\SUHSDUHGRURXWVLGH
GRFXPHQWVKRXOGZKHUHDSSURSULDWHLQFOXGHDUHIHUHQFHWRWKHSDJHRUSDJHVZKHUHWKHVWDWHPHQWLV
VXEVWDQWLDWHG
6XSSRUWLQJ,QIRUPDWLRQ6RXUFHV $VRXUFHOLVWVKRXOGEHDWWDFKHGDQGRWKHUVRXUFHVXVHGRULQGLYLGXDOV
FRQWDFWHGVKRXOGEHFLWHGLQWKHGLVFXVVLRQ
7KLVLVRQO\DVXJJHVWHGIRUPDQGOHDGDJHQFLHVDUHIUHHWRXVHGLIIHUHQWIRUPDWV KRZHYHUOHDGDJHQFLHV
VKRXOGQRUPDOO\DGGUHVVWKHTXHVWLRQVIURPWKLVFKHFNOLVWWKDWDUHUHOHYDQWWRDSURMHFW
VHQYLURQPHQWDO
HIIHFWVLQZKDWHYHUIRUPDWLVVHOHFWHG
7KHH[SODQDWLRQRIHDFKLVVXHVKRXOGLGHQWLI\
D WKHVLJQLILFDQFHFULWHULDRUWKUHVKROGLIDQ\XVHGWRHYDOXDWHHDFKTXHVWLRQ DQG
E WKHPLWLJDWLRQPHDVXUHLGHQWLILHGLIDQ\WRUHGXFHWKHLPSDFWWROHVVWKDQVLJQLILFDQFH
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
6 | Page
' ,1,7,$/678'<
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW
:LWK0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP
3UHYLRXV
$QDO\VLV
,$(67+(7,&6
([FHSWDVSURYLGHGLQ3XEOLF5HVRXUFHV&RGH6HFWLRQ
:RXOGWKHSURMHFW
D +DYHDVXEVWDQWLDODGYHUVH
HIIHFWRQDVFHQLFYLVWD"
E 6XEVWDQWLDOO\GDPDJHVFHQLF
UHVRXUFHVLQFOXGLQJEXWQRW
OLPLWHGWRWUHHVURFNV
RXWFURSSLQJVDQGKLVWRULF
EXLOGLQJVZLWKLQDVWDWHVFHQLF
KLJKZD\"
F ,QQRQXUEDQL]HGDUHDV
VXEVWDQWLDOO\GHJUDGHWKH
H[LVWLQJYLVXDOFKDUDFWHURU
TXDOLW\RISXEOLFYLHZVRIWKHVLWH
DQGLWVVXUURXQGLQJ¶V" 3XEOLF
YLHZVDUHWKRVHWKDWDUH
H[SHULHQFHGIURPSXEOLFO\
DFFHVVLEOHYDQWDJHSRLQW ,IWKH
SURMHFWLVLQDQXUEDQL]HGDUHD
ZRXOGWKHSURMHFWFRQIOLFWZLWK
DSSOLFDEOH]RQLQJDQGRWKHU
UHJXODWLRQVJRYHUQLQJVFHQLF
TXDOLW\"
G &UHDWHDQHZVRXUFHRI
VXEVWDQWLDOOLJKWRUJODUHZKLFK
ZRXOGDGYHUVHO\DIIHFWGD\RU
QLJKWWLPHYLHZVLQWKHDUHD"
,,$*5,&8/785($1')25(675(6285&(6
,QGHWHUPLQLQJZKHWKHULPSDFWVWRDJULFXOWXUDO
UHVRXUFHVDUHVLJQLILFDQWHQYLURQPHQWDOHIIHFWV
OHDGDJHQFLHVPD\UHIHUWRWKH&DOLIRUQLD
$JULFXOWXUDO/DQG(YDOXDWLRQDQG6LWH
$VVHVVPHQW0RGHO SUHSDUHGE\WKH
&DOLIRUQLD'HSWRI&RQVHUYDWLRQDVDQRSWLRQDO
PRGHOWRXVHLQDVVHVVLQJLPSDFWVRQDJULFXOWXUH
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
7 | Page
DQGIDUPODQG,QGHWHUPLQLQJZKHWKHULPSDFWVWR
IRUHVWUHVRXUFHVLQFOXGLQJWLPEHUODQGDUH
VLJQLILFDQWHQYLURQPHQWDOHIIHFWVOHDGDJHQFLHV
PD\UHIHUWRLQIRUPDWLRQFRPSLOHGE\WKH
&DOLIRUQLD'HSDUWPHQWRI)RUHVWU\DQG)LUH
3URWHFWLRQUHJDUGLQJWKHVWDWH¶VLQYHQWRU\RIIRUHVW
ODQGLQFOXGLQJWKH)RUHVWDQG5DQJH$VVHVVPHQW
3URMHFWDQGWKH)RUHVW/HJDF\$VVHVVPHQW
SURMHFW DQGIRUHVWFDUERQPHDVXUHPHQW
PHWKRGRORJ\SURYLGHGLQ)RUHVW3URWRFROV
DGRSWHGE\WKH&DOLIRUQLD$LU5HVRXUFHV%RDUG
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW
:LWK0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP
3UHYLRXV
$QDO\VLV
:RXOGWKHSURMHFW
D &RQYHUW3ULPH)DUPODQG8QLTXH
)DUPODQGRU)DUPODQGRI6WDWHZLGH
,PSRUWDQFH )DUPODQG DVVKRZQRQ
WKHPDSVSUHSDUHGSXUVXDQWWRWKH
)DUPODQG0DSSLQJDQG0RQLWRULQJ
3URJUDPRIWKH&DOLIRUQLD5HVRXUFHV
$JHQF\WRQRQDJULFXOWXUDOXVH"
E &RQIOLFWZLWKH[LVWLQJ]RQLQJIRU
DJULFXOWXUDOXVHRUD:LOOLDPVRQ$FW
FRQWUDFW"
F &RQIOLFWZLWKH[LVWLQJ]RQLQJIRURUFDXVH
UH]RQLQJRIIRUHVWODQG DVGHILQHGLQ3XEOLF
5HVRXUFHV&RGHVHFWLRQ J
WLPEHUODQG DVGHILQHGE\3XEOLF5HVRXUFHV
&RGHVHFWLRQ RUWLPEHUODQG]RQHG
7LPEHUODQG3URGXFWLRQ DVGHILQHGE\
*RYHUQPHQW&RGHVHFWLRQ J "
G 5HVXOWLQWKHORVVRIIRUHVWODQGRUFRQYHUVLRQ
RIIRUHVWODQGWRQRQIRUHVWXVH"
H ,QYROYHRWKHUFKDQJHVLQWKHH[LVWLQJ
HQYLURQPHQWZKLFKGXHWRWKHLUORFDWLRQRU
QDWXUHFRXOGUHVXOWLQFRQYHUVLRQRI
)DUPODQGWRQRQDJULFXOWXUDOXVHRU
FRQYHUVLRQRIIRUHVWODQGWRQRQIRUHVWXVH"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
8 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW:LWK
0LWLJDWLRQ
,QFRUSRUDWHG
1R
&KDQJH
)URP
3UHYLRXV
$QDO\VLV
,,,$,548$/,7<
:KHUHDYDLODEOHWKHVLJQLILFDQFHFULWHULD
HVWDEOLVKHGE\WKHDSSOLFDEOHDLUTXDOLW\
PDQDJHPHQWRUDLUSROOXWLRQFRQWUROGLVWULFW
PD\EHUHOLHGXSRQWRPDNHWKHIROORZLQJ
GHWHUPLQDWLRQV
:RXOGWKHSURMHFW
D &RQIOLFWZLWKRUREVWUXFW
LPSOHPHQWDWLRQRIWKH
DSSOLFDEOHDLUTXDOLW\SODQ"
E 5HVXOWLQDFXPXODWLYHO\
FRQVLGHUDEOHQHWLQFUHDVH
RIDQ\FULWHULDSROOXWDQWIRU
ZKLFKWKHSURMHFWUHJLRQLV
QRQDWWDLQPHQWXQGHUDQ
DSSOLFDEOHIHGHUDORUVWDWH
DPELHQWDLUTXDOLW\
VWDQGDUG
F ([SRVHVHQVLWLYHUHFHSWRUV
WRVXEVWDQWLDOSROOXWDQW
FRQFHQWUDWLRQV"
G 5HVXOWLQRWKHUHPLVVLRQV
VXFKDVWKRVHOHDGLQJWR
RGRUV DGYHUVHO\DIIHFWLQJD
VXEVWDQWLDOQXPEHURI
SHRSOH"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
9 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW:LWK
0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP3UHYLRXV
$QDO\VLV
,9%,2/2*,&$/5(6285&(6
:RXOGWKHSURMHFW
D +DYHDVXEVWDQWLDODGYHUVHHIIHFW
HLWKHUGLUHFWO\RUWKURXJKKDELWDW
PRGLILFDWLRQVRQDQ\VSHFLHV
LGHQWLILHGDVDFDQGLGDWHVHQVLWLYHRU
VSHFLDOVWDWXVVSHFLHVLQORFDORU
UHJLRQDOSODQVSROLFLHVRUUHJXODWLRQV
RUE\WKH&DOLIRUQLD'HSDUWPHQWRI
)LVKDQG*DPHRU86)LVKDQG
:LOGOLIH6HUYLFH"
E +DYHDVXEVWDQWLDODGYHUVHHIIHFWRQ
DQ\ULSDULDQKDELWDWRURWKHUVHQVLWLYH
QDWXUDOFRPPXQLW\LGHQWLILHGLQORFDORU
UHJLRQDOSODQVSROLFLHVUHJXODWLRQVRU
E\WKH&DOLIRUQLD'HSDUWPHQWRI)LVK
DQG*DPHRU86)LVKDQG:LOGOLIH
6HUYLFH"
F +DYHDVXEVWDQWLDODGYHUVHHIIHFWRQ
IHGHUDOO\SURWHFWHGZHWODQGVDV
GHILQHGE\6HFWLRQRIWKH&OHDQ
:DWHU$FW LQFOXGLQJEXWQRWOLPLWHG
WRPDUVKYHUQDOSRROFRDVWDOHWF
WKURXJKGLUHFWUHPRYDOILOOLQJ
K\GURORJLFDOLQWHUUXSWLRQRURWKHU
PHDQV"
G ,QWHUIHUHVXEVWDQWLDOO\ZLWKWKH
PRYHPHQWRIDQ\QDWLYHUHVLGHQWRU
PLJUDWRU\ILVKRUZLOGOLIHVSHFLHVRU
ZLWKHVWDEOLVKHGQDWLYHUHVLGHQWRU
PLJUDWRU\ZLOGOLIHFRUULGRUVRULPSHGH
WKHXVHRIQDWLYHZLOGOLIHQXUVHU\
VLWHV"
e) &RQIOLFWZLWKDQ\ORFDOSROLFLHVRU
RUGLQDQFHVSURWHFWLQJELRORJLFDO
UHVRXUFHVVXFKDVDWUHHSUHVHUYDWLRQ
SROLF\RURUGLQDQFH"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
10 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW:LWK
0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP3UHYLRXV
$QDO\VLV
I &RQIOLFWZLWKWKHSURYLVLRQVRIDQ
DGRSWHG+DELWDW&RQVHUYDWLRQ3ODQ
1DWXUDO&RPPXQLW\&RQVHUYDWLRQ
3ODQRURWKHUDSSURYHGORFDO
UHJLRQDORUVWDWHKDELWDW
FRQVHUYDWLRQSODQ"
9&8/785$/5(6285&(6
:RXOGWKHSURMHFW
D &DXVHDVXEVWDQWLDODGYHUVHFKDQJH
LQWKHVLJQLILFDQFHRIDKLVWRULFDO
UHVRXUFHDVGHILQHGLQ"
E &DXVHDVXEVWDQWLDODGYHUVHFKDQJH
LQWKHVLJQLILFDQFHRIDQ
DUFKDHRORJLFDOUHVRXUFHSXUVXDQWWR
"
F 'LVWXUEDQ\KXPDQUHPDLQV
LQFOXGLQJWKRVHLQWHUUHGRXWVLGHRI
GHGLFDWHGFHPHWHULHV"
9,(1(5*<
Would the project:
D 5HVXOWLQSRWHQWLDOO\VLJQLILFDQWHQYLURQPHQWDO
LPSDFWGXHWRZDVWHIXOLQHIILFLHQWRUXQQHFHVVDU\
FRQVXPSWLRQRIHQHUJ\UHVRXUFHVGXULQJSURMHFW
FRQVWUXFWLRQRURSHUDWLRQ"
E &RQIOLFWZLWKRUREVWUXFWDVWDWHRUORFDOSODQIRU
UHQHZDEOHHQHUJ\RUHQHUJ\HIILFLHQF\"
9,,*(2/2*<$1'62,/6
:RXOGWKHSURMHFW
D 'LUHFWO\RULQGLUHFWO\FDXVH
SRWHQWLDOVXEVWDQWLDODGYHUVH
HIIHFWVLQFOXGLQJWKHULVNRIORVV
LQMXU\RUGHDWKLQYROYLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
11 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW:LWK
0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP
3UHYLRXV
$QDO\VLV
L5XSWXUHRIDNQRZQ
HDUWKTXDNHIDXOWDV
GHOLQHDWHGRQWKHPRVW
UHFHQW$OTXLVW3ULROR
(DUWKTXDNH)DXOW=RQLQJ
0DSLVVXHGE\WKH6WDWH
*HRORJLVWIRUWKHDUHDRU
EDVHGRQRWKHU
VXEVWDQWLDOHYLGHQFHRID
NQRZQIDXOW"5HIHUWR
'LYLVLRQRI0LQHVDQG
*HRORJ\6SHFLDO
3XEOLFDWLRQ
LL6WURQJVHLVPLFJURXQG
VKDNLQJ"
LLL6HLVPLFUHODWHGJURXQG
IDLOXUHLQFOXGLQJ
OLTXHIDFWLRQ"
LY/DQGVOLGHV"
E 5HVXOWLQVXEVWDQWLDOVRLO
HURVLRQRUWKHORVVRIWRSVRLO"
F %HORFDWHGRQDJHRORJLFXQLW
RUVRLOWKDWLVXQVWDEOHRUWKDW
ZRXOGEHFRPHXQVWDEOHDVD
UHVXOWRIWKHSURMHFWDQG
SRWHQWLDOO\UHVXOWLQRQRURII
VLWHODQGVOLGHODWHUDO
VSUHDGLQJVXEVLGHQFH
OLTXHIDFWLRQRUFROODSVH"
G %HORFDWHGRQH[SDQVLYHVRLO
DVGHILQHGLQ7DEOH%RI
WKH8QLIRUP%XLOGLQJ&RGH
FUHDWLQJVXEVWDQWLDO
ULVNVWROLIHRUSURSHUW\"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
12 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW:LWK
0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP
3UHYLRXV
$QDO\VLV
H +DYHVRLOVLQFDSDEOHRI
DGHTXDWHO\VXSSRUWLQJWKH
XVHRIVHSWLFWDQNVRU
DOWHUQDWLYHZDVWHZDWHU
GLVSRVDOV\VWHPVZKHUH
VHZHUVDUHQRWDYDLODEOHIRU
WKHGLVSRVDORIZDVWHZDWHU"
I 'LUHFWO\RULQGLUHFWO\GHVWUR\
DXQLTXHSDOHRQWRORJLFDO
UHVRXUFHRUVLWHRUXQLTXH
JHRORJLFDOIHDWXUH"
9,,,*5((1+286(*$6(0,66,216
:RXOGWKHSURMHFW
D *HQHUDWHJUHHQKRXVHJDVHPLVVLRQV
HLWKHUGLUHFWO\RULQGLUHFWO\WKDWPD\KDYH
DVLJQLILFDQWLPSDFWRQWKHHQYLURQPHQW"
E &RQIOLFWZLWKDQDSSOLFDEOHSODQSROLF\RU
UHJXODWLRQDGRSWHGIRUWKHSXUSRVHRI
UHGXFLQJWKHHPLVVLRQVRIJUHHQKRXVH
JDVHV"
,;+$=$5'6$1'+$=$5'286
0$7(5,$/6
:RXOGWKHSURMHFW
D &UHDWHDVLJQLILFDQWKD]DUGWRWKH
SXEOLFRUWKHHQYLURQPHQWWKURXJK
WKHURXWLQHWUDQVSRUWXVHRU
GLVSRVDORIKD]DUGRXVPDWHULDOV"
E &UHDWHDVLJQLILFDQWKD]DUGWRWKH
SXEOLFRUWKHHQYLURQPHQWWKURXJK
UHDVRQDEO\IRUHVHHDEOHXSVHWDQG
DFFLGHQWFRQGLWLRQVLQYROYLQJWKH
UHOHDVHRIKD]DUGRXVPDWHULDOV
LQWRWKHHQYLURQPHQW"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
13 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW:LWK
0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP
3UHYLRXV
$QDO\VLV
F (PLWKD]DUGRXVHPLVVLRQVRU
KDQGOHKD]DUGRXVRUDFXWHO\
KD]DUGRXVPDWHULDOVVXEVWDQFHV
RUZDVWHZLWKLQRQHTXDUWHUPLOHRI
DQH[LVWLQJRUSURSRVHGVFKRRO"
G %HORFDWHGRQDVLWHZKLFKLV
LQFOXGHGRQDOLVWRIKD]DUGRXV
PDWHULDOVVLWHVFRPSLOHGSXUVXDQW
WR*RYHUQPHQW&RGHVHFWLRQ
DQGDVDUHVXOWZRXOGLW
FUHDWHDVLJQLILFDQWKD]DUGWRWKH
SXEOLFRUWKHHQYLURQPHQW"
H )RUDSURMHFWORFDWHGZLWKLQDQ
DLUSRUWODQGXVHSODQRUZKHUH
VXFKDSODQKDVQRWEHHQ
DGRSWHGZLWKLQWZRPLOHVRID
SXEOLFDLUSRUWRUSXEOLFXVHDLUSRUW
ZRXOGWKHSURMHFWUHVXOWLQDVDIHW\
KD]DUGRUH[FHVVLYHQRLVHIRU
SHRSOHUHVLGLQJRUZRUNLQJLQWKH
SURMHFWDUHD
I ,PSDLULPSOHPHQWDWLRQRIRU
SK\VLFDOO\LQWHUIHUHZLWKDQ
DGRSWHGHPHUJHQF\UHVSRQVH
SODQRUHPHUJHQF\HYDFXDWLRQ
SODQ"
J ([SRVHSHRSOHRUVWUXFWXUHV
HLWKHUGLUHFWO\RULQGLUHFWO\WRD
VLJQLILFDQWULVNRIORVVLQMXU\RU
GHDWKLQYROYLQJZLOGODQGILUHV"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
14 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW
:LWK0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP
3UHYLRXV
$QDO\VLV
;+<'52/2*<$1':$7(548$/,7<
:RXOGWKHSURMHFW
D 9LRODWHDQ\ZDWHUTXDOLW\VWDQGDUGV
RUZDVWHGLVFKDUJHUHTXLUHPHQWVRU
RWKHUZLVHVXEVWDQWLDOO\GHJUDGH
VXUIDFHRUJURXQGZDWHUTXDOLW\"
E 6XEVWDQWLDOO\GHFUHDVHJURXQGZDWHU
VXSSOLHVRULQWHUIHUHVXEVWDQWLDOO\
ZLWKJURXQGZDWHUUHFKDUJHVXFKWKDW
WKHSURMHFWPD\LPSHGHVXVWDLQDEOH
JURXQGZDWHUPDQDJHPHQWRIWKH
EDVLQ"
F 6XEVWDQWLDOO\DOWHUWKHH[LVWLQJ
GUDLQDJHSDWWHUQRIWKHVLWHRUDUHD
LQFOXGLQJWKURXJKWKHDOWHUDWLRQRIWKH
FRXUVHRIDVWUHDPRUULYHURUWKURXJK
WKHDGGLWLRQRILPSHUYLRXVVXUIDFHV
LQDPDQQHUZKLFKZRXOG
L 5HVXOWLQDVXEVWDQWLDO
HURVLRQRUVLOWDWLRQRQRURII
VLWH
LL 6XEVWDQWLDOO\LQFUHDVHWKH
UDWHRUDPRXQWRIVXUIDFH
UXQRIILQDPDQQHUZKLFK
ZRXOGUHVXOWLQIORRGLQJRQRU
RIIVLWH
LLL &UHDWHRUFRQWULEXWHUXQRII
ZDWHUZKLFKZRXOGH[FHHG
WKHFDSDFLW\RUH[LVWLQJRU
SODQQHGVWRUPZDWHUGUDLQDJH
V\VWHPVRUSURYLGH
VXEVWDQWLDODGGLWLRQDOVRXUFHV
RISROOXWHGUXQRII RU
LY ,PSHGHRUUHGLUHFWIORRG
IORZV"
G ,QIORRGKD]DUGWVXQDPLRUVHLFKH
]RQHVULVNUHOHDVHRISROOXWDQWVGXH
WRSURMHFWLQXQGDWLRQ"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
15 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW
:LWK0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP
3UHYLRXV
$QDO\VLV
H &RQIOLFWZLWKRUREVWUXFWLPSODQWDWLRQ
RIDZDWHUTXDOLW\FRQWUROSODQRU
VXVWDLQDEOHJURXQGZDWHU
PDQDJHPHQWSODQ"
;,/$1'86($1'3/$11,1*
:RXOGWKHSURMHFW
D 3K\VLFDOO\GLYLGHDQHVWDEOLVKHG
FRPPXQLW\"
E &DXVHDVLJQLILFDQWHQYLURQPHQWDO
LPSDFWGXHWRDFRQIOLFWZLWKDQ\
ODQGXVHSODQSROLF\RUUHJXODWLRQ
DGRSWHGIRUWKHSXUSRVHRI
DYRLGLQJRUPLWLJDWLQJDQ
HQYLURQPHQWDOHIIHFW"
;,,0,1(5$/5(6285&(6
:RXOGWKHSURMHFW
D 5HVXOWLQWKHORVVRIDYDLODELOLW\
RIDNQRZQPLQHUDOUHVRXUFH
WKDWZRXOGEHRIYDOXHWRWKH
UHJLRQDQGWKHUHVLGHQWVRIWKH
VWDWH"
E 5HVXOWLQWKHORVVRIDYDLODELOLW\
RIDORFDOO\LPSRUWDQWPLQHUDO
UHVRXUFHUHFRYHU\VLWH
GHOLQHDWHGRQDORFDOJHQHUDO
SODQVSHFLILFSODQRURWKHUODQG
XVHSODQ"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
16 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW:LWK
0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP
3UHYLRXV
$QDO\VLV
;,,,12,6(
:RXOGWKHSURMHFWUHVXOWLQ
D *HQHUDWLRQRIDVXEVWDQWLDO
WHPSRUDU\RUSHUPDQHQW
LQFUHDVHLQDPELHQWQRLVH
OHYHOVLQWKHYLFLQLW\RIWKH
SURMHFWLQH[FHVVRIVWDQGDUGV
HVWDEOLVKHGLQWKHORFDOJHQHUDO
SODQRUQRLVHRUGLQDQFHRU
DSSOLFDEOHVWDQGDUGVRIRWKHU
DJHQFLHV"
E *HQHUDWLRQRIH[FHVVLYH
JURXQGERUQHYLEUDWLRQRU
JURXQGERUQHQRLVHOHYHOV"
F )RUDSURMHFWORFDWHGZLWKLQDQ
DLUSRUWODQGXVHSODQRUZKHUH
VXFKDSODQKDVQRWEHHQ
DGRSWHGZLWKLQWZRPLOHVRID
SXEOLFDLUSRUWRUSXEOLFXVH
DLUSRUWZRXOGWKHSURMHFW
H[SRVHSHRSOHUHVLGLQJRU
ZRUNLQJLQWKHSURMHFWDUHDWR
H[FHVVLYHQRLVHOHYHOV"
;,93238/$7,21$1'+286,1*
:RXOGWKHSURMHFW
D ,QGXFHVXEVWDQWLDOXQSODQQHG
SRSXODWLRQJURZWKLQDQDUHD
HLWKHUGLUHFWO\ IRUH[DPSOHE\
SURSRVLQJQHZKRPHVDQG
EXVLQHVVHV RULQGLUHFWO\ IRU
H[DPSOHWKURXJKH[WHQVLRQRI
URDGRURWKHULQIUDVWUXFWXUH "
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
17 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW
:LWK0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP3UHYLRXV
$QDO\VLV
E 'LVSODFHVXEVWDQWLDOQXPEHUVRI
H[LVWLQJKRXVLQJQHFHVVLWDWLQJ
WKHFRQVWUXFWLRQRIUHSODFHPHQW
KRXVLQJHOVHZKHUH"
;938%/,&6(59,&(6
:RXOGWKHSURMHFW
D 5HVXOWLQVXEVWDQWLDODGYHUVH
SK\VLFDOLPSDFWVDVVRFLDWHGZLWKWKH
SURYLVLRQRIQHZRUSK\VLFDOO\DOWHUHG
JRYHUQPHQWDOIDFLOLWLHVQHHGIRUQHZ
RUSK\VLFDOO\DOWHUHGJRYHUQPHQWDO
IDFLOLWLHVWKHFRQVWUXFWLRQRIZKLFK
FRXOGFDXVHVLJQLILFDQW
HQYLURQPHQWDOLPSDFWVLQRUGHUWR
PDLQWDLQDFFHSWDEOHVHUYLFHUDWLRV
UHVSRQVHWLPHVRURWKHUSHUIRUPDQFH
REMHFWLYHVIRUDQ\RIWKHSXEOLF
VHUYLFHV
L )LUHSURWHFWLRQ"
LL 3ROLFHSURWHFWLRQ"
LLL 6FKRROV"
LY 3DUNV"
Y 2WKHUSXEOLFIDFLOLWLHV"
;9,5(&5($7,21
:RXOGWKHSURMHFW
D ,QFUHDVHWKHXVHRIH[LVWLQJ
QHLJKERUKRRGDQGUHJLRQDOSDUNV
RURWKHUUHFUHDWLRQDOIDFLOLWLHVVXFK
WKDWVXEVWDQWLDOSK\VLFDO
GHWHULRUDWLRQRIWKHIDFLOLW\ZRXOG
RFFXURUEHDFFHOHUDWHG"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
18 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW
:LWK0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP3UHYLRXV
$QDO\VLV
E 'RHVWKHSURMHFWLQFOXGH
UHFUHDWLRQDOIDFLOLWLHVRUUHTXLUH
WKHFRQVWUXFWLRQRUH[SDQVLRQRI
UHFUHDWLRQDOIDFLOLWLHVZKLFKPLJKW
KDYHDQDGYHUVHSK\VLFDOHIIHFW
RQWKHHQYLURQPHQW"
;9,,75$163257$7,21
:RXOGWKHSURMHFW
D &RQIOLFWZLWKDSURJUDPSODQRUGLQDQFH
RUSROLF\DGGUHVVLQJWKHFLUFXODWLRQ
V\VWHPLQFOXGLQJWUDQVLWURDGZD\ELF\FOH
DQGSHGHVWULDQIDFLOLWLHV"
E &RQIOLFWRUEHLQFRQVLVWHQWZLWK&(4$
*XLGHOLQHVVXEGLYLVLRQ E "
F 6XEVWDQWLDOO\LQFUHDVHKD]DUGV
GXHWRDJHRPHWULFGHVLJQIHDWXUH
HJVKDUSFXUYHVRUGDQJHURXV
LQWHUVHFWLRQV RULQFRPSDWLEOH
XVHV HJIDUPHTXLSPHQW "
G 5HVXOWLQLQDGHTXDWHHPHUJHQF\
DFFHVV"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
19 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW
:LWK0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP3UHYLRXV
$QDO\VLV
;9,,,75,%$/&8/785$/5(6285&(6
:RXOGWKHSURMHFWFDXVHDVXEVWDQWLDODGYHUVH
FKDQJHLQWKHVLJQLILFDQFHRIDWULEDOFXOWXUDO
UHVRXUFHGHILQHGLQ3XEOLF5HVRXUFHV&RGH
VHFWLRQDVHLWKHUDVLWHIHDWXUHSODFH
FXOWXUDOODQGVFDSHWKDWLVJHRJUDSKLFDOO\GHILQHG
LQWHUPVRIWKHVL]HDQGVFRSHRIWKHODQGVFDSH
VDFUHGSODFHRUREMHFWZLWKFXOWXUDOYDOXHWRD
&DOLIRUQLD1DWLYH$PHULFDQWULEHDQGWKDWLV
D /LVWHGRULVHOLJLEOHIRUOLVWLQJLQWKH
&DOLIRUQLD5HJLVWHURI+LVWRULFDO
5HVRXUFHVRULQDORFDOUHJLVWHURI
KLVWRULFDOUHVRXUFHVDVGHILQHGLQ
3XEOLF5HVRXUFHV&RGHVHFWLRQ
N
E $UHVRXUFHGHWHUPLQHGE\WKH
OHDGDJHQF\LQLWVGLVFUHWLRQDQG
VXSSRUWHGE\VXEVWDQWLDO
HYLGHQFHWREHVLJQLILFDQW
SXUVXDQWWRFULWHULDVHWIRUWKLQ
VXEGLYLVLRQ F RI3XEOLF
5HVRXUFHV&RGHVHFWLRQ
,QDSSO\LQJWKHFULWHULDVHWIRUWKLQ
VXEGLYLVLRQ F RI3XEOLF
5HVRXUFHV&RGHVHFWLRQ
WKHOHDGDJHQF\VKDOOFRQVLGHUWKH
VLJQLILFDQFHRIWKHUHVRXUFHWRD
&DOLIRUQLD1DWLYH$PHULFDQWULEH
;,;87,/,7,(6$1'6(59,&(6<67(06
:RXOGWKHSURMHFW
D 5HTXLUHRUUHVXOWLQWKHUHORFDWLRQRUFRQVWUXFWLRQ
RIQHZRUH[SDQGHGZDWHUZDVWHZDWHUWUHDWPHQW
RUVWRUPZDWHUGUDLQDJHHOHFWULFSRZHUQDWXUDO
JDVRUWHOHFRPPXQLFDWLRQVIDFLOLWLHVWKH
FRQVWUXFWLRQRUUHORFDWLRQRIZKLFKFRXOGFDXVH
VLJQLILFDQWHQYLURQPHQWDOHIIHFWV"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
20 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW
:LWK0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP3UHYLRXV
$QDO\VLV
E +DYHVXIILFLHQWZDWHUVXSSOLHVDYDLODEOHWRVHUYH
WKHSURMHFWDQGUHDVRQDEO\IRUHVHHDEOHIXWXUH
GHYHORSPHQWGXULQJQRUPDOGU\DQGPXOWLSOHGU\
\HDUV"
F 5HVXOWLQDGHWHUPLQDWLRQE\WKHZDVWHZDWHU
WUHDWPHQWSURYLGHUZKLFKVHUYHVRUPD\VHUYH
WKHSURMHFWWKDWLWKDVDGHTXDWHFDSDFLW\WRVHUYH
WKHSURMHFW¶VSURMHFWHGGHPDQGLQDGGLWLRQWRWKH
SURYLGHU¶VH[LVWLQJFRPPLWPHQWV"
G *HQHUDWHVROLGZDVWHLQH[FHVVRIVWDWHRUORFDO
VWDQGDUGVRULQH[FHVVRIWKHFDSDFLW\RIORFDO
LQIUDVWUXFWXUHRURWKHUZLVHLPSDLUWKHDWWDLQPHQW
RIVROLGZDVWHUHGXFWLRQJRDOV"
H &RPSO\ZLWKIHGHUDOVWDWHDQGORFDO
PDQDJHPHQWDQGUHGXFWLRQVWDWXWHVDQG
UHJXODWLRQVUHODWHGWRVROLGZDVWH"
;,;:,/'),5(
,IORFDWHGLQRUQHDUVWDWHUHVSRQVLELOLW\DUHDRUODQGV
FODVVLILHGDVYHU\KLJKILUHKD]DUGVHYHULW\]RQHV
:RXOGWKHSURMHFW
D 6XEVWDQWLDOO\LPSDLUDQDGRSWHGHPHUJHQF\
UHVSRQVHSODQRUHPHUJHQF\HYDFXDWLRQSODQ"
E 'XHWRVORSHSUHYDLOLQJZLQGVDQGRWKHUIDFWRUV
H[DFHUEDWHZLOGILUHULVNVDQGWKHUHE\H[SRVH
SURMHFWRFFXSDQWVWRSROOXWDQWFRQFHQWUDWLRQV
IURPDZLOGILUHRUWKHXQFRQWUROOHGVSUHDGRID
ZLOGILUH"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'< &LW\RI7XVWLQ
21 | Page
,VVXHV 3RWHQWLDOO\
6LJQLILFDQW
,PSDFW
/HVV7KDQ
6LJQLILFDQW
:LWK0LWLJDWLRQ
,QFRUSRUDWHG
1R&KDQJH
)URP3UHYLRXV
$QDO\VLV
F 5HTXLUHWKHLQVWDOODWLRQRUPDLQWHQDQFHRI
DVVRFLDWHGLQIUDVWUXFWXUH VXFKDVURDGVIXHO
EUHDNVHPHUJHQF\ZDWHUVRXUFHVSRZHUOLQHVRU
RWKHUXWLOLWLHV WKDWPD\H[DFHUEDWHILUHULVNRU
WKDWPD\UHVXOWLQWHPSRUDU\RURQJRLQJLPSDFWV
WRWKHHQYLURQPHQW"
G ([SRVHSHRSOHRUVWUXFWXUHVWRVLJQLILFDQWULVNV
LQFOXGLQJGRZQVORSHRUGRZQVWUHDPIORRGLQJRU
ODQGVOLGHVDVDUHVXOWRIUXQRIISRVWILUHVORSH
LQVWDELOLW\RUGUDLQDJHFKDQJHV"
;;,0$1'$725<),1',1*62)6,*1,),&$1&(
D 'RHVWKHSURMHFWKDYHWKHSRWHQWLDOWR
VXEVWDQWLDOO\GHJUDGHWKHTXDOLW\RIWKH
HQYLURQPHQWVXEVWDQWLDOO\UHGXFHWKHKDELWDWRID
ILVKRUZLOGOLIHVSHFLHVFDXVHDILVKRUZLOGOLIH
SRSXODWLRQWRGURSEHORZVHOIVXVWDLQLQJOHYHOV
WKUHDWHQWRHOLPLQDWHDSODQWRUDQLPDO
FRPPXQLW\VXEVWDQWLDOO\UHGXFHWKHQXPEHURU
UHVWULFWWKHUDQJHRIDUDUHRUHQGDQJHUHGSODQW
RUDQLPDORUHOLPLQDWHLPSRUWDQWH[DPSOHVRIWKH
PDMRUSHULRGVRI&DOLIRUQLDKLVWRU\RUSUHKLVWRU\"
E 'RHVWKHSURMHFWKDYHLPSDFWVWKDWDUH
LQGLYLGXDOO\OLPLWHGEXWFXPXODWLYHO\
FRQVLGHUDEOH" ³&XPXODWLYHO\FRQVLGHUDEOH´
PHDQVWKDWWKHLQFUHPHQWDOHIIHFWVRIDSURMHFW
DUHFRQVLGHUDEOHZKHQYLHZHGLQFRQQHFWLRQZLWK
WKHHIIHFWVRISDVWSURMHFWVWKHHIIHFWVRIRWKHU
FXUUHQWSURMHFWVDQGWKHHIIHFWVRISUREDEOH
IXWXUHSURMHFWV
F 'RHVWKHSURMHFWKDYHHQYLURQPHQWDOHIIHFWV
ZKLFKZLOOFDXVHVXEVWDQWLDODGYHUVHHIIHFWVRQ
KXPDQEHLQJVHLWKHUGLUHFWO\RULQGLUHFWO\"
1RWH $XWKRULW\FLWHG 6HFWLRQVDQG3XEOLF5HVRXUFHV&RGH5HIHUHQFH 6HFWLRQ*RY
&RGH 6HFWLRQV F DQG
3XEOLF5HVRXUFHV&RGH Sundstrom v. County of Mendocino &DO$SSG Leonoff v.
Monterey Board of Supervisors &DO$SSG Eureka Citizens for Responsible Govt. v. City of
Eureka &DO$SSWK Protect the Historic Amador Waterways v. Amador Water Agency
&DO$SSWKDW San Franciscans Upholding the Downtown Plan v. City and County of San Francisco
&DO$SSWK
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
,1,7,$/678'<&LW\RI7XVWLQ
22 | Page
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(9$/8$7,212)(19,5210(17$/,03$&76
*HQHUDO3ODQ&RQIRUPLW\
'HYHORSPHQW$JUHHPHQW
'HVLJQ5HYLHZDQG
&RQGLWLRQDO8VH3HUPLW
35(9,286(19,5210(17$/'2&80(17$7,21
2Q -DQXDU\ WKH &LW\ RI 7XVWLQ FHUWLILHG WKH 3URJUDP )LQDO (QYLURQPHQWDO ,PSDFW
6WDWHPHQW(QYLURQPHQWDO,PSDFW5HSRUW )(,6(,5 IRUWKHUHXVHDQGGLVSRVDORI0&$67XVWLQ2Q
'HFHPEHUWKH&LW\&RXQFLODGRSWHG5HVROXWLRQ1RDSSURYLQJD6XSSOHPHQWWRWKH
)(,6(,5IRUWKHH[WHQVLRQRI7XVWLQ5DQFK5RDGEHWZHHQ:DOQXW$YHQXHDQGWKHIXWXUHDOLJQPHQW
RI9DOHQFLD1RUWK/RRS5RDG2Q$SULOWKH&LW\&RXQFLODGRSWHG5HVROXWLRQ1R
DSSURYLQJDQ$GGHQGXPWRWKH)(,6(,52Q0D\WKH&LW\&RXQFLODGRSWHG5HVROXWLRQ
1RDSSURYLQJDVHFRQG$GGHQGXPWRWKH)(,6(,5 2Q-XO\WKH&LW\&RXQFLO
DGRSWHG5HVROXWLRQ1RDSSURYLQJDVHFRQG6XSSOHPHQWWRWKH)(,6(,5LQFRQMXQFWLRQ
ZLWK6SHFLILF3ODQ$PHQGPHQW 2UGLQDQFH IRUWKH7XVWLQ/HJDF\6SHFLILF3ODQ
IRUPHUO\0&$67XVWLQ6SHFLILF3ODQ 7KH)(,6(,5DORQJZLWKLWVDGGHQGDDQGVXSSOHPHQWV
LVDSURJUDP(,5XQGHUWKH&DOLIRUQLD(QYLURQPHQWDO4XDOLW\$FW &(4$ 7KH)(,6(,5$GGHQGD
DQG6XSSOHPHQWVFRQVLGHUHGWKHSRWHQWLDOHQYLURQPHQWDOLPSDFWVDVVRFLDWHGZLWKGHYHORSPHQW
RQWKHIRUPHU0DULQH&RUSV$LU6WDWLRQ7XVWLQ
7KH)(,6(,5$GGHQGDDQG6XSSOHPHQWVDQDO\]HGWKHHQYLURQPHQWDOFRQVHTXHQFHVRIWKH
1DY\GLVSRVDODQGORFDOFRPPXQLW\UHXVHRIWKH0&$67XVWLQVLWHSHUWKH5HXVH3ODQDQGWKH
7XVWLQ /HJDF\ 6SHFLILF3ODQ UHIHUUHG WR LQ WKLV GRFXPHQW DVWKH 6SHFLILF 3ODQ 7KH &(4$
DQDO\VLVDOVRDQDO\]HGWKHHQYLURQPHQWDOLPSDFWVRIFHUWDLQ³,PSOHPHQWDWLRQ$FWLRQV´WKDWWKH
&LW\RI7XVWLQDQG&LW\RI,UYLQHPXVWWDNHWRLPSOHPHQWWKH7XVWLQ/HJDF\6SHFLILF3ODQ
7KH7XVWLQ/HJDF\6SHFLILF3ODQSURSRVHGDQGWKH)(,6(,5DQDO\]HGDPXOWL\HDUGHYHORSPHQW
SHULRG IRU WKH SODQQHG XUEDQ UHXVH SURMHFW 7XVWLQ /HJDF\ :KHQ LQGLYLGXDO GLVFUHWLRQDU\
DFWLYLWLHVZLWKLQWKH6SHFLILF3ODQDUHSURSRVHGWKHOHDGDJHQF\LVUHTXLUHGWRH[DPLQHWKH
LQGLYLGXDODFWLYLWLHVWRGHWHUPLQHLIWKHLUHIIHFWVZHUHIXOO\DQDO\]HGLQWKH)(,6(,57KHDJHQF\
FDQDSSURYHWKHDFWLYLWLHVDVEHLQJZLWKLQWKHVFRSHRIWKHSURMHFWFRYHUHGE\WKH)(,6(,5,IWKH
DJHQF\ILQGVWKDWSXUVXDQWWR6HFWLRQVDQGRIWKH&(4$*XLGHOLQHV
QRQHZHIIHFWVZRXOGRFFXUQRUZRXOGDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHG
VLJQLILFDQWHIIHFWVRFFXUWKHQQRVXSSOHPHQWDORUVXEVHTXHQW(,5LVUHTXLUHG
352-(&7/2&$7,21
7KHSURMHFWVLWHLVDQH[LVWLQJDFUHYDFDQWORWORFDWHGRQWKHVRXWKVLGHRI:DUQHU$YHQXH
EHWZHHQ 9HWHUDQ¶V :D\ DQG &RPSDVV $YHQXH ZLWKLQ 3ODQQLQJ $UHDV DQG RI
1HLJKERUKRRG'ZLWKLQWKH7XVWLQ/HJDF\6SHFLILF3ODQ 0&$67XVWLQ
352-(&7'(6&5,37,21
7KHSURSRVHGSURMHFWFRQVLVWVRIWKHFRQVWUXFWLRQDQGRSHUDWLRQRIDQHZWZRVWRU\DVVHPEO\
XVHFRPSULVLQJRIDVTXDUHIRRWZRUVKLSFHQWHUZLWKDGPLQLVWUDWLYHRIILFHVPHHWLQJVSDFHV
DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG ODQGVFDSLQJLPSURYHPHQWV3URMHFW
DFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\DQG-RKQ-RKQVRQ:D\7KHSURSRVHG
SURMHFWUHTXLUHVDSSURYDORI*HQHUDO3ODQ&RQIRUPLW\D'HYHORSPHQW$JUHHPHQW'HVLJQ5HYLHZ
DQGD&RQGLWLRQDO8VH3HUPLW
*HQHUDOO\WKHDSSOLFDWLRQVFDQEHGHVFULEHGDVIROORZV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
x*HQHUDO3ODQ&RQIRUPLW\
7KH*HQHUDO3ODQ&RQIRUPLW\LVXVHGWRGHWHUPLQHWKDWWKHORFDWLRQSXUSRVHDQGH[WHQWRI
WKHSURSRVHGGLVSRVLWLRQRIDQDSSUR[LPDWHO\DFUHVLWH /RWRI7UDFW ZLWKLQ
1HLJKERUKRRG'RIWKH7XVWLQ/HJDF\6SHFLILF3ODQIRUWKHGHYHORSPHQWRIDQHZWZRVWRU\
DVVHPEO\XVHFRPSULVLQJRIDZRUVKLSFHQWHUDGPLQLVWUDWLYHRIILFHVDQGPHHWLQJVSDFHVZLWK
RQVLWHSDUNLQJVSDFHVLVLQFRQIRUPDQFHZLWKWKHDSSURYHG*HQHUDO3ODQ
x'HYHORSPHQW$JUHHPHQW
3XUVXDQWWR6HFWLRQRIWKH7XVWLQ/HJDF\6SHFLILF3ODQSULRUWRLVVXDQFHRIDQ\SHUPLWV
RUDSSURYDORIDQ\HQWLWOHPHQWVZLWKLQWKH6SHFLILF3ODQDUHDDOOSULYDWHGHYHORSPHQWVKDOO
ILUVWREWDLQD'HYHORSPHQW$JUHHPHQWLQDFFRUGDQFHZLWKWKH6WDWH¶V*RYHUQPHQW&RGHDQG
7XVWLQ&LW\&RGH7KHSXUSRVHRIWKH'HYHORSPHQW$JUHHPHQWLVWRVWUHQJWKHQWKHSXEOLF
SODQQLQJSURFHVVHQFRXUDJHSULYDWHSDUWLFLSDWLRQLQFRPSUHKHQVLYHSODQQLQJDQGUHGXFH
HFRQRPLFULVNRIGHYHORSPHQW$FFRUGLQJO\WKHSURSHUW\RZQHU-LP)UDQNOLQRU%ODNH&UDQH
RQEHKDOIRI0DULQHUV&KXUFKKDVVXEPLWWHGD'HYHORSPHQW$JUHHPHQWWRDXJPHQWDQG
IXUWKHUWKHSXUSRVHDQGLQWHQWRIWKH*HQHUDO3ODQDQG6SHFLILF3ODQDQG)LQDO(,6(,5DQG
ZLOOHQVXUHWKHRUGHUO\LPSOHPHQWDWLRQRILQIUDVWUXFWXUHDQGGHYHORSPHQW7KH'HYHORSPHQW
$JUHHPHQW DOVR LQFOXGHV VFKHGXOH RI SHUIRUPDQFH REOLJDWLRQV DQG SKDVLQJ WULJJHULQJ
PHFKDQLVPWKDWHQVXUHDGHTXDWHORFDODQG7XVWLQ/HJDF\EDFNERQHLQIUDVWUXFWXUHSURJUDP
DUHLQSODFHWRVXSSRUWWKHSURSRVHGGHYHORSPHQW
x'HVLJQ5HYLHZ
3XUVXDQWWR6HFWLRQRIWKH7XVWLQ/HJDF\6SHFLILF3ODQLQGLYLGXDOGHYHORSPHQWVKDOO
UHTXLUH6LWH3ODQDQG'HVLJQ5HYLHZLQDFFRUGDQFHZLWKWKH7XVWLQ&LW\&RGH'HVLJQ5HYLHZ
KDVEHHQSURSRVHGIRUWKHSURMHFWVLWHSODQQLQJDQGGHVLJQ7KHSURSRVHGSURMHFW
GHVLJQDQGVLWHOD\RXWDUHFRQVLVWHQWZLWKWKHLQWHQWRIWKH6SHFLILF3ODQDQGFRPSOLHVZLWK
GHVLJQUHYLHZFULWHULDSUHVFULEHGLQWKH7XVWLQ&LW\&RGH
x&RQGLWLRQDO8VH3HUPLW
3XUVXDQW WR 6HFWLRQ RI WKH 7XVWLQ /HJDF\ 6SHFLILF 3ODQDVVHPEO\ XVHV VXFK DV
FKXUFKHVRURWKHUUHOLJLRXVLQVWLWXWLRQVUHTXLUHDSSURYDORID&RQGLWLRQDO8VH3HUPLW3XUVXDQW
WR6HFWLRQDOO&RQGLWLRQDO8VH3HUPLWDSSOLFDWLRQVVKDOOEHSURFHVVHGLQDFFRUGDQFH
ZLWKWKH7XVWLQ&LW\&RGH$VSURSRVHG&RQGLWLRQDO8VH3HUPLWZLOOLQFOXGHWKH
HVWDEOLVKPHQWDQGRSHUDWLRQRIDQDVVHPEO\XVHZKLFKZLOOLQFOXGHZRUVKLSVHUYLFHVDVZHOO
DVNLGV\RXWKPLQLVWULHVDGXOWGLVFLSOHVKLSJURXSVDQGRWKHUUHODWHGVXSSRUWJURXSV
(9$/8$7,212)(19,5210(17$/,03$&76
$Q(QYLURQPHQWDO$QDO\VLV&KHFNOLVWKDVEHHQFRPSOHWHGDQGLWKDVEHHQGHWHUPLQHGWKDWWKLV
3URMHFW LV ZLWKLQ WKH VFRSH RI WKH 3ULRU (QYLURQPHQWDO 5HYLHZ DQG WKDW SXUVXDQW WR 3XEOLF
5HVRXUFHV&RGH6HFWLRQDQG7LWOH&DOLIRUQLD&RGHRI5HJXODWLRQV6HFWLRQVDQG
F WKHUHDUHQRVXEVWDQWLDOFKDQJHVLQWKHSURMHFWUHTXLULQJPDMRUUHYLVLRQVWRWKH3ULRU
(QYLURQPHQWDO5HYLHZQRVXEVWDQWLDOFKDQJHVZLWKUHVSHFWWRWKHFLUFXPVWDQFHVXQGHUZKLFKWKH
SURMHFWLVEHLQJXQGHUWDNHQZKLFKZLOOUHTXLUHPDMRUUHYLVLRQVWRWKH3ULRU(QYLURQPHQWDO5HYLHZ
RUDQ\QHZLQIRUPDWLRQZKLFKZDVQRWNQRZQDQGFRXOGQRWKDYHEHHQNQRZQDWWKHWLPHWKH3ULRU
(QYLURQPHQWDO5HYLHZZDVFHUWLILHGVKRZLQJWKDW WKHSURMHFWZLOOKDYHDQ\QHZVLJQLILFDQW
HIIHFWV VLJQLILFDQWHIIHFWVSUHYLRXVO\H[DPLQHGZLOOEHVXEVWDQWLDOO\PRUHVHYHUH PLWLJDWLRQ
PHDVXUHVRUDOWHUQDWLYHVSUHYLRXVO\GHWHUPLQHGWREHLQIHDVLEOHZLOOQRZEHIHDVLEOHDQGZRXOG
VXEVWDQWLDOO\ UHGXFH RQH RU PRUH VLJQLILFDQW HIIHFWV RI WKH SURMHFW EXW WKH SURMHFW SURSRQHQW
GHFOLQHGWRDGRSWWKHPLWLJDWLRQPHDVXUHRUDOWHUQDWLYH RU PLWLJDWLRQPHDVXUHVRUDOWHUQDWLYHV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
FRQVLGHUDEO\GLIIHUHQWIURPWKRVHSUHYLRXVO\DQDO\]HGZRXOGVXEVWDQWLDOO\UHGXFHRQHRUPRUH
VLJQLILFDQWHIIHFWVRQWKHHQYLURQPHQWEXWWKHSURMHFW3URSRQHQWGHFOLQHGWRDGRSWWKHPLWLJDWLRQ
PHDVXUHRUDOWHUQDWLYH$FFRUGLQJO\WKH3URMHFWPD\EHDSSURYHGDVDQDFWLYLW\ZLWKLQWKHVFRSH
RIWKH3ULRU(QYLURQPHQWDO5HYLHZSXUVXDQWWR&(4$*XLGHOLQHV6HFWLRQ F $SSOLFDEOH
SUHYLRXVO\DGRSWHGDQGFDUULHGIRUZDUGPLWLJDWLRQDQGLPSOHPHQWDWLRQPHDVXUHVVKDOOFRQWLQXH
WRDSSO\WRWKH3URMHFWLQDFFRUGDQFHZLWKWKHLUUHVSHFWLYHDSSOLFDELOLW\FULWHULD
7KH IROORZLQJ LQIRUPDWLRQ SURYLGHV EDFNJURXQG VXSSRUW IRU WKH FRQFOXVLRQV LGHQWLILHG LQ WKH
(QYLURQPHQWDO$QDO\VLV&KHFNOLVW
$(67+(7,&6±:RXOGWKHSURMHFW
D +DYHDVXEVWDQWLDODGYHUVHHIIHFWRQDVFHQLFYLVWD"
E 6XEVWDQWLDOO\GDPDJHVFHQLFUHVRXUFHVLQFOXGLQJEXWQRWOLPLWHGWRWUHHVURFN
RXWFURSSLQJVDQGKLVWRULFEXLOGLQJVZLWKLQDVWDWHVFHQLFKLJKZD\"
F ,QQRQXUEDQL]HGDUHDVVXEVWDQWLDOO\GHJUDGHWKHH[LVWLQJYLVXDOFKDUDFWHURU
TXDOLW\RISXEOLFYLHZVRIWKHVLWHDQGLWVVXUURXQGLQJV" 3XEOLFYLHZVDUHWKRVH
WKDWDUHH[SHULHQFHGIURPSXEOLFO\DFFHVVLEOHYDQWDJHSRLQW ,IWKHSURMHFWLVLQ
DQXUEDQL]HGDUHDZRXOGWKHSURMHFWFRQIOLFWZLWKDSSOLFDEOH]RQLQJDQGRWKHU
UHJXODWLRQVJRYHUQLQJVFHQLFTXDOLW\"
G &UHDWHDQHZVRXUFHRIVXEVWDQWLDOOLJKWRUJODUHZKLFKZRXOGDGYHUVHO\DIIHFW
GD\RUQLJKWWLPHYLHZVLQWKHDUHD"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQRIDQHZWZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG6SHFLILF
3ODQ7KHUHDUHQRGHVLJQDWHGVFHQLFYLVWDVLQWKHSURMHFWDUHD WKHUHIRUHWKHSURSRVHG
SURMHFWZRXOGQRWUHVXOWLQDVXEVWDQWLDODGYHUVHHIIHFWRQDVFHQLFYLVWD7KHYLVXDOLPSDFWV
RISODQQHGFRQVWUXFWLRQLQ1HLJKERUKRRG'ZHUHDQDO\]HGZLWKLQWKH)(,6(,5DQGWKH
SURSRVHG SURMHFW ZLOO UHVXOW LQ QR VXEVWDQWLDO FKDQJHV WR WKH HQYLURQPHQWDO LPSDFWV
SUHYLRXVO\HYDOXDWHGZLWKWKHFHUWLILHG3URJUDP)(,6(,5WKH6XSSOHPHQWVDQG$GGHQGD
'HYHORSPHQW RI WKH 3URMHFW VLWH DQG VXUURXQGLQJ 7XVWLQ /HJDF\ DUHD ZDV SUHYLRXVO\
HYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD7KH3URMHFW
ZRXOGLPSOHPHQWGHYHORSPHQWFRQWHPSODWHGE\WKH6SHFLILF3ODQDQGZRXOGQRWLQWURGXFH
DODQGXVHRUGHYHORSPHQWSDWWHUQVXEVWDQWLDOO\GLIIHUHQWIURPWKDWSUHYLRXVO\HYDOXDWHG
7KH3URMHFWZRXOGQRWVXEVWDQWLDOO\DGYHUVHO\DIIHFWDVFHQLFYLVWD$OWKRXJKWKH7XVWLQ
/HJDF\6SHFLILF3ODQLGHQWLILHVFHUWDLQSXEOLFYLHZFRUULGRUVDQGYLHZRSSRUWXQLWLHVZLWKLQ
WKH6SHFLILF3ODQDUHD7KHSURSRVHGEXLOGLQJZRXOGEHWZRVWRULHVDQGDSSUR[LPDWHO\WKLUW\
VHYHQIHHWLQKHLJKWDQGZRXOGFRPSO\ZLWKWKHDSSOLFDEOH6SHFLILF3ODQKHLJKWVHWEDFN
EXLOGLQJSODFHPHQW DUFKLWHFWXUDO ODQGVFDSLQJ DQG SDUNLQJDUHD GHVLJQ UHTXLUHPHQWV
$FFRUGLQJO\WKH3URMHFWZRXOGQRWVXEVWDQWLDOO\REVWUXFWDQLGHQWLILHGVFHQLFYLVWDRURWKHU
VLJQLILFDQWSXEOLFYLHZ
7KH3URMHFWVLWHLVDOVRQRWORFDWHGZLWKLQDGHVLJQDWHG6WDWH6FHQLF+LJKZD\FRUULGRU
7KHUHIRUHWKH3URMHFWZRXOGQRWVXEVWDQWLDOO\GDPDJHVFHQLFUHVRXUFHVVXFKDVVLJQLILFDQW
WUHHVURFNRXWFURSSLQJVRUKLVWRULFEXLOGLQJVZLWKLQD6WDWH6FHQLF+LJKZD\
%HFDXVH WKH 3URMHFW LV ORFDWHG LQ DQ XUEDQL]HG DUHD WKH DSSOLFDEOH VFHQLFTXDOLW\
FRQVLGHUDWLRQ LV ZKHWKHU WKH 3URMHFW ZRXOG FRQIOLFW ZLWK DSSOLFDEOH ]RQLQJ RU RWKHU
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
UHJXODWLRQVJRYHUQLQJVFHQLFTXDOLW\7KH7XVWLQ/HJDF\6SHFLILF3ODQUHJXODWHVEXLOGLQJ
KHLJKWDQGSODFHPHQWDUFKLWHFWXUDOGHVLJQODQGVFDSLQJSDUNLQJDUHDVFUHHQLQJVLJQDJH
DQGRWKHUGHYHORSPHQWIHDWXUHVDIIHFWLQJYLVXDOTXDOLW\7KH3URMHFW
VSURSRVHGWZRVWRU\
VFDOH VHWEDFNV DUFKLWHFWXUDO WUHDWPHQW ODQGVFDSLQJ DQG SDUNLQJDUHD GHVLJQ ZRXOG
FRPSO\ZLWKWKHVHDSSOLFDEOH6SHFLILF3ODQUHTXLUHPHQWV7KHUHIRUHWKH3URMHFWZRXOGQRW
FRQIOLFWZLWKDSSOLFDEOHUHJXODWLRQVJRYHUQLQJVFHQLFTXDOLW\
7KH3URMHFWZRXOGLQWURGXFHH[WHULRUOLJKWLQJDVVRFLDWHGZLWKWKHEXLOGLQJSDUNLQJDUHDV
SHGHVWULDQDUHDVVLJQDJHODQGVFDSLQJDQGQLJKWWLPHRSHUDWLRQV+RZHYHUWKH7XVWLQ
/HJDF\6SHFLILF3ODQUHTXLUHVH[WHULRUOLJKWLQJWREHGHVLJQHGDQGORFDWHGWRPLQLPL]HJODUH
DQGOLJKWVSLOOLQFOXGLQJWKHXVHRIVKDGHGDQGGRZQZDUGGLUHFWHGOLJKWLQJDQGUHVWULFWLRQV
RQXQXVXDOO\EULJKWIODVKLQJRUVLPLODUOLJKWLQJ7KH3URMHFWZRXOGEHUHTXLUHGWRFRPSO\
ZLWKWKHVHH[LVWLQJVWDQGDUGV%DVHGRQWKH3URMHFWOLJKWLQJDQGDUFKLWHFWXUDOSODQVH[WHULRU
IL[WXUHV ZRXOG EH VKLHOGHG DQG GLUHFWHG GRZQZDUG DQG WKH 3URMHFWZRXOGQRWLQFOXGH
VXEVWDQWLDO DUHDV RI KLJKO\ UHIOHFWLYH RU PLUURUHG H[WHULRU PDWHULDOV WKDW FRXOG FUHDWH
VXEVWDQWLDO GD\WLPH JODUH $FFRUGLQJO\ WKH 3URMHFW ZRXOG QRW FUHDWH D QHZ VRXUFH RI
VXEVWDQWLDOOLJKWRUJODUHWKDWZRXOGDGYHUVHO\DIIHFWGD\WLPHRUQLJKWWLPHYLHZVLQWKHDUHD
%DVHGRQWKHIRUHJRLQJWKH3URMHFWZRXOGQRWUHVXOWLQQHZVLJQLILFDQWDHVWKHWLFLPSDFWVRU
VXEVWDQWLDOO\PRUHVHYHUHDHVWKHWLFLPSDFWVWKDQWKRVHSUHYLRXVO\HYDOXDWHGLQWKHFHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD7KHUHKDYHEHHQQRVXEVWDQWLDO
FKDQJHVWRWKH3URMHFWVXEVWDQWLDOFKDQJHVLQWKHFLUFXPVWDQFHVXQGHUZKLFKWKH3URMHFW
ZRXOGEHXQGHUWDNHQRUQHZLQIRUPDWLRQRIVXEVWDQWLDOLPSRUWDQFHWKDWZRXOGUHTXLUHPDMRU
UHYLVLRQVWRWKHSULRUHQYLURQPHQWDODQDO\VLVGXHWRQHZVLJQLILFDQWDHVWKHWLFHIIHFWVRUD
VXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGDHVWKHWLFHIIHFWV7KHUHIRUHQRQH
RIWKHFRQGLWLRQVLGHQWLILHGLQ&(4$*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRID
VXEVHTXHQW(,5DUHSUHVHQWZLWKUHVSHFWWRDHVWKHWLFV
0LWLJDWLRQ0RQLWRULQJ5HTXLUHG 1RQHZRUUHYLVHGPLWLJDWLRQPHDVXUHVDUHUHTXLUHG7KH
SURSRVHG3URMHFWZRXOGEHVXEMHFWWRWKHDSSOLFDEOHGHYHORSPHQWDQGGHVLJQVWDQGDUGVRI
WKH 7XVWLQ /HJDF\ 6SHFLILF 3ODQ LQFOXGLQJ UHTXLUHPHQWV JRYHUQLQJ EXLOGLQJ GHVLJQ DQG
SODFHPHQWODQGVFDSLQJSDUNLQJDUHDGHVLJQDQGVFUHHQLQJVLJQDJHDQGH[WHULRUOLJKWLQJ
3UHYLRXVO\ DGRSWHG00 9LVDGGUHVVHG SUHSDUDWLRQ RI DQ XUEDQ GHVLJQ SODQ IRU
GHYHORSPHQWRIWKH7XVWLQ/HJDF\DUHDDQGKDVEHHQLPSOHPHQWHGWKURXJKWKHSODQQLQJ
DQG GHVLJQ IUDPHZRUN VXEVHTXHQWO\ HVWDEOLVKHG IRU 7XVWLQ /HJDF\ $FFRUGLQJO\ QR
DGGLWLRQDOSURMHFWVSHFLILFLPSOHPHQWDWLRQRI009LVLVUHTXLUHG7KH3URMHFWZRXOGQRW
UHVXOWLQDQHZVLJQLILFDQWDHVWKHWLFLPSDFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RID
SUHYLRXVO\LGHQWLILHGDHVWKHWLFLPSDFW
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHVWKURXJK
DQG$GGHQGD 3DJHWKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
,, $*5,&8/785($1')25(675<5(6285&(6 ,QGHWHUPLQLQJZKHWKHULPSDFWVWR
DJULFXOWXUDO UHVRXUFHV DUH VLJQLILFDQW HQYLURQPHQWDO HIIHFWV OHDG DJHQFLHV PD\
UHIHUWRWKH&DOLIRUQLD$JULFXOWXUDO/DQG(YDOXDWLRQDQG6LWH$VVHVVPHQW0RGHO
SUHSDUHGE\WKH&DOLIRUQLD'HSWRI&RQVHUYDWLRQDVDQRSWLRQDOPRGHOWRXVH
LQDVVHVVLQJLPSDFWVRQDJULFXOWXUHDQGIDUPODQG,QGHWHUPLQLQJZKHWKHULPSDFWV
WR IRUHVWUHVRXUFHV LQFOXGLQJWLPEHUODQG DUH VLJQLILFDQW HQYLURQPHQWDOHIIHFWV
OHDGDJHQFLHVPD\UHIHUWRLQIRUPDWLRQFRPSLOHGE\WKH&DOLIRUQLD'HSDUWPHQWRI
)RUHVWU\DQG)LUH3URWHFWLRQUHJDUGLQJWKHVWDWH¶VLQYHQWRU\RIIRUHVWODQGLQFOXGLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
WKH )RUHVW DQG 5DQJH $VVHVVPHQW 3URMHFW DQG WKH )RUHVW /HJDF\ $VVHVVPHQW
SURMHFW DQGIRUHVWFDUERQPHDVXUHPHQWPHWKRGRORJ\SURYLGHGLQ)RUHVW3URWRFROV
DGRSWHGE\WKH&DOLIRUQLD$LU5HVRXUFHV%RDUG:RXOGWKHSURMHFW
a) &RQYHUW 3ULPH )DUPODQG 8QLTXH )DUPODQG RU )DUPODQG RI 6WDWHZLGH
,PSRUWDQFH )DUPODQG DV VKRZQ RQ WKH PDSV SUHSDUHG SXUVXDQW WR WKH
)DUPODQG0DSSLQJDQG0RQLWRULQJ3URJUDPRIWKH&DOLIRUQLD5HVRXUFHV$JHQF\
WRQRQDJULFXOWXUDOXVH"
b) &RQIOLFWZLWKH[LVWLQJ]RQLQJIRUDJULFXOWXUDOXVHRUD:LOOLDPVRQ$FWFRQWUDFW"
c) &RQIOLFWZLWKH[LVWLQJ]RQLQJIRURUFDXVHUH]RQLQJRIIRUHVWODQG DVGHILQHGLQ
3XEOLF 5HVRXUFHV &RGH VHFWLRQ J WLPEHUODQG DV GHILQHG E\ 3XEOLF
5HVRXUFHV&RGHVHFWLRQ RUWLPEHUODQG]RQHG7LPEHUODQG3URGXFWLRQ DV
GHILQHGE\*RYHUQPHQW&RGHVHFWLRQ J "
d) 5HVXOWLQWKHORVVRIIRUHVWODQGRUFRQYHUVLRQRIIRUHVWODQGWRQRQIRUHVWXVH"
e) ,QYROYHRWKHUFKDQJHVLQWKHH[LVWLQJHQYLURQPHQWZKLFKGXHWRWKHLUORFDWLRQ
RUQDWXUHFRXOGUHVXOWLQFRQYHUVLRQRI)DUPODQGWRQRQDJULFXOWXUDOXVHRU
FRQYHUVLRQRIIRUHVWODQGWRQRQIRUHVWXVH"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG6SHFLILF
3ODQ DQG LV ZLWKLQ WKH VFRSH RI GHYHORSPHQW HYDOXDWHG LQ WKH FHUWLILHG )(,6(,5 DQG
VXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD
$VGRFXPHQWHGLQWKH)(,6(,5DSSUR[LPDWHO\DFUHVRIIDUPODQGZHUHSUHVHQWZLWKLQ
WKH IRUPHU 0&$6 7XVWLQ7XVWLQ /HJDF\ 6SHFLILF 3ODQ DUHD DW WKHWLPH RI WKH SULRU
HQYLURQPHQWDO DQDO\VLV 7KH )(,6(,5 HYDOXDWHG WKH FRQYHUVLRQ RI DJULFXOWXUDO ODQG
DVVRFLDWHGZLWKLPSOHPHQWDWLRQRIWKH5HXVH3ODQDQGGHWHUPLQHGWKDWWKHUHZDVQR
YLDEOHORQJWHUPPLWLJDWLRQWKDWZRXOGIXOO\RIIVHWWKHFRQYHUVLRQRIIDUPODQGWRXUEDQXVHV
7KH )(,6(,5 WKHUHIRUH LGHQWLILHG WKH 5HXVH 3ODQ
V IDUPODQG FRQYHUVLRQ LPSDFW DV
VLJQLILFDQW DQG XQDYRLGDEOH DQG WKH 7XVWLQ &LW\ &RXQFLO DGRSWHG D 6WDWHPHQW RI
2YHUULGLQJ&RQVLGHUDWLRQVRQ-DQXDU\
7KH3URMHFWZRXOGQRWUHVXOWLQDQHZRUVXEVWDQWLDOO\PRUHVHYHUHDJULFXOWXUDOUHVRXUFH
LPSDFWEH\RQGWKDWSUHYLRXVO\HYDOXDWHG$JULFXOWXUDOXVHVDUHQRORQJHUSUHVHQWRQWKH
3URMHFW VLWH DQG DFFRUGLQJ WR FXUUHQW )DUPODQG 0DSSLQJ DQG 0RQLWRULQJ 3URJUDP
PDSSLQJ WKHVLWHLVGHVLJQDWHG8UEDQDQG%XLOW8S/DQGRURWKHUZLVHLVQRWPDSSHGDV
3ULPH)DUPODQG8QLTXH)DUPODQGRU)DUPODQGRI6WDWHZLGH,PSRUWDQFH7KH3URMHFWVLWH
LVJRYHUQHGE\WKH7XVWLQ/HJDF\6SHFLILF3ODQDQGLVQRW]RQHGIRUDJULFXOWXUDOXVHDQG
WKHVLWHLVQRWVXEMHFWWRD:LOOLDPVRQ$FWFRQWUDFW$FFRUGLQJO\GHYHORSPHQWRIWKH3URMHFW
ZRXOGQRWFRQYHUWFXUUHQWO\H[LVWLQJ3ULPH)DUPODQG8QLTXH)DUPODQGRU)DUPODQGRI
6WDWHZLGH,PSRUWDQFHRUFRQIOLFWZLWKDJULFXOWXUDO]RQLQJRUD:LOOLDPVRQ$FWFRQWUDFW
7KH3URMHFWVLWHDOVRGRHVQRWFRQWDLQIRUHVWODQGRUWLPEHUODQGDQGLVQRW]RQHGDVIRUHVW
ODQGWLPEHUODQGRU7LPEHUODQG3URGXFWLRQODQG&RQVWUXFWLRQDQGRSHUDWLRQRIWKH3URMHFW
WKHUHIRUHZRXOGQRWUHVXOWLQWKHORVVRUFRQYHUVLRQRIIRUHVWODQGRUUHTXLUHUH]RQLQJRI
IRUHVWRUWLPEHUODQG,QDGGLWLRQEHFDXVHWKH3URMHFWVLWHDQGVXUURXQGLQJ7XVWLQ/HJDF\
DUHDKDYHEHHQSODQQHGIRUXUEDQGHYHORSPHQWDQGWKH3URMHFWZRXOGRFFXURQSURSHUW\
ZKHUH DJULFXOWXUDO DQG IRUHVW XVHV DUH QRW SUHVHQW WKH 3URMHFW ZRXOG QRW LQGXFH RU
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
RWKHUZLVHUHVXOWLQWKHFRQYHUVLRQRIDGMDFHQWIDUPODQGRUIRUHVWODQGWRQRQDJULFXOWXUDO
RUQRQIRUHVWXVHV
%DVHGRQWKHIRUHJRLQJWKH3URMHFWZRXOGQRWUHVXOWLQQHZVLJQLILFDQWDJULFXOWXUHRU
IRUHVWU\UHVRXUFHLPSDFWVRUVXEVWDQWLDOO\PRUHVHYHUHLPSDFWVWKDQWKRVHSUHYLRXVO\
HYDOXDWHG LQWKH FHUWLILHG )(,6(,5 DQGVXEVHTXHQW 6XSSOHPHQWVDQG$GGHQGD 7KH
SUHYLRXVO\LGHQWLILHGVLJQLILFDQWDQGXQDYRLGDEOHLPSDFWDVVRFLDWHGZLWKFRQYHUVLRQRI
IDUPODQGXQGHUWKHRYHUDOO0&$67XVLQ5HXVH3ODQZDVGLVFORVHGDQGDGGUHVVHGDVSDUW
RIWKHSULRUHQYLURQPHQWDOUHYLHZDQGLVQRWLQFUHDVHGLQVHYHUDLW\E\WKHSURSRVHG3URMHFW
:LWKUHVSHFWWRDJULFXOWXUHDQGIRUHVWU\UHVRXUFHVWKHUHKDYHEHHQQRVXEVWDQWLDOFKDQJHV
WRWKH3URMHFWUHTXLULQJPDMRUUHYLVLRQVRIWKHSUHYLRXV)(,6(,5GXHWRQHZVLJQLILFDQW
HQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGHIIHFWV
QRVXEVWDQWLDOFKDQJHVLQWKHFLUFXPVWDQFHVXQGHUZKLFKWKH3URMHFWZRXOGEHXQGHUWDNHQ
UHTXLULQJVXFKUHYLVLRQV DQGQRQHZLQIRUPDWLRQRIVXEVWDQWLDOLPSRUWDQFHGHPRQVWUDWLQJD
QHZVLJQLILFDQWHIIHFWDVXEVWDQWLDOO\PRUHVHYHUHHIIHFWRUVXEVWDQWLDOO\GLIIHUHQWIHDVLEOH
PLWLJDWLRQPHDVXUHVRUDOWHUQDWLYHV7KHUHIRUHQRQHRIWKHFRQGLWLRQVLGHQWLILHGLQ&(4$
*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQWZLWKUHVSHFW
WRDJULFXOWXUHDQGIRUHVWU\UHVRXUFHV
Mitigation/Monitoring Required 1RQH7KH)(,6(,5SUHYLRXVO\LGHQWLILHGWKHFRQYHUVLRQRI
IDUPODQG DVVRFLDWHG ZLWK LPSOHPHQWDWLRQ RI WKH RYHUDOO 0&$6 7XVWLQ 5HXVH 3ODQ DV D
VLJQLILFDQW DQG XQDYRLGDEOH LPSDFW IRU ZKLFK WKH &LW\ &RXQFLODGRSWHG D 6WDWHPHQW RI
2YHUULGLQJ&RQVLGHUDWLRQV+RZHYHUDVGRFXPHQWHGLQVXEVHTXHQWHQYLURQPHQWDOUHYLHZ
DJULFXOWXUDOXVHVDUHQRORQJHUSUHVHQWZLWKLQWKH3URMHFWDUHDWKH3URMHFWDUHDGRHVQRW
FRQWDLQPDSSHG3ULPH)DUPODQG)DUPODQGRI6WDWHZLGH,PSRUWDQFHRU8QLTXH)DUPODQG
DQGLWLVQRWVXEMHFWWRDJULFXOWXUDOIRUHVWODQGWLPEHUODQGRU7LPEHUODQG3URGXFWLRQ]RQLQJ
RUD:LOOLDPVRQ$FWFRQWUDFW7KHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQDVLJQLILFDQWQHZ
DJULFXOWXUHRUIRUHVWU\UHVRXUFHLPSDFWRUVXEVWDQWLDOO\LQFUHDVHWKHVHYHULW\RIWKHSUHYLRXVO\
LGHQWLILHG SURJUDPOHYHO IDUPODQG FRQYHUVLRQ LPSDFW 1R DJULFXOWXUHRUIRUHVWU\UHVRXUFH
PLWLJDWLRQ PHDVXUHV DUH LGHQWLILHG DV DSSOLFDEOH WR WKH 3URMHFW DQG QR QHZ RU UHYLVHG
PLWLJDWLRQPHDVXUHVDUHUHTXLUHG
,re )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHWKURXJK
WKURXJKDQG$GGHQGXP 3DJH
)(,6(,5'UDIW6XSSOHPHQW 3DJHV
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 1RQHZ
LPSDFWV
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
,,, $,5 48$/,7< :KHUH DYDLODEOH WKH VLJQLILFDQFH FULWHULD HVWDEOLVKHG E\ WKH
DSSOLFDEOHDLUTXDOLW\PDQDJHPHQWRUDLUSROOXWLRQFRQWUROGLVWULFWPD\EHUHOLHG
XSRQWRPDNHWKHIROORZLQJGHWHUPLQDWLRQV:RXOGWKHSURMHFW
a) &RQIOLFWZLWKRUREVWUXFWLPSOHPHQWDWLRQRIWKHDSSOLFDEOHDLUTXDOLW\SODQ"
b) 5HVXOWLQDFXPXODWLYHO\FRQVLGHUDEOHQHWLQFUHDVHRIDQ\FULWHULDSROOXWDQWIRU
ZKLFKWKHSURMHFWUHJLRQLVQRQDWWDLQPHQWXQGHUDQDSSOLFDEOHIHGHUDORUVWDWH
DPELHQW DLU TXDOLW\ VWDQGDUG LQFOXGLQJ UHOHDVLQJ HPLVVLRQV WKDW H[FHHG
TXDQWLWDWLYHWKUHVKROGVIRUR]RQHSUHFXUVRUV "
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
c) ([SRVHVHQVLWLYHUHFHSWRUVWRVXEVWDQWLDOSROOXWDQWFRQFHQWUDWLRQV"
d) &UHDWHREMHFWLRQDEOHRGRUVDIIHFWLQJDVXEVWDQWLDOQXPEHURISHRSOH"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQ$VGRFXPHQWHGLQWKH)(,6(,5WKHSURMHFWLVSDUWRIDODUJHUUHXVH
SURMHFWDW7XVWLQ/HJDF\WKDWZDVSURMHFWHGWRUHVXOWLQDLUTXDOLW\LPSDFWVWKDWFDQQRWEH
IXOO\PLWLJDWHG$6WDWHPHQWRI2YHUULGLQJ&RQVLGHUDWLRQIRUWKH)(,6(,5ZDVDGRSWHGE\
WKH7XVWLQ&LW\&RXQFLORQ-DQXDU\7KHVLWHLVSUHVHQWO\QRWLQXVH7KHSURSRVHG
GHYHORSPHQWZRXOGRFFXUZLWKLQWKHQRQUHVLGHQWLDOGHYHORSPHQWFDSDFLW\DOORZHGE\WKH
7XVWLQ /HJDF\ 6SHFLILF 3ODQ DQG ZRXOG QRW LQFUHDVH WKH DSSURYHG QRQUHVLGHQWLDO
GHYHORSPHQWFDSDFLW\RIWKH6SHFLILF3ODQ
7KH3URMHFWLVORFDWHGZLWKLQWKH6RXWK&RDVW$LU%DVLQDQGLVVXEMHFWWRWKHDLUTXDOLW\
SODQQLQJDQGUHJXODWRU\MXULVGLFWLRQ RIWKH 6RXWK&RDVW $LU4XDOLW\0DQDJHPHQW'LVWULFW
6&$40' 7KH DSSOLFDEOH UHJLRQDO DLU TXDOLW\ SODQ LV WKH 6&$40' $LU 4XDOLW\
0DQDJHPHQW3ODQ $403 $LUTXDOLW\LPSDFWVDVVRFLDWHGZLWKEXLOGRXWRI7XVWLQ/HJDF\
KDYHEHHQHYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD
LQFOXGLQJWKH6XSSOHPHQWDO(,5DQG6XSSOHPHQWDO(,5
7KHSULRUHQYLURQPHQWDOGRFXPHQWVGHWHUPLQHGWKDWLPSOHPHQWDWLRQDQGEXLOGRXWRIWKH
7XVWLQ /HJDF\ 6SHFLILF 3ODQ ZRXOG UHVXOW LQ VLJQLILFDQW DQG XQDYRLGDEOH UHJLRQDO DQG
FXPXODWLYH DLU TXDOLW\ LPSDFWV LQFOXGLQJ RSHUDWLRQDO HPLVVLRQV WKDW H[FHHG DSSOLFDEOH
6&$40'WKUHVKROGV7KH6XSSOHPHQWDO(,5VLPLODUO\GHWHUPLQHGWKDWRSHUDWLRQDO
HPLVVLRQVDVVRFLDWHGZLWKEXLOGRXWZRXOGH[FHHG6&$40'WKUHVKROGVIRUFULWHULDSROOXWDQWV
DQGWKDWLPSDFWVUHODWHGWR$403FRQVLVWHQF\DQGFXPXODWLYHFULWHULDSROOXWDQWHPLVVLRQV
ZRXOGUHPDLQVLJQLILFDQWDQGXQDYRLGDEOH7KHVHHIIHFWVDUHDVVRFLDWHGZLWKRYHUDOOEXLOGRXW
RI WKH 6SHFLILF 3ODQ LQFOXGLQJ HPLVVLRQVIURPPRWRU YHKLFOHVHQHUJ\ XVH DUFKLWHFWXUDO
FRDWLQJVODQGVFDSLQJDQGRWKHUDUHDDQGPRELOHVRXUFHV
7KHSURSRVHG3URMHFWZRXOGLPSOHPHQWDQRQUHVLGHQWLDOXVHFRQWHPSODWHGZLWKLQWKH7XVWLQ
/HJDF\ 6SHFLILF 3ODQDQG ZRXOG QRW LQFUHDVHWKHDSSURYHG QRQUHVLGHQWLDO GHYHORSPHQW
FDSDFLW\ RU RWKHUZLVH UHVXOW LQ GHYHORSPHQW EH\RQG WKDW FRQWHPSODWHG E\ WKH SULRU
HQYLURQPHQWDO UHYLHZ &RQVWUXFWLRQ RI WKH 3URMHFW ZRXOG JHQHUDWH WHPSRUDU\ HPLVVLRQV
DVVRFLDWHG ZLWK JUDGLQJ FRQVWUXFWLRQ HTXLSPHQW ZRUNHU DQG YHQGRU WULSV DUFKLWHFWXUDO
FRDWLQJVDQGIXJLWLYHGXVWDQGRSHUDWLRQZRXOGJHQHUDWHHPLVVLRQVSULPDULO\IURPYHKLFOH
WULSVEXLOGLQJHQHUJ\XVHODQGVFDSLQJDUFKLWHFWXUDOFRDWLQJVDQGRWKHUW\SLFDORSHUDWLRQDO
VRXUFHV 7KH 3URMHFW ZRXOG UHPDLQ VXEMHFW WR DSSOLFDEOH 6&$40'UHJXODWLRQV DQG
SUHYLRXVO\DGRSWHGPLWLJDWLRQPHDVXUHVDGGUHVVLQJFRQVWUXFWLRQDQGRSHUDWLRQDOHPLVVLRQV
$FFRUGLQJO\WKH3URMHFWZRXOGQRWUHVXOWLQDQHZRUVXEVWDQWLDOO\PRUHVHYHUHFRQIOLFWZLWK
WKH$403RUDQHZRUVXEVWDQWLDOO\PRUHVHYHUHUHJLRQDORUFXPXODWLYHO\FRQVLGHUDEOH
FULWHULDSROOXWDQWLPSDFWEH\RQGWKRVHSUHYLRXVO\HYDOXDWHG
3RWHQWLDOHIIHFWVRQVHQVLWLYHUHFHSWRUVZHUHDOVRHYDOXDWHGLQWKHSULRUHQYLURQPHQWDOUHYLHZ
7KH DQG 6XSSOHPHQWDO (,5V UHTXLUH VLWHVSHFLILF HYDOXDWLRQ RI ORFDOL]HG
FRQVWUXFWLRQHPLVVLRQVIRULQGLYLGXDOGHYHORSPHQWSURMHFWV3XUVXDQWWR6(,50LWLJDWLRQ
0HDVXUH$4SULRUWRLVVXDQFHRIDJUDGLQJSHUPLWORFDOL]HGFRQVWUXFWLRQHPLVVLRQVIRUWKH
3URMHFWVKDOOEHHYDOXDWHGXVLQJ6&$40'/RFDOL]HG6LJQLILFDQFH7KUHVKROGVDQGIHDVLEOH
PHDVXUHVLGHQWLILHGWKURXJKWKDWHYDOXDWLRQVKDOOEHLQFRUSRUDWHGLQWR3URMHFWFRQVWUXFWLRQ
SODQVDVQHFHVVDU\7KH3URMHFWZRXOGDOVREHVXEMHFWWR0LWLJDWLRQ0HDVXUH$4ZKLFK
UHTXLUHV 7LHU HPLVVLRQV VWDQGDUGV IRU DSSOLFDEOH RIIURDG GLHVHOSRZHUHG FRQVWUXFWLRQ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
HTXLSPHQWXQOHVVVXFKHTXLSPHQWLVGHPRQVWUDWHGWREHXQDYDLODEOH7KHVHUHTXLUHPHQWV
ZRXOGDGGUHVVSRWHQWLDOORFDOL]HGFRQVWUXFWLRQUHODWHGSROOXWDQWFRQFHQWUDWLRQVDWQHDUE\
VHQVLWLYHUHFHSWRUV7KHSULRUHQYLURQPHQWDOUHYLHZDOVRGHWHUPLQHGWKDWWUDIILFDVVRFLDWHG
ZLWKEXLOGRXWRIWKH6SHFLILF3ODQZRXOGQRWUHVXOWLQVLJQLILFDQWFDUERQPRQR[LGHKRWVSRW
LPSDFWV7KH3URMHFWGRHVQRWSURSRVHDODQGXVHRURSHUDWLRQDODFWLYLW\WKDWZRXOGLQWURGXFH
DQHZVXEVWDQWLDOVRXUFHRIORFDOL]HGWR[LFDLUFRQWDPLQDQWVRURWKHUSROOXWDQWFRQFHQWUDWLRQV
EH\RQGWKRVHSUHYLRXVO\FRQWHPSODWHG
%DVHGRQWKHIRUHJRLQJWKH3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWDLUTXDOLW\HIIHFWRU
DVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDQDLUTXDOLW\HIIHFWSUHYLRXVO\HYDOXDWHGLQWKH
FHUWLILHG )(,6(,5 DQG VXEVHTXHQW 6XSSOHPHQWV DQG $GGHQGD 7KHVLJQLILFDQW DQG
XQDYRLGDEOHUHJLRQDODQGFXPXODWLYHRSHUDWLRQDODLUTXDOLW\LPSDFWVSUHYLRXVO\LGHQWLILHGIRU
EXLOGRXWRIWKH7XVWLQ/HJDF\6SHFLILF3ODQZRXOGUHPDLQDQGWKHSURSRVHG3URMHFWZRXOG
QRWVXEVWDQWLDOO\LQFUHDVHWKHVHYHULW\RIWKRVHSUHYLRXVO\GLVFORVHGLPSDFWV
:LWKUHVSHFWWRDLUTXDOLW\WKHUHKDYHEHHQQRVXEVWDQWLDOFKDQJHVWRWKH3URMHFWUHTXLULQJ
PDMRU UHYLVLRQV RI WKH SUHYLRXV HQYLURQPHQWDO GRFXPHQWV GXH WRQHZ VLJQLILFDQW
HQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGHIIHFWV
QRVXEVWDQWLDOFKDQJHVLQWKHFLUFXPVWDQFHVXQGHUZKLFKWKH3URMHFWZRXOGEHXQGHUWDNHQ
UHTXLULQJVXFKUHYLVLRQV DQGQRQHZLQIRUPDWLRQRIVXEVWDQWLDOLPSRUWDQFHGHPRQVWUDWLQJD
QHZVLJQLILFDQWHIIHFWDVXEVWDQWLDOO\PRUHVHYHUHHIIHFWRUVXEVWDQWLDOO\GLIIHUHQWIHDVLEOH
PLWLJDWLRQPHDVXUHVRUDOWHUQDWLYHV7KHUHIRUHQRQHRIWKHFRQGLWLRQVLGHQWLILHGLQ&(4$
*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQWZLWKUHVSHFW
WRDLUTXDOLW\
Mitigation/Monitoring Required: 3UHYLRXVO\ DGRSWHG DLU TXDOLW\ PLWLJDWLRQ PHDVXUHV
DSSOLFDEOHWRWKHSURSRVHG3URMHFWVKDOOFRQWLQXHWRDSSO\6(,500$4UHTXLUHVXVH
RIORZ92&DUFKLWHFWXUDOFRDWLQJVIRULQWHULRUDQGH[WHULRUSDLQWLQJRSHUDWLRQV6(,5
00$4UHTXLUHVDSSOLFDEOHRIIURDGGLHVHOSRZHUHGFRQVWUXFWLRQHTXLSPHQWJUHDWHUWKDQ
KRUVHSRZHUWRPHHW(3$7LHUHPLVVLRQVVWDQGDUGVXQOHVVWKHDSSOLFDQWGHPRQVWUDWHV
WR WKH &LW\ WKDW VXFK HTXLSPHQW LV XQDYDLODEOH WRJHWKHU ZLWK WKH RWKHU HTXLSPHQW
GRFXPHQWDWLRQPDLQWHQDQFHDQGLGOLQJUHTXLUHPHQWVVSHFLILHGLQWKHPHDVXUH6(,5
00$4UHTXLUHVHYDOXDWLRQRIORFDOL]HGFRQVWUXFWLRQHPLVVLRQVIRUWKHSURSRVHG3URMHFW
SULRU WR LVVXDQFH RI JUDGLQJ SHUPLWV DQG LPSOHPHQWDWLRQ RIIHDVLEOHPHDVXUHVLGHQWLILHG
WKURXJKWKDWHYDOXDWLRQDVDSSOLFDEOH6(,500$4DOVRDSSOLHVWRWKHSURSRVHG
QRQUHVLGHQWLDO 3URMHFW DQG UHTXLUHV ODQGVFDSLQJ HTXLSPHQW XVHGRQ WKH VLWH WR EH
SHUFHQW HOHFWULFDOO\ SRZHUHG WRJHWKHU ZLWK WKH HOHFWULFDO LQIUDVWUXFWXUH DQG FRQWUDFWXDO
UHTXLUHPHQWV VSHFLILHG LQ WKH PHDVXUH 6(,5 00 $4 ZRXOG DSSO\ RQO\ LI WKH
SURSRVHG3URMHFWPHHWVWKHPHDVXUH
VDSSOLFDELOLW\WKUHVKROGRIRUPRUHHPSOR\HHV
6(,500$4ZRXOGDSSO\RQO\WRWKHH[WHQWGHWHUPLQHGDSSURSULDWHDQGIHDVLEOHE\
WKH&LW\LQDFFRUGDQFHZLWKWKHFDVHE\FDVHSURYLVLRQVRIWKDWPHDVXUH6(,500
$4DQG00$4GRQRWDSSO\EHFDXVHWKHSURSRVHG3URMHFWGRHVQRWLQFOXGHUHVLGHQWLDO
GZHOOLQJ XQLWV $SSOLFDEOH 6&$40' UXOHV DQG RWKHU UHJXODWRU\ UHTXLUHPHQWV ZRXOG
LQGHSHQGHQWO\DSSO\WR3URMHFWFRQVWUXFWLRQDQGRSHUDWLRQ1RQHZRUUHYLVHGPLWLJDWLRQ
PHDVXUHVDUHUHTXLUHG.
,re )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHVWKU RXJK
WKURXJKDQGSDJHVWKURXJK
)6(,5 IRU 7XVWLQ /HJDF\ 6SHFLILF 3ODQ $PHQGPHQW 3DJHV
WKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7DEOH 6RXWK &RDVW $LU 4XDOLW\ 0DQDJHPHQW 'LVWULFW &(4$$LU
4XDOLW\+DQGERRN
7XVWLQ*HQHUDO3ODQ
,9 %,2/2*,&$/5(6285&(6±:RXOGWKHSURMHFW
D +DYH D VXEVWDQWLDO DGYHUVH HIIHFW HLWKHU GLUHFWO\ RU WKURXJK KDELWDW
PRGLILFDWLRQVRQDQ\VSHFLHVLGHQWLILHGDVDFDQGLGDWHVHQVLWLYHRUVSHFLDO
VWDWXV VSHFLHV LQ ORFDO RU UHJLRQDO SODQV SROLFLHV RU UHJXODWLRQV RU E\ WKH
&DOLIRUQLD'HSDUWPHQWRI)LVKDQG*DPHRU86)LVKDQG:LOGOLIH6HUYLFH"
E +DYH D VXEVWDQWLDO DGYHUVH HIIHFW RQ DQ\ ULSDULDQ KDELWDW RU RWKHU VHQVLWLYH
QDWXUDOFRPPXQLW\LGHQWLILHGLQORFDORUUHJLRQDOSODQVSROLFLHVUHJXODWLRQVRU
E\WKH&DOLIRUQLD'HSDUWPHQWRI)LVKDQG*DPHRU86)LVKDQG:LOGOLIH6HUYLFH"
F +DYHDVXEVWDQWLDODGYHUVHHIIHFWRQIHGHUDOO\SURWHFWHGZHWODQGVDVGHILQHGE\
6HFWLRQRIWKH&OHDQ:DWHU$FW LQFOXGLQJEXWQRWOLPLWHGWRPDUVKYHUQDO
SRROFRDVWDOHWF WKURXJKGLUHFWUHPRYDOILOOLQJK\GURORJLFDOLQWHUUXSWLRQRU
RWKHUPHDQV"
G ,QWHUIHUHVXEVWDQWLDOO\ZLWKWKHPRYHPHQWRIDQ\QDWLYHUHVLGHQWRUPLJUDWRU\
ILVKRUZLOGOLIHVSHFLHVRUZLWKHVWDEOLVKHGQDWLYHUHVLGHQWRUPLJUDWRU\ZLOGOLIH
FRUULGRUVRULPSHGHWKHXVHRIQDWLYHZLOGOLIHQXUVHU\VLWHV"
H &RQIOLFWZLWKDQ\ORFDOSROLFLHVRURUGLQDQFHVSURWHFWLQJELRORJLFDOUHVRXUFHV
VXFKDVDWUHHSUHVHUYDWLRQSROLF\RURUGLQDQFH"
I &RQIOLFWZLWKWKHSURYLVLRQVRIDQDGRSWHG+DELWDW&RQVHUYDWLRQ3ODQ1DWXUDO
&RPPXQLW\&RQVHUYDWLRQ3ODQRURWKHUDSSURYHGORFDOUHJLRQDORUVWDWHKDELWDW
FRQVHUYDWLRQSODQ"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQDQGLVZLWKLQWKHVFRSHRIGHYHORSPHQWHYDOXDWHGLQWKHFHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGDIRU0&$67XVWLQ
7KH)(,6(,5HYDOXDWHGSRWHQWLDOHIIHFWVRILPSOHPHQWDWLRQRIWKH5HXVH3ODQDQG7XVWLQ
/HJDF\ 6SHFLILF 3ODQ RQ ELRORJLFDO UHVRXUFHV LQFOXGLQJ VSHFLDOVWDWXV VSHFLHV
MXULVGLFWLRQDO ZDWHUV DQG ZHWODQGV DQG VHQVLWLYH ELRORJLFDO UHVRXUFHV 7KH )(,6(,5
GHWHUPLQHGWKDWLPSOHPHQWDWLRQRIWKH5HXVH3ODQDQG7XVWLQ/HJDF\6SHFLILF3ODQZRXOG
QRWUHVXOWLQVLJQLILFDQWLPSDFWVWRIHGHUDOO\OLVWHGWKUHDWHQHGRUHQGDQJHUHGSODQWRUDQLPDO
VSHFLHV 7KH )(,6(,5 DOVR HYDOXDWHG SRWHQWLDO LPSDFWV WR MXULVGLFWLRQDO ZDWHUV DQG
ZHWODQGVDQGWKHVRXWKZHVWHUQSRQGWXUWOH
7KH &DOLIRUQLD 'HSDUWPHQW RI )LVK DQG :LOGOLIH DSSURYHG D SRQG WXUWOH UHORFDWLRQ DQG
PLWLJDWLRQSODQIRUWKH7XVWLQ/HJDF\DUHDDQGWKHSRQGWXUWOHVVXEMHFWWRWKDWSODQZHUH
UHORFDWHG7KHDSSOLFDEOHUHORFDWLRQUHTXLUHPHQWVRI00%LR00%LRDQG00%LR
KDYH WKHUHIRUH EHHQ LPSOHPHQWHG ZLWK UHVSHFW WR WKH SUHYLRXVO\LGHQWLILHG SRQG WXUWOHV
DIIHFWLQJWKHGHYHORSPHQWDUHD,QDGGLWLRQIRUPHU0DULQH&RUSVEDVHGUDLQDJHFKDQQHOV
ZLWKLQWKHDUHDZHUHVXEVHTXHQWO\UHPRYHGDQGJUDGHGSXUVXDQWWRDSSOLFDEOHUHJXODWRU\
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
DXWKRUL]DWLRQVLVVXHGE\WKHDSSURSULDWH6WDWHDQGIHGHUDOUHVRXUFHDJHQFLHV$FFRUGLQJO\
SURYLGHG WKDW FXUUHQW VLWH FRQGLWLRQV FRQILUP WKH DEVHQFH RI SRQG WXUWOH KDELWDW DQG
MXULVGLFWLRQDOZDWHUVRUZHWODQGVZLWKLQWKH3URMHFWGLVWXUEDQFHDUHDQRDGGLWLRQDOSURMHFW
VSHFLILFLPSOHPHQWDWLRQRI00%LRWKURXJK00%LRZRXOGEHUHTXLUHG
00%LRKRZHYHUDSSOLHVWRIXWXUHGHYHORSPHQWSURMHFWVZLWKLQWKH7XVWLQ/HJDF\6SHFLILF
3ODQDUHDDQGUHTXLUHVDELRORJLFDOVXUYH\E\DTXDOLILHGELRORJLVWDWWKHWLPHGHYHORSPHQWLV
SURSRVHG WR GHWHUPLQH WKH SRWHQWLDO IRU VSHFLDOVWDWXV VSHFLHVZLWKLQ WKH SURMHFW VLWH
7KHUHIRUHWKHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWLPSDFWRUDVXEVWDQWLDO
LQFUHDVHLQWKHVHYHULW\RIDSUHYLRXVO\LGHQWLILHGVLJQLILFDQWLPSDFWWRVSHFLDOVWDWXVVSHFLHV
7KH 3URMHFW VLWH GRHV QRW FRQWDLQ ULSDULDQ KDELWDW VHQVLWLYH QDWXUDO FRPPXQLWLHV RU
MXULVGLFWLRQDOZDWHUVRUZHWODQGVWKDWZRXOGEHDIIHFWHGE\3URMHFWFRQVWUXFWLRQ7KHUHIRUH
WKH3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWLPSDFWRUVXEVWDQWLDOO\PRUHVHYHUHLPSDFW
WRULSDULDQKDELWDWVHQVLWLYHQDWXUDOFRPPXQLWLHVRU6WDWHRUIHGHUDOO\SURWHFWHGZHWODQGV
FRPSDUHGZLWKWKHLPSDFWVSUHYLRXVO\HYDOXDWHG
,QDGGLWLRQWKHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWELRORJLFDOUHVRXUFHV
LPSDFWDVVRFLDWHGZLWKDLUTXDOLW\HIIHFWVRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDQDLU
TXDOLW\UHODWHGELRORJLFDOUHVRXUFHVLPSDFWSUHYLRXVO\HYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQG
VXEVHTXHQW 6XSSOHPHQWV DQG $GGHQGD 7KH VLJQLILFDQW DQG XQDYRLGDEOH UHJLRQDO DQG
FXPXODWLYH RSHUDWLRQDO DLU TXDOLW\ LPSDFWV SUHYLRXVO\ LGHQWLILHG IRU EXLOGRXW RI WKH 7XVWLQ
/HJDF\6SHFLILF3ODQZRXOGUHPDLQ+RZHYHUWKHSURSRVHG3URMHFWZRXOGQRWVXEVWDQWLDOO\
LQFUHDVHWKHVHYHULW\RIWKRVHSUHYLRXVO\GLVFORVHGLPSDFWVRUUHVXOWLQDQHZVLJQLILFDQWHIIHFW
RQELRORJLFDOUHVRXUFHV
7KH3URMHFWVLWHLVZLWKLQWKHGHYHORSHG7XVWLQ/HJDF\DUHDDQGGRHVQRWIXQFWLRQDVDQ
HVWDEOLVKHGUHJLRQDOZLOGOLIHPRYHPHQWFRUULGRURUQDWLYHZLOGOLIHQXUVHU\VLWH7KHSURSRVHG
3URMHFWZRXOGWKHUHIRUHQRWUHVXOWLQDQHZVLJQLILFDQWLPSDFWRUVXEVWDQWLDOLQFUHDVHLQWKH
VHYHULW\RIDSUHYLRXVO\LGHQWLILHGLPSDFWUHODWHGWRZLOGOLIHPRYHPHQWRUQXUVHU\VLWHV7KH
3URMHFW ZRXOG DOVR QRW FRQIOLFW ZLWK DSSOLFDEOH ORFDO SROLFLHVRU RUGLQDQFHV SURWHFWLQJ
ELRORJLFDO UHVRXUFHV RU ZLWK DQ DGRSWHG +DELWDW &RQVHUYDWLRQ 3ODQ 1DWXUDO &RPPXQLW\
&RQVHUYDWLRQ3ODQRURWKHUDSSOLFDEOHKDELWDWFRQVHUYDWLRQSODQ
%DVHGRQWKHIRUHJRLQJQRQHRIWKHFRQGLWLRQVLGHQWLILHGLQ&(4$*XLGHOLQHV6HFWLRQ
WKDWZRXOGUHTXLUHSUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQWZLWKUHVSHFWWR
ELRORJLFDOUHVRXUFHVWKHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQQHZVLJQLILFDQWELRORJLFDO
UHVRXUFHVHIIHFWVRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQW
HIIHFWVDQGQRQHZLQIRUPDWLRQRIVXEVWDQWLDOLPSRUWDQFHKDVEHHQLGHQWLILHGWKDWZRXOG
UHTXLUHDGGLWLRQDOHQYLURQPHQWDOUHYLHZXQGHU&(4$*XLGHOLQHV6HFWLRQ
Mitigation/Monitoring Required: 3UHYLRXVO\ DGRSWHG00 %LR DSSOLHV WR WKH SURSRVHG
3URMHFW00%LRUHTXLUHVWKDWDWWKHWLPHGHYHORSPHQWLVSURSRVHGDELRORJLFDOVXUYH\EH
FRQGXFWHGE\DTXDOLILHGELRORJLVWWRGHWHUPLQHWKHSRWHQWLDOIRUVSHFLDOVWDWXVVSHFLHVWR
RFFXUZLWKLQWKH3URMHFWVLWHDQGWRLGHQWLI\DSSURSULDWHPLWLJDWLRQLISRWHQWLDOO\VLJQLILFDQW
LPSDFWVDUHLGHQWLILHG
00 %LR WKURXJK 00 %LR DGGUHVVHG LPSDFWV WR MXULVGLFWLRQDO ZDWHUVZHWODQGV DQG
VRXWKZHVWHUQ SRQG WXUWOHV LGHQWLILHG LQ WKH SULRU HQYLURQPHQWDOUHYLHZ7KHSRQGWXUWOH
UHORFDWLRQ DQG PLWLJDWLRQ SURJUDP ZDV SUHYLRXVO\ LPSOHPHQWHG DQG WKH 6(,5
GRFXPHQWV WKDW &'):DSSURYHG WKHUHORFDWLRQDQGPLWLJDWLRQ SODQDQGWKDWWKHWXUWOHV
VXEMHFWWRWKDWSURJUDPZHUHUHORFDWHG)RUPHUGUDLQDJHFKDQQHOVLQWKHGHYHORSPHQWDUHD
ZHUHDOVRSUHYLRXVO\UHPRYHGDQGJUDGHGSXUVXDQWWRDSSOLFDEOHUHJXODWRU\DXWKRUL]DWLRQV
$FFRUGLQJO\QRDGGLWLRQDOSURMHFWVSHFLILFLPSOHPHQWDWLRQRI00%LRWKURXJK00%LR
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
LVUHTXLUHGSURYLGHGWKHELRORJLFDOVXUYH\UHTXLUHGE\00%LRFRQILUPVWKDWWKH3URMHFW
ZRXOGQRWDIIHFWMXULVGLFWLRQDOUHVRXUFHVRUSRQGWXUWOHKDELWDW
1R QHZ RU UHYLVHG ELRORJLFDO UHVRXUFHV PLWLJDWLRQ PHDVXUHV DUHUHTXLUHG ,IWKH VXUYH\
UHTXLUHGE\00%LRLGHQWLILHVSUHYLRXVO\XQGRFXPHQWHGVSHFLDOVWDWXVVSHFLHVVHQVLWLYH
KDELWDW MXULVGLFWLRQDO UHVRXUFHV RU RWKHU ELRORJLFDO FRQGLWLRQV WKDW FRXOG EH VLJQLILFDQWO\
DIIHFWHGE\WKH3URMHFWWKH&LW\VKDOOHYDOXDWHWKDWLQIRUPDWLRQLQDFFRUGDQFHZLWK&(4$
*XLGHOLQHV6HFWLRQEHIRUH3URMHFWDSSURYDO
,re )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHVWKURXJK
WKURXJKDQGWKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 1RQHZ
LPSDFWV
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
9 &8/785$/5(6285&(6±:RXOGWKHSURMHFW
D &DXVHDVXEVWDQWLDODGYHUVHFKDQJHLQWKHVLJQLILFDQFHRIDKLVWRULFDOUHVRXUFH
DVGHILQHGLQ"
E &DXVHDVXEVWDQWLDODGYHUVHFKDQJHLQWKHVLJQLILFDQFHRIDQDUFKDHRORJLFDO
UHVRXUFHSXUVXDQWWR"
F 'LVWXUE DQ\ KXPDQ UHPDLQV LQFOXGLQJ WKRVH LQWHUUHG RXWVLGHIRUPDO
FHPHWHULHV"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG6SHFLILF
3ODQDQGLVZLWKLQWKHVFRSHRIGHYHORSPHQWHYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQG
VXEVHTXHQW6XSSOHPHQWVDQG$GGHQGDIRU0&$67XVWLQ
7KHIRUPHU0&$67XVWLQFRQWDLQVKLVWRULFUHVRXUFHVDVVRFLDWHGZLWKLWVPLOLWDU\XVH
LQFOXGLQJWKHWZRIRUPHUEOLPSKDQJDUVDQGIRUPHUFRQFUHWHDQGDVSKDOWEOLPSODQGLQJ
SDGV 7KURXJK WKH IHGHUDO 6HFWLRQ SURFHVV WKHVH UHVRXUFHVZHUH LGHQWLILHG DV
FRQWULEXWLQJ HOHPHQWV RI D QRQFRQWLJXRXV KLVWRULF GLVWULFW 7KH 1DY\ 6WDWH +LVWRULF
3UHVHUYDWLRQ 2IILFHU DQG $GYLVRU\ &RXQFLO RQ +LVWRULF 3UHVHUYDWLRQ H[HFXWHG D
0HPRUDQGXPRI$JUHHPHQWZLWKWKH&LW\RI7XVWLQDQG&RXQW\RI2UDQJHDVLQYLWHG
VLJQDWRULHVDGGUHVVLQJWUHDWPHQWRIWKHVHKLVWRULFSURSHUWLHVDQGDOORZLQJUHPRYDORIWKH
EOLPSODQGLQJSDGVVXEMHFWWRWKHWHUPVRIWKDWDJUHHPHQW7KH)(,6(,5UHFRJQL]HGWKDW
UHWHQWLRQRIWKHEOLPSKDQJDUVPLJKWQRWEHILQDQFLDOO\IHDVLEOHDQGLGHQWLILHGVLJQLILFDQW
DQG XQDYRLGDEOH HIIHFWV DVVRFLDWHG ZLWK KLVWRULF UHVRXUFHV 7KH 7XVWLQ &LW\ &RXQFLO
DGRSWHGD6WDWHPHQWRI2YHUULGLQJ&RQVLGHUDWLRQVLQFRQQHFWLRQZLWKFHUWLILFDWLRQRIWKH
)(,6(,5RQ-DQXDU\
7KHEOLPSODQGLQJSDGIRUPHUO\ORFDWHGZLWKLQWKH3URMHFWDUHDZDVVXEVHTXHQWO\UHPRYHG
E\WKHSUHYLRXVSURSHUW\RZQHUDQGWKHSURSHUW\ZDVJUDGHG1RSRUWLRQRIWKHIRUPHU
EOLPSODQGLQJSDGRUHLWKHUH[LVWLQJEOLPSKDQJDULVORFDWHGZLWKLQWKHSURSRVHG3URMHFW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
ERXQGDU\$FFRUGLQJO\FRQVWUXFWLRQDQGRSHUDWLRQRIWKHSURSRVHG3URMHFWZRXOGQRW
GLUHFWO\GHPROLVKPDWHULDOO\DOWHUUHORFDWHRURWKHUZLVHSK\VLFDOO\DIIHFWWKRVHKLVWRULF
UHVRXUFHV7KHSURSRVHG3URMHFWWKHUHIRUHZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWLPSDFWRU
D VXEVWDQWLDO LQFUHDVH LQ WKH VHYHULW\ RI WKH SUHYLRXVO\ LGHQWLILHG VLJQLILFDQW HIIHFWV
DVVRFLDWHGZLWKKLVWRULFUHVRXUFHV
1XPHURXVDUFKDHRORJLFDOVXUYH\VKDYHEHHQFRQGXFWHGDWWKHIRUPHU0&$67XVWLQVLWH
,Q WKH6WDWH2IILFHRI+LVWRULF3UHVHUYDWLRQ 6+32 SURYLGHGZULWWHQFRQFXUUHQFH
WKDWDOORSHQVSDFHVRQ0&$67XVWLQKDGEHHQDGHTXDWHO\VXUYH\HGIRUDUFKDHRORJLFDO
UHVRXUFHV$OWKRXJKRQHDUFKDHRORJLFDOVLWH &$25$ KDVEHHQUHFRUGHGZLWKLQWKH
5HXVH3ODQDUHDLWLVEHOLHYHGWRKDYHEHHQGHVWUR\HG,WLVSRVVLEOHWKDWSUHYLRXVO\
XQLGHQWLILHG EXULHG DUFKDHRORJLFDO RU SDOHRQWRORJLFDO UHVRXUFHV ZLWKLQ WKH SURMHFW VLWH
FRXOGEHVLJQLILFDQWO\LPSDFWHGE\JUDGLQJDQGFRQVWUXFWLRQDFWLYLWLHV
1RWZLWKVWDQGLQJ WKH SULRU VXUYH\V DQG SUHYLRXV GLVWXUEDQFH RIWKH 3URMHFW VLWH
FRQVWUXFWLRQ RI WKH SURSRVHG 3URMHFW ZRXOG LQYROYH JURXQGGLVWXUELQJ DFWLYLWLHV 7KH
SRVVLELOLW\ WKHUHIRUH UHPDLQV WKDW SUHYLRXVO\ XQLGHQWLILHG VXEVXUIDFH DUFKDHRORJLFDO
UHVRXUFHV FRXOG EH HQFRXQWHUHG GXULQJ JUDGLQJ RU H[FDYDWLRQ $SSOLFDEOH SUHYLRXVO\
DGRSWHG )(,6(,5 PLWLJDWLRQ UHTXLUHPHQWV DGGUHVVLQJ WKH LQDGYHUWHQW GLVFRYHU\ RI
DUFKDHRORJLFDOUHVRXUFHVGXULQJJURXQGGLVWXUELQJDFWLYLWLHVZRXOGDSSO\WRWKHSURSRVHG
3URMHFW :LWK LPSOHPHQWDWLRQ RI WKRVH DSSOLFDEOH UHTXLUHPHQWVWKH SURSRVHG 3URMHFW
ZRXOG QRW UHVXOW LQ D QHZ VLJQLILFDQW DUFKDHRORJLFDOUHVRXUFH LPSDFW RU D VXEVWDQWLDO
LQFUHDVHLQWKHVHYHULW\RIDQLPSDFWSUHYLRXVO\HYDOXDWHGLQWKH)(,6(,5DQGVXEVHTXHQW
HQYLURQPHQWDOGRFXPHQWV
6LPLODUO\DOWKRXJKQRNQRZQKXPDQUHPDLQVDUHGRFXPHQWHGZLWKLQWKH3URMHFWVLWH
JURXQGGLVWXUELQJ FRQVWUXFWLRQ DFWLYLWLHV KDYH WKH SRWHQWLDO WR HQFRXQWHU SUHYLRXVO\
XQLGHQWLILHGKXPDQUHPDLQV,QWKHHYHQWKXPDQUHPDLQVDUHGLVFRYHUHGZRUNLQWKH
YLFLQLW\RIWKHGLVFRYHU\ZRXOGEHUHTXLUHGWRFHDVHDQGWKHGLVFRYHU\ZRXOGEHDGGUHVVHG
LQDFFRUGDQFHZLWKDSSOLFDEOH6WDWHODZLQFOXGLQJWKHUHTXLUHPHQWVJRYHUQLQJQRWLILFDWLRQ
RIWKH2UDQJH &RXQW\&RURQHU DQG ZKHQ DSSOLFDEOH FRQVXOWDWLRQ FRQFHUQLQJ 1DWLYH
$PHULFDQUHPDLQV&RPSOLDQFHZLWKWKHVHUHTXLUHPHQWVDQGDQ\DSSOLFDEOHSUHYLRXVO\
DGRSWHGPLWLJDWLRQZRXOGDYRLGDQHZRUVXEVWDQWLDOO\PRUHVHYHUHLPSDFWDVVRFLDWHGZLWK
GLVWXUEDQFHRIKXPDQUHPDLQV
%DVHGRQWKHIRUHJRLQJQRQHRIWKHFRQGLWLRQVLGHQWLILHGLQ&(4$*XLGHOLQHV6HFWLRQ
UHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQWZLWKUHVSHFWWRFXOWXUDO
UHVRXUFHV7KHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWFXOWXUDOUHVRXUFHV
HIIHFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDSUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFW
,QDGGLWLRQQRQHZLQIRUPDWLRQRIVXEVWDQWLDOLPSRUWDQFHKDVEHHQLGHQWLILHGWKDWZRXOG
VKRZDQHZVLJQLILFDQWHIIHFWDVXEVWDQWLDOO\PRUHVHYHUHVLJQLILFDQWHIIHFWRURWKHUZLVH
UHTXLUHDGGLWLRQDOHQYLURQPHQWDOUHYLHZSXUVXDQWWR&(4$*XLGHOLQHV6HFWLRQ
Mitigation/Monitoring Required:3UHYLRXVO\DGRSWHG00$UFK DSSOLHV WR WKH SURSRVHG
3URMHFW3ULRUWRLVVXDQFHRIDJUDGLQJSHUPLWWKHDSSOLFDQWVKDOOUHWDLQDVDSSURSULDWHD
FRXQW\FHUWLILHGDUFKDHRORJLVW,IEXULHGDUFKDHRORJLFDOUHVRXUFHVDUHHQFRXQWHUHGGXULQJ
JUDGLQJ RU RWKHU JURXQGGLVWXUELQJ DFWLYLWLHV D TXDOLILHG DUFKDHRORJLVW VKDOO DVVHVV WKH
VLJQLILFDQFHRIWKHUHVRXUFHDQGLGHQWLI\DQGLPSOHPHQWDSSURSULDWHWUHDWPHQWRUPLWLJDWLRQ
ZKLFK PD\ LQFOXGH WHVWLQJ RU GDWD UHFRYHU\ 7KH 1DWLYH $PHULFDQ YLHZSRLQW VKDOO EH
FRQVLGHUHGDQG1DWLYH$PHULFDQFRQVXOWDWLRQVKDOOEHLQLWLDWHGLQDFFRUGDQFHZLWK00$UFK
3UHYLRXVO\DGRSWHG00+LVWDQG00+LVWGRQRWUHTXLUHDGGLWLRQDOSURMHFWVSHFLILF
LPSOHPHQWDWLRQ7KRVHPHDVXUHVDGGUHVVHGDGDSWLYHUHXVHDQGSUHVHUYDWLRQRIWKHKLVWRULF
EOLPSKDQJDUVDQGKDYHSUHYLRXVO\EHHQLPSOHPHQWHG1HLWKHUEOLPSKDQJDULVORFDWHGZLWKLQ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
WKH3URMHFWVLWHDQGWKHIRUPHUEOLPSODQGLQJSDGZLWKLQWKHVLWHZDVSUHYLRXVO\UHPRYHG
SXUVXDQWWRWKHSULRUKLVWRULFUHVRXUFHWUHDWPHQWSURFHVV
,QWKHHYHQWKXPDQUHPDLQVDUHGLVFRYHUHGGXULQJ3URMHFWFRQVWUXFWLRQWKH3URMHFWVKDOO
FRPSO\ZLWKDSSOLFDEOHUHTXLUHPHQWVRI&DOLIRUQLD+HDOWKDQG6DIHW\&RGH6HFWLRQ
DQG 3XEOLF 5HVRXUFHV &RGH 6HFWLRQ LQFOXGLQJ FHVVDWLRQRI GLVWXUEDQFH LQ WKH
YLFLQLW\RIWKHGLVFRYHU\QRWLILFDWLRQRIWKH&RXQW\&RURQHUDQGZKHUHDSSOLFDEOHQRWLILFDWLRQ
RIWKH1DWLYH$PHULFDQ+HULWDJH&RPPLVVLRQDQGWUHDWPHQWRI1DWLYH$PHULFDQUHPDLQVLQ
DFFRUGDQFHZLWK6WDWHODZ
:LWK LPSOHPHQWDWLRQ RI SUHYLRXVO\ DGRSWHG00 $UFKDQGFRPSOLDQFHZLWKH[LVWLQJ
VWDWXWRU\UHTXLUHPHQWVJRYHUQLQJGLVFRYHU\RIKXPDQUHPDLQVQRQHZRUUHYLVHGPLWLJDWLRQ
PHDVXUHVDUHUHTXLUHGIRUFXOWXUDOUHVRXUFHV
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHVWKURXJK
WKURXJKDQGWKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
9, (1(5*<±:RXOGWKHSURMHFW
D 5HVXOW LQ SRWHQWLDOO\ VLJQLILFDQW HQYLURQPHQWDO LPSDFW GXH WR ZDVWHIXO
LQHIILFLHQWRUXQQHFHVVDU\FRQVXPSWLRQRIHQHUJ\UHVRXUFHVGXULQJSURMHFW
FRQVWUXFWLRQRURSHUDWLRQ"
E &RQIOLFWZLWKRUREVWUXFWDVWDWHRUORFDOSODQIRUUHQHZDEOHHQHUJ\RUHQHUJ\
HIILFLHQF\"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG -RKQ -RKQVRQ:D\ 7KH SURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQDQGLVZLWKLQWKHVFRSHRIGHYHORSPHQWHYDOXDWHGLQWKHFHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD
&RQVWUXFWLRQ RI WKH SURSRVHG 3URMHFW ZRXOG FRQVXPH HQHUJ\ SULPDULO\LQWKHIRUPRI
JDVROLQHDQGGLHVHOIXHODVVRFLDWHGZLWKFRQVWUXFWLRQHTXLSPHQWZRUNHUWULSVPDWHULDO
GHOLYHULHVDQGKDXOLQJ7HPSRUDU\HOHFWULFDOGHPDQGFRXOGDOVRUHVXOWIURPFRQVWUXFWLRQ
DFWLYLWLHV7KHVHHQHUJ\GHPDQGVZRXOGEHWHPSRUDU\DQGW\SLFDORIFRQVWUXFWLRQRID
SURMHFWRIWKLVW\SHDQGZRXOGQRWLQYROYHXQXVXDOFRQVWUXFWLRQSUDFWLFHVRUHTXLSPHQWWKDW
ZRXOGUHVXOWLQZDVWHIXOLQHIILFLHQWRUXQQHFHVVDU\FRQVXPSWLRQRIHQHUJ\
2SHUDWLRQRIWKHSURSRVHG3URMHFWZRXOGFRQVXPHHOHFWULFLW\DQGSRWHQWLDOO\QDWXUDOJDV
IRUEXLOGLQJOLJKWLQJKHDWLQJFRROLQJDQGRWKHUEXLOGLQJV\VWHPVDQGZRXOGUHVXOWLQ
WUDQVSRUWDWLRQUHODWHGIXHOFRQVXPSWLRQDVVRFLDWHGZLWKHPSOR\HHVYLVLWRUVDQGZRUVKLS
FHQWHU DFWLYLWLHV 7KH 6XSSOHPHQWDO (,5 HYDOXDWHG FRQVWUXFWLRQ DQG RSHUDWLRQDO
HQHUJ\XVHDVVRFLDWHGZLWKEXLOGRXWRIWKH7XVWLQ/HJDF\6SHFLILF3ODQDQGGHWHUPLQHG
WKDW HQHUJ\ FRQVXPSWLRQ ZRXOG QRW EH ZDVWHIXO LQHIILFLHQW RUXQQHFHVVDU\ )XWXUH
GHYHORSPHQW LV UHTXLUHG WR FRPSO\ ZLWK DSSOLFDEOH 7LWOH EXLOGLQJ HQHUJ\HIILFLHQF\
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
VWDQGDUGVDQGRWKHUDSSOLFDEOHHQHUJ\FRQVHUYDWLRQUHTXLUHPHQWVWKURXJKWKH&LW\¶VSODQ
FKHFNDQGSHUPLWWLQJSURFHVV
7KHSURSRVHG3URMHFWZRXOGVLPLODUO\EHUHTXLUHGWRFRPSO\ZLWKWKHDSSOLFDEOH&DOLIRUQLD
%XLOGLQJ(QHUJ\(IILFLHQF\6WDQGDUGVDQG&$/*UHHQUHTXLUHPHQWVLQHIIHFWDWWKHWLPHRI
EXLOGLQJ SHUPLW LVVXDQFH 7KH 3URMHFW ZRXOG QRW REVWUXFW RSSRUWXQLWLHV IRU UHQHZDEOH
HQHUJ\RUFRQIOLFWZLWKDQDSSOLFDEOH6WDWHRUORFDOSODQIRUUHQHZDEOHHQHUJ\RUHQHUJ\
HIILFLHQF\7KH6XSSOHPHQWDO(,5GHWHUPLQHGWKDWGHYHORSPHQWXQGHUWKH6SHFLILF
3ODQZRXOGUHVXOWLQOHVVWKDQVLJQLILFDQWLPSDFWVZLWKUHVSHFWWRERWKHQHUJ\FRQVXPSWLRQ
DQGFRQVLVWHQF\ZLWKUHQHZDEOHHQHUJ\DQGHQHUJ\HIILFLHQF\SODQV
$FFRUGLQJO\WKHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWHQHUJ\LPSDFWRUD
VXEVWDQWLDO LQFUHDVH LQWKH VHYHULW\ RI DQ LPSDFW SUHYLRXVO\ HYDOXDWHG LQ WKH FHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD7KHUHKDYHEHHQQRVXEVWDQWLDO
FKDQJHVWRWKH3URMHFWVXEVWDQWLDOFKDQJHVLQWKHFLUFXPVWDQFHVXQGHUZKLFKWKH3URMHFW
ZRXOGEHXQGHUWDNHQRUQHZLQIRUPDWLRQRIVXEVWDQWLDOLPSRUWDQFHWKDWZRXOGUHTXLUH
PDMRUUHYLVLRQVWRWKHSULRUHQYLURQPHQWDODQDO\VLVGXHWRDQHZVLJQLILFDQWHQHUJ\HIIHFW
RUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDSUHYLRXVO\LGHQWLILHGHIIHFW7KHUHIRUHQRQH
RIWKHFRQGLWLRQVLGHQWLILHGLQ&(4$*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRID
VXEVHTXHQW(,5DUHSUHVHQWZLWKUHVSHFWWRHQHUJ\
Mitigation/Monitoring Required: 1RQHZRUUHYLVHGPLWLJDWLRQPHDVXUHVDUHUHTXLUHG7KH
6XSSOHPHQWDO(,5GHWHUPLQHGWKDWHQHUJ\LPSDFWVZRXOGEHOHVVWKDQVLJQLILFDQWDQG
GLGQRWLGHQWLI\(QHUJ\VSHFLILFPLWLJDWLRQPHDVXUHV7KH3URMHFWZRXOGEHUHTXLUHGWRFRPSO\
ZLWKDSSOLFDEOH7LWOH%XLOGLQJ(QHUJ\(IILFLHQF\6WDQGDUGV&$/*UHHQUHTXLUHPHQWVDQG
RWKHUDSSOLFDEOHHQHUJ\HIILFLHQF\UHTXLUHPHQWVDVH[LVWLQJUHJXODWRU\UHTXLUHPHQWV$Q\
PLWLJDWLRQPHDVXUHVDSSOLFDEOHWRWKH3URMHFWXQGHUWKH*UHHQKRXVH*DV(PLVVLRQVDQDO\VLV
ZRXOGEHLPSOHPHQWHGVHSDUDWHO\LQDFFRUGDQFHZLWKWKHLUUHVSHFWLYHDSSOLFDELOLW\FULWHULD
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)6(,5 IRU 7XVWLQ /HJDF\ 6SHFLILF 3ODQ $PHQGPHQW 3DJHV
WKURXJK3DJHV
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
9,, *(2/2*<$1'62,/6±:RXOGWKHSURMHFW
D 'LUHFWO\RULQGLUHFWO\FDXVHSRWHQWLDOVXEVWDQWLDOHIIHFWVLQFOXGLQJWKHULVNRI
ORVVLQMXU\RUGHDWKLQYROYLQJ
L 5XSWXUHRIDNQRZQHDUWKTXDNHIDXOWDVGHOLQHDWHGRQWKHPRVWUHFHQW
$OTXLVW3ULROR (DUWKTXDNH )DXOW =RQLQJ PDS LVVXHG E\ WKH 6WDWH
*HRORJLVWIRUWKHDUHDRUEDVHGRQRWKHUVXEVWDQWLDOHYLGHQFHRIDNQRZQ
IDXOW"5HIHUWR'LYLVLRQRI0LQHVDQG*HRORJ\6SHFLDO3XEOLFDWLRQ
LL 6WURQJVHLVPLFJURXQGVKDNLQJ"
LLL 6HLVPLFUHODWHGJURXQGIDLOXUHLQFOXGLQJOLTXHIDFWLRQ"
LY /DQGVOLGHV"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
E 5HVXOWLQVXEVWDQWLDOVRLOHURVLRQRUWKHORVVRIWRSVRLORUORVVRIWRSVRLO"
F %HORFDWHGRQDJHRORJLFXQLWRUVRLOWKDWLVXQVWDEOHRUWKDWZRXOGEHFRPH
XQVWDEOH DV D UHVXOW RI WKH SURMHFW DQG SRWHQWLDOO\ UHVXOW LQRQ RU RIIVLWH
ODQGVOLGHODWHUDOVSUHDGLQJVXEVLGHQFHOLTXHIDFWLRQRUFROODSVH"
G %HORFDWHGRQH[SDQVLYHVRLODVGHILQHGLQ7DEOH%RIWKH8QLIRUP%XLOGLQJ
&RGH FUHDWLQJVXEVWDQWLDOULVNVWROLIHRUSURSHUW\"
H +DYH VRLOV LQFDSDEOH RI DGHTXDWHO\ VXSSRUWLQJ WKH XVH RI VHSWLF WDQNV RU
DOWHUQDWLYHZDVWHZDWHUGLVSRVDOV\VWHPVZKHUHVHZHUVDUHQRWDYDLODEOHIRUWKH
GLVSRVDORIZDVWHZDWHU"
I 'LUHFWO\RULQGLUHFWO\GHVWUR\DXQLTXHSDOHRQWRORJLFDOUHVRXUFHRUVLWHRUXQLTXH
JHRORJLFIHDWXUH"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG -RKQ -RKQVRQ :D\ 7KH SURSRVHG SURMHFW LV FRQVLVWHQW ZLWKWKH GHYHORSPHQW
FRQWHPSODWHGE\WKHDSSURYHG7XVWLQ/HJDF\6SHFLILF3ODQ
7KH FHUWLILHG )(,6(,5 LQGLFDWHV WKDW LPSDFWV WR VRLOV DQG JHRORJ\ UHVXOWLQJ IURP
LPSOHPHQWDWLRQRIWKH5HXVH3ODQDQG7XVWLQ/HJDF\6SHFLILF3ODQZRXOG³LQFOXGHQRQ
VHLVPLFKD]DUGV VXFKDVORFDOVHWWOHPHQWUHJLRQDOVXEVLGHQFHH[SDQVLYHVRLOVVORSH
LQVWDELOLW\ HURVLRQ DQG PXGIORZV DQG VHLVPLF KD]DUGV VXFK DV VXUIDFH IDXOW
GLVSODFHPHQW KLJKLQWHQVLW\ JURXQG VKDNLQJ JURXQG IDLOXUH DQG OXUFKLQJ VHLVPLFDOO\
LQGXFHGVHWWOHPHQWDQGIORRGLQJDVVRFLDWHGZLWKGDPIDLOXUH´7KH)(,6(,5FRQFOXGHG
WKDWFRPSOLDQFHZLWKDSSOLFDEOH6WDWHDQGORFDOUHTXLUHPHQWVWRJHWKHUZLWKHVWDEOLVKHG
JHRWHFKQLFDOHQJLQHHULQJSUDFWLFHVDQGGHVLJQVWDQGDUGVZRXOGDYRLGXQDFFHSWDEOHULVNV
DQGUHGXFHJHRORJ\DQGVRLOVLPSDFWVWROHVVWKDQVLJQLILFDQWOHYHOV
'HYHORSPHQWRIWKH3URMHFWZRXOGQRWDOWHUUHJLRQDOVHLVPLFFRQGLWLRQVRUH[SRVHWKHVLWH
WRDPDWHULDOO\GLIIHUHQWVHLVPLFKD]DUGWKDQHYDOXDWHGLQWKH)(,6(,5$VLVW\SLFDO
WKURXJKRXW6RXWKHUQ&DOLIRUQLDWKH3URMHFWFRXOGEHVXEMHFWWRVWURQJVHLVPLFJURXQG
VKDNLQJ IURP UHJLRQDO IDXOWV 3URMHFW VWUXFWXUHV ZRXOG EH UHTXLUHG WR FRPSO\ ZLWK
DSSOLFDEOH VHLVPLF GHVLJQ SURYLVLRQV RI WKH &DOLIRUQLD %XLOGLQJ &RGH DQG &LW\
UHTXLUHPHQWV7KH3URMHFWZRXOGWKHUHIRUHQRWUHVXOWLQDQHZVLJQLILFDQWVHLVPLFLPSDFW
RUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDQLPSDFWSUHYLRXVO\DQDO\]HG
7KH )(,6(,5 HYDOXDWHG WKH SRWHQWLDO IRU JURXQG IDLOXUH VHWWOHPHQW DQG UHODWHG
JHRWHFKQLFDOKD]DUGVDVVRFLDWHGZLWKGHYHORSPHQWRIWKHIRUPHU0&$67XVWLQSURSHUW\
7KHSURSRVHG3URMHFWGRHVQRWLQWURGXFHDW\SHRULQWHQVLW\RIGHYHORSPHQWWKDWZRXOG
E\ LWVHOI PDWHULDOO\ LQFUHDVH WKHVH JHRORJLF KD]DUGV FRPSDUHGZLWK GHYHORSPHQW
FRQWHPSODWHG E\ WKH 6SHFLILF 3ODQ 6LWHVSHFLILF IRXQGDWLRQ JUDGLQJ DQG RWKHU
JHRWHFKQLFDOGHVLJQUHTXLUHPHQWVZRXOGEHDGGUHVVHGWKURXJKDSSOLFDEOHEXLOGLQJDQG
JUDGLQJUHTXLUHPHQWV$FFRUGLQJO\WKH3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWLPSDFW
RUVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDSUHYLRXVO\LGHQWLILHGLPSDFWDVVRFLDWHGZLWK
OLTXHIDFWLRQODWHUDOVSUHDGLQJVHWWOHPHQWVXEVLGHQFHRURWKHUXQVWDEOHVRLOFRQGLWLRQV
7KH3URMHFWVLWHDQGVXUURXQGLQJ7XVWLQ/HJDF\DUHDDUHJHQHUDOO\GHYHORSHGRUJUDGHG
DQGGRQRWFRQWDLQWKHVWHHSQDWXUDOVORSHVW\SLFDOO\DVVRFLDWHGZLWKODQGVOLGHKD]DUGV
7KH3URMHFWZRXOGQRWFUHDWHVXEVWDQWLDOVORSHVRURWKHUZLVHLQWURGXFHFRQGLWLRQVWKDW
ZRXOGUHVXOWLQDQHZRUVXEVWDQWLDOO\PRUHVHYHUHODQGVOLGHKD]DUG
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
3URMHFW FRQVWUXFWLRQ ZRXOG LQYROYH JUDGLQJ DQG RWKHU JURXQG GLVWXUEDQFH WKDW FRXOG
WHPSRUDULO\H[SRVHVRLOVWRHURVLRQ&RQVWUXFWLRQZRXOGEHVXEMHFWWRDSSOLFDEOHJUDGLQJ
HURVLRQFRQWURODQGVWRUPZDWHUUHTXLUHPHQWV&RPSOLDQFHZLWKWKHVHUHTXLUHPHQWVZRXOG
FRQWUROFRQVWUXFWLRQUHODWHGHURVLRQDQGWKH3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQW
HURVLRQLPSDFWRUVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDQLPSDFWSUHYLRXVO\DQDO\]HG
7KHSRWHQWLDOIRUH[SDQVLYHRURWKHUZLVHXQVXLWDEOHVRLOVZDVHYDOXDWHGLQWKH)(,6(,5
7KH3URMHFWZRXOGEHVXEMHFWWRDSSOLFDEOHJHRWHFKQLFDOLQYHVWLJDWLRQJUDGLQJIRXQGDWLRQ
GHVLJQDQGEXLOGLQJUHTXLUHPHQWVDGGUHVVLQJVLWHVSHFLILFVRLOFRQGLWLRQV$FFRUGLQJO\
WKH3URMHFWZRXOGQRWFUHDWHDQHZVLJQLILFDQWLPSDFWRUVXEVWDQWLDOO\LQFUHDVHWKHVHYHULW\
RIDQLPSDFWSUHYLRXVO\LGHQWLILHGZLWKUHVSHFWWRH[SDQVLYHVRLOV
7KH3URMHFWZRXOGEHVHUYHGE\WKHH[LVWLQJSODQQHGSXEOLFVHZHUV\VWHPDQGGRHVQRW
SURSRVHVHSWLFWDQNVRUDOWHUQDWLYHRQVLWHZDVWHZDWHUGLVSRVDOV\VWHPV7KHUHIRUHWKLV
WKUHVKROGLVQRWDSSOLFDEOHWRWKH3URMHFW
7KHSRWHQWLDOIRUGLVWXUEDQFHRISDOHRQWRORJLFDOUHVRXUFHVDVVRFLDWHGZLWKGHYHORSPHQWRI
WKH IRUPHU 0&$6 7XVWLQ SURSHUW\ ZDV DGGUHVVHG LQ WKH SULRU HQYLURQPHQWDO UHYLHZ
$OWKRXJKWKH3URMHFWVLWHKDVSUHYLRXVO\EHHQGLVWXUEHGDQGJUDGHG3URMHFWFRQVWUXFWLRQ
FRXOGLQFOXGHVXEVXUIDFHGLVWXUEDQFHDVVRFLDWHGZLWKEXLOGLQJIRXQGDWLRQVXWLOLWLHVDQG
RWKHULPSURYHPHQWV7KH3URMHFWGRHVQRWSUHVHQWHYLGHQFHRIJHRORJLFFRQGLWLRQVRU
H[FDYDWLRQDFWLYLWLHVWKDWZRXOGUHVXOWLQDQHZVLJQLILFDQWSDOHRQWRORJLFDOUHVRXUFHLPSDFW
RUVXEVWDQWLDOO\LQFUHDVHWKHVHYHULW\RIDQLPSDFWSUHYLRXVO\DQDO\]HG
%DVHG RQ WKH IRUHJRLQJ WKH SRWHQWLDO IRU GLVWXUEDQFH RI SDOHRQWRORJLFDO UHVRXUFHV
DVVRFLDWHGZLWKGHYHORSPHQWRIWKHIRUPHU0&$67XVWLQSURSHUW\ZDVDGGUHVVHGLQWKH
SULRUHQYLURQPHQWDOUHYLHZ$OWKRXJKWKH3URMHFWVLWHKDVSUHYLRXVO\EHHQGLVWXUEHGDQG
JUDGHG 3URMHFW FRQVWUXFWLRQ FRXOG LQFOXGH VXEVXUIDFH GLVWXUEDQFH DVVRFLDWHG ZLWK
EXLOGLQJIRXQGDWLRQVXWLOLWLHVDQGRWKHULPSURYHPHQWV 7KH)6(,5IRUWKH7XVWLQ
/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQWOLNHZLVHGLGQRWLGHQWLI\QHZVLJQLILFDQWJHRORJ\
DQGVRLOVLPSDFWVUHTXLULQJDGGLWLRQDOPLWLJDWLRQ7KHUHIRUHZLWKUHVSHFWWRJHRORJ\DQG
VRLOV QRQH RI WKH FRQGLWLRQV LGHQWLILHG LQ &(4$ *XLGHOLQHV 6HFWLRQ UHTXLULQJ
SUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQW6SHFLILFDOO\WKHUHKDYHEHHQQRVXEVWDQWLDO
FKDQJHVWRWKH3URMHFWRUWKHFLUFXPVWDQFHVXQGHUZKLFKLWZRXOGEHXQGHUWDNHQWKDW
ZRXOGUHTXLUHPDMRUUHYLVLRQVWRWKHSUHYLRXV(,5GXHWRQHZVLJQLILFDQWHQYLURQPHQWDO
HIIHFWVRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGHIIHFWVDQGQRQHZ
LQIRUPDWLRQ RI VXEVWDQWLDO LPSRUWDQFH KDV EHHQ LGHQWLILHG WKDWZRXOG WULJJHU IXUWKHU
HQYLURQPHQWDOUHYLHZXQGHU6HFWLRQ
Mitigation/Monitoring Required:$VLGHQWLILHGLQWKH)(,6(,5QRQHZPLWLJDWLRQPHDVXUHV
DUHUHTXLUHG3RWHQWLDOJHRORJLFDQGVRLOVKD]DUGVZRXOGEHDGGUHVVHGWKURXJKFRPSOLDQFH
ZLWK DSSOLFDEOH EXLOGLQJ JUDGLQJ VHLVPLFGHVLJQ HURVLRQFRQWURO DQG RWKHU UHJXODWRU\
UHTXLUHPHQWVFRQVLVWHQWZLWKWKHFRQFOXVLRQVRIWKHSULRUHQYLURQPHQWDOUHYLHZ
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHVWKURXJK
WKURXJKDQGWKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 1RQHZ
LPSDFWV
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
9,,, *5((1+286(*$6(0,66,216±:RXOGWKHSURMHFW
D *HQHUDWHJUHHQKRXVHJDVHPLVVLRQVHLWKHUGLUHFWO\RULQGLUHFWO\WKDWPD\KDYH
DVLJQLILFDQWLPSDFWRQWKHHQYLURQPHQW"
E &RQIOLFWZLWKDQDSSOLFDEOHSODQSROLF\RUUHJXODWLRQDGRSWHGIRUWKHSXUSRVHRI
UHGXFLQJWKHHPLVVLRQVRIJUHHQKRXVHJDVHV"
7KH SURSRVHG SURMHFW FRQVLVWV RI WKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI D QHZ WZRVWRU\
DVVHPEO\ XVH FRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHVPHHWLQJVSDFHVDQGVHUYLFHDUHDVZLWKRQVLWHSDUNLQJVSDFHVDQGODQGVFDSLQJ
LPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\DQG-RKQ
-RKQVRQ:D\7KHSURSRVHGXVHLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ/HJDF\6SHFLILF
3ODQZKLFKDOVRDOORZVIRUFRPPHUFLDOUHWDLOLQVWLWXWLRQDOXVHVDQGRWKHUXVHVZLWKLQWKH
7XVWLQ/HJDF\$UHD
7KH FHUWLILHG )(,6(,5 GLG QRW VHSDUDWHO\ HYDOXDWH JUHHQKRXVH JDV *+* HPLVVLRQV
EHFDXVH*+*HPLVVLRQVZHUHQRWLQFOXGHGDVDVHSDUDWH&(4$HQYLURQPHQWDOWRSLFDW
WKHWLPHWKH)(,6(,5ZDVSUHSDUHG6XEVHTXHQWHQYLURQPHQWDOUHYLHZIRUWKH7XVWLQ
/HJDF\ 6SHFLILF 3ODQ HYDOXDWHG *+* HPLVVLRQV DVVRFLDWHG ZLWK GHYHORSPHQW RI WKH
6SHFLILF3ODQDUHDLQFOXGLQJHPLVVLRQVJHQHUDWHGGLUHFWO\IURPPRELOHDQGDUHDVRXUFHV
DQGLQGLUHFWO\IURPEXLOGLQJHQHUJ\XVHZDWHUFRQVXPSWLRQZDVWHZDWHUWUHDWPHQWDQG
VROLGZDVWHJHQHUDWLRQ
7KH6XSSOHPHQWDO(,5HYDOXDWHG*+*HPLVVLRQVDVVRFLDWHGZLWKWKHWKHQSURSRVHG
PRGLILFDWLRQV WR WKH 7XVWLQ /HJDF\ 6SHFLILF 3ODQ 7KDW DQDO\VLV GHWHUPLQHG WKDW
GHYHORSPHQWXQGHUWKH6SHFLILF3ODQZRXOGJHQHUDWH*+*HPLVVLRQVIURPYHKLFOHWULSV
DUHDVRXUFHVEXLOGLQJHQHUJ\FRQVXPSWLRQZDWHUXVHZDVWHZDWHUJHQHUDWLRQDQGVROLG
ZDVWHGLVSRVDO7KH6XSSOHPHQWDO(,5DOVRGHWHUPLQHGWKDWWKHPRGLILHGGHYHORSPHQW
SURJUDPZRXOGJHQHUDWH*+*HPLVVLRQVDWDORZHUUDWHWKDQGHYHORSPHQWXQGHUWKH
SUHYLRXVO\DGRSWHG6SHFLILF3ODQ6XEVHTXHQWHQYLURQPHQWDOUHYLHZLQFOXGLQJWKH
7XVWLQ /HJDF\ 6SHFLILF 3ODQ $PHQGPHQW 6(,5 IXUWKHU HYDOXDWHG FKDQJHV WR WKH
GHYHORSPHQWSURJUDPDQGGLGQRWLGHQWLI\DQHZRUVXEVWDQWLDOO\PRUHVHYHUH*+*LPSDFW
UHTXLULQJDGGLWLRQDOSURMHFWOHYHOHQYLURQPHQWDOUHYLHZIRUGHYHORSPHQWFRQVLVWHQWZLWKWKH
6SHFLILF3ODQ
7KHSURSRVHG3URMHFWLVDVLWHVSHFLILFGHYHORSPHQWLPSOHPHQWLQJODQGXVHVFRQWHPSODWHG
E\WKHDSSURYHG7XVWLQ/HJDF\6SHFLILF3ODQ&RQVWUXFWLRQZRXOGJHQHUDWHWHPSRUDU\*+*
HPLVVLRQVIURPFRQVWUXFWLRQHTXLSPHQWZRUNHUDQGYHQGRUWULSVDQGPDWHULDOWUDQVSRUW
2SHUDWLRQZRXOGJHQHUDWHGLUHFWDQGLQGLUHFW*+*HPLVVLRQVDVVRFLDWHGSULPDULO\ZLWK
YHKLFOH WULSV EXLOGLQJ HQHUJ\ XVH ODQGVFDSLQJ DQG RWKHU DUHDVRXUFHV ZDWHU XVH
ZDVWHZDWHUWUHDWPHQWDQGVROLGZDVWHJHQHUDWLRQ7KHVHHPLVVLRQVVRXUFHVDUHRIWKH
VDPHJHQHUDOW\SHVHYDOXDWHGLQWKHSULRUHQYLURQPHQWDOUHYLHZIRUGHYHORSPHQWRIWKH
7XVWLQ/HJDF\6SHFLILF3ODQ
7KH SURSRVHG 3URMHFW ZRXOG QRW VXEVWDQWLDOO\ LQFUHDVH WKH DPRXQW RU LQWHQVLW\ RI
GHYHORSPHQWFRQWHPSODWHGIRUWKHVLWHXQGHUWKHDSSURYHG6SHFLILF3ODQ$FFRUGLQJO\WKH
3URMHFW ZRXOG QRW UHVXOW LQ D QHZ VLJQLILFDQW *+* HPLVVLRQV LPSDFWRUDVXEVWDQWLDO
LQFUHDVH LQ WKH VHYHULW\ RI D *+* HPLVVLRQV LPSDFW SUHYLRXVO\ HYDOXDWHG LQ WKH
6XSSOHPHQWDO(,5VDQGRWKHUVXEVHTXHQWHQYLURQPHQWDOGRFXPHQWDWLRQ
:LWKUHVSHFWWRFRQVLVWHQF\ZLWKDSSOLFDEOH*+*UHGXFWLRQSODQVSROLFLHVDQGUHJXODWLRQV
WKH3URMHFWZRXOGEHVXEMHFWWRDSSOLFDEOH6WDWHDQGORFDOUHTXLUHPHQWVLQWHQGHGWRUHGXFH
*+* HPLVVLRQV IURP QHZ GHYHORSPHQW LQFOXGLQJ FXUUHQW EXLOGLQJHQHUJ\HIILFLHQF\
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
UHQHZDEOH HQHUJ\ ZDWHUHIILFLHQF\ ZDVWHUHGXFWLRQ DQG WUDQVSRUWDWLRQUHODWHG
UHTXLUHPHQWVDVDSSOLFDEOH7KHSURSRVHG3URMHFWGRHVQRWLQYROYHDFKDQJHLQODQGXVH
RUGHYHORSPHQWLQWHQVLW\WKDWZRXOGEDVHGRQWKHLQIRUPDWLRQSUHVHQWO\DYDLODEOHFDXVH
GHYHORSPHQW RI WKH VLWH WR FRQIOLFW ZLWK DQ DSSOLFDEOH *+* UHGXFWLRQ SODQ SROLF\ RU
UHJXODWLRQ EH\RQG WKH HIIHFWV SUHYLRXVO\ HYDOXDWHG IRU GHYHORSPHQW XQGHU WKH 7XVWLQ
/HJDF\6SHFLILF3ODQ
7KHUHIRUHWKHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQW*+*HPLVVLRQV
LPSDFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDVLJQLILFDQW*+*LPSDFWSUHYLRXVO\
HYDOXDWHGLQWKHDSSOLFDEOHSULRUHQYLURQPHQWDOGRFXPHQWV7KH3URMHFWDOVRZRXOGQRW
UHVXOWLQDQHZVLJQLILFDQWFRQIOLFWZLWKDQDSSOLFDEOHSODQSROLF\RUUHJXODWLRQDGRSWHGIRU
WKHSXUSRVHRIUHGXFLQJ*+*HPLVVLRQV
Mitigation/Monitoring Required: 7KHRULJLQDO)(,6(,5GLGQRWDGRSW*+*VSHFLILFPLWLJDWLRQ
PHDVXUHV EHFDXVH *+* HPLVVLRQV ZHUH QRW VHSDUDWHO\ HYDOXDWHG DVD&(4$
HQYLURQPHQWDOWRSLFDWWKHWLPHWKDWGRFXPHQWZDVSUHSDUHG 1RQHZRUUHYLVHGPLWLJDWLRQ
PHDVXUHVZRXOGEHUHTXLUHGXQOHVVWKHDSSOLFDEOHSULRU*+*PLWLJDWLRQPHDVXUHVRU
FRQGLWLRQVUHTXLUHSURMHFWOHYHOLPSOHPHQWDWLRQ
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)6(,5 IRU 7XVWLQ /HJDF\ 6SHFLILF 3ODQ $PHQGPHQW 3DJHV
WKURXJK3DJHV
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
,; +$=$5'6$1'+$=$5'2860$7(5,$/6±:RXOGWKHSURMHFW
D &UHDWHDVLJQLILFDQWKD]DUGWRWKHSXEOLFRUWKHHQYLURQPHQWWKURXJKWKHURXWLQH
WUDQVSRUWXVHRUGLVSRVDORIKD]DUGRXVPDWHULDOV"
E &UHDWHDVLJQLILFDQWKD]DUGWRWKHSXEOLFRUWKHHQYLURQPHQWWKURXJKUHDVRQDEOH
IRUHVHHDEOHXSVHWDQGDFFLGHQWFRQGLWLRQVLQYROYLQJWKHUHOHDVHRIKD]DUGRXV
PDWHULDOVLQWRWKHHQYLURQPHQW"
F (PLWKD]DUGRXVHPLVVLRQVRUKDQGOHKD]DUGRXVRUDFXWHO\KD]DUGRXVPDWHULDOV
VXEVWDQFHVRUZDVWHZLWKLQRQHTXDUWHUPLOHRIDQH[LVWLQJRUSURSRVHGVFKRRO"
G %HORFDWHGRQDVLWHZKLFKLVLQFOXGHGRQDOLVWRIKD]DUGRXVPDWHULDOVVLWHV
FRPSLOHGSXUVXDQWWR*RYHUQPHQWFRGH6HFWLRQ DQGDVDUHVXOWZRXOG
LWFUHDWHDVLJQLILFDQWKD]DUGWRWKHSXEOLFRUWKHHQYLURQPHQW"
H )RUDSURMHFWORFDWHGZLWKLQDQDLUSRUWODQGXVHSODQRUZKHUHVXFKDSODQKDV
QRWEHHQDGRSWHGZLWKLQWZRPLOHVRUDSXEOLFDLUSRUWRUSXEOLFXVHDLUSRUW
ZRXOGWKHSURMHFWUHVXOWLQDVDIHW\KD]DUGIRUSHRSOHUHVLGLQJRUZRUNLQJLQWKH
SURMHFWDUHD"
I ,PSDLULPSOHPHQWDWLRQRIRUSK\VLFDOO\LQWHUIHUHZLWKDQDGRSWHGHPHUJHQF\
UHVSRQVHSODQRUHPHUJHQF\HYDFXDWLRQSODQ"
J ([SRVH SHRSOH RU VWUXFWXUHV WR D VLJQLILFDQW ULVN RI ORVV LQMXU\ RU GHDWK
LQYROYLQJZLOGODQGILUHVLQFOXGLQJZKHUHZLOGODQGVDUHDGMDFHQWWRXUEDQL]HG
DUHDVRUZKHUHUHVLGHQFHVDUHLQWHUPL[HGZLWKZLOGODQGV"
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQDQGLVZLWKLQWKHVFRSHRIGHYHORSPHQWHYDOXDWHGLQWKHFHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD
&RQVWUXFWLRQDQGRSHUDWLRQRIWKHSURSRVHGZRUVKLSFHQWHUZRXOGLQYROYHOLPLWHGTXDQWLWLHV
RIIXHOVSDLQWVVROYHQWVFOHDQLQJSURGXFWVODQGVFDSLQJPDWHULDOVDQGRWKHUKD]DUGRXV
PDWHULDOVW\SLFDORIFRQVWUXFWLRQDQGQRQUHVLGHQWLDOXVHV7KH3URMHFWZRXOGQRWLQYROYH
LQGXVWULDO DFWLYLWLHV RU WKH URXWLQH XVH VWRUDJH WUDQVSRUW RU GLVSRVDO RI VXEVWDQWLDO
TXDQWLWLHVRIDFXWHO\KD]DUGRXVPDWHULDOV6XFKPDWHULDOVZRXOGEHKDQGOHGLQDFFRUGDQFH
ZLWKDSSOLFDEOHIHGHUDO6WDWHDQGORFDOUHJXODWLRQV$FFRUGLQJO\WKH3URMHFWZRXOGQRW
FUHDWH D VLJQLILFDQW KD]DUG WKURXJK URXWLQH KD]DUGRXV PDWHULDOV XVH RU UHDVRQDEO\
IRUHVHHDEOHXSVHWRUDFFLGHQWFRQGLWLRQV
7KH IRUPHU 0&$6 7XVWLQ SURSHUW\ LV VXEMHFW WR DQ HVWDEOLVKHG IHGHUDO DQG 6WDWH
UHPHGLDWLRQ SURJUDP DGGUHVVLQJ SUHYLRXVO\ LGHQWLILHG FRQWDPLQDWLRQ 7KH
6XSSOHPHQWDO(,5GHWHUPLQHGWKDWQRQHZKD]DUGRXVPDWHULDOVVLWHVKDGEHHQLGHQWLILHG
ZLWKLQWKH7XVWLQ/HJDF\DUHDVLQFHWKHSULRUHQYLURQPHQWDOUHYLHZDQGWKDWSUHYLRXVO\
LGHQWLILHG PLOLWDU\ FOHDQXS VLWHV FRQWLQXH WR EH PDQDJHG XQGHUUHJXODWRU\ RYHUVLJKW
LQFOXGLQJRYHUVLJKWE\WKH'HSDUWPHQWRI7R[LF6XEVWDQFHV&RQWURODQG5HJLRQDO:DWHU
4XDOLW\&RQWURO%RDUG$Q\UHPHGLDWLRQUHTXLUHPHQWVDSSOLFDEOHWRWKH3URMHFWVLWHZRXOG
FRQWLQXH WR DSSO\ SULRU WR RU LQ FRQMXQFWLRQ ZLWK GHYHORSPHQWDV UHTXLUHG E\ WKH
UHVSRQVLEOHUHJXODWRU\DJHQFLHV$FFRUGLQJO\GHYHORSPHQWRIWKH3URMHFWZRXOGQRWUHVXOW
LQ D QHZ RU VXEVWDQWLDOO\ PRUH VHYHUH KD]DUGRXV PDWHULDOV LPSDFW DVVRFLDWHG ZLWK
SUHYLRXVO\LGHQWLILHGFRQWDPLQDWLRQ
7KHSURSRVHGDVVHPEO\XVHZRXOGQRWLQYROYHDFWLYLWLHVH[SHFWHGWRHPLWVXEVWDQWLDO
KD]DUGRXVHPLVVLRQVRUKDQGOHVXEVWDQWLDOTXDQWLWLHVRIKD]DUGRXVRUDFXWHO\KD]DUGRXV
PDWHULDOV7KHUHIRUHWKH3URMHFWZRXOGQRWUHVXOWLQDVLJQLILFDQWKD]DUGWRDQH[LVWLQJRU
SURSRVHGVFKRROZLWKLQRQHTXDUWHUPLOHRIWKH3URMHFWVLWHLIDQ\7KH6XSSOHPHQWDO
(,5 VLPLODUO\ GHWHUPLQHG WKDW UHVLGHQWLDO FRPPHUFLDO LQVWLWXWLRQDO DQG RSHQVSDFH
GHYHORSPHQWZLWKLQ7XVWLQ/HJDF\ZRXOGQRWUHVXOWLQVLJQLILFDQWVFKRROUHODWHGKD]DUGRXV
PDWHULDOVLPSDFWVZLWKFRPSOLDQFHZLWKH[LVWLQJUHJXODWLRQV
7KH3URMHFWVLWHLVORFDWHGZLWKLQWKH$LUSRUW(QYLURQV/DQG8VH3ODQDUHDIRU-RKQ:D\QH
$LUSRUWEXWLVDSSUR[LPDWHO\IRXUPLOHVIURPWKHDLUSRUW)XWXUHGHYHORSPHQWZLWKLQ7XVWLQ
/HJDF\LVVXEMHFWWRDSSOLFDEOH)HGHUDO$YLDWLRQ$GPLQLVWUDWLRQKHLJKWUHVWULFWLRQVDQG
$LUSRUW/DQG8VH&RPPLVVLRQUHYLHZZKHUHUHTXLUHG7KHSURSRVHGWZRVWRU\3URMHFW
ZRXOGQRWLQWURGXFHDQDLUSRUWUHODWHGVDIHW\KD]DUGEH\RQGWKRVHSUHYLRXVO\HYDOXDWHG
7KH 3URMHFW ZRXOG XWLOL]H WKH H[LVWLQJ DQG SODQQHG FLUFXODWLRQV\VWHP VHUYLQJ 7XVWLQ
/HJDF\ DQG ZRXOG QRW SK\VLFDOO\ LQWHUIHUH ZLWK DQ DGRSWHG HPHUJHQF\ UHVSRQVH RU
HYDFXDWLRQSODQ3URMHFWDFFHVVDQGFLUFXODWLRQZRXOGEHUHYLHZHGWKURXJKWKH&LW\¶V
GHYHORSPHQWUHYLHZSURFHVVDQGE\WKH2UDQJH&RXQW\)LUH$XWKRULW\DVDSSOLFDEOHWR
HQVXUHDGHTXDWHHPHUJHQF\DFFHVV
7KH3URMHFWVLWHLVORFDWHGZLWKLQWKHXUEDQL]HG7XVWLQ/HJDF\DUHDDQGLVQRWZLWKLQRU
QHDUD6WDWH5HVSRQVLELOLW\$UHDRUODQGFODVVLILHGDVD9HU\+LJK)LUH+D]DUG6HYHULW\
=RQH$FFRUGLQJO\WKH3URMHFWZRXOGQRWH[SRVHSHRSOHRUVWUXFWXUHVWRDQHZVLJQLILFDQW
ZLOGODQGILUHKD]DUG
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
%DVHGRQWKHIRUHJRLQJWKHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWKD]DUGV
RU KD]DUGRXVPDWHULDOV LPSDFW RU D VXEVWDQWLDO LQFUHDVH LQ WKHVHYHULW\ RI DQ LPSDFW
SUHYLRXVO\ HYDOXDWHG LQ WKH FHUWLILHG )(,6(,5 DQG VXEVHTXHQW 6XSSOHPHQWV DQG
$GGHQGD7KHUHKDYHEHHQQRVXEVWDQWLDOFKDQJHVWRWKH3URMHFWVXEVWDQWLDOFKDQJHVLQ
WKHFLUFXPVWDQFHVXQGHUZKLFKWKH3URMHFWZRXOGEHXQGHUWDNHQRUQHZLQIRUPDWLRQRI
VXEVWDQWLDO LPSRUWDQFH WKDW ZRXOG UHTXLUH PDMRU UHYLVLRQV WR WKH SULRU HQYLURQPHQWDO
DQDO\VLVGXHWRDQHZVLJQLILFDQWKD]DUGVRUKD]DUGRXVPDWHULDOVHIIHFWRUDVXEVWDQWLDO
LQFUHDVHLQWKHVHYHULW\RIDSUHYLRXVO\LGHQWLILHGHIIHFW7KHUHIRUHQRQHRIWKHFRQGLWLRQV
LGHQWLILHGLQ&(4$*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5
DUHSUHVHQWZLWKUHVSHFWWRKD]DUGVDQGKD]DUGRXVPDWHULDOV
Mitigation/Monitoring Required:$VLGHQWLILHGLQWKH)(,6(,5FRPSOLDQFHZLWKH[LVWLQJUXOHV
DQGUHJXODWLRQVZRXOGDYRLGWKHFUHDWLRQRISRWHQWLDOLPSDFWV1RPLWLJDWLRQLVUHTXLUHG
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQSDJHV WKURXJK
WKURXJKDQGWKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 1RQHZ
LPSDFWV
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
)LQGLQJRI6XLWDELOLW\WR7UDQVIHU )267 0&$67XVWLQ
7XVWLQ*HQHUDO3ODQ
; +<'52/2*<$1':$7(548$/,7<±:RXOGWKHSURMHFW
D 9LRODWH DQ\ ZDWHU TXDOLW\ VWDQGDUGV RU ZDVWH GLVFKDUJH UHTXLUHPHQWV RU
RWKHUZLVHVXEVWDQWLDOO\GHJUDGHVXUIDFHRUJURXQGZDWHUTXDOLW\"
E 6XEVWDQWLDOO\ GHFUHDVH JURXQGZDWHU VXSSOLHV RU LQWHUIHUH VXEVWDQWLDOO\ ZLWK
JURXQGZDWHU UHFKDUJH VXFK WKDW WKH SURMHFW PD\ LPSHGH VXVWDLQDEOH
JURXQGZDWHUPDQDJHPHQWRIWKHEDVLQ"
F 6XEVWDQWLDOO\DOWHUWKHH[LVWLQJGUDLQDJHSDWWHUQRIWKHVLWHRUDUHDLQFOXGLQJ
WKURXJKWKHDOWHUDWLRQRIWKHFRXUVHRIDVWUHDPRUULYHULQDPDQQHUZKLFKZRXOG
UHVXOWLQIORRGLQJRQRURIIVLWH"
G 6XEVWDQWLDOO\DOWHUWKHH[LVWLQJGUDLQDJHSDWWHUQRIWKHVLWHRUDUHDLQFOXGLQJ
WKURXJKWKHDOWHUDWLRQRIWKHFRXUVHRIDVWUHDPRUULYHURUWKURXJKWKHDOWHUDWLRQ
RIWKHDGGLWLRQRILPSHUYLRXVVXUIDFHVLQDPDQQHUZKLFKZRXOG
L 5HVXOWLQVXEVWDQWLDOHURVLRQRUVLOWDWLRQRQRURIIVLWH
LL 6XEVWDQWLDOO\LQFUHDVHWKHUDWHRUDPRXQWRIVXUIDFHUXQRIILQIORRGLQJ
RQRURIIVLWH
LLL &UHDWHRUFRQWULEXWHUXQRIIZDWHUZKLFKZRXOGH[FHHGWKHFDSDFLW\RI
H[LVWLQJRUSODQQHGVWRUPZDWHUGUDLQDJHV\VWHPVRUSURYLGHVXEVWDQWLDO
DGGLWLRQDOVRXUFHVRISROOXWHGUXQRII RU
LY ,PSHGHRUUHGLUHFWIORRGIORZV"
H &RQIOLFW ZLWK RU REVWUXFW LPSOHPHQWDWLRQ RI D ZDWHU TXDOLW\FRQWURO SODQ RU
VXVWDLQDEOHJURXQGZDWHUPDQDJHPHQWSODQ"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQDQGLVZLWKLQWKHVFRSHRIGHYHORSPHQWHYDOXDWHGLQWKHFHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD
$UHYLVHGSUHOLPLQDU\:DWHU4XDOLW\0DQDJHPHQW3ODQ S:403 GDWHG-XQHZDV
VXEPLWWHGLQFRQMXQFWLRQZLWKWKHSURSRVHGSURMHFWDSSOLFDWLRQDQGSURYLGHVSURMHFWVSHFLILF
VLWHGHVLJQVWUDWHJLHVSROOXWLRQFRQWUROPHDVXUHVZDWHUIORZVDQGORQJWHUPPDLQWHQDQFH
UXOHVWRPDQDJHVWRUPZDWHUUXQRII0DWHULDOVKDYHEHHQUHYLHZHGIRUFRQVLVWHQF\ZLWKWKH
LQWHQW RI WKH RULJLQDO 6XE $UHD 0DVWHU 3ODQ 6$03 DQG WKH SURSRVHG SURMHFW ZDV
GHWHUPLQHGWRPHHWDOO,UYLQH5DQFK:DWHU'LVWULFW ,5:' RSHUDWLRQDOFULWHULD
&RQVWUXFWLRQRSHUDWLRQVZRXOGEHUHTXLUHGWRFRPSO\ZLWKWKH7RWDO0D[LPXP'DLO\/RDG
70'/ IRUWKH1HZSRUW%D\ZDWHUVKHGWKDWUHTXLUHVFRPSOLDQFHZLWKWKH'UDLQDJH$UHD
0DVWHU3ODQ '$03 DQG1DWLRQDO3ROOXWLRQ'LVFKDUJH(OLPLQDWLRQ6\VWHP 13'(6 DQG
WKHLPSOHPHQWDWLRQRIVSHFLILFEHVWPDQDJHPHQWSUDFWLFHV %03 &RPSOLDQFHZLWKVWDWH
DQGORFDOUHJXODWLRQVDQGVWDQGDUGVDORQJZLWKHVWDEOLVKHGHQJLQHHULQJSURFHGXUHVDQG
WHFKQLTXHVZRXOGDYRLGXQDFFHSWDEOHULVNRUWKHFUHDWLRQRIVLJQLILFDQWLPSDFWVUHODWHGWR
VXFK KD]DUGV &RQVHTXHQWO\ QR VXEVWDQWLDO FKDQJH LV H[SHFWHGIURP WKH DQDO\VLV
SUHYLRXVO\FRPSOHWHGLQWKH)(,6(,5IRU0&$67XVWLQ
7KH 3URMHFW GRHV QRW SURSRVH JURXQGZDWHU H[WUDFWLRQ RU RWKHU DFWLYLWLHV WKDW ZRXOG
VXEVWDQWLDOO\GHFUHDVHJURXQGZDWHUVXSSOLHVRUVXEVWDQWLDOO\LQWHUIHUHZLWKJURXQGZDWHU
UHFKDUJHVXFKWKDWLPSOHPHQWDWLRQRIWKH3URMHFWZRXOGLPSHGHVXVWDLQDEOHJURXQGZDWHU
PDQDJHPHQWRIWKHEDVLQ'HYHORSPHQWRIWKHVLWHZLWKWKHSURSRVHGDVVHPEO\XVHZRXOG
WKHUHIRUHQRWUHVXOWLQDQHZVLJQLILFDQWJURXQGZDWHULPSDFWRUDVXEVWDQWLDOLQFUHDVHLQ
WKHVHYHULW\RIDJURXQGZDWHULPSDFWSUHYLRXVO\HYDOXDWHG
$OWKRXJK GHYHORSPHQW ZRXOG PRGLI\ H[LVWLQJ VLWH GUDLQDJH FKDUDFWHULVWLFV 3URMHFW
GUDLQDJHIDFLOLWLHVZRXOGEHGHVLJQHGWRPDQDJHUXQRIILQDFFRUGDQFHZLWKWKHDSSOLFDEOH
GUDLQDJH V\VWHP PDVWHU GUDLQDJH SODQQLQJ 3URMHFW :403 DQG &LW\ DQG ,5:'
UHTXLUHPHQWV$FFRUGLQJO\WKH3URMHFWZRXOGQRWVXEVWDQWLDOO\DOWHUGUDLQDJHSDWWHUQVLQD
PDQQHUWKDWZRXOGFDXVHVXEVWDQWLDOHURVLRQRUVLOWDWLRQRQRURIIVLWHUHVXOWLQVXEVWDQWLDO
IORRGLQJ FUHDWH RU FRQWULEXWH UXQRII H[FHHGLQJ WKH FDSDFLW\ RI H[LVWLQJ RU SODQQHG
VWRUPZDWHUGUDLQDJHV\VWHPVSURYLGHVXEVWDQWLDODGGLWLRQDOVRXUFHVRISROOXWHGUXQRIIRU
LPSHGHRUUHGLUHFWIORRGIORZV
7KH3URMHFWVLWHLVQRWORFDWHGZLWKLQD\HDUIORRGKD]DUGDUHD7KH3URMHFWZRXOGQRW
H[SRVH SHRSOH RU VWUXFWXUHV WR D QHZ RU VXEVWDQWLDOO\ PRUH VHYHUH IORRGLQJ KD]DUG
DVVRFLDWHGZLWKIDLOXUHRIDOHYHHRUGDPDQGLVQRWVXEMHFWWRVXEVWDQWLDOLQXQGDWLRQ
KD]DUGVDVVRFLDWHGZLWKVHLFKHWVXQDPLRUPXGIORZ$FFRUGLQJO\WKH3URMHFWZRXOGQRW
UHVXOW LQ QHZ RU VXEVWDQWLDOO\ PRUH VHYHUH IORRGLQJ LPSDFWV FRPSDUHG ZLWK WKRVH
SUHYLRXVO\HYDOXDWHG
7KH3URMHFWZRXOGDOVREHUHTXLUHGWRFRPSO\ZLWKDSSOLFDEOHZDWHUTXDOLW\DQGVWRUPZDWHU
UHJXODWLRQVDQGZRXOGQRWFRQIOLFWZLWKRUREVWUXFWLPSOHPHQWDWLRQRIDQDSSOLFDEOHZDWHU
TXDOLW\FRQWUROSODQ%HFDXVHWKH3URMHFWGRHVQRWSURSRVHJURXQGZDWHUH[WUDFWLRQRURWKHU
DFWLYLWLHVWKDWZRXOGVXEVWDQWLDOO\DIIHFWJURXQGZDWHUVXSSOLHVRUUHFKDUJHLWZRXOGQRW
FRQIOLFW ZLWK RU REVWUXFW LPSOHPHQWDWLRQ RI DQ DSSOLFDEOH VXVWDLQDEOH JURXQGZDWHU
PDQDJHPHQWSODQ
%DVHG RQ WKH IRUHJRLQJ WKH SURSRVHG 3URMHFW ZRXOG QRW UHVXOWLQDQHZVLJQLILFDQW
K\GURORJ\RUZDWHUTXDOLW\LPSDFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDQLPSDFW
SUHYLRXVO\ HYDOXDWHG LQ WKH FHUWLILHG )(,6(,5 DQG VXEVHTXHQW 6XSSOHPHQWV DQG
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
$GGHQGD7KHUHKDYHEHHQQRVXEVWDQWLDOFKDQJHVWRWKH3URMHFWVXEVWDQWLDOFKDQJHVLQ
WKHFLUFXPVWDQFHVXQGHUZKLFKWKH3URMHFWZRXOGEHXQGHUWDNHQRUQHZLQIRUPDWLRQRI
VXEVWDQWLDO LPSRUWDQFH WKDW ZRXOG UHTXLUH PDMRU UHYLVLRQV WR WKH SULRU HQYLURQPHQWDO
DQDO\VLVGXHWRQHZVLJQLILFDQWK\GURORJ\RUZDWHUTXDOLW\HIIHFWVRUDVXEVWDQWLDOLQFUHDVH
LQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGHIIHFWV7KHUHIRUHQRQHRIWKHFRQGLWLRQVLGHQWLILHG
LQ&(4$*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQW
ZLWKUHVSHFWWRK\GURORJ\DQGZDWHUTXDOLW\
Mitigation/Monitoring Required:1RQHZRUUHYLVHGPLWLJDWLRQPHDVXUHVDUHUHTXLUHG7KH
3URMHFW ZRXOG EH VXEMHFW WR DSSOLFDEOH IHGHUDO 6WDWH UHJLRQDO DQG ORFDO UHTXLUHPHQWV
JRYHUQLQJKD]DUGRXVPDWHULDOVDQGUHPHGLDWLRQRIWKHIRUPHU0&$67XVWLQSURSHUW\DVZHOO
DV DSSOLFDEOHDLUSRUWVDIHW\HPHUJHQF\DFFHVVDQGILUHSURWHFWLRQUHTXLUHPHQWV 7KHVH
UHTXLUHPHQWVFRQVWLWXWHH[LVWLQJUHJXODWRU\REOLJDWLRQV DQG GRQRWFRQVWLWXWHQHZ&(4$
PLWLJDWLRQ 7KH 6XSSOHPHQWDO (,5 GLG QRW LGHQWLI\ QHZ KD]DUGV DQG KD]DUGRXV
PDWHULDOVPLWLJDWLRQPHDVXUHV
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHV WKURXJK
WKURXJK DQG WKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 1RQHZ
LPSDFWV
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
)(0$)ORRG0DS ),503DQHO & - 'HF
/RFDO5HVSRQVLELOLW\$UHD /5$ )LUH+D]DUG6HYHULW\=RQH0DSV
7XVWLQ*HQHUDO3ODQ
;, /$1'86($1'3/$11,1*±:RXOGWKHSURMHFW
D 3K\VLFDOO\GLYLGHDQHVWDEOLVKHGFRPPXQLW\"
E &DXVHDVLJQLILFDQWHQYLURQPHQWDOLPSDFWGXHWRDFRQIOLFWZLWKDQ\ODQGXVH
SODQSROLF\RUUHJXODWLRQDGRSWHGIRUWKHSXUSRVHRIDYRLGLQJRUPLWLJDWLQJDQ
HQYLURQPHQWDOHIIHFW"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQRIDQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGXVHLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ/HJDF\
6SHFLILF3ODQDQGWKHQRQUHVLGHQWLDOVTXDUHIRRWDJHSURSRVHGE\WKH3URMHFWLVXQGHUWKH
PD[LPXPGHYHORSPHQWWKUHVKROGIRU3ODQQLQJ$UHDVDQGZKLFKFRQWHPSODWHV
WKHGHYHORSPHQWRI VTXDUHIHHWRIQRQUHVLGHQWLDOXVHVLQWRWDO
'HYHORSPHQW RI WKH 3URMHFW VLWH DQG VXUURXQGLQJ 7XVWLQ /HJDF\ DUHD ZDV SUHYLRXVO\
HYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD7KH&LW\RI
7XVWLQKDVODQGXVHDXWKRULW\RYHUWKHSRUWLRQRIWKHIRUPHU0&$67XVWLQZLWKLQWKH&LW\
LQFOXGLQJ LPSOHPHQWDWLRQ RI DSSOLFDEOH ODQG XVH GHVLJQDWLRQV GHYHORSPHQW VWDQGDUGV
FLUFXODWLRQ LPSURYHPHQWV XUEDQ GHVLJQ UHTXLUHPHQWV SXEOLF IDFLOLWLHV DQG LQIUDVWUXFWXUH
V\VWHPV 7KH 7XVWLQ /HJDF\ 6SHFLILF 3ODQ HVWDEOLVKHV WKH ODQG XVH DQG GHYHORSPHQW
IUDPHZRUN DSSOLFDEOH WR WKH 3URMHFW VLWH LQFOXGLQJ SHUPLWWHG XVHV DQG DSSOLFDEOH
GHYHORSPHQWVWDQGDUGV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
7KHSURSRVHG3URMHFWZRXOGGHYHORSDQH[LVWLQJVLWHZLWKLQWKHSODQQHG7XVWLQ/HJDF\DUHD
ZLWKDQDVVHPEO\XVHFRQWHPSODWHGE\WKH6SHFLILF3ODQ7KH3URMHFWZRXOGQRWLQWURGXFHD
QHZURDGZD\LQIUDVWUXFWXUHEDUULHURURWKHUSK\VLFDOIHDWXUHWKDWZRXOGGLYLGHDQHVWDEOLVKHG
FRPPXQLW\ 5DWKHU WKH 3URMHFW ZRXOG LPSOHPHQW WKH SODQQHG GHYHORSPHQW SDWWHUQ DQG
FLUFXODWLRQV\VWHPHVWDEOLVKHGIRUWKH7XVWLQ/HJDF\DUHD$FFRUGLQJO\WKH3URMHFWZRXOGQRW
SK\VLFDOO\GLYLGHDQHVWDEOLVKHGFRPPXQLW\
7KH SURSRVHG 3URMHFW KDV EHHQ HYDOXDWHGIRU FRQVLVWHQF\ ZLWKWKHDSSOLFDEOH ODQG XVH
GHVLJQDWLRQDQGGHYHORSPHQWVWDQGDUGVRIWKH7XVWLQ/HJDF\6SHFLILF3ODQ7KHSURSRVHG
DVVHPEO\XVHLVSHUPLWWHGZLWKLQWKHDSSOLFDEOH3ODQQLQJ$UHDDQGWKH3URMHFWZRXOGUHPDLQ
ZLWKLQWKHDSSURYHGQRQUHVLGHQWLDOGHYHORSPHQWFDSDFLW\RIWKH6SHFLILF3ODQ7KH3URMHFW
ZRXOGDOVREHUHTXLUHGWRFRPSO\ZLWKDSSOLFDEOH6SHFLILF3ODQUHTXLUHPHQWVJRYHUQLQJVLWH
GHYHORSPHQW EXLOGLQJ SODFHPHQW DQG KHLJKW VHWEDFNV SDUNLQJ ODQGVFDSLQJ DFFHVV
FLUFXODWLRQOLJKWLQJVLJQDJHDQGRWKHUDSSOLFDEOHGHYHORSPHQWVWDQGDUGV
,QDGGLWLRQFRQVLVWHQWZLWK333/8GHYHORSPHQWRIWKHIRUPHU0&$67XVWLQSURSHUW\LV
VXEMHFW WR WKH )HGHUDO )DFLOLW\ 6LWH 5HPHGLDWLRQ $JUHHPHQW ))65$ DQG DSSOLFDEOH
UHPHGLDWLRQUHTXLUHPHQWVHVWDEOLVKHGE\WKH'HSDUWPHQWRI7R[LF6XEVWDQFHV&RQWURO86
(QYLURQPHQWDO 3URWHFWLRQ $JHQF\ 5HJLRQDO :DWHU 4XDOLW\ &RQWURO %RDUG DQG RWKHU
DSSOLFDEOHDJHQFLHV7KHSURSRVHG3URMHFWZRXOGEHUHTXLUHGWRFRPSO\ZLWKDSSOLFDEOH
))65$ DQG UHJXODWRU\ UHTXLUHPHQWV SULRU WR RU LQ FRQMXQFWLRQ ZLWK GHYHORSPHQW DV
DSSOLFDEOH&RPSOLDQFHZLWK333/8ZRXOGHQVXUHWKDWWKH3URMHFWZRXOGQRWUHVXOWLQD
ODQGXVHFRQIOLFWDVVRFLDWHGZLWKDSSOLFDEOHHQYLURQPHQWDOUHPHGLDWLRQUHTXLUHPHQWV
7KH 7XVWLQ /HJDF\ 6SHFLILF 3ODQ $PHQGPHQW 6(,5 HYDOXDWHG FRQVLVWHQF\ RI WKH
PRGLILHGGHYHORSPHQWSURJUDPZLWKDSSOLFDEOHUHJLRQDODQGORFDOODQGXVHSODQVDQGSROLFLHV
LQFOXGLQJWKH7XVWLQ*HQHUDO3ODQDQG7XVWLQ/HJDF\6SHFLILF3ODQDQGGHWHUPLQHGWKDWZLWK
LPSOHPHQWDWLRQRIDSSOLFDEOHH[LVWLQJSODQVSURJUDPVDQGSROLFLHVLQFOXGLQJ333/8WKH
PRGLILHGGHYHORSPHQWSURJUDPZRXOGQRWUHVXOWLQDVLJQLILFDQWODQGXVHLPSDFWGXHWRFRQIOLFW
ZLWK D SODQ SROLF\ RU UHJXODWLRQ DGRSWHG IRU WKH SXUSRVH RI DYRLGLQJ RU PLWLJDWLQJ DQ
HQYLURQPHQWDOHIIHFW7KHSURSRVHG3URMHFWZRXOGLPSOHPHQWGHYHORSPHQWZLWKLQWKHODQG
XVHIUDPHZRUNDQGQRQUHVLGHQWLDOGHYHORSPHQWFDSDFLW\SUHYLRXVO\HYDOXDWHGDQGZRXOGQRW
LQWURGXFHDODQGXVHRUGHYHORSPHQWLQWHQVLW\WKDWZRXOGUHVXOWLQDQHZFRQIOLFWZLWKDQ
DSSOLFDEOHODQGXVHSODQSROLF\RUUHJXODWLRQDGRSWHGIRUHQYLURQPHQWDOSURWHFWLRQSXUSRVHV
3RWHQWLDOFRQIOLFWVZLWKELRORJLFDOUHVRXUFHFRQVHUYDWLRQSODQVDUHDGGUHVVHGXQGHU%LRORJLFDO
5HVRXUFHVDQGDUHQRWGHWHUPLQDWLYHRIWKHODQGXVHWKUHVKROGVDQDO\]HGLQWKLVVHFWLRQ7KH
3URMHFW
VFRQVLVWHQF\ZLWKDSSOLFDEOHODQGXVHSODQVDQGUHJXODWLRQVLVDGGUHVVHGKHUHWRWKH
H[WHQW WKRVH SURYLVLRQV ZHUH DGRSWHG IRU WKH SXUSRVH RI DYRLGLQJ RU PLWLJDWLQJ DQ
HQYLURQPHQWDOHIIHFW
%DVHGRQWKHIRUHJRLQJWKHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWODQG
XVHDQGSODQQLQJLPSDFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDQLPSDFWSUHYLRXVO\
HYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD7KHUH
KDYH EHHQ QR VXEVWDQWLDO FKDQJHV WR WKH 3URMHFW VXEVWDQWLDO FKDQJHV LQ WKH
FLUFXPVWDQFHV XQGHU ZKLFK WKH 3URMHFW ZRXOG EH XQGHUWDNHQ RU QHZ LQIRUPDWLRQ RI
VXEVWDQWLDO LPSRUWDQFH WKDW ZRXOG UHTXLUH PDMRU UHYLVLRQV WR WKH SULRU HQYLURQPHQWDO
DQDO\VLVGXHWRDQHZVLJQLILFDQWODQGXVHDQGSODQQLQJHIIHFWRUDVXEVWDQWLDOLQFUHDVHLQ
WKHVHYHULW\RIDSUHYLRXVO\LGHQWLILHGHIIHFW7KHUHIRUHQRQHRIWKHFRQGLWLRQVLGHQWLILHGLQ
&(4$*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQW
ZLWKUHVSHFWWRODQGXVHDQGSODQQLQJ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
Mitigation/Monitoring Required: 1RQHZ RU UHYLVHG ODQG XVH DQG SODQQLQJ PLWLJDWLRQ
PHDVXUHV DUH UHTXLUHG 7KH SURSRVHG 3URMHFW VKDOO FRPSO\ ZLWK DSSOLFDEOH SUHYLRXVO\
DGRSWHG )(,6(,5 LPSOHPHQWDWLRQ PHDVXUHV FDUULHG IRUZDUG WKURXJK VXEVHTXHQW
HQYLURQPHQWDOUHYLHZLQDFFRUGDQFHZLWKWKHLUUHVSHFWLYHSURMHFWOHYHODSSOLFDELOLW\FULWHULD
7KH 3URMHFW VKDOO DOVR FRPSO\ ZLWK DSSOLFDEOH UHTXLUHPHQWV RI333 /8FRQFHUQLQJ
UHPHGLDWLRQDQGGHYHORSPHQWRIWKHIRUPHU0&$67XVWLQSURSHUW\&RPSOLDQFHZLWKWKH
DSSOLFDEOHGHYHORSPHQWVWDQGDUGVRIWKH7XVWLQ/HJDF\6SHFLILF3ODQDQGRWKHUH[LVWLQJ
UHJXODWRU\UHTXLUHPHQWVVKDOODOVREHUHTXLUHG
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHVWRWR
DQGWR
)6(,5 IRU 7XVWLQ /HJDF\ 6SHFLILF 3ODQ $PHQGPHQW 3DJH WKURXJK
3DJH
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
;,, 0,1(5$/5(6285&(6±:RXOGWKHSURMHFW
D 5HVXOWLQWKHORVVRIDYDLODELOLW\RIDNQRZQPLQHUDOUHVRXUFHWKDWZRXOGEHD
YDOXHWRWKHUHJLRQDQGWKHUHVLGHQWVRIWKHVWDWH"
E 5HVXOWLQWKHORVVRIDYDLODELOLW\RIDORFDOO\LPSRUWDQWPLQHUDOUHVRXUFHUHFRYHU\
VLWHGHOLQHDWHGRQDORFDOJHQHUDOSODQVSHFLILFSODQRURWKHUODQGXVHSODQ"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQRIDQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG6SHFLILF
3ODQ&KDSWHU RIWKH)(,6(,5LQGLFDWHVWKDWQRPLQHUDOUHVRXUFHVDUHNQRZQWRRFFXU
DQ\ZKHUHZLWKLQWKH5HXVH3ODQDUHD7KHSURSRVHGSURMHFWZLOOQRWUHVXOWLQWKHORVVRI
PLQHUDOUHVRXUFHVNQRZQWREHRQWKHVLWHRULGHQWLILHGDVEHLQJSUHVHQWRQWKHVLWHE\DQ\
PLQHUDO UHVRXUFH SODQV &RQVHTXHQWO\ QR VXEVWDQWLDO FKDQJH LV H[SHFWHG IURP WKH
DQDO\VLVSUHYLRXVO\FRPSOHWHGLQWKH)(,6(,5IRU0&$67XVWLQ
7KH)(,6(,5HYDOXDWHGPLQHUDOUHVRXUFHVZLWKLQWKH0&$67XVWLQ5HXVH3ODQDUHDDQG
GHWHUPLQHGWKDWQRNQRZQPLQHUDOUHVRXUFHVRFFXUZLWKLQWKH5HXVH3ODQDUHD7KH3URMHFW
VLWHKDVQRWEHHQLGHQWLILHGDVFRQWDLQLQJDNQRZQPLQHUDOUHVRXUFHRIUHJLRQDORUVWDWHZLGH
YDOXHRUDVDORFDOO\LPSRUWDQWPLQHUDOUHVRXUFHUHFRYHU\VLWHGHOLQHDWHGLQDQDSSOLFDEOH
JHQHUDOSODQVSHFLILFSODQRURWKHUODQGXVHSODQ'HYHORSPHQWRIWKH3URMHFWVLWHZLWKWKH
SURSRVHGDVVHPEO\XVHZRXOGWKHUHIRUHQRWUHVXOWLQWKHORVVRIDYDLODELOLW\RIDNQRZQ
PLQHUDOUHVRXUFHRUDORFDOO\LPSRUWDQWPLQHUDOUHVRXUFHUHFRYHU\VLWH
7KHSURSRVHG3URMHFWZRXOGLPSOHPHQWGHYHORSPHQWFRQWHPSODWHGE\WKH7XVWLQ/HJDF\
6SHFLILF 3ODQ DQG ZRXOG QRW UHVXOW LQ D QHZ VLJQLILFDQW PLQHUDO UHVRXUFHV LPSDFW RU D
VXEVWDQWLDO LQFUHDVH LQ WKH VHYHULW\ RI DQ LPSDFW SUHYLRXVO\ HYDOXDWHG LQ WKH FHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD7KH7XVWLQ/HJDF\6SHFLILF
3ODQ$PHQGPHQW6(,5OLNHZLVHLGHQWLILHG0LQHUDO5HVRXUFHVDVDQHQYLURQPHQWDOWRSLFIRU
ZKLFKWKH0RGLILHG3URMHFWZRXOGQRWUHVXOWLQVLJQLILFDQWHIIHFWVUHTXLULQJIXUWKHUDQDO\VLV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
%DVHGRQWKHIRUHJRLQJWKHUHKDYHEHHQQRVXEVWDQWLDOFKDQJHVWRWKH3URMHFWVXEVWDQWLDO
FKDQJHVLQWKHFLUFXPVWDQFHVXQGHUZKLFKWKH3URMHFWZRXOGEHXQGHUWDNHQRUQHZ
LQIRUPDWLRQ RI VXEVWDQWLDO LPSRUWDQFH WKDW ZRXOG UHTXLUH PDMRUUHYLVLRQV WR WKH SULRU
HQYLURQPHQWDODQDO\VLVGXHWRDQHZVLJQLILFDQWPLQHUDOUHVRXUFHVHIIHFWRUDVXEVWDQWLDO
LQFUHDVHLQWKHVHYHULW\RIDSUHYLRXVO\LGHQWLILHGHIIHFW7KHUHIRUHQRQHRIWKHFRQGLWLRQV
LGHQWLILHGLQ&(4$*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5
DUHSUHVHQWZLWKUHVSHFWWRPLQHUDOUHVRXUFHV
Mitigation/Monitoring Required:1RQHZRUUHYLVHGPLWLJDWLRQPHDVXUHVDUHUHTXLUHG7KH
3URMHFWVLWHGRHVQRWFRQWDLQDNQRZQPLQHUDOUHVRXUFHRIUHJLRQDORUVWDWHZLGHYDOXHDQGLV
QRWLGHQWLILHGDVDORFDOO\LPSRUWDQWPLQHUDOUHVRXUFHUHFRYHU\VLWH1RSUHYLRXVO\DGRSWHG
PLQHUDOUHVRXUFHVPLWLJDWLRQPHDVXUHVUHTXLUHSURMHFWVSHFLILFLPSOHPHQWDWLRQ
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJH
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 1RQHZ
LPSDFWV
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
;,,, 12,6(±:RXOGWKHSURMHFW
D *HQHUDWLRQRIDVXEVWDQWLDOWHPSRUDU\RUSHUPDQHQWLQFUHDVHLQDPELHQWQRLVH
OHYHOVLQWKHYLFLQLW\RIWKHSURMHFWLQH[FHVVRIVWDQGDUGVHVWDEOLVKHGLQWKHORFDO
JHQHUDOSODQRUQRLVHRUGLQDQFHRUDSSOLFDEOHVWDQGDUGVRIRWKHUDJHQFLHV"
E *HQHUDWLRQRIH[FHVVLYHJURXQGERUQHYLEUDWLRQRUJURXQGERUQHQRLVHOHYHOV"
F )RUDSURMHFWORFDWHGZLWKLQWKHYLFLQLW\RIDSULYDWHDLUVWULSRUDQDLUSRUWODQGXVH
SODQRUZKHUHVXFKDSODQKDVQRWKDGQRWEHHQDGRSWHGZLWKLQWZRPLOHVRID
SXEOLF DLUSRUW ZRXOG WKH SURMHFW H[SRVH SHRSOH UHVLGLQJ RU ZRUNLQJ LQ WKH
SURMHFWDUHDWRH[FHVVLYHQRLVHOHYHOV"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQRIDQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQDQGLVZLWKLQWKHVFRSHRIGHYHORSPHQWHYDOXDWHGLQWKHFHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD7KH)(,6(,5LQGLFDWHVWKDWIXOO
EXLOGRXWRIWKHIRUPHUPLOLWDU\EDVHZLOOFUHDWHQRLVHLPSDFWVWKDWZRXOGEHFRQVLGHUHG
VLJQLILFDQW LI QRLVH OHYHOV H[SHULHQFHG E\ VHQVLWLYH UHFHSWRUVZRXOG H[FHHG WKRVH
FRQVLGHUHG³QRUPDOO\ DFFHSWDEOH´ IRUWKH DSSOLFDEOH ODQG XVH FDWHJRULHV LQWKH 1RLVH
(OHPHQWVRIWKH7XVWLQ*HQHUDO3ODQ
&RQVWUXFWLRQRIWKHSURSRVHG3URMHFWZRXOGUHVXOWLQWHPSRUDU\LQFUHDVHVLQDPELHQWQRLVH
IURP JUDGLQJ H[FDYDWLRQ EXLOGLQJ FRQVWUXFWLRQ SDYLQJ DQG RSHUDWLRQ RI FRQVWUXFWLRQ
HTXLSPHQWDQGYHKLFOHV7KHVHDFWLYLWLHVDUHW\SLFDORIWKHW\SHRIGHYHORSPHQWFRQWHPSODWHG
E\WKH7XVWLQ/HJDF\6SHFLILF3ODQ&RQVWUXFWLRQDFWLYLWLHVZRXOGEHUHTXLUHGWRFRPSO\ZLWK
DSSOLFDEOH&LW\UHTXLUHPHQWVJRYHUQLQJFRQVWUXFWLRQKRXUVDQGFRQVWUXFWLRQQRLVHDQGZLWK
DQ\DSSOLFDEOHSUHYLRXVO\DGRSWHGQRLVHPLWLJDWLRQPHDVXUHV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
2SHUDWLRQRIWKHSURSRVHGZRUVKLSFHQWHUZRXOGJHQHUDWHQRLVHSULPDULO\IURPYHKLFOHWULSV
DQG SDUNLQJORW DFWLYLW\ PHFKDQLFDO HTXLSPHQW ODQGVFDSLQJ HTXLSPHQW DQG DFWLYLWLHV
DVVRFLDWHGZLWKRSHUDWLRQRIWKHDVVHPEO\XVH7KHSURSRVHGXVHDQGGHYHORSPHQWLQWHQVLW\
DUH FRQVLVWHQW ZLWK WKH ODQG XVHV FRQWHPSODWHG E\ WKH 7XVWLQ /HJDF\ 6SHFLILF 3ODQ
0HFKDQLFDOHTXLSPHQWDQGRWKHUVWDWLRQDU\QRLVHVRXUFHVZRXOGEHUHTXLUHGWRFRPSO\ZLWK
DSSOLFDEOH&LW\QRLVHVWDQGDUGVDQGZRXOGEHUHYLHZHGDVSDUWRIILQDO3URMHFWGHVLJQDV
DSSOLFDEOH
7KH)(,6(,5DOVRHVWDEOLVKHG001ZKLFKUHTXLUHVSODQVGHPRQVWUDWLQJFRQIRUPLW\ZLWK
DSSOLFDEOH LQWHULRU QRLVH UHTXLUHPHQWV WR EH VXEPLWWHG IRU UHYLHZDQGDSSURYDOSULRUWR
LVVXDQFHRIEXLOGLQJSHUPLWV7RWKHH[WHQW001LVWULJJHUHGE\WKHDSSOLFDEOHH[WHULRU
QRLVHHQYLURQPHQWDQGWKHSURSRVHGRFFXSLHGVSDFHVWKH3URMHFWZRXOGEHUHTXLUHGWR
GHPRQVWUDWHFRPSOLDQFHZLWKWKHDSSOLFDEOHLQWHULRUQRLVHVWDQGDUGVSULRUWRLVVXDQFHRI
EXLOGLQJSHUPLWV
:LWKLPSOHPHQWDWLRQRIDSSOLFDEOHSUHYLRXVO\DGRSWHGPLWLJDWLRQPHDVXUHVDQGFRPSOLDQFH
ZLWK DSSOLFDEOH &LW\ QRLVH VWDQGDUGV WKH SURSRVHG 3URMHFW ZRXOG QRW UHVXOW LQ D QHZ
VLJQLILFDQWWHPSRUDU\RUSHUPDQHQWQRLVHLPSDFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RI
D QRLVH LPSDFW SUHYLRXVO\ HYDOXDWHG LQ WKH )(,6(,5 DQG VXEVHTXHQW HQYLURQPHQWDO
GRFXPHQWV
&RQVWUXFWLRQRIWKHSURSRVHG3URMHFWZRXOGLQYROYHWKHWHPSRUDU\XVHRIKHDY\FRQVWUXFWLRQ
HTXLSPHQW WKDW FRXOG JHQHUDWH ORFDOL]HG JURXQGERUQH YLEUDWLRQ7KH 3URMHFW GRHV QRW
SURSRVH DFWLYLWLHV VXFK DV EODVWLQJ RU RWKHU XQXVXDO VRXUFHV RI VXVWDLQHG YLEUDWLRQ
2SHUDWLRQDODFWLYLWLHVDVVRFLDWHGZLWKWKHZRUVKLSFHQWHUZRXOGQRWFRQVWLWXWHDVXEVWDQWLDO
VRXUFHRIJURXQGERUQHYLEUDWLRQ$FFRUGLQJO\3URMHFWFRQVWUXFWLRQDQGRSHUDWLRQZRXOGQRW
UHVXOWLQDQHZVLJQLILFDQWYLEUDWLRQLPSDFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RID
YLEUDWLRQLPSDFWSUHYLRXVO\HYDOXDWHGIRUGHYHORSPHQWRIWKH7XVWLQ/HJDF\6SHFLILF3ODQ
DUHD$Q\DSSOLFDEOHFRQVWUXFWLRQYLEUDWLRQUHTXLUHPHQWVRUSUHYLRXVO\DGRSWHGPLWLJDWLRQ
PHDVXUHV ZRXOG FRQWLQXH WR DSSO\ ZKHUH WKHLU UHVSHFWLYH SHUIRUPDQFH VWDQGDUGV RU
ORFDWLRQDOWULJJHUVDUHPHW
7KHSURSRVHG3URMHFWLVORFDWHGZLWKLQWKHIRUPHU0&$67XVWLQSURSHUW\ KRZHYHU0&$6
7XVWLQ LV QR ORQJHU RSHUDWHG DV D PLOLWDU\ DLU VWDWLRQ 7KH 3URMHFWZRXOGQRWLQWURGXFH
UHVLGHQWLDOGHYHORSPHQWDQGWKHSURSRVHGDVVHPEO\XVHZRXOGEHVXEMHFWWRDSSOLFDEOH
DLUSRUWODQGXVHFRPSDWLELOLW\UHTXLUHPHQWVLIDQ\DVVRFLDWHGZLWKQHDUE\RSHUDWLQJDLUSRUWV
%DVHGRQWKH3URMHFWORFDWLRQDQGSURSRVHGXVHWKH3URMHFWZRXOGQRWH[SRVHSHRSOH
UHVLGLQJRUZRUNLQJDWWKHVLWHWRDQHZVLJQLILFDQWDLUSRUWUHODWHGQRLVHLPSDFWRUVXEVWDQWLDOO\
LQFUHDVHWKHVHYHULW\RIDQDLUSRUWQRLVHLPSDFWSUHYLRXVO\HYDOXDWHG
7KHSURSRVHG3URMHFWZRXOGWKHUHIRUHQRWUHVXOWLQDQHZVLJQLILFDQWQRLVHRUYLEUDWLRQLPSDFW
RUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDVLJQLILFDQWQRLVHRUYLEUDWLRQLPSDFWSUHYLRXVO\
HYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD
%DVHGRQWKHIRUHJRLQJWKHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWQRLVH
RUYLEUDWLRQLPSDFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDVLJQLILFDQWQRLVHRUYLEUDWLRQ
LPSDFWSUHYLRXVO\HYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG
$GGHQGD7KHUHKDYHEHHQQRVXEVWDQWLDOFKDQJHVWRWKH3URMHFWVXEVWDQWLDOFKDQJHVLQ
WKHFLUFXPVWDQFHVXQGHUZKLFKWKH3URMHFWZRXOGEHXQGHUWDNHQRUQHZLQIRUPDWLRQRI
VXEVWDQWLDO LPSRUWDQFH WKDW ZRXOG UHTXLUH PDMRU UHYLVLRQV WR WKH SULRU HQYLURQPHQWDO
DQDO\VLVGXHWRDQHZVLJQLILFDQWQRLVHRUYLEUDWLRQHIIHFWRUDVXEVWDQWLDOLQFUHDVHLQWKH
VHYHULW\RIDSUHYLRXVO\LGHQWLILHGHIIHFW7KHUHIRUHQRQHRIWKHFRQGLWLRQVLGHQWLILHGLQ
&(4$*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQW
ZLWKUHVSHFWWRQRLVH
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
Mitigation/Monitoring Required:3UHYLRXVO\DGRSWHG0LWLJDWLRQ0HDVXUH1VKDOODSSO\RQO\
LIWKH3URMHFWLVVXEMHFWWRWKHH[WHULRUQRLVHFRQGLWLRQVDQGLQWHULRUQRLVHFULWHULDWKDWWULJJHU
WKHPHDVXUH,IDSSOLFDEOHSODQVGHPRQVWUDWLQJFRQIRUPLW\ZLWKDSSOLFDEOHLQWHULRUQRLVH
UHTXLUHPHQWVVKDOOEHVXEPLWWHGIRU&LW\UHYLHZDQGDSSURYDOSULRUWRLVVXDQFHRIEXLOGLQJ
SHUPLWV3UHYLRXVO\DGRSWHGFRQVWUXFWLRQQRLVHDQGYLEUDWLRQPLWLJDWLRQPHDVXUHVIURPWKH
)(,6(,5DQGVXEVHTXHQWHQYLURQPHQWDOUHYLHZVKDOODSSO\RQO\ZKHUHWKH3URMHFWVDWLVILHV
WKHVSHFLILFDSSOLFDELOLW\FULWHULDHVWDEOLVKHGE\WKRVHPHDVXUHV1RQHZRUUHYLVHGPLWLJDWLRQ
PHDVXUHVDUHUHTXLUHG
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHVWR
WRDQGWR
)6(,5 IRU 7XVWLQ /HJDF\ 6SHFLILF 3ODQ $PHQGPHQW 3DJHV
WKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
;,9 3238/$7,21$1'+286,1*±:RXOGWKHSURMHFW
D ,QGXFHVXEVWDQWLDOXQSODQQHGSRSXODWLRQJURZWKLQDQDUHDHLWKHUGLUHFWO\ IRU
H[DPSOHE\SURSRVLQJQHZKRPHVDQGEXVLQHVVHV RULQGLUHFWO\ IRUH[DPSOH
WKURXJKH[WHQVLRQRIURDGVRURWKHULQIUDVWUXFWXUH "
E 'LVSODFHVXEVWDQWLDOQXPEHUVRIH[LVWLQJSHRSOHRUKRXVLQJQHFHVVLWDWLQJWKH
FRQVWUXFWLRQRIUHSODFHPHQWKRXVLQJHOVHZKHUH"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG6SHFLILF
3ODQ$GGLWLRQDOO\WKHSURSRVHGSURMHFWVLWHLVYDFDQWDQGZLOOQRWGLVSODFHSHRSOHRU
QHFHVVLWDWHFRQVWUXFWLRQRIUHSODFHPHQWKRXVLQJHOVHZKHUH1RVXEVWDQWLDOFKDQJHLV
H[SHFWHGIURPWKHDQDO\VLVSUHYLRXVO\FRPSOHWHGLQWKH)(,6(,5IRU0&$67XVWLQZKLFK
LQFOXGHG VTXDUHIHHWRIQRQUHVLGHQWLDOXVHV
7KH 3URMHFW VLWH LV FXUUHQWO\ YDFDQW DQG FRQWDLQV QR H[LVWLQJKRXVLQJ RU UHVLGHQWLDO
SRSXODWLRQ $FFRUGLQJO\ LPSOHPHQWDWLRQ RI WKH SURSRVHG 3URMHFW ZRXOG QRW GLVSODFH
H[LVWLQJKRXVLQJRUSHRSOHDQGZRXOGQRWQHFHVVLWDWHFRQVWUXFWLRQRIUHSODFHPHQWKRXVLQJ
HOVHZKHUH
7KH)(,6(,5DQGVXEVHTXHQWHQYLURQPHQWDOGRFXPHQWVHYDOXDWHGSRSXODWLRQKRXVLQJ
DQGHPSOR\PHQWJURZWKDVVRFLDWHGZLWKEXLOGRXWRIWKHIRUPHU0&$67XVWLQSURSHUW\7KH
)(,6(,5GHWHUPLQHGWKDWLPSOHPHQWDWLRQRIWKHDGRSWHG6SHFLILF3ODQZRXOGLQFUHDVH
SRSXODWLRQKRXVLQJDQGHPSOR\PHQWZLWKLQWKH7XVWLQ/HJDF\DUHDEXWZRXOGQRWUHVXOW
LQDVLJQLILFDQWDGYHUVHLPSDFWUHODWHGWRSRSXODWLRQJURZWKRUWKHUHJLRQDOMREVKRXVLQJ
EDODQFH 6XEVHTXHQW HQYLURQPHQWDO UHYLHZ LQFOXGLQJ WKH 6XSSOHPHQWDO (,5
HYDOXDWHG FKDQJHV WR WKH UHVLGHQWLDO DQG QRQUHVLGHQWLDO GHYHORSPHQW SURJUDP DQG
GHWHUPLQHGWKDWSRSXODWLRQDQGKRXVLQJLPSDFWVZRXOGUHPDLQOHVVWKDQVLJQLILFDQW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
7KH6XSSOHPHQWDO(,5IXUWKHUHYDOXDWHGSRSXODWLRQDQGKRXVLQJHIIHFWVDVVRFLDWHG
ZLWKLQFUHDVHGUHVLGHQWLDOGHYHORSPHQWFDSDFLW\ZLWKLQWKH7XVWLQ/HJDF\6SHFLILF3ODQ
DUHD7KDWDQDO\VLVGHWHUPLQHGWKDWDOWKRXJKWKHPRGLILHGGHYHORSPHQWSURJUDPZRXOG
GLUHFWO\DQGLQGLUHFWO\LQFUHDVHSRSXODWLRQZLWKLQ7XVWLQ/HJDF\WKHDGGLWLRQDOKRXVLQJZDV
SODQQHGWKURXJKWKH&LW\
V+RXVLQJ(OHPHQWZRXOGDVVLVWWKH&LW\LQDFFRPPRGDWLQJLWV
5HJLRQDO+RXVLQJ1HHGV$OORFDWLRQDQGZRXOGLPSURYHWKHMREVKRXVLQJEDODQFHZLWKLQ
WKH7XVWLQ/HJDF\DUHD7KH6XSSOHPHQWDO(,5FRQFOXGHGWKDWLPSDFWVUHODWHGWR
SRSXODWLRQJURZWKZRXOGEHOHVVWKDQVLJQLILFDQWDQGWKDWQRPLWLJDWLRQPHDVXUHVZHUH
UHTXLUHG
7KHSURSRVHG3URMHFWGRHVQRWLQFOXGHUHVLGHQWLDOGHYHORSPHQWDQGWKHUHIRUHZRXOGQRW
GLUHFWO\ JHQHUDWH QHZ UHVLGHQWV 2SHUDWLRQ RI WKH ZRUVKLS FHQWHU ZRXOG JHQHUDWH
HPSOR\PHQW KRZHYHUWKHSURSRVHGXVHLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ/HJDF\
6SHFLILF3ODQDQGZRXOGUHPDLQZLWKLQWKHDSSURYHGQRQUHVLGHQWLDOGHYHORSPHQWFDSDFLW\
SUHYLRXVO\ HYDOXDWHG 7KH 3URMHFW ZRXOG QRW H[WHQG PDMRU URDGV XWLOLWLHV RU RWKHU
LQIUDVWUXFWXUHLQWRDQXQGHYHORSHGDUHDLQDPDQQHUWKDWFRXOGUHPRYHDQH[LVWLQJFRQVWUDLQW
WRJURZWKRULQGXFHVXEVWDQWLDOXQSODQQHGGHYHORSPHQWEH\RQGWKDWFRQWHPSODWHGE\WKH
6SHFLILF 3ODQ $Q\ HPSOR\PHQW JURZWK DVVRFLDWHG ZLWK WKH 3URMHFW ZRXOG WKHUHIRUH
FRQVWLWXWHSODQQHGJURZWKZLWKLQWKHGHYHORSPHQWIUDPHZRUNHVWDEOLVKHGIRU7XVWLQ/HJDF\
UDWKHUWKDQVXEVWDQWLDOXQSODQQHGSRSXODWLRQJURZWK
%HFDXVHWKHVLWHLVYDFDQWWKH3URMHFWZRXOGQRWGLVSODFHH[LVWLQJKRXVLQJRUUHVLGHQWV,Q
DGGLWLRQWKH3URMHFWZRXOGQRWVXEVWDQWLDOO\DOWHUWKHSRSXODWLRQKRXVLQJRUHPSOR\PHQW
DVVXPSWLRQV XQGHUO\LQJ WKH SULRU HQYLURQPHQWDO UHYLHZ RU UHVXOW LQ JURZWK EH\RQG WKH
GHYHORSPHQWFDSDFLW\HVWDEOLVKHGE\WKH7XVWLQ/HJDF\6SHFLILF3ODQ
%DVHG RQ WKH IRUHJRLQJ WKH SURSRVHG 3URMHFW ZRXOG QRW UHVXOWLQDQHZVLJQLILFDQW
SRSXODWLRQDQGKRXVLQJLPSDFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDQLPSDFW
SUHYLRXVO\ HYDOXDWHG LQ WKH FHUWLILHG )(,6(,5 DQG VXEVHTXHQW 6XSSOHPHQWV DQG
$GGHQGD7KHUHKDYHEHHQQRVXEVWDQWLDOFKDQJHVWRWKH3URMHFWVXEVWDQWLDOFKDQJHVLQ
WKHFLUFXPVWDQFHVXQGHUZKLFKWKH3URMHFWZRXOGEHXQGHUWDNHQRUQHZLQIRUPDWLRQRI
VXEVWDQWLDO LPSRUWDQFH WKDW ZRXOG UHTXLUH PDMRU UHYLVLRQV WR WKH SULRU HQYLURQPHQWDO
DQDO\VLVGXHWRDQHZVLJQLILFDQWSRSXODWLRQDQGKRXVLQJHIIHFWRUDVXEVWDQWLDOLQFUHDVH
LQWKHVHYHULW\RIDSUHYLRXVO\LGHQWLILHGHIIHFW7KHUHIRUHQRQHRIWKHFRQGLWLRQVLGHQWLILHG
LQ&(4$*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQW
ZLWKUHVSHFWWRSRSXODWLRQDQGKRXVLQJ
Mitigation/Monitoring Required:1RQHZRUUHYLVHGPLWLJDWLRQPHDVXUHVDUHUHTXLUHG7KH
6XSSOHPHQWDO(,5GHWHUPLQHGWKDWSRSXODWLRQDQGKRXVLQJLPSDFWVDVVRFLDWHGZLWK
7XVWLQ/HJDF\EXLOGRXWZRXOGEHOHVVWKDQVLJQLILFDQWDQGH[SUHVVO\LGHQWLILHGQRPLWLJDWLRQ
PHDVXUHVIRUSRSXODWLRQDQGKRXVLQJ7KHSURSRVHG3URMHFWZRXOGUHPDLQZLWKLQWKHSODQQHG
QRQUHVLGHQWLDOGHYHORSPHQWFDSDFLW\RIWKH7XVWLQ/HJDF\6SHFLILF3ODQZRXOGQRWGLUHFWO\
JHQHUDWHUHVLGHQWLDOSRSXODWLRQDQGZRXOGQRWGLVSODFHH[LVWLQJKRXVLQJRUUHVLGHQWV1R
SUHYLRXVO\ DGRSWHG SRSXODWLRQ DQG KRXVLQJ PLWLJDWLRQ PHDVXUHV UHTXLUH SURMHFWVSHFLILF
LPSOHPHQWDWLRQ
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHVWR
WR DQGWR
)6(,5 IRU 7XVWLQ /HJDF\ 6SHFLILF 3ODQ $PHQGPHQW 3DJHV
WKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
;9 38%/,&6(59,&(6
D :RXOGWKHSURMHFWUHVXOWLQVXEVWDQWLDODGYHUVHSK\VLFDOLPSDFWVDVVRFLDWHGZLWK
WKHSURYLVLRQRIQHZRUSK\VLFDOO\DOWHUHGJRYHUQPHQWDOIDFLOLWLHVQHHGIRUQHZ
RUSK\VLFDOO\DOWHUHGJRYHUQPHQWDOIDFLOLWLHVWKHFRQVWUXFWLRQRIZKLFKFRXOG
FDXVH VLJQLILFDQW HQYLURQPHQWDO LPSDFWV LQ RUGHU WR PDLQWDLQ DFFHSWDEOH
VHUYLFHUDWLRVUHVSRQVHWLPHVRURWKHUSHUIRUPDQFHREMHFWLYHVIRUDQ\RIWKH
SXEOLFVHUYLFHV
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQ 7KHVLWHLVFXUUHQWO\YDFDQW7RVXSSRUWGHYHORSPHQWLQWKHUHXVH
SODQ DUHD WKH 5HXVH 3ODQ6SHFLILF 3ODQ UHTXLUHV SXEOLF VHUYLFHV DQG IDFLOLWLHV WR EH
SURYLGHGFRQFXUUHQWZLWKGHPDQG7KHSURSRVHG3URMHFWZLOOEHUHTXLUHGWRFRPSO\ZLWK
)(,6(,5LPSOHPHQWDWLRQPHDVXUHVDGRSWHGE\WKH7XVWLQ&LW\&RXQFLO7KHSURSRVHG
SURMHFWZLOOQRWGLUHFWO\UHVXOWLQVXEVWDQWLDODGYHUVHSK\VLFDOLPSDFWVDVVRFLDWHGZLWKWKH
SURYLVLRQRIQHZRUSK\VLFDOO\DOWHUHGJRYHUQPHQWDOIDFLOLWLHVQHHGIRUQHZRUSK\VLFDOO\
DOWHUHG JRYHUQPHQWDO IDFLOLWLHV WKH FRQVWUXFWLRQ RI ZKLFK FRXOG FDXVH VLJQLILFDQW
HQYLURQPHQWDOLPSDFWVLQRUGHUWRPDLQWDLQDFFHSWDEOHVHUYLFHUDWLRVUHVSRQVHWLPHVRU
RWKHU SHUIRUPDQFH REMHFWLYHV 7KH )(,6(,5 LWV 6XSSOHPHQWV DQG $GGHQGD KDYH
GHWHUPLQHGWKDWVXFKLPSDFWVFRXOGRQO\RFFXUDVDUHVXOWZLWKWKHSODQQHGEXLOGRXWRIWKH
7XVWLQ/HJDF\SURMHFW
1RVXEVWDQWLDOFKDQJHLVH[SHFWHGIURPWKHDQDO\VLVSUHYLRXVO\FRPSOHWHGLQWKHDSSURYHG
)(,6(,5IRU0&$67XVWLQ%DVHGRQWKHIRUHJRLQJQRQHRIWKHFRQGLWLRQVLGHQWLILHGLQ
&(4$*XLGHOLQHV6HFWLRQWKDWZRXOGWULJJHUWKHQHHGWRSUHSDUHDVXEVHTXHQWRU
VXSSOHPHQWDO (,5 RU RWKHU HQYLURQPHQWDO GRFXPHQW WR HYDOXDWH 3URMHFW LPSDFWV RU
PLWLJDWLRQPHDVXUHVH[LVWZLWKUHJDUGWRSXEOLFVHUYLFHV
Mitigation/Monitoring Required: 3UHYLRXVO\ DGRSWHG SXEOLF VHUYLFHV LPSOHPHQWDWLRQ
PHDVXUHV DSSOLFDEOH WR WKH SURSRVHG 3URMHFW VKDOO FRQWLQXH WR DSSO\)(,6(,5
,PSOHPHQWDWLRQ 0HDVXUH P UHTXLUHV SURYLVLRQ RI DGHTXDWH ILUH SURWHFWLRQ SROLFH
SURWHFWLRQ OLEUDU\ DQG SDUNV DQG UHFUHDWLRQ IDFLOLWLHV DQG HVWDEOLVKHV IDLUVKDUH IXQGLQJ
PHFKDQLVPVIRUSULYDWHGHYHORSPHQWSURMHFWVDVGHWHUPLQHGDSSURSULDWHE\WKH&LW\7RWKH
H[WHQW WKH 3URMHFW
V SDUWLFLSDWLRQ LQ DQ H[LVWLQJ &RPPXQLW\ )DFLOLWLHV 'LVWULFW RU RWKHU
HVWDEOLVKHGILQDQFLQJPHFKDQLVPVDWLVILHVWKLVUHTXLUHPHQWQRVHSDUDWHGXSOLFDWLYHIXQGLQJ
PHFKDQLVPZRXOGEHUHTXLUHG
)(,6(,5,PSOHPHQWDWLRQ0HDVXUH R DSSOLHVWRILUHSURWHFWLRQDQGHPHUJHQF\PHGLFDO
VHUYLFHVDQGSURYLGHVWKDWSULRUWRVSHFLILHGFRQYH\DQFHRUGHYHORSPHQWDSSURYDOVWKH
3URMHFWGHYHORSHUPD\EHUHTXLUHGWRHQWHULQWRDQDJUHHPHQWZLWKWKH&LW\DQGRU2&)$DV
DSSOLFDEOHWRDGGUHVV3URMHFWLPSDFWVRQILUHVHUYLFHV
)(,6(,5,PSOHPHQWDWLRQ0HDVXUH S DSSOLHVDQGUHTXLUHVWKH3URMHFWGHYHORSHUSULRUWR
LVVXDQFHRIEXLOGLQJSHUPLWVWRFRRUGLQDWHZLWK2&)$WRHQVXUHWKDWDGHTXDWHILUHSURWHFWLRQ
PHDVXUHVDUHLQFRUSRUDWHGLQWRWKH3URMHFW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
)(,6(,5,PSOHPHQWDWLRQ0HDVXUH T DSSOLHVRQO\LIWKHSURSRVHG3URMHFWLVGHYHORSHGLQ
SKDVHV,IWULJJHUHGDFRQVWUXFWLRQSKDVLQJSODQGHPRQVWUDWLQJDGHTXDWHHPHUJHQF\YHKLFOH
DFFHVVVKDOOEHVXEPLWWHGWR2&)$SULRUWRLVVXDQFHRIEXLOGLQJSHUPLWV
)(,6(,5,PSOHPHQWDWLRQ0HDVXUH U DSSOLHVDQGUHTXLUHVSULRUWRLVVXDQFHRIEXLOGLQJ
SHUPLWVVXEPLWWDORIDILUHK\GUDQWORFDWLRQSODQIRUUHYLHZDQGDSSURYDODQGSURYLVLRQRI
RSHUDWLRQDOILUHK\GUDQWVFDSDEOHRISURYLGLQJILUHIORZVDSSURYHGE\2&)$
)(,6(,5,PSOHPHQWDWLRQ0HDVXUH V DSSOLHVDQGUHTXLUHVWKH3URMHFWGHYHORSHUSULRUWR
LVVXDQFHRIEXLOGLQJSHUPLWVWRFRRUGLQDWHZLWKWKH7XVWLQ3ROLFH'HSDUWPHQWWRHQVXUHWKDW
DGHTXDWHVHFXULW\SUHFDXWLRQVDUHLQFRUSRUDWHGLQWRWKH3URMHFW
6(,5,PSOHPHQWDWLRQ0HDVXUH I UHTXLUHVSULRUWRLVVXDQFHRIEXLOGLQJSHUPLWVSURRI
RISD\PHQWRIDSSURSULDWHVFKRROIDFLOLWLHVIHHVDGRSWHGE\WKHDSSOLFDEOHVFKRROGLVWULFW
SXUVXDQW WR *RYHUQPHQW &RGH 6HFWLRQ RU DQ DOWHUQDWLYH DJUHHPHQW ZLWK WKH
DSSOLFDEOHVFKRROGLVWULFW7KLVUHTXLUHPHQWVKDOODSSO\WRWKHH[WHQWVFKRROIDFLOLWLHVIHHVDUH
DSSOLFDEOHWRWKHSURSRVHGQRQUHVLGHQWLDOGHYHORSPHQW
1RPLWLJDWLRQLVUHTXLUHGIRUOLEUDU\VHUYLFHVFRQVLVWHQWZLWKWKH6XSSOHPHQWDO(,51R
QHZRUUHYLVHGSXEOLFVHUYLFHVPLWLJDWLRQPHDVXUHVDUHUHTXLUHG
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHVWR
WRDQGWR
)6(,5 IRU 7XVWLQ /HJDF\ 6SHFLILF 3ODQ $PHQGPHQW 3DJHV
WKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
;9, 5(&5($7,21
D :RXOGWKHSURMHFWLQFUHDVHWKHXVHRIH[LVWLQJQHLJKERUKRRGDQGUHJLRQDOSDUNV
RURWKHUUHFUHDWLRQDOIDFLOLWLHVVXFKWKDWVXEVWDQWLDOSK\VLFDOGHWHULRUDWLRQRIWKH
IDFLOLW\ZRXOGRFFXURUEHDFFHOHUDWHG"
E 'RHVWKHSURMHFWLQFOXGHUHFUHDWLRQDOIDFLOLWLHVRUUHTXLUHWKHFRQVWUXFWLRQRU
H[SDQVLRQRIUHFUHDWLRQDOIDFLOLWLHVZKLFKPLJKWKDYHDQDGYHUVHSK\VLFDOHIIHFW
RQWKHHQYLURQPHQW"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQRIDQHZWZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHG3URMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQDQGZLOOQRWGLUHFWO\LPSDFWUHFUHDWLRQVHUYLFHVDQGZLOOQRWLQFUHDVH
WKHXVHRIRWKHUH[LVWLQJQHLJKERUKRRGRUUHJLRQDOSDUNVVXFKWKDWVXEVWDQWLDOSK\VLFDO
GHWHULRUDWLRQRIWKHIDFLOLWLHVZRXOGRFFXURUEHDFFHOHUDWHG
7KH)(,6(,5DQGVXEVHTXHQWHQYLURQPHQWDOGRFXPHQWVHYDOXDWHGUHFUHDWLRQDOIDFLOLWLHV
DQGSDUNGHPDQGDVVRFLDWHGZLWKEXLOGRXWRIWKHIRUPHU0&$67XVWLQSURSHUW\7KH7XVWLQ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
/HJDF\6SHFLILF3ODQSURYLGHVIRUDQH[WHQVLYHV\VWHPRIH[LVWLQJDQGSODQQHGSXEOLF
SDUNVDQGUHFUHDWLRQDOIDFLOLWLHVWRVHUYHGHYHORSPHQWZLWKLQWKH6SHFLILF3ODQDUHD
7KHSURSRVHG3URMHFWLVDQRQUHVLGHQWLDODVVHPEO\XVHDQGZRXOGQRWGLUHFWO\JHQHUDWH
QHZUHVLGHQWVRUUHVLGHQWLDOSRSXODWLRQWKDWZRXOGFUHDWHVXEVWDQWLDODGGLWLRQDOGHPDQG
IRUQHLJKERUKRRGRUUHJLRQDOSDUNVRURWKHUUHFUHDWLRQDOIDFLOLWLHV(PSOR\HHVYLVLWRUVDQG
ZRUVKLSFHQWHUDWWHQGHHVFRXOGPDNHLQFLGHQWDOXVHRIUHFUHDWLRQDOIDFLOLWLHVZLWKLQWKH
VXUURXQGLQJDUHD KRZHYHUVXFKXVHZRXOGQRWEHRIDPDJQLWXGHWKDWZRXOGFDXVHRU
DFFHOHUDWHVXEVWDQWLDOSK\VLFDOGHWHULRUDWLRQRIDQH[LVWLQJUHFUHDWLRQDOIDFLOLW\
7KH6XSSOHPHQWDO(,5HYDOXDWHGUHFUHDWLRQDOGHPDQGDVVRFLDWHGZLWKVXEVWDQWLDOO\
LQFUHDVHG UHVLGHQWLDO GHYHORSPHQW ZLWKLQ WKH 7XVWLQ /HJDF\ 6SHFLILF 3ODQ DUHD 7KDW
DQDO\VLVGHWHUPLQHGWKDWWKH6SHFLILF3ODQSURYLGHVVXIILFLHQWH[LVWLQJDQGSODQQHGSDUN
DFUHDJHWRDFFRPPRGDWHDQWLFLSDWHGUHFUHDWLRQDOGHPDQGDQGFRQFOXGHGWKDWEXLOGRXW
ZRXOG QRW VXEVWDQWLDOO\ LQFUHDVH XVH RI H[LVWLQJ SDUNV RU FDXVH VXEVWDQWLDO SK\VLFDO
GHWHULRUDWLRQ RI H[LVWLQJ UHFUHDWLRQDO IDFLOLWLHV 7KH 6XSSOHPHQWDO (,5 IXUWKHU
FRQFOXGHGWKDWH[SDQVLRQRIUHFUHDWLRQDOIDFLOLWLHVZRXOGQRWEHQHFHVVLWDWHGDQGWKDWQR
PLWLJDWLRQZRXOGEHUHTXLUHG7KHSURSRVHGZRUVKLSFHQWHUZRXOGQRWJHQHUDWHUHVLGHQWLDO
SRSXODWLRQDQGWKHUHIRUHZRXOGQRWUHVXOWLQUHFUHDWLRQDOGHPDQGEH\RQGWKDWHYDOXDWHG
LQWKHSULRUHQYLURQPHQWDOUHYLHZ
7KHSURSRVHG3URMHFWGRHVQRWLQFOXGHWKHFRQVWUXFWLRQRISXEOLFUHFUHDWLRQDOIDFLOLWLHVDQG
ZRXOGQRWUHTXLUHFRQVWUXFWLRQRUH[SDQVLRQRIUHFUHDWLRQDOIDFLOLWLHVWRVHUYHWKH3URMHFW
$FFRUGLQJO\ WKH 3URMHFW ZRXOG QRW UHVXOW LQ DGYHUVH SK\VLFDO HQYLURQPHQWDO HIIHFWV
DVVRFLDWHGZLWKFRQVWUXFWLRQRUH[SDQVLRQRIUHFUHDWLRQDOIDFLOLWLHV
%DVHG RQ WKH IRUHJRLQJ WKH SURSRVHG 3URMHFW ZRXOG QRW UHVXOW LQ D QHZ VLJQLILFDQW
UHFUHDWLRQ LPSDFW RU D VXEVWDQWLDO LQFUHDVH LQ WKH VHYHULW\ RIDQ LPSDFW SUHYLRXVO\
HYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD7KHUH
KDYH EHHQ QR VXEVWDQWLDO FKDQJHV WR WKH 3URMHFW VXEVWDQWLDO FKDQJHV LQ WKH
FLUFXPVWDQFHV XQGHU ZKLFK WKH 3URMHFW ZRXOG EH XQGHUWDNHQ RU QHZ LQIRUPDWLRQ RI
VXEVWDQWLDO LPSRUWDQFH WKDW ZRXOG UHTXLUH PDMRU UHYLVLRQV WR WKH SULRU HQYLURQPHQWDO
DQDO\VLVGXHWRDQHZVLJQLILFDQWUHFUHDWLRQHIIHFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\
RIDSUHYLRXVO\LGHQWLILHGHIIHFW7KHUHIRUHQRQHRIWKHFRQGLWLRQVLGHQWLILHGLQ&(4$
*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQWZLWK
UHVSHFWWRUHFUHDWLRQ
Mitigation/Monitoring Required: 1R QHZ RU UHYLVHG PLWLJDWLRQ PHDVXUHV DUH UHTXLUHG
&RQVLVWHQWZLWKWKH6XSSOHPHQWDO(,5GHYHORSPHQWZLWKLQWKH7XVWLQ/HJDF\6SHFLILF
3ODQDUHDZRXOGQRWUHTXLUHH[SDQVLRQRIUHFUHDWLRQDOIDFLOLWLHVRUUHVXOWLQVXEVWDQWLDOSK\VLFDO
GHWHULRUDWLRQRIH[LVWLQJUHFUHDWLRQDOIDFLOLWLHV1RSUHYLRXVO\DGRSWHGUHFUHDWLRQPLWLJDWLRQ
PHDVXUHVUHTXLUHSURMHFWVSHFLILFLPSOHPHQWDWLRQIRUWKHSURSRVHG3URMHFW
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHVWR
WRDQGWR
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 1RQHZ
LPSDFWV
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ3DUNVDQG5HFUHDWLRQ6HUYLFHV'HSDUWPHQW
7XVWLQ*HQHUDO3ODQ
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
;9,, 75$163257$7,21±:RXOGWKHSURMHFW
D &RQIOLFWZLWKDSURJUDPSODQRUGLQDQFHRUSROLF\DGGUHVVLQJWKHFLUFXODWLRQ
V\VWHPLQFOXGLQJWUDQVLWURDGZD\ELF\FOHDQGSHGHVWULDQIDFLOLWLHV"
E &RQIOLFWRUEHLQFRQVLVWHQWZLWK&(4$*XLGHOLQHVHFWLRQVXEGLYLVLRQ
E "
F 6XEVWDQWLDOO\LQFUHDVHKD]DUGVGXHWRDJHRPHWULFGHVLJQIHDWXUH HJVKDUS
FXUYHV RU GDQJHURXV LQWHUVHFWLRQV RU LQFRPSDWLEOH XVHV HJIDUP
HTXLSPHQW "
G 5HVXOWLQLQDGHTXDWHHPHUJHQF\DFFHVV"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHGSURMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQ
7KH)(,6(,5DQGVXEVHTXHQWHQYLURQPHQWDOGRFXPHQWVHYDOXDWHGWUDQVSRUWDWLRQDQG
FLUFXODWLRQ DVVRFLDWHG ZLWK EXLOGRXW RI WKH 7XVWLQ /HJDF\ 6SHFLILF 3ODQ 7KH
6XSSOHPHQWDO(,5HVWLPDWHGDSSUR[LPDWHO\ $YHUDJH'DLO\7ULSV $'7 IRUWKH
EXLOGRXWRIWKHWKHQDSSURYHG7XVWLQ/HJDF\6SHFLILF3ODQ7KH6XSSOHPHQWDO(,5
VXEVHTXHQWO\ XSGDWHG WKH WUDQVSRUWDWLRQ DQDO\VLV IRU 1HLJKERUKRRGV ' DQG * DQG
FRQVLVWHQW ZLWK FXUUHQW &(4$ UHTXLUHPHQWV HYDOXDWHG WUDQVSRUWDWLRQ LPSDFWV EDVHG
SULPDULO\RQYHKLFOHPLOHVWUDYHOHG 907 FLUFXODWLRQV\VWHPFRQVLVWHQF\WUDQVSRUWDWLRQ
KD]DUGVDQGHPHUJHQF\DFFHVVUDWKHUWKDQURDGZD\OHYHORIVHUYLFH
$FFRUGLQJWRWKH7XVWLQ/HJDF\6SHFLILF3ODQDPD[LPXPRI VTXDUHIHHWRIQRQ
UHVLGHQWLDOXVHVDUHSHUPLWWHGZLWKLQ3ODQQLQJ$UHDVDQG 1HLJKERUKRRG' 7KH
SURSRVHGSURMHFWDVDFKXUFKDVVHPEO\XVHKDVDWRWDORIVTXDUHIHHWZLWKSURMHFWHG
DYHUDJHZHHNGD\WULSVDQGDYHUDJHWULSVRQD6XQGD\*LYHQWKLVFRPSDULVRQ
WKHSURSRVHGSURMHFWLVZHOOZLWKLQWKHWULSEXGJHWHVWDEOLVKHGIRUWKHSURMHFWVLWH
7KH6XSSOHPHQWDO(,5DSSOLHVWKH&LW\RI7XVWLQ907$QDO\VLV*XLGHOLQHVZKLFK
LGHQWLI\ SURMHFWV JHQHUDWLQJ IHZHU WKDQ GDLO\ YHKLFOH WULSV DV KDYLQJ D OHVVWKDQ
VLJQLILFDQW907LPSDFWZLWKRXWUHTXLULQJIXUWKHU907DQDO\VLV7KHSURSRVHG3URMHFWLV
HVWLPDWHGWRJHQHUDWHIHZHUWKDQGDLO\YHKLFOHWULSVLQFOXGLQJRQLWVKLJKHUDFWLYLW\
6XQGD\FRQGLWLRQ$FFRUGLQJO\EDVHGRQWKH3URMHFWWULSJHQHUDWLRQHVWLPDWHVDQGWKH
&LW\¶V907VFUHHQLQJFULWHULRQWKHSURSRVHG3URMHFWZRXOGVFUHHQRXWIURPIXUWKHU907
DQDO\VLVDQGZRXOGKDYHDOHVVWKDQVLJQLILFDQWLPSDFWXQGHU&(4$*XLGHOLQHV6HFWLRQ
7KH6(,5DSSOLHGWKHVDPHIHZHUWKDQGDLO\WULSVFUHHQLQJFULWHULRQLQ
LWV WUDQVSRUWDWLRQ DQDO\VLV &(4$ *XLGHOLQHV 6HFWLRQ FRQILUPV WKDW 907 LV
JHQHUDOO\WKHDSSURSULDWHWUDQVSRUWDWLRQLPSDFWPHDVXUHIRUODQGXVHSURMHFWV
7KHSURSRVHG3URMHFWZRXOGXWLOL]HWKHSODQQHGURDGZD\V\VWHPVHUYLQJ7XVWLQ/HJDF\DQG
ZRXOGQRWUHTXLUHVXEVWDQWLDOPRGLILFDWLRQVWRWKHFLUFXODWLRQQHWZRUN3URMHFWGULYHZD\V
VLGHZDONV SHGHVWULDQ FRQQHFWLRQV DQG RWKHU WUDQVSRUWDWLRQ LPSURYHPHQWV ZRXOG EH
UHYLHZHG WKURXJK WKH &LW\¶V SODQFKHFN DQG SHUPLWWLQJ SURFHVV IRU FRQVLVWHQF\ ZLWK
DSSOLFDEOH&LW\VWDQGDUGVDQGWKH7XVWLQ/HJDF\6SHFLILF3ODQ7KH3URMHFWZRXOGQRWUHPRYH
RUPDWHULDOO\LQWHUIHUHZLWKH[LVWLQJRUSODQQHGWUDQVLWELF\FOHRUSHGHVWULDQIDFLOLWLHVDQG
ZRXOGQRWFRQIOLFWZLWKDQDSSOLFDEOHSURJUDPSODQRUGLQDQFHRUSROLF\DGGUHVVLQJWKH
FLUFXODWLRQ V\VWHP 7KH 6XSSOHPHQWDO (,5 VLPLODUO\ FRQFOXGHG WKDW FRQWLQXHG
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
GHYHORSPHQWZLWKLQ7XVWLQ/HJDF\ZRXOGQRWFRQIOLFWZLWKDSSOLFDEOHURDGZD\WUDQVLWELF\FOH
RUSHGHVWULDQSODQVDQGSROLFLHV
7KHSURSRVHGGULYHZD\VRQ9HWHUDQ¶V:D\DQG-RKQ-RKQVRQ:D\ZRXOGEHGHVLJQHGDQG
UHYLHZHGLQDFFRUGDQFHZLWKDSSOLFDEOH&LW\URDGZD\GULYHZD\VLJKWGLVWDQFHDQGWUDIILF
FRQWURO VWDQGDUGV 7KH 3URMHFW GRHV QRW SURSRVH VKDUS FXUYHV XQXVXDO URDGZD\
FRQILJXUDWLRQV RU LQFRPSDWLEOH WUDQVSRUWDWLRQ XVHV WKDW ZRXOGVXEVWDQWLDOO\ LQFUHDVH
WUDQVSRUWDWLRQKD]DUGV7KH6XSSOHPHQWDO(,5GHWHUPLQHGWKDWWUDQVSRUWDWLRQKD]DUGV
DVVRFLDWHGZLWKJHRPHWULFGHVLJQIHDWXUHVZRXOGQRWUHVXOWLQDQLPSDFWZLWKVXEVHTXHQW
GHYHORSPHQWVXEMHFWWR&LW\SODQUHYLHZDQGDSSOLFDEOHGHVLJQVWDQGDUGV
&RQVWUXFWLRQ DFWLYLWLHV FRXOG WHPSRUDULO\ DIIHFW FLUFXODWLRQ WKURXJK FRQVWUXFWLRQ YHKLFOHV
GHOLYHULHVXWLOLW\ZRUNRUWHPSRUDU\WUDIILFFRQWUROV&RQVLVWHQWZLWK3337LGHQWLILHGLQWKH
6XSSOHPHQWDO(,53URMHFWFRQVWUXFWLRQZRXOGEHVXEMHFWWRWKH&LW\¶VDSSOLFDEOHWUDIILF
FRQWUROVWDQGDUGVDQG6WDQGDUG3ODQVDQG'HVLJQ6WDQGDUGVLQFOXGLQJSUHSDUDWLRQRIWUDIILF
FRQWUROSODQVDQGDSSOLFDEOHDSSURYDOVIRUZRUNZLWKLQWKHSXEOLFULJKWRIZD\2SHUDWLRQDO
DFFHVVZRXOGOLNHZLVHEHUHYLHZHGIRUFRPSOLDQFHZLWKDSSOLFDEOH&LW\VWDQGDUGV
7KHSURSRVHG3URMHFWZRXOGDOVREHUHTXLUHGWRSURYLGHDGHTXDWHHPHUJHQF\DFFHVVLQ
DFFRUGDQFHZLWKDSSOLFDEOH&LW\DQGILUHFRGHUHTXLUHPHQWV3URMHFWDFFHVVDQGLQWHUQDO
FLUFXODWLRQZRXOGEHUHYLHZHGWKURXJKWKHGHYHORSPHQWUHYLHZSURFHVVWRHQVXUHDGHTXDWH
DFFHVV IRU HPHUJHQF\ YHKLFOHV 7KH 6XSSOHPHQWDO (,5 GHWHUPLQHG WKDW IXWXUH
GHYHORSPHQWZLWKLQ7XVWLQ/HJDF\ZRXOGQRWUHVXOWLQLQDGHTXDWHHPHUJHQF\DFFHVVZLWK
FRPSOLDQFHZLWKDSSOLFDEOH&LW\VWDQGDUGVDQG&DOLIRUQLD)LUH&RGHUHTXLUHPHQWV
%DVHG RQ WKH IRUHJRLQJ WKH SURSRVHG 3URMHFW ZRXOG QRW UHVXOW LQ D QHZ VLJQLILFDQW
WUDQVSRUWDWLRQ LPSDFW RU D VXEVWDQWLDO LQFUHDVH LQ WKH VHYHULW\RIDQLPSDFWSUHYLRXVO\
HYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD7KH3URMHFW
ZRXOGUHPDLQZLWKLQWKHDSSOLFDEOH6SHFLILF3ODQGHYHORSPHQWDQGWULSEXGJHWIUDPHZRUN
ZRXOG JHQHUDWH IHZHU WKDQ GDLO\ YHKLFOH WULSV DQG WKHUHIRUH VDWLVI\ WKH &LW\¶V 907
VFUHHQLQJFULWHULRQZRXOGQRWFRQIOLFWZLWKDSSOLFDEOHFLUFXODWLRQV\VWHPSODQVRUSROLFLHV
ZRXOG QRW VXEVWDQWLDOO\ LQFUHDVH WUDQVSRUWDWLRQ KD]DUGV DQG ZRXOG SURYLGH DGHTXDWH
HPHUJHQF\DFFHVV
7KHUH KDYH EHHQ QR VXEVWDQWLDO FKDQJHV 3URMHFW VXEVWDQWLDO FKDQJHV LQ WKH
FLUFXPVWDQFHV XQGHU ZKLFK WKH 3URMHFW ZRXOG EH XQGHUWDNHQ RU QHZ LQIRUPDWLRQ RI
VXEVWDQWLDO LPSRUWDQFH WKDW ZRXOG UHTXLUH PDMRU UHYLVLRQV WR WKH SULRU HQYLURQPHQWDO
DQDO\VLVGXHWRDQHZVLJQLILFDQWWUDQVSRUWDWLRQHIIHFWRUDVXEVWDQWLDOLQFUHDVHLQWKH
VHYHULW\RIDSUHYLRXVO\LGHQWLILHGHIIHFW7KHUHIRUHQRQHRIWKHFRQGLWLRQVLGHQWLILHGLQ
&(4$*XLGHOLQHV6HFWLRQUHTXLULQJSUHSDUDWLRQRIDVXEVHTXHQW(,5DUHSUHVHQW
ZLWKUHVSHFWWRWUDQVSRUWDWLRQ
Mitigation/Monitoring Required:3UHYLRXVO\DGRSWHG6(,5,PSOHPHQWDWLRQ0HDVXUH
,$DSSOLHVWRWKHSURSRVHG3URMHFW3ULRUWRDSSURYDORIWKHDSSOLFDEOHVLWHSODQGHVLJQ
UHYLHZRURWKHUGHYHORSPHQWHQWLWOHPHQWIRUWKHSURSRVHGQHZVTXDUHIRRWDJHWKH3URMHFW
GHYHORSHUVKDOOSURYLGHWUDIILFLQIRUPDWLRQFRQVLVWHQWZLWKWKH7XVWLQ/HJDF\6SHFLILF3ODQ
SULRU HQYLURQPHQWDO UHYLHZ DQG UHTXLUHPHQWV RI WKH &LW\ 7UDIILF (QJLQHHU 7KH WUDIILF
LQIRUPDWLRQVKDOOLGHQWLI\DQ\DSSOLFDEOHFLUFXODWLRQLPSURYHPHQWVUHTXLUHGSXUVXDQWWRWKH
7XVWLQ/HJDF\6SHFLILF3ODQ3KDVLQJ3ODQDQGGHWHUPLQHZKHWKHUDQ\SUHYLRXVO\FRPPLWWHG
FLUFXODWLRQ LPSURYHPHQWV UHPDLQ DSSOLFDEOH WR WKH SURSRVHG 3URMHFW 6(,5
,PSOHPHQWDWLRQ0HDVXUH,$VKDOODSSO\RQO\LIWKH3URMHFWVLWHLVZLWKLQDSODQQLQJDUHD
UHTXLULQJDFRQFHSWSODQDQGWKHDSSOLFDELOLW\FULWHULDRIWKDWPHDVXUHDUHRWKHUZLVHVDWLVILHG
7KH3URMHFWVKDOODOVRFRPSO\ZLWK6(,53337LQFOXGLQJDSSOLFDEOH&LW\WUDIILF
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
FRQWURO SXEOLFULJKWRIZD\ DQG URDGZD\GHVLJQ UHTXLUHPHQWV 1R QHZ RU UHYLVHG
WUDQVSRUWDWLRQPLWLJDWLRQPHDVXUHVDUHUHTXLUHG
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ$PHQGPHQW 3DJHWKURXJK
3DJH
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
;9,,, 75,%$/&8/785$/5(6285&(6
D :RXOGWKHSURMHFWFDXVHDVXEVWDQWLDODGYHUVHFKDQJHLQWKHVLJQLILFDQFHRID
WULEDOFXOWXUDOUHVRXUFHGHILQHGLQ3XEOLF5HVRXUFHV&RGHVHFWLRQDV
HLWKHUDVLWHIHDWXUHSODFHFXOWXUDOODQGVFDSHWKDWLVJHRJUDSKLFDOO\GHILQHGLQ
WHUPV RI WKH VL]H DQG VFRSH RI WKH ODQGVFDSH VDFUHG SODFH RUREMHFW ZLWK
FXOWXUDOYDOXHWRD&DOLIRUQLD1DWLYH$PHULFDQWULEHDQGWKDWLV
L /LVWHG RULV HOLJLEOHIRU OLVWLQJLQ WKH &DOLIRUQLD 5HJLVWHU RI +LVWRULFDO
5HVRXUFHVRULQDORFDOUHJLVWHURIKLVWRULFDOUHVRXUFHVDVGHILQHGLQ
3XEOLF5HVRXUFHV&RGHVHFWLRQ N RU
LL $ UHVRXUFH GHWHUPLQHG E\ WKH OHDG DJHQF\ LQ LWV GLVFUHWLRQDQG
VXSSRUWHGE\VXEVWDQWLDOHYLGHQFHWREHVLJQLILFDQWSXUVXDQWWRFULWHULD
VHWIRUWKLQVXEGLYLVLRQ F RI3XEOLF5HVRXUFHV&RGHVHFWLRQ,Q
DSSO\LQJWKHFULWHULDVHWIRUWKLQVXEGLYLVLRQ F RI3XEOLF5HVRXUFHV&RGH
VHFWLRQWKHOHDGDJHQF\VKDOOFRQVLGHUWKHVLJQLILFDQFHRIWKH
UHVRXUFHWRD&DOLIRUQLD1DWLYH$PHULFDQWULEH
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHG3URMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\ 6SHFLILF 3ODQ DQG ZLWKLQ WKH VFRSH RIGHYHORSPHQW HYDOXDWHGLQWKHFHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGDLQFOXGLQJWKH7XVWLQ/HJDF\
6SHFLILF3ODQ$PHQGPHQW6XSSOHPHQWDO(,57KH3URMHFWZRXOGQRWFDXVHVXEVWDQWLDO
DGYHUVHFKDQJH LQ D WULEDO FXOWXUDOUHVRXUFH LQWKDW WKH SURMHFW VLWH GRHV QRW FRQWDLQ
KLVWRULFDOFXOWXUDOUHVRXUFHVDQGWKHSURSRVHGXVHDQGPRGLILFDWLRQVZRXOGQRWUHVXOW
LPSDFWVWRKLVWRULFDORUFXOWXUDOUHVRXUFHV
7KH 6XSSOHPHQWDO (,5 VSHFLILFDOO\ HYDOXDWHG SRWHQWLDO LPSDFWV WR WULEDO FXOWXUDO
UHVRXUFHVDVVRFLDWHGZLWKIXWXUHGHYHORSPHQWZLWKLQWKHDIIHFWHG7XVWLQ/HJDF\3ODQQLQJ
$UHDV $ 6DFUHG /DQGV )LOH VHDUFK FRQGXFWHG IRU WKDW HQYLURQPHQWDO UHYLHZ GLG QRW
LGHQWLI\NQRZQWULEDOFXOWXUDOUHVRXUFHVRUVDFUHGODQGVZLWKLQWKH0RGLILHG3URMHFWDUHD
+RZHYHUEHFDXVHIXWXUHFRQVWUXFWLRQFRXOGLQYROYHH[FDYDWLRQH[WHQGLQJLQWRQDWLYHRU
SUHYLRXVO\ XQGLVWXUEHG VRLOV WKH 6XSSOHPHQWDO (,5 GHWHUPLQHG WKDW SUHYLRXVO\
XQLGHQWLILHG WULEDO FXOWXUDO UHVRXUFHV FRXOG SRWHQWLDOO\ EH HQFRXQWHUHG GXULQJ JURXQG
GLVWXUELQJDFWLYLWLHV'XULQJFRQVXOWDWLRQIRUWKH6XSSOHPHQWDO(,5WKH*DEULHOHxR
%DQGRI0LVVLRQ,QGLDQV±.L]K1DWLRQUHTXHVWHGFRQVXOWDWLRQDQGSURYLGHGPHDVXUHV
DGGUHVVLQJSRWHQWLDOLPSDFWVWRWULEDOFXOWXUDOUHVRXUFHV7KH&LW\LQFRUSRUDWHG007&5
007&5DQG007&5DQGGHWHUPLQHGWKDWSRWHQWLDOLPSDFWVZRXOGEHOHVVWKDQ
VLJQLILFDQWZLWKLPSOHPHQWDWLRQRIWKRVHPHDVXUHV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
7KHSURSRVHG3URMHFWZRXOGLQYROYHJUDGLQJH[FDYDWLRQWUHQFKLQJDQGRWKHUJURXQG
GLVWXUELQJDFWLYLWLHVDVVRFLDWHGZLWKFRQVWUXFWLRQRIWKHZRUVKLSFHQWHUSDUNLQJDUHDV
XWLOLWLHVODQGVFDSLQJDQGUHODWHGLPSURYHPHQWV$OWKRXJKWKH3URMHFWVLWHKDVSUHYLRXVO\
EHHQGLVWXUEHGDQGJUDGHGSULRUGLVWXUEDQFHGRHVQRWE\LWVHOIHVWDEOLVKWKDWDOOSURSRVHG
H[FDYDWLRQZRXOGUHPDLQZLWKLQDUWLILFLDOILOORUSUHYLRXVO\GLVWXUEHGVRLOV$FFRUGLQJO\WKH
DSSOLFDELOLW\ RI00 7&5 GHSHQGV RQ WKH VRLOV WKDW ZRXOG EH GLVWXUEHG E\ 3URMHFW
FRQVWUXFWLRQ
007&5UHTXLUHVUHWHQWLRQRID1DWLYH$PHULFDQPRQLWRUSULRUWRLVVXDQFHRIGHPROLWLRQ
RUJUDGLQJSHUPLWVIRUSURMHFWVWKDWZRXOGGLVWXUESUHYLRXVO\XQGLVWXUEHGQDWLYHVRLOVRU
VRLOVFRQWDLQLQJQDWLYHILOO)LUVWSUHIHUHQFHLVJLYHQWRWKH*DEULHOHxR%DQGRI0LVVLRQ
,QGLDQV±.L]K1DWLRQVXEMHFWWRWKHSURFHGXUHVHVWDEOLVKHGLQWKHPHDVXUH7KHPHDVXUH
DSSOLHVWRJURXQGGLVWXUELQJDFWLYLWLHVERWKRQVLWHDQGDWRIIVLWHORFDWLRQVLQFOXGHGDVSDUW
RIWKH3URMHFWVXFKDVDVVRFLDWHGSXEOLFLPSURYHPHQWV+RZHYHU007&5H[SUHVVO\
GRHVQRWDSSO\ZKHUHDVRLOVRUJHRWHFKQLFDOUHSRUWYHULILHVWKDW3URMHFWDFWLYLWLHVZRXOG
GLVWXUERQO\DUWLILFLDOILOO
7KHUHIRUH LI WKH 3URMHFW JHRWHFKQLFDO RU VRLOV GRFXPHQWDWLRQ GHPRQVWUDWHV WKDW DOO
SURSRVHGJURXQGGLVWXUEDQFHZRXOGRFFXUHQWLUHO\ZLWKLQDUWLILFLDOILOOQRSURMHFWVSHFLILF
LPSOHPHQWDWLRQRI007&5ZRXOGEHUHTXLUHG,I3URMHFWH[FDYDWLRQZRXOGH[WHQGLQWR
QDWLYHVRLOVRUVRLOVFRQWDLQLQJQDWLYHILOO007&5ZRXOGDSSO\DQG1DWLYH$PHULFDQ
PRQLWRULQJZRXOGEHUHTXLUHGLQDFFRUGDQFHZLWKWKHPHDVXUH
5HJDUGOHVV RI ZKHWKHU 00 7&5 PRQLWRULQJ LV WULJJHUHG00 7&5 HVWDEOLVKHV
SURFHGXUHV IRU DQ XQDQWLFLSDWHG GLVFRYHU\ RI D QRQIXQHUDU\ RUQRQFHUHPRQLDO WULEDO
FXOWXUDO UHVRXUFH GXULQJ JURXQGGLVWXUELQJ DFWLYLWLHV ,I D 7&5 LV GLVFRYHUHG JURXQG
GLVWXUEDQFHZLWKLQWKHLPPHGLDWHYLFLQLW\RIWKHGLVFRYHU\PXVWFHDVHDQGWKHUHVRXUFH
PXVWEHHYDOXDWHGDQGWUHDWHGLQDFFRUGDQFHZLWKWKHSURFHGXUHVHVWDEOLVKHGE\00
7&5
007&5HVWDEOLVKHVSURFHGXUHVIRUWKHXQDQWLFLSDWHGGLVFRYHU\RI1DWLYH$PHULFDQ
KXPDQ UHPDLQV DQG DVVRFLDWHG IXQHUDU\ RU FHUHPRQLDO REMHFWV DQG LQFRUSRUDWHV WKH
DSSOLFDEOHUHTXLUHPHQWVRI+HDOWKDQG6DIHW\&RGH6HFWLRQDQG3XEOLF5HVRXUFHV
&RGH6HFWLRQ 3UHVHUYDWLRQLQSODFHLVLGHQWLILHGDVWKHSUHIHUUHGWUHDWPHQWIRU
GLVFRYHUHG1DWLYH$PHULFDQKXPDQUHPDLQVDQGDVVRFLDWHGJUDYHJRRGV
:LWKLPSOHPHQWDWLRQRIDSSOLFDEOH007&5007&5DQG007&5WKHSURSRVHG
3URMHFW ZRXOG QRW UHVXOW LQ D QHZ VLJQLILFDQW LPSDFW WR DWULEDO FXOWXUDOUHVRXUFH RU D
VXEVWDQWLDO LQFUHDVH LQ WKH VHYHULW\ RI DQ LPSDFW SUHYLRXVO\ HYDOXDWHG LQ WKH
6XSSOHPHQWDO(,57KH6XSSOHPHQWDO(,5FRQFOXGHGWKDWWKHVHPHDVXUHVZRXOG
UHGXFHSRWHQWLDOLPSDFWVDVVRFLDWHGZLWKLQDGYHUWHQWGLVFRYHU\RIWULEDOFXOWXUDOUHVRXUFHV
GXULQJIXWXUHGHYHORSPHQWWROHVVWKDQVLJQLILFDQW
%DVHGRQWKHIRUHJRLQJWKHUHKDYHEHHQQRVXEVWDQWLDOFKDQJHVWRWKH3URMHFWVXEVWDQWLDO
FKDQJHVLQWKHFLUFXPVWDQFHVXQGHUZKLFKWKH3URMHFWZRXOGEHXQGHUWDNHQRUQHZ
LQIRUPDWLRQ RI VXEVWDQWLDO LPSRUWDQFH WKDW ZRXOG UHTXLUH PDMRUUHYLVLRQV WR WKH SULRU
HQYLURQPHQWDO DQDO\VLV GXH WR D QHZ VLJQLILFDQW WULEDO FXOWXUDO UHVRXUFHV HIIHFW RU D
VXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDSUHYLRXVO\LGHQWLILHGHIIHFW7KHUHIRUHQRQHRIWKH
FRQGLWLRQV LGHQWLILHG LQ &(4$ *XLGHOLQHV 6HFWLRQ UHTXLULQJ SUHSDUDWLRQ RI D
VXEVHTXHQW(,5DUHSUHVHQWZLWKUHVSHFWWRWULEDOFXOWXUDOUHVRXUFHV
Mitigation/Monitoring Required: 6(,5 00 7&5 VKDOO DSSO\ LI 3URMHFW JUDGLQJ
H[FDYDWLRQ WUHQFKLQJ RU RWKHU JURXQGGLVWXUELQJ DFWLYLWLHV ZRXOG H[WHQG LQWR SUHYLRXVO\
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
XQGLVWXUEHGQDWLYHVRLOVRUVRLOVFRQWDLQLQJQDWLYHILOO3ULRUWRLVVXDQFHRIWKHDSSOLFDEOH
GHPROLWLRQRUJUDGLQJSHUPLWWKHDSSOLFDQWVKDOOUHWDLQD1DWLYH$PHULFDQPRQLWRUDQGFRPSO\
ZLWKWKHPRQLWRULQJSURFHGXUHVHVWDEOLVKHGE\007&5,IDVRLOVRUJHRWHFKQLFDOUHSRUW
YHULILHVWKDWDOO3URMHFWJURXQGGLVWXUEDQFHZRXOGRFFXURQO\ZLWKLQDUWLILFLDOILOO007&5
GRHVQRWUHTXLUHSURMHFWVSHFLILFLPSOHPHQWDWLRQ
6(,5007&5DSSOLHVWRWKHLQDGYHUWHQWGLVFRYHU\RIQRQIXQHUDU\QRQFHUHPRQLDO
WULEDOFXOWXUDOUHVRXUFHVGXULQJ3URMHFWJURXQGGLVWXUELQJDFWLYLWLHVDQGUHTXLUHVFHVVDWLRQRI
JURXQG GLVWXUEDQFH LQ WKH YLFLQLW\ RI D GLVFRYHU\ DQG WUHDWPHQW LQ DFFRUGDQFH ZLWK WKH
SURFHGXUHVHVWDEOLVKHGE\WKHPHDVXUH6(,5007&5DSSOLHVLQWKHHYHQW1DWLYH
$PHULFDQKXPDQUHPDLQVRUDVVRFLDWHGIXQHUDU\RUFHUHPRQLDOREMHFWVDUHHQFRXQWHUHGDQG
UHTXLUHVWUHDWPHQWLQDFFRUGDQFHZLWKWKHPHDVXUHDQGDSSOLFDEOH6WDWHODZ
1RQHZRUUHYLVHGWULEDOFXOWXUDOUHVRXUFHVPLWLJDWLRQPHDVXUHVDUHUHTXLUHG
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ 3DJHWKURXJK
WKURXJKDQGWKURXJK $GGHQGXP 3DJHWKURXJK
DQG$GGHQGXP 3DJHWKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHWKURXJK
7XVWLQ*HQHUDO3ODQ
;,; 87,/,7,(6$1'6(59,&(6<67(06±:RXOGWKHSURMHFW
D 5HTXLUHRUUHVXOWLQWKHUHORFDWLRQRUFRQVWUXFWLRQRIQHZRUH[SDQGHGZDWHU
ZDVWHZDWHUWUHDWPHQWRUVWRUPZDWHUGUDLQDJHHOHFWULFSRZHUQDWXUDOJDVRU
WHOHFRPPXQLFDWLRQV IDFLOLWLHV WKH FRQVWUXFWLRQ RU UHORFDWLRQ RI ZKLFK FRXOG
FDXVHVLJQLILFDQWHQYLURQPHQWDOHIIHFWV"
E +DYH VXIILFLHQW ZDWHU VXSSOLHV DYDLODEOH WR VHUYH WKH SURMHFW UHDVRQDEO\
IRUHVHHDEOHIXWXUHGHYHORSPHQWGXULQJQRUPDOGU\DQGPXOWLSOHGU\\HDUV"
F 5HVXOWLQDGHWHUPLQDWLRQE\WKHZDVWHZDWHUWUHDWPHQWSURYLGHUZKLFKVHUYHVRU
PD\ VHUYH WKH SURMHFW WKDW LW KDV DGHTXDWH FDSDFLW\ WR VHUYH WKH SURMHFW¶V
SURMHFWHGGHPDQGLQDGGLWLRQWRWKHSURYLGHU¶VH[LVWLQJFRPPLWPHQWV"
G *HQHUDWHVROLGZDVWHLQH[FHVVRI6WDWHRUORFDOVWDQGDUGVRULQH[FHVVRIWKH
FDSDFLW\RIORFDOLQIUDVWUXFWXUHRURWKHUZLVHLPSDLUWKHDWWDLQPHQWRIVROLGZDVWH
UHGXFWLRQJRDOV"
H &RPSO\ZLWKIHGHUDOVWDWHDQGORFDOPDQDJHPHQWDQGUHGXFWLRQVWDWXWHVDQG
UHJXODWLRQVUHODWHGWRVROLGZDVWH"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHG3URMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQDQGLVZLWKLQWKHVFRSHRIGHYHORSPHQWHYDOXDWHGLQWKHFHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGDLQFOXGLQJWKH7XVWLQ/HJDF\
6SHFLILF3ODQ$PHQGPHQW6XSSOHPHQWDO(,5
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
7KH )(,6(,5 DQG VXEVHTXHQW HQYLURQPHQWDO GRFXPHQWV HYDOXDWHG WKH ZDWHU
ZDVWHZDWHUVWRUPGUDLQDJHHOHFWULFDOQDWXUDOJDVWHOHFRPPXQLFDWLRQVDQGVROLGZDVWH
LQIUDVWUXFWXUHQHFHVVDU\WRVXSSRUWEXLOGRXWRI7XVWLQ/HJDF\7KH6XSSOHPHQWDO(,5
IXUWKHUHYDOXDWHGXWLOLW\GHPDQGVDVVRFLDWHGZLWKGHYHORSPHQWRI3ODQQLQJ$UHDV
DQGDQGFRQFOXGHGWKDWDGHTXDWHZDWHUVXSSOLHVZRXOGEHDYDLODEOHWRVHUYH
EXLOGRXWGXULQJQRUPDOGU\DQGPXOWLSOHGU\\HDUV7KHDQDO\VLVDOVRGHWHUPLQHG
WKDWDGHTXDWHZDVWHZDWHUWUHDWPHQWFDSDFLW\ZRXOGEHDYDLODEOHIRU6SHFLILF3ODQEXLOGRXW
VXEMHFWWRSURMHFWOHYHOYHULILFDWLRQRIZDWHUDQGVHZHUFRQYH\DQFHFDSDFLW\
7KHSURSRVHG3URMHFWZRXOGFRQQHFWWRH[LVWLQJDQGSODQQHGSRWDEOHZDWHUZDVWHZDWHU
VWRUP GUDLQDJH HOHFWULFDO DQG WHOHFRPPXQLFDWLRQV LQIUDVWUXFWXUH VHUYLQJ WKH 7XVWLQ
/HJDF\DUHD/RFDOXWLOLW\FRQQHFWLRQVDQGLPSURYHPHQWVZRXOGEHUHTXLUHGWRVHUYHWKH
3URMHFW KRZHYHUVXFKLPSURYHPHQWVDUHW\SLFDORIGHYHORSPHQWFRQWHPSODWHGE\WKH
6SHFLILF3ODQDQGZRXOGEHFRQVWUXFWHGZLWKLQWKH3URMHFWVLWHRUDSSOLFDEOHXWLOLW\ULJKWV
RIZD\7KH3URMHFWZRXOGQRWUHTXLUHFRQVWUXFWLRQRIDQHZUHJLRQDOZDWHURUZDVWHZDWHU
WUHDWPHQWIDFLOLW\RURWKHUPDMRUXWLOLW\IDFLOLW\QRWFRQWHPSODWHGLQWKHSULRUHQYLURQPHQWDO
UHYLHZ7KH6XSSOHPHQWDO(,5VLPLODUO\GHWHUPLQHGWKDWIXWXUHGHYHORSPHQWZRXOG
JHQHUDOO\UHTXLUHORFDOFRQQHFWLRQVDQGLPSURYHPHQWVUDWKHUWKDQH[WHQVLYHRIIVLWHXWLOLW\
LQIUDVWUXFWXUH
3XUVXDQWWR6(,50087SURMHFWOHYHOLQIUDVWUXFWXUHDQDO\VHVDUHUHTXLUHGWR
FRQILUPWKDWH[LVWLQJZDWHUDQGVHZHUFRQYH\DQFHIDFLOLWLHVDQGZDWHUV\VWHPSUHVVXUH
DUHDGHTXDWHWRVHUYHLQGLYLGXDOGHYHORSPHQWSURMHFWV7KHDSSOLFDQWKDVVXEPLWWHGXWLOLW\
LQIRUPDWLRQWKDWKDVEHHQUHYLHZHGIRUFRQVLVWHQF\ZLWKWKHDSSOLFDEOH,5:'6XE$UHD
0DVWHU3ODQ 6$03 DQGWKHSURSRVHG3URMHFWKDVEHHQGHWHUPLQHGWRPHHWDSSOLFDEOH
,5:'RSHUDWLRQDOFULWHULD7RFRPSOHWHFRPSOLDQFHZLWK0087WKHDGPLQLVWUDWLYH
UHFRUG VKRXOG DOVR GRFXPHQW WKDW WKH UHTXLUHG VHZHU FDSDFLW\ DQDO\VLV KDV EHHQ
VXEPLWWHGWRWKH2UDQJH&RXQW\6DQLWDWLRQ'LVWULFWIRUUHYLHZDQGYHULILFDWLRQRIDYDLODEOH
FDSDFLW\IRUDSSOLFDEOH2&6DQIDFLOLWLHV,IWKH3URMHFWUHPDLQVZLWKLQWKHGHYHORSPHQW
DVVXPSWLRQVRIWKH,5:'DSSURYHG6$03DQXSGDWHWRWKH6$03ZRXOGQRWEHUHTXLUHG
LIWKRVHDVVXPSWLRQVDUHH[FHHGHGFRRUGLQDWLRQZLWK,5:'WRXSGDWHWKH6$03ZRXOG
EHUHTXLUHG
7KHSURSRVHG3URMHFWUHSUHVHQWVQRQUHVLGHQWLDOGHYHORSPHQWFRQWHPSODWHGE\WKH7XVWLQ
/HJDF\6SHFLILF3ODQDQGZRXOGQRWLQFUHDVHWKHDSSURYHGQRQUHVLGHQWLDOGHYHORSPHQW
FDSDFLW\$FFRUGLQJO\3URMHFWZDWHUGHPDQGZRXOGEHZLWKLQWKHJHQHUDOGHYHORSPHQW
IUDPHZRUN HYDOXDWHG LQ WKH SULRU HQYLURQPHQWDO UHYLHZ 7KH 6XSSOHPHQWDO (,5
LQFOXGHGD:DWHU6XSSO\$VVHVVPHQWDQGGHWHUPLQHGWKDW,5:'ZRXOGKDYHVXIILFLHQW
VXSSOLHV WR DFFRPPRGDWH 6SHFLILF 3ODQ EXLOGRXW DQG FXPXODWLYH GHYHORSPHQW GXULQJ
QRUPDOGU\DQGPXOWLSOHGU\\HDUFRQGLWLRQV7KHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQD
QHZZDWHUGHPDQGEH\RQGWKHW\SHDQGLQWHQVLW\RIGHYHORSPHQWFRQWHPSODWHGE\WKH
6SHFLILF3ODQDQGZRXOGWKHUHIRUHQRWUHVXOWLQDQHZVLJQLILFDQWZDWHUVXSSO\LPSDFWRUD
VXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDSUHYLRXVO\HYDOXDWHGLPSDFW
7KH3URMHFWZRXOGJHQHUDWHZDVWHZDWHUDVVRFLDWHGZLWKRSHUDWLRQRIWKHZRUVKLSFHQWHU
DGPLQLVWUDWLYHRIILFHVPHHWLQJVSDFHVDQGUHODWHGIDFLOLWLHV7KH6XSSOHPHQWDO(,5
GHWHUPLQHG WKDW UHJLRQDO ZDVWHZDWHU WUHDWPHQW FDSDFLW\ ZRXOG EH VXIILFLHQW WR
DFFRPPRGDWHIXOOEXLOGRXWRIWKH7XVWLQ/HJDF\6SHFLILF3ODQ3URMHFWVSHFLILFZDVWHZDWHU
FRQYH\DQFHFDSDFLW\ZRXOGEHFRQILUPHGSXUVXDQWWR0087WKURXJKFRRUGLQDWLRQZLWK
,5:'DQG2&6DQ:LWKFRPSOHWLRQRIWKDWUHTXLUHGFDSDFLW\YHULILFDWLRQWKH3URMHFW
ZRXOG QRW UHTXLUH FRQVWUXFWLRQ RI D QHZ ZDVWHZDWHU WUHDWPHQW IDFLOLW\ RU UHVXOW LQ
ZDVWHZDWHUGHPDQGH[FHHGLQJDYDLODEOHWUHDWPHQWFDSDFLW\
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
'HYHORSPHQWRIWKH3URMHFWVLWHZRXOGLQFUHDVHLPSHUYLRXVVXUIDFHVDQGZRXOGUHTXLUH
RQVLWH GUDLQDJH LQIUDVWUXFWXUH DQG FRQQHFWLRQV WR WKH H[LVWLQJVWRUP GUDLQ V\VWHP $
UHYLVHGSUHOLPLQDU\:DWHU4XDOLW\0DQDJHPHQW3ODQ S:403 GDWHG-XQHZDV
VXEPLWWHGZLWKWKH3URMHFWDSSOLFDWLRQDQGLGHQWLILHVVLWHGHVLJQVWUDWHJLHVVRXUFHFRQWURO
DQGWUHDWPHQWFRQWUROPHDVXUHVGUDLQDJHFKDUDFWHULVWLFVDQGORQJWHUPPDLQWHQDQFH
UHTXLUHPHQWVIRUVWRUPZDWHUIDFLOLWLHV3ULRUWRDSSURYDORIWKHJUDGLQJSODQDQGLVVXDQFH
RIJUDGLQJSHUPLWVDFRPSOHWHG:403ZRXOGEHUHTXLUHGWREHUHYLHZHGDQGDSSURYHG
E\ WKH &LW\ 7KH 3URMHFW ZRXOG DOVR EH VXEMHFW WR DSSOLFDEOH 13'(6 UHTXLUHPHQWV
LQFOXGLQJSUHSDUDWLRQDQGLPSOHPHQWDWLRQRID6:333ZKHUHWKHDSSOLFDEOHGLVWXUEDQFH
WKUHVKROGLVPHW
3UHYLRXVO\DGRSWHGGUDLQDJHUHTXLUHPHQWVDOVRUHTXLUHSURMHFWVSHFLILFGUDLQDJHVWXGLHV
SULRUWRJUDGLQJRIQHZGHYHORSPHQWWRGHPRQVWUDWHWKDWSURSRVHGGUDLQDJHSDWWHUQV
ZRXOG QRW ZRUVHQ GRZQVWUHDP GUDLQDJHFRQGLWLRQV RU LQFUHDVH SHDN GLVFKDUJHV LQ D
PDQQHUUHTXLULQJDGGLWLRQDOLPSURYHPHQWV$FFRUGLQJO\WKH3URMHFW
VGUDLQDJHVWXG\FLYLO
SODQVDQG:403VKDOOGHPRQVWUDWHDGHTXDWHVWRUPGUDLQFDSDFLW\DQGFRPSOLDQFHZLWK
DSSOLFDEOH&LW\GUDLQDJHUHTXLUHPHQWVSULRUWRJUDGLQJ7KHSUHYLRXVO\VXEPLWWHGS:403
PD\FRQWULEXWHWRWKLVGHPRQVWUDWLRQEXWGRHVQRWE\LWVHOIUHSODFHDQ\VHSDUDWHGUDLQDJH
VWXG\UHTXLUHGE\WKHDSSOLFDEOHSULRUPHDVXUHXQOHVVDFFHSWHGE\WKH&LW\DVVDWLVI\LQJ
WKDWUHTXLUHPHQW
Mitigation/Monitoring Required:6(,50087DSSOLHVWRWKHSURSRVHG3URMHFW3ULRU
WR3URMHFWDSSURYDOWKHGHYHORSPHQWDSSOLFDQWVKDOOFRRUGLQDWHZLWK,5:'WRFRQGXFWWKH
UHTXLUHGLQIUDVWUXFWXUHDQDO\VHVRIZDWHUDQGVHZHUXWLOLWLHVWRYHULI\DGHTXDWHFRQYH\DQFH
DQG ZDWHUV\VWHP SUHVVXUH ,I WKH GHYHORSPHQW DVVXPSWLRQV FRQWDLQHG LQ WKH ,5:'
DSSURYHG6$03DUHH[FHHGHGWKHDSSOLFDQWVKDOOFRRUGLQDWHZLWK,5:'WRXSGDWHWKH
6$037KHDSSOLFDQWVKDOODOVRVXEPLWWKHVHZHUFDSDFLW\DQDO\VLVWR2&6DQIRUUHYLHZDQG
YHULILFDWLRQRIDYDLODEOHFDSDFLW\IRUDSSOLFDEOH2&6DQIDFLOLWLHV
3UHYLRXVO\ DGRSWHG XWLOLW\ DQG LQIUDVWUXFWXUH PHDVXUHV FDUULHGIRUZDUG LQ WKH
6XSSOHPHQWDO(,5DOVRUHPDLQDSSOLFDEOHZKHUHWULJJHUHG7KHSULRUPHDVXUHVUHTXLULQJ
LQIRUPDWLRQIURP,5:'UHJDUGLQJIDFLOLWLHVQHFHVVDU\WRSURYLGHDGHTXDWHSRWDEOHUHFODLPHG
ZDWHUDQGVDQLWDU\VHZHUVHUYLFHDUHDGGUHVVHGWKURXJKWKH3URMHFW
V,5:'FRRUGLQDWLRQ
DQGWKHFDSDFLW\DQDO\VLVUHTXLUHGE\00877KHSULRULQIUDVWUXFWXUHSKDVLQJUHTXLUHPHQW
VKDOO FRQWLQXH WR DSSO\ DW WKH 6SHFLILF 3ODQ OHYHO DQG DQ\ LQIUDVWUXFWXUH LPSURYHPHQW
WULJJHUHG E\ WKH DSSOLFDEOH 7XVWLQ /HJDF\ 3KDVLQJ 3ODQ VKDOO EHSURYLGHGEHIRUH
GHYHORSPHQWH[FHHGVWKHDSSOLFDEOHLQIUDVWUXFWXUHFDSDFLW\WKUHVKROG0HDVXUHVUHTXLULQJ
XWLOLW\HDVHPHQWVRUVHFXUHGDJUHHPHQWVIRUFDSLWDOLPSURYHPHQWVDSSO\RQO\LIWKH3URMHFW
LQYROYHVDILQDOVXEGLYLVLRQPDSRUWKH&LW\RUDSSOLFDEOHXWLOLW\SURYLGHUGHWHUPLQHVWKDW
DGGLWLRQDOHDVHPHQWVULJKWVRIZD\RUFDSLWDOLPSURYHPHQWVDUHQHFHVVDU\
7KH SUHYLRXVO\ DGRSWHG GUDLQDJHVWXG\ UHTXLUHPHQW DSSOLHV SULRU WR JUDGLQJ RI QHZ
GHYHORSPHQW5HTXLUHGSURMHFWOHYHOGUDLQDJHGRFXPHQWDWLRQVKDOOGHPRQVWUDWHWKDW3URMHFW
GUDLQDJHZRXOGQRWLQFUHDVHGRZQVWUHDPSHDNIORZVZRUVHQH[LVWLQJGUDLQDJHFRQGLWLRQV
RURWKHUZLVHUHTXLUHDGGLWLRQDOIORRGFRQWUROLPSURYHPHQWV3UHYLRXVO\DGRSWHGPHDVXUHV
VSHFLILFWRGHYHORSPHQWZLWKLQDPDSSHG\HDUIORRGSODLQRUFRQVWUXFWLRQRIUHJLRQDO
IORRGFRQWUROIDFLOLWLHVGRQRWUHTXLUHSURMHFWVSHFLILFLPSOHPHQWDWLRQEHFDXVHWKH3URMHFWVLWH
LVQRWZLWKLQWKH\HDUIORRGSODLQDQGWKH3URMHFWGRHVQRWSURSRVHFRQVWUXFWLRQRIUHJLRQDO
IORRGFRQWUROIDFLOLWLHV
7KH3URMHFWVKDOODOVRFRPSO\ZLWK33387DSSOLFDEOHEXLOGLQJFRGHUHTXLUHPHQWVWKH
ILQDO :403 UHTXLUHPHQW DSSOLFDEOH 13'(66:333 UHTXLUHPHQWV DQG DSSOLFDEOH &LW\
VWDQGDUGVJRYHUQLQJXWLOLW\ZRUNZLWKLQWKHSXEOLFULJKWRIZD\7KHVHDUHH[LVWLQJUHJXODWRU\
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
UHTXLUHPHQWV UDWKHU WKDQ QHZ &(4$PLWLJDWLRQ1R QHZRUUHYLVHG XWLOLWLHVDQG VHUYLFH
V\VWHPVPLWLJDWLRQPHDVXUHVDUHUHTXLUHG
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ SDJHVWKURXJK
WKURXJKDQGWKURXJK
)6(,5 IRU 7XVWLQ /HJDF\ 6SHFLILF 3ODQ $PHQGPHQW 3DJHV
WKURXJK
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 3DJHV
WKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
;; :,/'),5( ,IORFDWHGLQRUQHDUVWDWHUHVSRQVLELOLW\DUHDVRUODQGVFODVVLILHGDVYHU\
KLJKILUHKD]DUGVHYHULW\]RQHVZRXOGWKHSURMHFW
D 6XEVWDQWLDOO\LPSDLUDQDGRSWHGHPHUJHQF\UHVSRQVHSODQRUHPHUJHQF\
HYDFXDWLRQSODQ"
E 'XHWRVORSHSUHYDLOLQJZLQGVDQGRWKHUIDFWRUVH[DFHUEDWHZLOGILUHULVNV
DQGWKHUHE\H[SRVHSURMHFWRFFXSDQWVWRSROOXWDQWFRQFHQWUDWLRQVIURPD
ZLOGILUHRUXQFRQWUROOHGVSUHDGRIZLOGILUH"
F 5HTXLUHWKHLQVWDOODWLRQRIPDLQWHQDQFHRIDVVRFLDWHGLQIUDVWUXFWXUH VXFKDV
URDGVIXHOEUHDNVHPHUJHQF\ZDWHUVRXUFHVSRZHUOLQHVRWKHUXWLOLWLHV
WKDWPD\H[DFHUEDWHILUHULVNRUWKDWPD\UHVXOWLQWHPSRUDU\RURQJRLQJ
LPSDFWVWRWKHHQYLURQPHQW"
G ([SRVH SHRSOH RU VWUXFWXUH WR VLJQLILFDQW ULVNV LQFOXGLQJ GRZQVORSH RU
GRZQVWUHDP IORRGLQJ RU ODQGVOLGHV DV D UHVXOW RI UXQRII SRVWILUH VORSH
LQVWDELOLW\RUGUDLQDJHFKDQJHV"
7KH SURSRVHG SURMHFW FRQVLVWV RIWKH FRQVWUXFWLRQ DQG RSHUDWLRQ RI DQHZ WZRVWRU\
DVVHPEO\ XVHFRPSULVLQJ RI D VTXDUH IRRW ZRUVKLS FHQWHUZLWK DGPLQLVWUDWLYH
RIILFHV PHHWLQJ VSDFHV DQG VHUYLFH DUHDV ZLWK RQVLWH SDUNLQJ VSDFHV DQG
ODQGVFDSLQJLPSURYHPHQWV3URMHFWDFFHVVZRXOGEHYLDQHZGULYHZD\VRQ9HWHUDQ¶V:D\
DQG-RKQ-RKQVRQ:D\7KHSURSRVHG3URMHFWLVFRQVLVWHQWZLWKWKHDSSURYHG7XVWLQ
/HJDF\6SHFLILF3ODQ
7KH3URMHFWVLWHLVORFDWHGZLWKLQWKHXUEDQL]HG7XVWLQ/HJDF\DUHDDQGLVQRWORFDWHG
ZLWKLQRUQHDUD6WDWH5HVSRQVLELOLW\$UHDRUD9HU\+LJK)LUH+D]DUG6HYHULW\=RQH7KH
VLWHLVUHODWLYHO\IODWDQGLVVXUURXQGHGE\H[LVWLQJDQGSODQQHGXUEDQGHYHORSPHQW7KH
6XSSOHPHQWDO(,5OLNHZLVHGHWHUPLQHGWKDWGHYHORSPHQWZLWKLQ7XVWLQ/HJDF\ZRXOG
QRWUHVXOWLQVLJQLILFDQWZLOGILUHLPSDFWV
7KH3URMHFWZRXOGXWLOL]HWKHH[LVWLQJDQGSODQQHGFLUFXODWLRQDQGXWLOLW\V\VWHPVVHUYLQJ
7XVWLQ /HJDF\ DQG ZRXOG QRW LPSDLU HPHUJHQF\ UHVSRQVH RU HYDFXDWLRQ H[DFHUEDWH
ZLOGILUH ULVN UHTXLUH ZLOGILUHUHODWHG LQIUDVWUXFWXUH WKDW FRXOG UHVXOW LQ VLJQLILFDQW
HQYLURQPHQWDOHIIHFWVRUH[SRVHSHRSOHRUVWUXFWXUHVWRVXEVWDQWLDOSRVWILUHIORRGLQJRU
ODQGVOLGHKD]DUGV3URMHFWDFFHVVDQGILUHSURWHFWLRQIHDWXUHVZRXOGEHUHTXLUHGWRFRPSO\
ZLWKDSSOLFDEOH&LW\DQG2UDQJH&RXQW\)LUH$XWKRULW\UHTXLUHPHQWV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
%DVHGRQWKHIRUHJRLQJWKHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWZLOGILUH
LPSDFWRUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RIDQLPSDFWSUHYLRXVO\HYDOXDWHGLQWKH
FHUWLILHG)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD1RVXEVWDQWLDOFKDQJHV
LQWKH3URMHFWRUFLUFXPVWDQFHVRUQHZLQIRUPDWLRQRIVXEVWDQWLDOLPSRUWDQFHKDYHEHHQ
LGHQWLILHGWKDWZRXOGUHTXLUHDGGLWLRQDOHQYLURQPHQWDOUHYLHZSXUVXDQWWR&(4$*XLGHOLQHV
6HFWLRQ
Mitigation/Monitoring Required 1RQHZRUUHYLVHGPLWLJDWLRQPHDVXUHVDUHUHTXLUHG7KH
3URMHFWVLWHLVQRWORFDWHGZLWKLQDPDSSHG0RGHUDWH+LJKRU9HU\+LJK)LUH+D]DUG
6HYHULW\=RQHDQGWKH6XSSOHPHQWDO(,5GHWHUPLQHGWKDWGHYHORSPHQWZLWKLQWKH
7XVWLQ/HJDF\DUHDZRXOGUHVXOWLQQRZLOGILUHLPSDFWVDQGUHTXLUHGQRZLOGILUHPLWLJDWLRQ
PHDVXUHV $SSOLFDEOH EXLOGLQJ ILUHSURWHFWLRQ HPHUJHQF\DFFHVV DQG XWLOLW\
UHTXLUHPHQWV ZRXOG FRQWLQXH WR DSSO\ DV H[LVWLQJ UHJXODWRU\ UHTXLUHPHQWV EXW GR QRW
FRQVWLWXWH&(4$ZLOGILUHPLWLJDWLRQ
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ$PHQGPHQW 3DJHVWKURXJK
3DJHV
)6(,5IRU7XVWLQ/HJDF\6SHFLILF3ODQ5H]RQH$PHQGPHQW 1RQHZ
LPSDFWV
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
/RFDO5HVSRQVLELOLW\$UHD /5$ )LUH+D]DUG6HYHULW\=RQH0DSV
7XVWLQ*HQHUDO3ODQ
;;, 0$1'$725<),1',1*62)6,*1,),&$1&(
D 'RHV WKH SURMHFW KDYH WKH SRWHQWLDO WR GHJUDGH WKH TXDOLW\ RI WKH
HQYLURQPHQWVXEVWDQWLDOO\UHGXFHWKHKDELWDWRIDILVKRUZLOGOLIHVSHFLHV
FDXVH D ILVK RU ZLOGOLIH SRSXODWLRQ WR GURS EHORZ VHOIVXVWDLQLQJ OHYHOV
WKUHDWHQWRHOLPLQDWHDSODQWRUDQLPDOFRPPXQLW\UHGXFHWKHQXPEHURU
UHVWULFW WKH UDQJH RI D UDUH RU HQGDQJHUHG SODQW RU DQLPDO RU HOLPLQDWH
LPSRUWDQWH[DPSOHVRIWKHPDMRUSHULRGVRI&DOLIRUQLDKLVWRU\RUSUHKLVWRU\"
E 'RHVWKHSURMHFWKDYHLPSDFWVWKDWDUHLQGLYLGXDOO\OLPLWHGEXWFXPXODWLYHO\
FRQVLGHUDEOH" &XPXODWLYHO\ FRQVLGHUDEOH PHDQV WKDW WKH LQFUHPHQWDO
HIIHFWVRIDSURMHFWDUHFRQVLGHUDEOHZKHQYLHZHGLQFRQQHFWLRQZLWKWKH
HIIHFWVRISDVWSURMHFWVWKHHIIHFWVRIRWKHUFXUUHQWSURMHFWVDQGWKHHIIHFWV
RISUREDEOHIXWXUHSURMHFWV
F 'RHVWKHSURMHFWKDYHHQYLURQPHQWDOHIIHFWVZKLFKZLOOFDXVHVXEVWDQWLDO
DGYHUVHHIIHFWVRQKXPDQEHLQJVHLWKHUGLUHFWO\RULQGLUHFWO\"
%DVHGRQWKHIRUHJRLQJDQDO\VHVWKHSURSRVHG3URMHFWZRXOGQRWKDYHWKHSRWHQWLDOWR
VXEVWDQWLDOO\ GHJUDGHWKHTXDOLW\ RIWKHHQYLURQPHQW VXEVWDQWLDOO\UHGXFHWKH KDELWDW RU
SRSXODWLRQRIDILVKRUZLOGOLIHVSHFLHVWKUHDWHQWRHOLPLQDWHDSODQWRUDQLPDOFRPPXQLW\
UHVWULFW WKH UDQJH RI D UDUH RU HQGDQJHUHG VSHFLHV RU HOLPLQDWH LPSRUWDQW H[DPSOHV RI
&DOLIRUQLD KLVWRU\ RU SUHKLVWRU\ EH\RQG WKH HIIHFWV SUHYLRXVO\HYDOXDWHG LQ WKH FHUWLILHG
)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWVDQG$GGHQGD$SSOLFDEOHSUHYLRXVO\DGRSWHGDQG
FDUULHGIRUZDUG PLWLJDWLRQ PHDVXUHV LGHQWLILHG LQ WKH SUHFHGLQJ UHVRXUFH VHFWLRQV ZRXOG
DSSO\WRWKH3URMHFW
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
7KHSULRUHQYLURQPHQWDOUHYLHZLGHQWLILHGVLJQLILFDQWDQGXQDYRLGDEOHUHJLRQDODQGFXPXODWLYH
DLUTXDOLW\LPSDFWVDVVRFLDWHGZLWKEXLOGRXWRIWKH7XVWLQ/HJDF\6SHFLILF3ODQ7KH
6XSSOHPHQWDO(,5DOVRLGHQWLILHGVLJQLILFDQWDQGXQDYRLGDEOHJUHHQKRXVHJDVHPLVVLRQV
LPSDFWVLQFOXGLQJFXPXODWLYHLPSDFWV7KHSURSRVHG3URMHFWZRXOGFRQWULEXWHLQFUHPHQWDOO\
WRWKHVHSUHYLRXVO\GLVFORVHGHIIHFWVDVSDUWRIEXLOGRXWRIWKH6SHFLILF3ODQ KRZHYHUWKH
3URMHFWZRXOGQRWUHVXOWLQDQHZVLJQLILFDQWFXPXODWLYHLPSDFWRUVXEVWDQWLDOO\LQFUHDVHWKH
VHYHULW\RIWKRVHSUHYLRXVO\LGHQWLILHGVLJQLILFDQWDQGXQDYRLGDEOHLPSDFWV7KHSUHYLRXVO\
DGRSWHG &(4$ ILQGLQJV DQG 6WDWHPHQWV RI 2YHUULGLQJ &RQVLGHUDWLRQV DGGUHVVHG WKHVH
VLJQLILFDQWDQGXQDYRLGDEOHHIIHFWV
:LWK LPSOHPHQWDWLRQ RI DSSOLFDEOH SUHYLRXVO\ DGRSWHG DQG FDUULHGIRUZDUG PLWLJDWLRQ
PHDVXUHVDQGFRPSOLDQFHZLWKDSSOLFDEOHUHJXODWRU\UHTXLUHPHQWVWKHSURSRVHG3URMHFW
ZRXOGQRWUHVXOWLQQHZRUVXEVWDQWLDOO\PRUHVHYHUHDGYHUVHHIIHFWVRQKXPDQEHLQJV
EH\RQGWKRVHSUHYLRXVO\HYDOXDWHGLQWKHFHUWLILHG)(,6(,5DQGVXEVHTXHQW6XSSOHPHQWV
DQG$GGHQGD
$FFRUGLQJO\WKHSURSRVHG3URMHFWZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWV
RUDVXEVWDQWLDOLQFUHDVHLQWKHVHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWVDQGQRQHZ
LQIRUPDWLRQ RI VXEVWDQWLDO LPSRUWDQFH KDV EHHQ LGHQWLILHG WKDWZRXOG UHTXLUH DGGLWLRQDO
HQYLURQPHQWDOUHYLHZSXUVXDQWWR&(4$*XLGHOLQHV6HFWLRQ
Mitigation/Monitoring Required:$SSOLFDEOHSUHYLRXVO\DGRSWHGDQGFDUULHGIRUZDUGPLWLJDWLRQ
DQGLPSOHPHQWDWLRQPHDVXUHVLGHQWLILHGLQWKHSUHFHGLQJHQYLURQPHQWDOUHVRXUFHVHFWLRQV
VKDOODSSO\WRWKHSURSRVHG3URMHFWLQDFFRUGDQFHZLWKWKHLUUHVSHFWLYHDSSOLFDELOLW\FULWHULD
1R QHZ RU UHYLVHG PLWLJDWLRQ PHDVXUHV DUH UHTXLUHG 7KH VLJQLILFDQW DQG XQDYRLGDEOH
UHJLRQDODQGFXPXODWLYHDLUTXDOLW\DQGJUHHQKRXVHJDVHPLVVLRQVLPSDFWVDVVRFLDWHGZLWK
RYHUDOO7XVWLQ/HJDF\EXLOGRXWUHPDLQDVSUHYLRXVO\GLVFORVHGDQGDGGUHVVHGWKURXJKWKH
SULRU&(4$ILQGLQJVDQG6WDWHPHQWVRI2YHUULGLQJ&RQVLGHUDWLRQV
Sources: )LHOG2EVHUYDWLRQV
6XEPLWWHG3ODQVGDWHG$XJXVW
)(,6(,5IRU'LVSRVDODQG5HXVHRI0&$67XVWLQ SDJHVWKURXJK
7XVWLQ/HJDF\6SHFLILF3ODQ 3DJHVWKURXJK
7XVWLQ*HQHUDO3ODQ
&21&/86,21
7KHIRUHJRLQJDQDO\VLVFRQFOXGHVWKDWWKHHQYLURQPHQWDOHIIHFWVRIWKHSURSRVHG3URMHFWDUHZLWKLQ
WKH VFRSH RI WKH HIIHFWV SUHYLRXVO\ HYDOXDWHG LQ WKH FHUWLILHG)(,6(,5 DQG VXEVHTXHQW
6XSSOHPHQWVDQG$GGHQGDLQFOXGLQJWKHDQG6XSSOHPHQWDO(,5V7KHSURSRVHG
3URMHFWZRXOGQRWUHVXOWLQQHZVLJQLILFDQWHQYLURQPHQWDOHIIHFWVRUDVXEVWDQWLDOLQFUHDVHLQWKH
VHYHULW\RISUHYLRXVO\LGHQWLILHGVLJQLILFDQWHIIHFWV1RQHZRUUHYLVHGPLWLJDWLRQPHDVXUHVDUH
UHTXLUHG EH\RQG WKH SUHYLRXVO\ DGRSWHG DQG FDUULHGIRUZDUG PLWLJDWLRQ DQG LPSOHPHQWDWLRQ
PHDVXUHVLGHQWLILHGDVDSSOLFDEOHWRWKHSURSRVHG3URMHFW,QDGGLWLRQQRQHZLQIRUPDWLRQRI
VXEVWDQWLDOLPSRUWDQFHKDVEHHQLGHQWLILHGGHPRQVWUDWLQJWKDWPLWLJDWLRQPHDVXUHVSUHYLRXVO\
IRXQG LQIHDVLEOH DUH QRZ IHDVLEOH RU WKDW FRQVLGHUDEO\ GLIIHUHQW PLWLJDWLRQ PHDVXUHV RU
DOWHUQDWLYHVZRXOGVXEVWDQWLDOO\UHGXFHRQHRUPRUHVLJQLILFDQWHIIHFWVRIWKH3URMHFW
$FFRUGLQJO\ QRQH RI WKH FRQGLWLRQV LGHQWLILHG LQ &(4$ *XLGHOLQHV 6HFWLRQ UHTXLULQJ
SUHSDUDWLRQ RI D VXEVHTXHQW (,5 DUH SUHVHQW7KH DSSOLFDEOH PLWLJDWLRQ DQG LPSOHPHQWDWLRQ
PHDVXUHVFRQWDLQHGLQWKHSUHYLRXVO\DGRSWHGPLWLJDWLRQPRQLWRULQJDQGUHSRUWLQJSURJUDPV
LQFOXGLQJPHDVXUHVFDUULHGIRUZDUGRUDGRSWHGWKURXJKVXEVHTXHQWHQYLURQPHQWDOUHYLHZVKDOO
DSSO\ WR WKH SURSRVHG 3URMHFW LQ DFFRUGDQFH ZLWK WKHLU UHVSHFWLYH DSSOLFDELOLW\ FULWHULD 7KH
VLJQLILFDQWDQGXQDYRLGDEOHHIIHFWVSUHYLRXVO\LGHQWLILHGIRU7XVWLQ/HJDF\EXLOGRXWUHPDLQDV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
(YDOXDWLRQRI(QYLURQPHQWDO,PSDFWV
0DULQHUV&KXUFK$VVHPEO\8VH
3DJH
SUHYLRXVO\GLVFORVHGDQGDGGUHVVHGWKURXJKWKHDSSOLFDEOH&(4$ILQGLQJVDQG6WDWHPHQWVRI
2YHUULGLQJ&RQVLGHUDWLRQV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
7RWKH&LW\&RXQFLO0HPEHUVDQG3ODQQLQJ'HSWRI7XVWLQ
:HDUHYHU\H[FLWHGDERXWWKHYLVLRQRI0DULQHUV&KXUFKPRYLQJLQWR7XVWLQ/HJDF\WREHWWHUVHUYHWKH
SHRSOHRI7XVWLQDQGWREHDODQGPDUNLQDQH[FLWLQJQHZO\GHYHORSHGDQGJURZLQJFRPPXQLW\
7KHSURMHFWFRQVLVWVRI6)RIQHZFRQVWUXFWLRQDQGODQGGHYHORSPHQWORFDWHGLQ7XVWLQ/HJDF\DW
WKHLQWHUVHFWLRQRI:DUQHU$YHDQG&RPSDVV$YH7KHUHZLOOEHVHDWVDQGDVWDJHLQWKHZRUVKLS
VSDFH,WZLOOLQFOXGHD:RUVKLS&HQWHU0HHWLQJ5RRPV2IILFHVDQG5HVWURRPV$OWKRXJK0DULQHUVLV
QHZWR7XVWLQZHKDYHDQHVWDEOLVKHGFRPPXQLW\IDPLOLDUZLWKRXUFKXUFKDQGRUZKRYLVLWRXURWKHU
ORFDWLRQVUHJXODUO\:HKDYHDVWURQJWUDFNUHFRUGRIEHLQJJUHDWQHLJKERUVDQGVHUYLQJWKHFRPPXQLW\
ZHOOIRUGHFDGHVDOORYHU2UDQJH&RXQW\
0$5,1(56&+85&+,17867,1
7KHZHHNO\VFKHGXOHZLOODOLJQZLWKRXURWKHUFRQJUHJDWLRQVZKLFKHTXDWHVWRZHHNGD\HYHQLQJVIURP
SPDQG6XQGD\VIURP D S0DULQHUV&KXUFKLVZHOONQRZQLQ2UDQJH&RXQW\SHRSOH
ZLOOEHGUDZQIURPVXUURXQGLQJFLWLHVWRH[SORUHDWWHQGDQGGLVFRYHUWKH7XVWLQ/HJDF\DUHD(YHU\
ZHHNHQGZHZLOOKDYHKXQGUHGVRISHRSOHRIDOODJHVDWWHQGLQJVHUYLFHVDQGEHQHILWWLQJWKHORFDOUHWDLO
DQGUHVWDXUDQWV:HZLOOPRVWOLNHO\VWDUWZLWKWZRVHUYLFHVSHU6XQGD\ DDQG DZLWKWKHKRSHV
RIJURZLQJWRDWKLUGVHUYLFH D:HGRQRUPDOO\VHHDQLQFUHDVHLQDWWHQGDQFHDW(DVWHUDQG
&KULVWPDVEXWZLOOQRWH[FHHGWKHSRVWHGRFFXSDQF\SHUVHUYLFHZHZRXOGRSWWRDGGDQRWKHU6XQGD\
DIWHUQRRQVHUYLFHRUSRWHQWLDOO\D6DWXUGD\HYHQLQJVHUYLFHWRDFFRPPRGDWHWKRVHKROLGD\V
+81'5('62)3(23/(:((./<:,7+$9,6,21)25*52:7+
2XUFKXUFKH[LVWVWRUHDFKDQGVHUYHWKHVXUURXQGLQJFRPPXQLW\RIIDPLOLHVVLQJOHVVWXGHQWVVHQLRUV
DQGVWDIIORRNLQJWRFRQQHFWZLWK*RGWKHFKXUFKDQGWKHLUSXUSRVH:HHVWLPDWHWKDWZHHNO\ZRUVKLS
VHUYLFHVZLOOLQLWLDOO\KRVWDGXOWVDQGNLGVZLWKLQRQH\HDURIRFFXSDQF\ZHHVWLPDWHDGXOWV
DQGNLGVDQGDGXOWVDQGNLGVZLWKLQ\HDUVRYHUPXOWLSOHVHUYLFHVHDFK6XQGD\
0,':((.352*5$06,1&5($6(5(7$,/5(9(18(
:HKRVWPRUHWKDQ6XQGD\VHUYLFHV:HKRVWPLGZHHNHYHQWVWKDWEULQJSHRSOHWRJHWKHUDQGEXLOG
FRPPXQLW\:HZLOOOHYHUDJHWKHQHDUE\UHWDLODQGUHVWDXUDQWVWRVXSSRUWWKRVHHYHQWVGHYHORSLQJ
FKHULVKHGORQJWHUPSDUWQHUVKLSV)RUH[DPSOHZHZLOOKRVWYDULRXVVPDOOJURXS%LEOHVWXG\DQG
GLVFLSOHVKLSSURJUDPV6RPHVPDOOJURXSVPHHWLQWKHPRUQLQJVXFKDVQHZPRPVRUGDGVZLWKWKHLU
WRGGOHUV6RPHVPDOOJURXSVZLOOILQGWKHFRQYHQLHQFHRIPHHWLQJIRUGLQQHUEHIRUHWKHLUHYHQLQJSURJUDP
EHJLQV:HHQYLVLRQRXUVWXGHQWJURXSVKRVWLQJSL]]D PRYLHQLJKWV:HFDQVHHRXU\RXQJDGXOWV
JUDEELQJDFRIIHHRUFRXSOHVDQGIDPLOLHVVKRSSLQJEHIRUHRUDIWHUHYHQWVDQGVHUYLFHV
7KHVHHYHQWVJHQHUDOO\JDWKHUSHRSOHLQDWWHQGDQFHDQGUHTXLUHOHVVWKDQRIWKHUHTXLUHG
SDUNLQJ VWDOOVFRPSDUHGWRVWDOOVRQ6XQGD\
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
$&20081,7<:,7+$+($57726(59(7+(&,7<
:HDUHDOZD\VORRNLQJIRUORFDOFRPPXQLW\HQJDJHPHQWRSSRUWXQLWLHV2XULQYROYHPHQWZLOOLQFOXGH
YROXQWHHULQJDQGVXSSRUWRIYDULRXVSXEOLFSULYDWHFRPPXQLW\DQGFKDULWDEOHRXWUHDFKVHUYLFHV7KLVLVD
IXQGDPHQWDOSDUWRI0DULQHUVPLVVLRQWRVHUYH6RXWKHUQ&DOLIRUQLD
6800$5<
,QVXPPDU\ZHEHOLHYHWKDWWKHSUHVHQFHRIRXUFKXUFKLQ7XVWLQZLOOSURPRWHDQGVKHSKHUGDFRQVLVWHQW
UREXVWDQGJURZLQJIDLWKFRPPXQLW\RIKXQGUHGVRISHRSOHSHUZHHNWKDWZLOOEHDEOHVVLQJWRWKHDUHD
VWUHQJWKHQWKHDUHDILQDQFLDOO\DQGVHUYHWKHFRPPXQLW\RI7XVWLQIDLWKIXOO\
6HUYLQJWKHFRPPXQLW\ZLWK\RX
(DUO5REHUVRQ
&22
0DULQHUV&KXUFK
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
1257+
)/225$5($5$7,2 )520*5266
0DULQHUV&KXUFK
7XVWLQ/HJDF\
9,&,1,7<0$36+((7,1'(;/(*(1'
$//&216758&7,216+$//&21)250:,7+$//$33/,&$%/(/2&$/
67$7($1')('(5$/&2'(65(*8/$7,21$1'/$:6,1&/8',1*%87
127/,0,7('72
%8,/',1* &$/,)251,$%8,/',1*&2'(
&$/,)251,$*5((1%8,/',1*67$1'$5'6&2'(
(/(&75,&$/ &$/,)251,$(/(&75,&$/&2'(
0(&+$1,&$/ &$/,)251,$0(&+$1,&$/&2'(
3/80%,1* 3/80%,1*&2'(
(1(5*< (1(5*<&2'(
),5( ),5(&2'(
352-(&76800$5<
6&$/( 127726&$/(
$5&+,7(&785$/
$ &29(56+((7
$ 35(/,0,1$5<352-(&7&2'($1$/<6,6
$ 35(/,0,1$5<6,7(3/$1
$ 35(/,0,1$5<(1/$5*('6,7(3/$1
$ 35(/,0,1$5<(1/$5*('6,7(3/$1 '(7$,/6
$ 35(/,0,1$5<)/2253/$1$1'(/(9$7,216
$ 35(/,0,1$5<)/2253/$1 %8,/',1*86$*(
$ 35(/,0,1$5<(;,7,1*$1')851,785(3/$16
$ 35(/,0,1$5<522)3/$1$1'6(&7,216
&,9,/
& 35(/,0,1$5<*5$',1*
(/(&75,&$/
( 35(/,0,1$5<3+2720(75,&63/$1
( 35(/,0,1$5</,*+763(&,),&$7,216
/$1'6&$3(
/ 35(/,0,1$5</$1'6&$3(3/$1
$XJXVW
$33/,&$%/(&2'(6
352-(&77($0
&(17(5/,1(
3523(57</,1(
/,1(2)62)),725
(/(0(17$%29(
=21,1*86( 637867,1/(*$&<0,;('86(85%$1
2&&83$1&<*5283 $%
&216758&7,217<3( ,,,%
$66(6625
63$5&(/180%(5
%8,/',1*$5($
3$5.,1*5(48,5(' :((.'$< VSDFHV
VI
2:1(5'(9(/23(5 %/$.(&5$1(
0$5,1(5
6&+85&+
1(:3257&2$67'5,9(
,59,1(&$
3+21(
$5&+,7(&7 -$0,(32/$',$1
&$5/,/(&2$76:257+$5&+,7(&76
0$&$57+85%28/(9$5'68,7(
,59,1(&$
3+21(
6758&785$/0$5.6&+52('(5
),&&$'(17,:$**21(5 &$67/(
&200(5&(68,7(
,59,1(&$
3+21(
0(&+$1,&$/-$6216(<0285
3/80%,1*6&+1$&.(/(1*,1((56
(/(&75,&$/6287+/$.($9(18(68,7(
3$6$'(1$&$
3+21(
&,9,/(1*,1((5 6&277*,/%(57
352$&7,9((1*,1((5,1*
&2168/7$176
60$,1675((768,7(
&2521$&$
3+21(
*(27(&+1,&$/-2(52(
9(5'$17$6
0,&+(/621'5,9(68,7(
,59,1(&$
3+21(
/$1'6&$3($867,135,&(
53$
$9(1,'$'(/0$5'
6$1&/(0(17(&$
3+21(
/27*5266$5($ VI DFUHV 727$/3$5.,1*3529,'(' VSDFHV
6(&21')/225
),567)/225
VI
VI
/(*$/'(6&5,37,212)3523(57<
/272)75$&7 $66+2:121$0$37+(5(2)),/(',1%22. 3$*(67+528*+,1&/86,9(2)0,6&(//$1(286
0$36,17+(2)),&(2)7+(&2817<5(&25'(52)6$,'25$1*(&2817<
216,7(3$5.,1* VSDFHV
0DULQHUV&KXUFK7XVWLQ/HJDF\
7XVWLQ&DOLIRUQLD
$
::$51(5
$
9
(
(',1
*
(
5
$
9
(
9(7(5$16
:$<
352-(&7
/2&$7,21
('<(55'5('+,//$9(-$0%25((52$'7867,1
5$1&+5'921.$50$1$9(0$&$57+85
%/9'
6((6+((7$)25'(7$,/6
(:$
5
1
(
5
$9(
-2+1
-2+1621:$<
352-(&71$55$7,9(
352326(':256+,3&(17(5)250$5,1(5
6&+85&+:,7+$'0,1,675$7,9(63$&(60((7,1*63$&(6$1'6(59,&($5($67+(
352-(&7)81&7,21,6$+286(2):256+,37+((67,0$7('2&&83$1&<,6528*+/<3(56216&20081,7<%(1(),76
,1&/8'(:256+,36(59,&(6.,'6<287+0,1,675,(6$'8/7',6&,3/(6+,3*52836 (*%,%/(678',(6/,)(*52836 /2&$/
&20081,7<%(1(),76833257 (*$$6833257*52836)22',16(&85,7<6833257
6,7(&29(5$*( )520*5266
5()(5726+((7$)25$'',7,21$/%8,/',1*&2'($1$/<6,6
3$5.,1*5(48,5(' 681'$< VSDFHV
6((6+((7$$1'/6$3$5.,1*678'<)25'(7$,/6
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
0DULQHUV&KXUFK7XVWLQ/HJDF\
7XVWLQ&DOLIRUQLD
6&+(0(5
35(/,0,1$5<352-(&7&2'($1$/<6,6
$XJXVW
$67)/225$5($6)6)
2&&83$17
2)
2&&83$176 (;,7:,'7+5(4
' 3529,'('
/2%%<
9+42)),&( %
2&&83$1&<1')/225(;,7:,'7+
*5266)/225$5($
%8,/',1*)22735,17 $5($72(;7(5,25)$&(2)%8,/',1* 6)
6)
9+42)),&( %
$66(0%/< $
6$1&78$5<$5($
/2%%<$5($
6)
6)
%8,/',1*$5($
),567)/225 *5266
6(&21')/225 *5266
6725$*(
2&&83$1&<
3/80%,1*),;785(67$%8/$7,216
68%727$/
68%727$/
727$/
:256+,352206
$&&(6625< 6)
$66(0%/< $
:256+,352206
$&&(6625<
*5((15220
5(675220$&&(6625<
6725$*(87,/,7<
5(675220$&&(6625<
:256+,352206
$66(0%/< $
3/80%,1*),;785(7<3(5(48,5('
/$9$725,(6
6(59,&(6,1.
3529,'('
'5,1.,1*)2817$,16
85,1$/6
:$7(5&/26(76
0(1 :20(1 81,6(; 0(1 :20(1 81,6(;
/$9$725,(6
6(59,&(6,1.
'5,1.,1*)2817$,16
85,1$/6
:$7(5&/26(76 ),567)/2256(&21')/2256(59(5<3$175<
812&&83,$%/(63$&(6
127( $ $1' % 2&&83$1&<,67+(35,0$5<%8,/',1*86( $//27+(586(66+2:1$5($&&(6625<
727+(35,0$5<86(6$1'6(3$5$7(')255()(5(1&($65(48,5('3(5&%&7$%/(
$&&(6625<63$&(672,1&/8'(+$//:$<667$,5672,/(7522066725$*(63$&(687,/,7<52206$1'-$1,725
6&/26(7(7&$6127(',17+(7$%/(%(/2:
+$//:$<6$1'67$,56
812&&83,$%/(63$&(6
6$1&78$5<
6)
67)/225$5($6)
727$/
9+42)),&( %
2&&83$1&<
68%727$/
68%727$/
127( 2&&83$17/2$''(7(50,1('3(5&3&7$%/( 7+(727$/2&&83$17/2$'6+$//%(',9,'(',1
+$/))25($&+6(;7+(3/80%,1*),;785(&$/&8/$7,21'(7(50,1('3(5&3&7$%/(3(53/80%,1*&2'(6(&7,21)2508/7,3/(2&&83$1&,(6)5$&7,21$/180%(566+$//%(),567
6800(' 7+(15281'('721(;7:+2/(180%(5
3/80%,1*5(48,5('%5($.'2:1
6)2&&2)2&&
5(48,5('1')/5:&
0(1 :20(1
/$9 8 :&/$9 %$7+')
81,6(;
27+(5
1$
1$
1$
1$
3(5&3&6(&7,21'5,1.,1*)2817$,16:,//%(5(3/$&(':,7+:$7(567$7,216$1'%277/(),//,1*67$7,216/2&$7(',17+(6(59(5<3$175<$1'1($57+(/2%%< (;$&7/2&$7,2172%(
'(7(50,1(''85,1*7+(&216758&7,21'2&80(17$7,213+$6(
$'$$&&(66,%/(+,/2'5,1.,1*)2817$,1:,7+%277/(),//,1*67$7,216+$//%(3529,'('
$66(0%/< $
$66(0%/< $
35$<(552206
6725$*(87,/,7<
+$//:$<6(/(9$72567$,56
6)
6)
6)
6)
6)
6)
6)
6)
6)
6)
2&&83$176 $ &21&(175$7('
2&&83$176 $ 67$1',1*$5($
2&&83$176 $ 81&21&(175$7('
2&&83$176 $ 81&21&(175$7('
2&&83$176$&&(6625<%86,1(66
1$2&&83$176
1$2&&83$176
1$2&&83$176
6)
6)
6)
6)
6)
6)
6)
6)
2&&83$176 $ 81&21&(175$7('
1$2&&83$176
1$2&&83$176
1$2&&83$176
2&&83$176),567)/22568%727$/
2&&83$1766(&21')/22568%727$/
2&&83$176727$/2&&83$1&<
352-(&76800$5<
),5(5(6,67,9(5(48,5(0(176
6758&785$/)5$0(
+2855$7,1*
(;7(5,25%($5,1*:$//6
,17(5,25%($5,1*:$//6
)/225&216758&7,21
522)&216758&7,21
6+$)7(1&/2685(6
(;7(5,25121%($5,1*:$//6
,17(5,25121%($5,1*:$//6
$//2:$%/(0$;+(,*+7
$//2:$%/()/225$5($5$7,2 )$5
$&78$/0$;+(,*+7
$&78$/)$5
$66(0%/< $ $&&(6625<2)),&( %
%8,/',1*&/$66,),&$7,21
2&&83$1&<*5283
&216758&7,217<3(
635,1./(5('
%
<(6(48,33(':,7+1)3$),5(635,1./(56
$//2:$%/($5($$1'%8,/',1*+(,*+766+2:13(5&,7<2)7867,1081,&,3$/&2'($1'7867,1/(*$&<63(&,),&3/$1 7/63 $1'&$/,)251,$%8,/',1*&2'(:+(5(&21)/,&7,1*,1)250$7,21,62%6(59('02675(675,&7,9(5(48,5(0(1786('
$//2:$%/(6,7(&29(5$*( $&78$/6,7(&29(5$*(
3(5&%&7$%/(
6725,(6
$//2:$%/(6725,(6 $&78$/ 3(5&%&7$%/(
$//2:$%/()/225$5($ 6) 3(5&%&7$%/(
3(5&%&122&&83$1&<6(3$5$7,21,65(48,5('%(7:((1$&&(6625<2&&83$1&,(6$1'0$,1
2&&83$1&<
$66(0%/< $
$66(0%/< $
$66(0%/< $
35$<(552206
$66(0%/< $
:256+,352206
$66(0%/< $
6$1&78$5<
/2%%<
$66(0%/< $
:256+,352206
$66(0%/< $
35$<(552206
$&&(6625<67$*(
:256+,352206
$&&(6625<63$&(6
: 0
: 0
: 0
: 0
: 0
: 0
1$
: 0
$66(0%/< $
1$
127( 2&&83$17/2$''(7(50,1('3(5&%&7$%/(
5()(572)/2253/$1$)25(;,7,1*3/$1
727$/(;,765(48,5(' 727$/(;,763529,'('
0$;,08075$9(/',67$1&(3(56(&7,21:,7+635,1./(56<67(0
x %2&&83$1&<
x $2&&83$1&<
727$/$&&(66,%/((;,765(48,5(' 727$/$&&(66,%/((;,763529,'('
3(5&%&7$%/(%8,/',1*6+$//%(&/$66,),('$65,6.&$7(*25<,,,$1':,//&203/<:,7+
$33/,&$%/(5(48,5(0(176
127( 5(48,5(0(176)25%8,/',1*(/(0(1763(5&%&7$%/($1'7$%/(
67$*( 6)
$5($72,17(5,25)$&(2)%8,/',1*
%2+67$*,1* 6)
2)),&( % 6)
9+42)),&( %
$66(0%/< $
6$1&78$5<$5($
/2%%<$5($
6)
),567)/225
6(&21')/225
:256+,352206
$&&(6625<
$66(0%/< $
:256+,352206
$&&(6625<
*5((15220
5(675220$&&(6625<
6725$*(
5(675220$&&(6625<
6(59(5<3$175<
812&&83,$%/(63$&(6
+$//:$<6$1'67$,56
812&&83,$%/(63$&(6
35$<(552206
(/(&,75220
+$//:$<6(/(9$72567$,56
6)
6)
6)
6)
6)
6)
6)
6)
6)
6)
6)
6)
6)
6)
6)
67$*( 6)
%2+67$*,1* 6)
23(12)),&( % 6)
2&&83$176 % 2&&83&$1<
$ 2&&83&$1<%$6('211(7$5($3(57$%/(
2&&83$176$&&(6625<$66(0%/<
$9%227+ 6)2&&83$176$&&(6625<$66(0%/<
2&&83$176$&&(6625<$66(0%/<
2&&83$176$&&(6625<$66(0%/<
2&&83$176$&&(6625<6725$*(
6725$*( 6)2&&83$176$&&(6625<6725$*(
(/(9$725(48,35220 6)2&&83$176$&&(6625<6725$*(
-$1&/26(7 6)2&&83$176$&&(6625<6725$*(
2&&83$176 % 2&&83&$1<
2)),&( % 6)2&&83$176 % 2&&83&$1<
$ 2&&83&$1<%$6('211(7$5($3(57$%/(
-$1&/26(7 6)2&&83$176$&&(6625<6725$*(
2&&83$176$&&(6625<6725$*(
[
67$*(
$9%227+
%2+67$*,1*
*5((15220
6(59(5<3$175<
(/(&,75220
(/(9$725(48,35220
-$1&/26(7
[
23(12)),&( %
2)),&( %
6725$*(
-$1&/26(7
$&&(6625<63$&(6 1$
812&&63$&(6 1$
2)),&( % 1$
: 0
812&&63$&(6 1$
1$
1$
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
0DULQHUV&KXUFK7XVWLQ/HJDF\
7XVWLQ&DOLIRUQLD
6&$/(
6&+(0(
35(/,0,1$5<6,7(3/$1
$XJXVW
$
216,7(3$5.,1*3529,'('
727$/%8,/',1*$5($
6,7(&29(5$*(
*5266/27$5($
727$/3$5.,1*5(48,5(' 681'$< VSDFHV
VI
VSDFHV
DFUHV
6)
),567)/225 VI
6(&21')/225 VI
9+4 VIDW VI
67$1'$5'$'$
67$1'$5'
%8,/',1*<$5'6(7%$&.6
)5217<$5' :$51(5$9(18(
6,'(<$5' 9(7(5$16:$< -2+1-2+1621:$<
)520*5266/27$5($
5($5<$5' -2+1-2+1621:$<
/$1'6&$3(6(7%$&.6
)5217<$5' :$51(5$9(18(
6,'(<$5' 9(7(5$16:$< -2+1-2+1621:$<
/$1'6&$3(5(48,5('
2)7+(,17(5,253$5.,1*/27$5($ 6)
2876,'(2)5(48,5('/$1'6&$3(6(7%$&.6
/$1'6&$3($5($3529,'('
6&5((1&$56)5209,(:)5207+(675((772
$+(,*+72)72
ER[WUHHIRUHYHU\VL[ SDUNLQJVSDFHV
)/225$5($5$7,2
)520*5266/27$5($
VI
6$1&78$5< VIDW VI
9$1$'$
67$1'$5'(9&+$5*,1*67$7,216
VSDFHV
VSDFHV
VSDFHV
VSDFHV
(9&$3$%/(
VSDFHV
VI
%,&<&/(3$5.,1*5(48,5('VSDFHV
VSDFHV/21*7(50 2)7(1$173$5.,1*
VSDFHV6+2577(50 2)3($.9,6,7253$5.,1*
%,&<&/(3$5.,1*3529,'(' VSDFHV
VSDFHV
VSDFHV/21*7(50
6+2577(50
:256+,363$&(6 VI 63$&(65220
3$5.,1*5(48,5(' $'$(9
VSDFHV$'$67$1'$5' 3(57$%/(%
VSDFHV(9&+$5*(56 2)(9&$3$%/(63$&(6
$'$9$1 67$1'$5'$'$63$&(6
VSDFHV
5(48,5('$'$$1'(93$5.,1*,6&2817('$63$572)727$/5(48,5('3$5.,1*
3$572)727$/5(48,5('$'$25(93$5.,1*
VSDFHV(9&$3$%/( 2)3$5.,1*3529,'('
VSDFHV(9$'$ 3(57$%/(%
727$/$'$3$5.,1*5(48,5('
VSDFHV
727$/(93$5.,1*5(48,5('
VSDFHV
(9$'$&+$5*,1*67$7,216 VSDFHV
/$1'6&$3(3529,'('(;&/8'(6/$1'6&$3(
:,7+,1/$1'6&$3(6(7%$&.
*(1(5$/127(6
6,7(3/$1%8,/',1*72%('(6,*1('3(5&,7<2)7867,1
/(*$&<63(&,),&3/$1 =21(7/63
3$5.,1*6+2:1727+(0$;(;7(1762)7+(/$1'6&$3(
6(7%$&.6
3$5.,1*6&5((1,1*:,7+/$1'6&$3,1*6+$//%(
&225',1$7(':,7+/$1'6&$3($5&+,7(&7
87,/,7,(6$1'6,7('5$,1$*(3(1',1*&225',1$7,21:,7+
&,9,/(1*,1((5$1'87,/,7,(6&2168/7$17
$&&(66,%/(&85%5$036'(7(&7,%/(:$51,1*6,*16
6+$//%(3529,'('$7$&&(66,%/(:$/.:$<6$&&(66,%/(
3$5.,1*$1'$&&(66,%/('5232))$5($63(5&%&
,1)$177+528*+<287+$*(
/2%%< VIDW VI
67$*(3/$7)250 VIDW VI
VSDFHV
VSDFHV
VSDFHV
VSDFHV
%2+67$*,1* VIDW VI
*5((15220 VIDW VI VSDFHV
35$<(552206 VIDW VI
),567)/225
6725$*( VIDW VI
3$175<6(59(5< VIDW VI VSDFHV
VSDFH
6(&21')/225
:256+,363$&(6 VIDW VI
7((1$*(7+528*+$'8/76
VSDFHV
VSDFHV
VSDFHV
6725$*( VIDW VI
3$5.,1*6+2:1%$6('210267,17(16(6,08/7$1(28686($6'(6&5,%('
,17+($77$&+('/6$3$5.,1*678'<7DEOH% 6XQGD\ 5()(5723$5.,1*
678'<)25)8//3$5.,1*$1$/<6,6,1&/8',1*:((.'$<86$*(
2)),&( VIDW VI
75$6+(1&/2685( 5()(572
(1/$5*('3/$1$1''(7$,/6
21$
)5217<$5'
/$1'6&$3(6(7%$&.
6,'($1'5($5<$5'
/$1'6&$3(6(7%$&.W\SLFDO
$8726 216,7(
0$5,1(56%8,/',1*VI
VI VW)/5
VI QG)/5
),5(/$1(123$5.,1*9$19$13$5.,1*12(9(9 (9 (9 (9(9(9(9(9(9(9(9(9(9(9
(9(9123$5.,1*9$1(9(9(9(9(9(9(9(9(9(9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/(
7<3
),5($&&(663529,'('
6,'($1'5($5<$5'
%8,/',1*6(7%$&.W\SLFDO
)5217<$5'
%8,/',1*6(7%$&.
'5232))/2$',1*=21(
:,7+$'$$&&(66
'225W\SLFDO
[
67$1'$5'3$5.,1*
63$&( :,7+
29(5+$1* W\SLFDO
[
$'$$1'(9$'$
3$5.,1*63$&(W\SLFDO
[
67$1'$5'
(93$5.,1*63$&(6
$1'&+$5*(56W\SLFDO
[
(9&$3$%/(
3$5.,1*63$&(6W\SLFDO
/$1'6&$3(',$021'W\SLFDO/$1'6&$3(,6/$1'W\SLFDO
7<3
7<3
7<3
6+2577(50%,&<&/(3$5.,1*
/21*7(50%,&<&/(3$5.,1* 5()(5
72)/2253/$1)25(;$&7/2&$7,21
9$5,(6
9$5,(6
9$5,(6
9$5,(6
(;7(1762)1')/225
6+2:1'$6+('
5()(572)/2253/$1
(;7(1762)%8,/',1*
3(5,0(7(5
(1+$1&('3$9,1*$7
6,7($&&(66W\SLFDO(9&$3$%/((9&$3$%/((9$8726 675((73$5.,1*
3523(57</,1(W\SLFDO
352326('02180(17
6,*1/2&$7,21 727$/
3(56,*1$*(3/$1
$8726 675((73$5.,1*
$
(9
(9&$3$%/((9&$3$%/(
$&&(66,%/(3$7+
2)75$9(/ 6+2:1
'277(' W\SLFDO
%8,/',1*35,0$5<
(;,7
(;,7
,75220(/(&75,&$/
(;,7(;,7
(;,7
(;,7(175$1&((;,7
727$/3$5.,1*5(48,5(' :((.'$< VSDFHV
3$5.,1*6+2:1%$6('216,08/7$1(28686($6'(6&5,%(',17+(
$77$&+('/6$3$5.,1*678'<7DEOH$ :((.'$< 5()(5723$5.,1*678'<
)25)8//3$5.,1*$1$/<6,6
9+4 VIDW VI
6$1&78$5< VIDW VI
:256+,363$&(6 VI 63$&(65220
,1)$177+528*+<287+$*(
/2%%< VIDW VI
67$*(3/$7)250 VIDW VI
VSDFHV
%2+67$*,1* VIDW VI
*5((15220 VIDW VI
35$<(552206 VIDW VI
),567)/225
6725$*( VIDW VI
3$175<6(59(5< VIDW VI
6(&21')/225
:256+,363$&(6 VIDW VI
7((1$*(7+528*+$'8/76
VSDFHV
VSDFHV
VSDFHV
6725$*( VIDW VI
2)),&( VIDW VI
VSDFHV
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
0DULQHUV&KXUFK7XVWLQ/HJDF\
7XVWLQ&DOLIRUQLD
6&+(0(
35(/,0,1$5<(1/$5*('6,7(3/$1
$XJXVW
0$5,1(56%8,/',1*VI
VI VW)/5
VI QG)/5
352326('
+,*+[
/21*[7+,&.
02180(176,*1 '(6,*13(56,*1$*(
9(1'2581'(56(3$5$7(68%0,77$/
6&$/(
$
[
/,1(2)6,*+775,$1*/(
$7675((7,17(56(&7,2163(5
&,7<67$1'$5'6W\SLFDO
352326('
+,*+[
/21*[7+,&.
02180(176,*1 '(6,*13(56,*1$*(
9(1'2581'(56(3$5$7(68%0,77$/
[
/,1(2)6,*+775,$1*/(
$76,7($&&(66'5,9(:$<3(5
&,7<67$1'$5'6W\SLFDO
352326('
+,*+[
/21*[7+,&.
:$<),1',1*02180(176,*1 '(6,*1
3(56,*1$*(9(1'2581'(56(3$5$7(
68%0,77$/
352326(':$//6,*1/2&$7,21
5()(572%8,/',1*(/(9$7,216
'(6,*13(56,*1$*(9(1'25
81'(56(3$5$7(68%0,77$/
352326('6,*1/2&$7,21$%29(
&$123<5()(572%8,/',1*(/(9$7,216
'(6,*13(56,*1$*(9(1'2581'(5
6(3$5$7(68%0,77$/
352326('6,*1/2&$7,21$%29(
&$123<5()(572%8,/',1*(/(9$7,216
'(6,*13(56,*1$*(9(1'2581'(5
6(3$5$7(68%0,77$/
352326('
+,*+[
/21*[
7+,&.:$<),1',1*02180(176,*1
'(6,*13(56,*1$*(9(1'25
81'(56(3$5$7(68%0,77$/
)5217<$5'
/$1'6&$3(6(7%$&.
6,'($1'5($5<$5'/$1'6&$3(
6(7%$&.W\SLFDO
6,'($1'5($5<$5'%8,/',1*
6(7%$&.W\SLFDO
)5217<$5'
%8,/',1*6(7%$&.
3523(57</,1(W\SLFDO
352326(':$//6,*1/2&$7,21
5()(572%8,/',1*(/(9$7,216
'(6,*13(56,*1$*(9(1'25
81'(56(3$5$7(68%0,77$/
$&&(66,%/(3$7+2)75$9(/
6+2:1'277(' W\SLFDO
%8,/',1*35,0$5<
(;,7
(;,7
,75220(/(&75,&$/
(;,7(;,7
(;,7
(;,7(175$1&((;,7123$5.,1*9$19$13$5.,1*12(9(9 (9 (9 (9(9(9(9(9(9(9(9(9(9(9
(9(9123$5.,1*9$1(9(9(9(9(9(9(9(9(9(9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9(9
(9&$3$%/((9&$3$%/(
7<3
9$5,(6
9$5,(6
9$5,(6
75$6+(1&/2685( 5()(572(1/$5*('
3/$1$1''(7$,/621$
7<3
7<3
7<3
7<3Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
0DULQHUV&KXUFK7XVWLQ/HJDF\
7XVWLQ&DOLIRUQLD
6&+(0(
35(/,0,1$5<(1/$5*('6,7(3/$1$1''(7$,/6
$XJXVW
6&$/(
$
75$6+(1&/2685((1/$5*('6,7(3/$1
67((/&&+$11(/:
0,7(5('&251(56
0$;0(7$/'(&.3(5
6758&785$/'5$:,1*66/23(3(5)227
+6678%(67((/&2/80163(56758&785$/'5$:,1*6
6+((70(7$/)/$6+,1* 6($/$17$73(5,0(7(5
&$123<6(&7,21
6&$/(
127( $//(;326('67((/72%(*$/9$1,=('35,0('$1'3$,17('72&29(5 &$3
:(/'$65(48,5('*5,1'$//:(/'660227+35,2572),1,6+&2$7&$123<'(7$,/6
6&$/(
127( $//(;326('67((/72%(*$/9$1,=('35,0('$1'3$,17('72&29(5 &$3
:(/'$65(48,5('*5,1'$//:(/'660227+35,2572),1,6+&2$7
%
$
6+((70(7$/)/$6+,1*
6($/$17$73(5,0(7(5
0$;0(7$/'(&.6/23(3(5)227 3$,17
&2/25 7%'
67((/)5$0,1*$%29(3(5
6758&785$/'5$:,1*6 6+2:1'$6+('
+6678%(67((/&2/8016
3(56758&785$/'5$:,1*6
67((/3/$7($77$&+('72&21&5(7(3$1(/3(5
6758&785$/'5$:,1*6
&21&5(7(7,/7836&5((1
:$//
67((/&&+$11(/
%(<21':0,7(5('&251(56
&$123<3/$1$7522)
&$123<3/$1$7&21&3$1(/
&&$123<6833257$77$&+0(17
6(&7,21 (/(9$7,21
7,7$1%2/76$6
5(48,5('3(56758&785$/'5$:,1*6W\SLFDO
67((/)5$0,1*%(/2:3(56758&785$/'5$:,1*6
6+2:1'$6+('
+6678%(67((/%($03(56758&785$/'5$:,1*6
:(/'7267((/3/$7(
&21&5(7(7,/7836&5((1
:$//
+6678%(67((/%($03(56758&785$/'5$:,1*6
&/
67((/$77$&+0(173/$7(
75$6+(1&/2685((/(9$7,216$1'6(&7,216
75$6+(1&/2685('(7$,/6 75$6+(1&/2685(522)3/$1
$%
',$67((/3,3(;/21*:(/'('72*$7(
3$,17('720$7&+
(1&/2685(
',$;/21*67((/3,1/$7&+:/21*
+$1'/(3$,17('720$7&+(1&/2685(
;;67((/$1*/(:(/'('72
67((/$1*/(*$7()5$0(:,7+',$
+$/)&,5&/(&87)25&$1(%2/7W\SLFDO
',$;/21*67((/0,1&$1(%2/7:
/21*+$1'/(3$,17('720$7&+(1&/2685(
%2/7&$7&+(/(9$7,21
',$67/3,3(;
/21*:(/'72*$7(3$,17720$7&+
(1&/2685(
%2/7&$7&+3/$1
),1,6+('685)$&(
0,1(4
67((/+,1*(6$7($&+
*$7(:(/'7267((/78%($1'$1*/(
*$;'((3*$/9$1,=('0(7$/'(&.
:(/'('7267((/$1*/(6)5$0(
&21&5(7(3$1(/$6
2&&856
127( $//(;326('67((/72%(*$/9$1,=(' 3$,17(':,7+35,0($1'),1,6+&2$7
67((/78%(3(5
6758&785$/'5$:,1*6
;;67((/
$1*/( )5$0( &5266
%5$&(6
;;67((/$1*/( )5$0( &5266
%5$&(6
6&$/(
&$1(%2/7
6&$/(
/$7&+
6&$/(
+,1*(
127( $//(;326('67((/72%(*$/9$1,=(' 3$,17(':,7+35,0($1'),1,6+
&2$7 ),(/'9(5,)<&$1(%2/7(;7(1'6%(/2:),1,6+('685)$&(
127( $//(;326('67((/72%(*$/9$1,=(' 3$,17(':,7+35,0($1'),1,6+&2$767((/$1*/(68332573(5
6758&785$/'5$:,1*6
6&$/(
&$123<6(&7,21
127( $//(;326('67((/72%(3$7&+('35,0('$1'3$,17('72&29(5 &$3
:(/'$65(48,5('*5,1'$//:(/'660227+35,2572),1,6+&2$7
67((/&&+$11(/:0,7(5('&251(56
0$;0(7$/'(&.3(56758&785$/'5$:,1*6
6/23(3(5)227
+6678%(67((/&2/8016
3(56758&785$/'5$:,1*6
6+((70(7$/)/$6+,1*
6($/$17$73(5,0(7(5
+6678%(67((/%($03(5
6758&785$/'5$:,1*6
&21&5(7(7,/7836&5((1:$//
$
%
6/23(3(5)227127(6 63$&()25 75$6+%,1 5(&<&/(%,1$1' )22':$67(%,16+$//
%(3529,'(' $//67((/6+$//%(*$/9$1,=('$1'6+2335,0('35,2572),1,6+3$,17
$'',7,21$/,1)250$7,216+$//%(3529,'(''85,1*7+(&216758&7,21'2&80(17$7,213+$6(
+6678%(67((/%($0%(<21'
3(56758&785$/(1*,1((5 6+2:1'$6+(' W\SLFDO
&&+$11(/%($0:,7+
0,7(5('&251(56W\SLFDO
0$;0(7$/'(&.
&21&5(7(7,/7836&5((1
:$// 5()(5726758&785$/'5$:,1*6W\SLFDO
&21&5(7(&85%W\SLFDO
&21&5(7(3$9,1*6/23('
$:$<)520%8,/',1*W\SLFDO
+6678%(67((/$77$&+0(17
W\SLFDO
*$/9$1,=('0(7$/*$7(
5()(572(/(9$7,216
$1''(7$,/6W\SLFDO
&21&5(7(&21752/-2,17W\SLFDO
&
&
'
'
&/($5$
%
&
'
%8,/',1*&21&5(7(7,/783
:$//W\SLFDO
%8,/',1*&21&5(7(7,/783
6&5((1:$//W\SLFDO
%
6,0
W\SLFDO
&
$
%8,/',1* 5()(5
72)/2253/$1
%8,/',1* 5()(572)/2253/$1
75$6+(1&/2685(
&/($5
%8,/',1*&21&5(7(7,/783
:$//W\SLFDO
352326('
+,*+[
/21*[7+,&.:$<),1',1*
02180(176,*1 '(6,*13(56,*1$*(9(1'2581'(5
6(3$5$7(68%0,77$/
&21&5(7(:$/.:$<3(5&,9,/
'5$:,1*6
3523(57</,1(W\SLFDO
/$1'6(7%$&.
%/'*6(7%$&.
7,/783&21&5(7(6&5((1:$//3$,17720$7&+%8,/',1*W\SLFDO
3$1(/5(9($/W\SLFDO
0F1,&+2/6*$/9$1,=('3(5)25$7('0(6+W\SLFDO
78%(67((/3('(675,$1
*$7(:,7+0(6+
&/($5
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
6&$/(
6&+(0(
35(/,0,1$5<)/2253/$1$1'(/(9$7,216
$XJXVW
$
67)/2253/$1
1')/2253/$1
0DULQHUV&KXUFK7XVWLQ/HJDF\
7XVWLQ&DOLIRUQLD
3$175<
[
6$1&78$5<
[
67$*(3/$7)250
[
%2+67$*,1*
[
5220
[
:256+,3
*5((15220
[
/2%%<
[
5220
[
:256+,3
'225
VI
VI VI
VI
VI
VI
VI
VI
35$<(55220
[
VI
35$<(55220
[
VI
35$<(55220
[
VI
:$//02817('
+$//:$<
6$1&78$5<(;,7
6$1&78$5<(;,7
6$1&78$5<(;,7
(;,7
(;,7
5220
[
:256+,3
VI
0(1
65(675220
:20(1
65(675220
&/26(7-$1
6$1&78$5<(;,7
6($76
%2+67$*,1*
[
VI
,75220
[
VI
(1&/26('67$,5
%,&<&/(5$&.6
(48,350(/(9(/(9$725
67$,5
(/(&75,&$/
$%&'()
$%&'()
(;,7(;,7
(;,7
(;,7
'1
'1
'1
127( :256+,35220621),567
)/2256+$//%(87,/,=(')25
,1)$1767+528*+<287+$*(
127( :256+,35220621
6(&21')/2256+$//%(87,/,=('
)25<287+$*(72$'8/7$*(
5220
[
:256+,3
VI
5220
[
:256+,3
VI
6(59(5<&2817(5
5220
[
:256+,3
5220
[
6$1&78$5< 23(172%(/2: 67$*(3/$7)250 23(172%(/2:
%2+67$*,1* 23(172%(/2:
%2+67$*,1* 23(172%(/2:
23(172%(/2: *5((15220 23(172%(/2:
0(1
65(675220
5220
[
:256+,3
VI
:20(1
65(675220
VI
VI
&/26(7-$16725$*(&/26(7
[
VI
(/(9$725
67$,5
'1
'1
'1
'1
'1
(;7(5,2575$6+(1&/2685( %(<21'
5220
[
:256+,3
VI
5220
[
:256+,3
VI
5220
[
:256+,3
VI
,75220 23(172%(/2:
(/(&75,&$/
:256+,3
6(59(5<
6725$*($5($ VI
6725$*(&/26(7 6725$*(&/26(7
6287+(/(9$7,216287+(/(9$7,21
QG)/225&(,/,1*
QG)/225/(9(/
VW)/225&(,/,1*
),1)/225
0,1&/($56$1&78$5<&/*7,/(),1,6+,1:$//
5(&(66W\SLFDO
&21&5(7(:$//$1'
29(5+$1*$7(175<
6725()5217'2256<67(0W\SLFDO
*/$666(&7,21$/'225
+,*+%$<:,1'2:6W\SLFDO 6(0,5(&(66('0(7$/&5266
7232)3$5$3(7:,7+%5($.
0(7$/)/$6+,1*&2/2572
0$7&+%8,/',1*W\SLFDO
6725()52176<67(0:,7+
9,6,21*/$66W\SLFDO
'2253$,17('720$7&+
$'-$&(17:$//W\SLFDO
:$//5(9($/6W\SLFDO 75$6+(1&/2685(:,7+0(7$/
6&5((1*$7(6$1'&29(5('
67((/&$123<
3$,17('&21&5(7(
3$1(/2))6(7W\SLFDO
3$,17('60227+62/,':$//6
237,216 7,/7:$//&08$1'25
3/$67(5:$//6W\SLFDO7232)522)%(<21'
6+2:1'$6+(' W\SLFDO
&+85&+/2*2/2&$7,21W\SLFDO
/,*+7),;785(W\SLFDO
$&&(1783/,*+7675,33(5
(/(&75,&$/'5$:,1*6W\SLFDO
1257+(/(9$7,211257+(/(9$7,21
0,1&/($56$1&78$5<&/*6725()5217'2256<67(0W\SLFDO
QG)/225&(,/,1*
QG)/225/(9(/
VW)/225&(,/,1*
),1)/225
&+85&+/2*2/2&$7,21W\SLFDO
($67(/(9$7,21
:(67(/(9$7,21
($67(/(9$7,21
0,1&/($56$1&78$5<&/*
QG)/225&(,/,1*
QG)/225/(9(/
VW)/225&(,/,1*
),1)/225
&+85&+/2*2
/2&$7,21W\SLFDO
QG)/225&(,/,1*
QG)/225/(9(/
VW)/225&(,/,1*
),1)/225
75$6+(1&/2685(6&5((1:$//
:,7+5(9($/6720$7&+%8,/',1*
'225%(<21'
6+2:1'$6+('
75((63(5/$1'6&$3(
'5$:,1*6W\SLFDO
%8,/',1*35,0$5<(175$1&((;,7
'22529(5+($''225*/$66'225
5220
[
9+4
VI
5220
[
:256+,3
VI
23(12)),&(
[
VI
2)),&(
[
VI
2)),&(
[
VI
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
6&$/(
6&+(0(
35(/,0,1$5<)/2253/$1 %8,/',1*86$*(
$XJXVW
$
67)/2253/$1:((.'$<86$*(
1')/2253/$1:((.'$<86$*(
0DULQHUV&KXUFK7XVWLQ/HJDF\
7XVWLQ&DOLIRUQLD
127( :256+,35220621),567
)/2256+$//%(87,/,=(')25
,1)$1767+528*+<287+$*(
127( :256+,35220621
6(&21')/2256+$//%(87,/,=('
)25<287+$*(72$'8/7$*(
67)/2253/$1681'$<86$*(
1')/2253/$1681'$<86$*(
127( :256+,35220621),567
)/2256+$//%(87,/,=(')25
,1)$1767+528*+<287+$*(
127( :256+,35220621
6(&21')/2256+$//%(87,/,=('
)25<287+$*(72$'8/7$*(
$%&'()
$%&'()
$%&'()
$%&'()
/(*(1'
35$<(55220635,0$5<86('21
681'$<6
67$*(35,0$5<86('21681'$<
6(59,&(6
6$1&78$5<35,0$5<86('21
681'$<6(59,&(6
*5((1522035,0$5<86('21
681'$<6
6(59(5<3$175<35,0$5<86('
21681'$<6
:256+,35220621681'$<686('%<
60$//(5*5283663/,7)5200$,16(59,&(
92/817((5+($'48$57(56 9+4 35,0$5<
86('21681'$<6%<92/817((567$))
:256+,35220621:((.'$<635,0$5<
86(',1/,(82)6$1&78$5<63$&(
2)),&(635,0$5<86('21:((.'$<6%<
67$))
5220
[
:256+,3
6$1&78$5< 23(172%(/2: 67$*(3/$7)250 23(172%(/2:
%2+67$*,1* 23(172%(/2:
%2+67$*,1* 23(172%(/2:
23(172%(/2: *5((15220 23(172%(/2:
0(1
65(675220
5220
[
:256+,3
VI
:20(1
65(675220
VI
&/26(7-$16725$*(&/26(7
[
VI
(/(9$725
67$,5
'1
'1
'1
'1
'1
5220
[
:256+,3
VI
5220
[
:256+,3
VI
5220
[
:256+,3
VI
,75220 23(172%(/2:
(/(&75,&$/
5220
[
:256+,3
6$1&78$5< 23(172%(/2: 67$*(3/$7)250 23(172%(/2:
%2+67$*,1* 23(172%(/2:
%2+67$*,1* 23(172%(/2:
23(172%(/2: *5((15220 23(172%(/2:
0(1
65(675220
5220
[
:256+,3
VI
:20(1
65(675220
VI
&/26(7-$16725$*(&/26(7
[
VI
(/(9$725
67$,5
'1
'1
'1
'1
'1
5220
[
:256+,3
VI
5220
[
:256+,3
VI
5220
[
:256+,3
VI
,75220 23(172%(/2:
(/(&75,&$/
3$175<
[
6$1&78$5<
[
67$*(3/$7)250
[
%2+67$*,1*
[
5220
[
:256+,3
*5((15220
[
/2%%<
5220
[
:256+,3
'225
VI
VI VI
VI
VI
VI
VI
VI
35$<(55220
[
VI
35$<(55220
[
VI
35$<(55220
[
VI
:$//02817('
+$//:$<
6$1&78$5<(;,7
6$1&78$5<(;,7
6$1&78$5<(;,7
5220
[
:256+,3
VI
0(1
65(675220
:20(1
65(675220
&/26(7-$1
6$1&78$5<(;,7
6($76
%2+67$*,1*
[
VI
,75220
[
VI
(1&/26('67$,5
%,&<&/(5$&.6
(48,350(/(9(/(9$725
67$,5
(/(&75,&$/
'1
'1
'1
5220
[
:256+,3
VI
5220
[
:256+,3
VI
6(59(5<&2817(5
6(59(5<
6725$*($5($
3$175<
[
6$1&78$5<
[
67$*(3/$7)250
[
%2+67$*,1*
[
5220
[
:256+,3
*5((15220
[
/2%%<
5220
[
:256+,3
'225
VI
VI VI
VI
VI
VI
VI
VI
35$<(55220
[
VI
35$<(55220
[
VI
35$<(55220
[
VI
:$//02817('
+$//:$<
6$1&78$5<(;,7
6$1&78$5<(;,7
6$1&78$5<(;,7
%8,/',1*35,0$5<(175$1&((;,7
5220
[
:256+,3
VI
0(1
65(675220
:20(1
65(675220
&/26(7-$1
6$1&78$5<(;,7
6($76
%2+67$*,1*
[
VI
,75220
[
VI
(1&/26('67$,5
%,&<&/(5$&.6
(48,350(/(9(/(9$725
67$,5
(/(&75,&$/
'1
'1
'1
5220
[
:256+,3
VI
5220
[
:256+,3
VI
6(59(5<&2817(5
6(59(5<
6725$*($5($
[
[
6725$*(&/26(7 6725$*(&/26(7
6725$*(&/26(7 6725$*(&/26(7
5220
[
:256+,3
VI
23(12)),&(
[
VI
2)),&(
[
VI
2)),&(
[
VI
5220
[
:256+,3
VI
23(12)),&(
[
VI
2)),&(
[
VI
2)),&(
[
VI
5220
[
VI
:256+,35220
[
VI
:256+,3
'22529(5+($''225*/$66'225
5220
[
9+4
VI
5220
[
9+4
VI
%8,/',1*35,0$5<(175$1&((;,7
'22529(5+($''225*/$66'225
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
67$,5:,'7+5(48,5(' x 2&&83$176x[
67$,5:,'7+3529,'(' x ,1&/8',1*+$1'5$,/352-(&7,212)x &/($5%(7:((1+$1'5$,/6
6&$/(
6&+(0(
35(/,0,1$5<(;,7,1*$1')851,785(3/$16
$XJXVW
$
67)/2253/$1(;,7,1*3/$1
1')/2253/$1(;,7,1*3/$1
0DULQHUV&KXUFK7XVWLQ/HJDF\
7XVWLQ&DOLIRUQLD
3$175<
[
6$1&78$5<
[
67$*(3/$7)250
[
%2+67$*,1*
[
*5((15220
[
/2%%<
[
5220
[
9+4 5220
[
:256+,3
'225
VI
VI VI
VI
VI
VI
VI VI
35$<(55220
[
VI
35$<(55220
[
VI
35$<(55220
[
VI
+$//:$<
6$1&78$5<(;,7
6$1&78$5<(;,7
6$1&78$5<(;,7
%8,/',1*35,0$5<(175$1&((;,7
(;,7
0(1
65(675220
:20(1
65(675220
&/26(7-$1
6$1&78$5<(;,7
>VI@
%2+67$*,1*
[
VI
,75220
[
VI
(1&/26('67$,5
(48,350(/(9
(/(9$725
67$,5
(/(&75,&$/
$%&'()
$%&'()
'1
'1
'1
127( :256+,35220621),567
)/2256+$//%(87,/,=(')25
,1)$1767+528*+<287+$*(
127( :256+,35220621
6(&21')/2256+$//%(87,/,=('
)25<287+$*(72$'8/7$*(
5220
[
:256+,3
VI
6(59(5<&2817(5
5220
[
6$1&78$5< 23(172%(/2: 67$*(3/$7)250 23(172%(/2:
%2+67$*,1* 23(172%(/2:
%2+67$*,1* 23(172%(/2:
23(172%(/2: *5((15220 23(172%(/2:
0(1
65(675220
5220
[
:256+,3
VI
:20(1
65(675220
VI
5220
[
:256+,3
VI
&/26(7-$16725$*(&/26(7
[
VI
(/(9$725
67$,5
'1
'1
'1
'1
'1
(;7(5,2575$6+(1&/2685( %(<21'
23(12)),&(
[
VI
2)),&(
[
VI
5220
[
:256+,3
VI
5220
[
:256+,3
VI
5220
[
:256+,3
VI
,75220 23(172%(/2:
(/(&75,&$/
:256+,3
6(59(5<
6725$*($5($ VI
67)/2253/$1)851,785(3/$1
1')/2253/$1)851,785(3/$1
$%&'()
$%&'()
127( :256+,35220621),567
)/2256+$//%(87,/,=(')25
,1)$1767+528*+<287+$*(
127( :256+,35220621
6(&21')/2256+$//%(87,/,=('
)25<287+$*(72$'8/7$*(
5220:256+,3
5220
0(1
65(675220
5220:256+,3
:20(1
65(675220
5220:256+,3
&/26(7-$16725$*(&/26(7
'1
'1
23(12)),&(
2)),&(
2)),&(
5220:256+,3
5220:256+,3
5220:256+,3
:256+,3
',5(&7,212)(*5(663$7+
'225&/($5:,'7+
'225&$3$&,7<
67$,55$03:$/.:$<:,'7+
;;2&&83$17/2$'
;;
67$,55$03:$/.:$<&$3$&,7<
$&78$/86(
&808/$7,9(2&&83$17/2$'$7$1(;,7
(;,7,1*/(*(1'127(6
1(7$5($(;&/8',1*(*5(66$5($
*5266$5($
>VI@2&&
>VI@ 2&&
>VI@2&&
> VI@
2&&
> VI@
2&&
>VI@
2&&
5220
[
:256+,3
VI >VI@2&&
2&&
2&&
2)),&(
[
VI 2&&
2&&
)857+(6732,17W\SLFDO
75$9(/',67$1&(
72(;,721VW)/225
5(48,5('0$;75$9(/
67$,5:,'7+5(48,5(' x 2&&83$176x[
67$,5:,'7+3529,'(' x ,1&/8',1*+$1'5$,/352-(&7,212)x &/($5%(7:((1+$1'5$,/6
'225&/($5$1&(5(48,5(' x 2&&83$176x[
'225&/($5$1&(3529,'(' x '225x'225&/($5$1&(
2&&83$1&<)5201')/225
2&&83$1&<)5201')/225
5220
[
:256+,3
VI
5220
[
:256+,3
VI
>VI@ 2&&
>VI@2&&
> VI@2&&
>VI@2&&
5220
[
:256+,3
VI >VI@2&&2&&
2&& 2&&2&&2&&
>VI@
2&&
>VI@2&&
>VI@2&&
>VI@
2&&
6($762&&
2&&
$9%227+>VI@
2&&
727$/2&&
2&&
>VI@2&&
VI 2&&
'225&/($5$1&(5(48,5(' x 2&&83$176x[
'225&/($5$1&(3529,'(' x '225x'225&/($5$1&(
(;,7
2&&
2&&
(;,7:,'7+5(48,5(' x 2&&83$176x[
(;,7:,'7+3529,'(' x :,'7+3(5'225x'225&/($5$1&(3(5'225x [ 727$/'225&/($5$1&(3529,'('
(;,7(;,7
2&&
2&&
(;,7:,'7+5(48,5(' x 2&&83$176x[
(;,7:,'7+3529,'(' x 3$,5'225x'225&/($5$1&(3529,'('
(;,7
2&&
2&&
(;,7:,'7+5(48,5(' x 2&&83$176x[
(;,7:,'7+3529,'(' x :,'7+3(5'225x'225&/($5$1&(3(5'225x [ 727$/'225&/($5$1&(3529,'('
(;,7(;,7(;,7
2&&
2&&
(;,7:,'7+5(48,5(' x 2&&83$176x[
(;,7:,'7+3529,'(' x 6,1*/('225x'225&/($5$1&(3529,'('
(;,7(;,7
2&&
2&&
(;,7:,'7+5(48,5(' x 2&&83$176x[
(;,7:,'7+3529,'(' x 6,1*/('225x'225&/($5$1&(3529,'('
(;,7(;,7
2&&
2&&
(;,7:,'7+5(48,5(' x 2&&83$176x[
(;,7:,'7+3529,'(' x 6,1*/('225x'225&/($5$1&(3529,'('
(;,7(;,7
2&&
2&&
(;,7:,'7+5(48,5(' x 2&&83$176x[
(;,7:,'7+3529,'(' x 6,1*/('225x'225&/($5$1&(3529,'('3(5'225x727$/&/($5$1&(3529,'('
75$9(/',67$1&(
72(;,721VW)/225
5(48,5('0$;75$9(/
2&&
6(59,&((;,721/<(;,7:,'7+5(48,5(' x 2&&83$176x[
(;,7:,'7+3529,'(' x 6,1*/('225x'225&/($5$1&(3529,'('
3$175<
6$1&78$5<
67$*(3/$7)250
%2+67$*,1*
5220:256+,3
*5((15220
/2%%<
52209+4 5220:256+,3
35$<(55220 35$<(55220 35$<(55220
:$//02817('
+$//:$<
5220:256+,3
0(1
65(675220
:20(1
65(675220
&/26(7-$1
%2+67$*,1*
,75220
%,&<&/(5$&.6
(/(&75,&$/
5220:256+,3
5220:256+,3
6(59(5<&2817(5
6(59(5<
6725$*($5($
6725$*(&/26(7 6725$*(&/26(7
(/(9$725
67$,5
'1
'1
'1
'1
'1
'225 '22529(5+($''225*/$66
'225
(1&/26('67$,5
(48,350(/(9(/(9$725
67$,5'1
'1
'1
6725$*(&/26(7 6725$*(&/26(7
127( (*5(66:,'7+2)($&+'225,6%$6('21
,1&+(63(53(5621$1'7+(:,'7+2)7+(67$,56
,6%$6('21,1&+(63(53(5621%(&$86($),5(
635,1./(56<67(0$1'$92,&(),5($/$506<67(0
:,//%(3529,'('7+528*+287
(;,7:,'7+5(48,5(' x 2&&83$176x[
(;,7:,'7+3529,'(' x '225x'225&/($5$1&(3529,'('
(;,7:,'7+5(48,5(' x 2&&83$176x[
(;,7:,'7+3529,'(' x 6,1*/('225x'225&/($5$1&(3529,'('
(;,7:,'7+5(48,5(' x 2&&83$176x [
(;,7:,'7+3529,'(' x :,'7+3(5'225x'225&/($5$1&(3(5'225x [ 727$/'225&/($5$1&(3529,'('
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
6&$/(
6&+(0(
35(/,0,1$5<522)3/$1 /,1(2)6,*+76(&7,21
$XJXVW
$
522)3/$1
0DULQHUV&KXUFK7XVWLQ/HJDF\
7XVWLQ&DOLIRUQLD
/,1(2)6,*+7
ȭ
:$51(5$9(3523(57</,1(/,1(2)6,*+7
6+2:1'$6+('
522)723(48,30(17
352326('
%8,/',1*
&21&5(7(
7,/73$1(/
5()(572
(/(9$7,216
:$51(5$9(18(
$&&(17&$123< %(<21' 522)3$5$3(7W\SLFDO
522)3$5$3(7%5($.0(7$/
)/$6+,1*&$33$,17('72
0$7&+$'-$&(17:$//
&2/25W\SLFDO
&21&5(7(:$//$1'
29(5+$1* %(<21'
352326('522)
6/23(',5(&7,21
522)6<67(072%(),1$/,=(''85,1*
&216758&7,21'2&80(17$7,213+$6(
W\SLFDO
$&&(17:$//W\SLFDO
$%&'()
522)+$7&+
352326('0(&+$1,&$/(48,30(17=21(
$1'62/$5=21( 6+2:1'$6+('
(;7(176
0,1,080$:$<)520
&/26(67522)3$5$3(7
6
6
6
6
6
6
6
66
352326('0(&+$1,&$/522)02817('
81,76 (;$&76,=($1'48$17,7,(672%(
),1$/,=(''85,1*&216758&7,21
'2&80(17$7,213+$6(W\SLFDO
62/$5=21( 6+2:1'277(' 72%(
),1$/,=(''85,1*&216758&7,21
'2&80(17$7,213+$6(
522)'5$,1$1'
29(5)/2:'5$,1W\SLFDO
3$1(/5(7851W\SLFDO522)5,'*(/,1(
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
66:':':':':':':':':':':':':':':':':':':':
66 66 66 66 66 66 66 66 66 66 66 66 66
6/6/6/6/6/6/6/(((((((((((((
67
67 67 67 67 67 67 67 67 67 67 6/6/67 67 67 67 67 67 67 67 67 67 67 67
(
(((((((((((((
,55 ,55 ,55 ,55 ,55 ,55 ,55 ,55 ,55 ,55 ,55 ,55
(9 (9 (9 (9(9(9(9(9(9(9(9(9(9(9
123$5.,1*9$1(9(9(9(9(9(9(9(9(9(9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9(9
(9&$3$%/((9&$3$%/(123$5.,1*9$19$13$5.,1*12(9(9 (9
6RXWK0DLQ6WUHHW6XLWH
&RURQD&$
08/03/2026
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
123$5.,1*9$19$13$5.,1*12(9(9 (9 (9 (9(99(9(9(9(9(9
(9(9123$5.,1*9$1(9(9(9(9(9(9(9(9(9(9&$3$%/((9&$3$%/((9&$3$%/(9&$3$%/((&$3$%/((9&$3$%/((9&$3$%/(9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/((9&$3$%/(
(93$%/((9&$3$%/((9
(9(9&$3$%/((9&$3$%/(
-2+1-2+1621:$<<<<$<$<$<::::::111222+++222---$<$<$<::::-2+1-2+1621:$<9(7(5$16:$<4'4' 6856+8:?°+>:+49/54
4'4' 6856+8:?°+>:+49/54
4'4'6856+8:?°+*-+
6856+8:?°+*-+
='21='?
6'81/4-°25:
3'>3/4'<-3/43/4°,I3'>°,I'<+8'-+°,I@54+
,58°3/4/3;3°+3+8-+4)?°('::+8?°6+8,583'4)+°8+7;/8+3+4:9
58/-/4':/4-°':°'4°+3+8-+4)?°6'4+2(5'8*°58°)+4:8'2°2/-.:/4-°/4<+8:+8°+3+8-+4)?°2/-.:/4-°2;3/4'/8+9°9.'22°(+°685</*+*°=/:.°'4°+3+8-+4)?°('::+8?°°9++°:.+°96+)/,/)':/549
2;3/4'/8+°9?3(529°:.':°'8+°9.5=4°.'2,9.'*+*°58°2'(+2+*° +3 °54°:.+°62'49°/4*/)':+°2;3/4'/8+9°:.':°9+8<+°'9°+3+8-+4)?°2/-.:/4-°°;42+99°9+8<+*°(?°'°)/8);/:°'
2;3/4'/8+°9).+*;2+°-+4+8'2°45:+9
652+°.+/-.:° +4-/4++8-8'*+°652+652+:(*6
652+°.+/-.:°+4-/4++8-8'*+°652+652+:(*6
:8'9.°+4)259;8++4-/4++8</4:+-8':+*°2+*)+/2/4-°9;8,')+ ::* ;37(13)-8'=+*/9542+
).;8).°)8599°)5<+°2/-.:/4-+4-/4++8</4:+-8':+*°2+*)5<+=,:
2+* °' @;,/,2>=< 1=+:9++
*8'=/4-9
869 °*8< +;4<<*)6.=+:
'2;@2+
95,,/:°2/-.:/4-°35;4:+*°':° °',,
=/:.° °3/49°('::+8?°(')1°;6+4-/4++8</4:+-8':+*°2+*)+/2/4-°8+)+99+*
2+*°35*;2+ °.3
35;4:/4-°,8'3+ °.) *8+3
:8/3 ° 4*.
)556+8°2/-.:/4-2++3
95,,/:°2/-.:/4-°35;4:+*°':° °',,+4-/4++8</4:+-8':+*°2+*)+/2/4-°8+)+99+*
2+*°35*;2+ °.3
35;4:/4-°,8'3+ °.) *
:8/3 ° 4*.
)556+8°2/-.:/4-2+
35;4:+*°':°,2558°'/3/4-°':°,'y'*++4-/4++8</4:+-8':+*°2+*-8'*+°9;8,')+=,: 2+* °'@5<'9:49,*(1 1=
<+,/6 ;4<2+4-:.'2;@2+
35;4:+*°*/8+):2?°'(5<+°*558°=/:.°
3/49°('::+8?°(')1°;6+4-/4++8454/4:+-8':+*°2+*='22°9;8,')+ -156(( ;:=(1+(63)-8'=+*/9542+
35;4:+*°':°°',,+4-/4++8454/4:+-8':+*°2+*='22°9;8,')+ 8'8*=(' (()8 ):'
<*','(+:')'2)52+
(;-+4-/4++8</4:+-8':+*°2+*-8'*+°652+ -'249() ;:=(13)-8'=+*/9542+
8+3'81996+)/,/+8*/33/4-2/-.:°95;8)+35;4:/4-='::9<52:'-+)':'25-°4;3(+83'4;,'):;8+83'81
2;3/4'/8+°9).+*;2+
6&$/(
6,7(3+2720(75,&3/$1
1HZ<RUN 2PDKD +RQROXOX0LDPL/RV$QJHOHV 6HDWWOH
ZZZVFKQDFNHOFRP
6(-2% 0DULQHUV&KXUFK7XVWLQ/HJDF\K
7XVWLQ&DOLIRUQLD
4'''4''' 688856+++888:::???+++++>>>>>:::+++++49/54
4'''4''' 688856+++888:::???+++++>>>>>:::+++++49 54
4'''4'''688856+++++888:::???+++++*-+++++
688856+++++888:::???+++++*-+++++
='''211111='''???
6'''88811111/4-25:::
3'''>>>3/4'''<-3/43/4 ,,,I3'''>>>,,,I''''<+++888'''-+++++,,,I@54+++++
,,,5888 3 4 3;3 +++++3+++++888-+++++4)???('''::::::::++:+:888???6+++888,,,58883'''4)+++888+++777;/888+++++3+++++4:::9
5888 -4''':::4-''':::'''4 +++++3+++++888-+++++4)???6'''4+++++2(5'''888*5888 )+++++4:::888'''2°2 -...::/:4-°4<++8+++8+8:8:8::+:+8+++8+888 °+3+++3+3++8+++8+8---++4+++4+4))????2/--..:..:::/:44--°2;;33/44''/'/'/88++++99++9+9°9..''.''22'22 ++°++°+6885555<</***+***°=/::...'444°33333+88888---+44444)??''::':::::+:++8888????++++...+++6+)))))/,,/)/)'':':'::/5554499
2;3 4'''/888+++++9???3(529 :::.....''':::'''888+°+++°+9.....5=4 ...'''2,,,,9....'''*+*+++*+*°588°8°8 2''(''((+2+++2+2++*+++*+*° ++3+++3+3 544°.:...+.+.++°+++°+622''4'4'449944**/)))'':':':+:+++°+++°+2;;33/44''/8//8+++999°...'''':::+88888<<<+°999 33333+88888---+44444)?--.:::4444-°42++999999999°9+88<888<8<+<+<+**°***°*(?°')/88)));/::'''
2;3 4'''/888+++++9)....+++*;2+++++-+++++4+++++888'''2°45::+:+++++9
652+°++...+++-...::: +++++4-/4++++++++++888-888'''*+++652+++++652+++++::(:(*6
652+°++...+++-...:::+++++4-/4++++++++++888-888'''*+++652+++++652+++++::(:(*6
:::888'''9......+++++4)259;888++++++++++4-/4++++++++++888<4:::+++-888''':::+++++*2+++++*)+++2 4-9;888,,,''')+++ ::::::* ;3777(111113)-888'''=+++*/9542+++++
)....;888)....))88855999 ))55<<+<<<+<222/--..-.-..:::/44-+++++4-/4++++++++++888<4:::+++-888''':::+++++*2+++++*)5<+++=,,,:::
2+++++* ''' @;,,,,,,,2>>>>>==<< 1111==+++:++:+9+9+++++++++
*888'''=/4-9
88869 *888< +++;;4<<<**))6...=++++:::869 °*8< + ;4< <*) 6. =+:)*; *98869 *88< +++;4<<*)6.==+++:
'''2;@2+++++
95,,,,,,/:::2 -...::/:4-°35;;4::+:+*++*°':''::°:: ''',,,,,,,,
=/:::...... °3 49°('''::::::+++888???(''')111 ;6+++++4-/4++++++++++888<4:::+++-888''':::+++++*2+++++*)+++2 4-888+++++)+++99+++*
2+++++*35*;2++ +++ +...3
35;4:::/4-°,,,888'''3+++++...) *888+3+++3+3
:::888/3 4*...
2+* ' @;,/ ,2> = < 1 =+: 9++2+*' @;,/,22>===<< 11 +==+::9++++
)556+++888 2 -......:::4-2++++++++++3
95,,,,,,/:::2 -...::/:4-°35;;4::+:+*++*°':''::°:: ''',,,,,,,,+++++4-/4++++++++++888<4:::+++-888''':::+++++*2+++++*)+++2 4-888+++++)+++99+++*
2+++++*35*;2++ +++ +...3
35;4:::/4-°,,,888'''3+++++...) *
:::888/3 4*...
)556+++888 2 -......:::4-2+++++
35;4:::+++++*°''':::,2,,2555588°8°8 '/''33/44--°':''::,',','y'y'y'y''*''*+++++++++++4-/4++++++++++888<4:::+++-888''':::+++++*2+++++*-888'''*+++++9;888,,,''')+++++=,,,::: 2+++++* '''@5<''''9:::4:49,,,,**((11111 1111111==
<+++++,,,6 ;4<2++4+++4+4--:::.:...'''2;@2+++++
35;4:::+++++*°*888+)+++)+):::2???'''(5<+++++*55888=::.:...
3/49°('''::::::+++++888???(''')11 ;;66+++++4-/4++++++++++8884544:::+++-888''':::+++++*2+++++*='''229;888,,,')'')+++++ -11111156(( ;::::==(111++++((63)-888'''=+++*/9542+++++
35;4:::+++*°''':::''',,,,,,+++++4-/4++++++++++8884544:::+++-888''':::+++++*2+++++*='''229;888,,,')'')+++++ 888'''888*=(''' (()888 ))::':':''
<*''',,,'''(+++++:::''')'''2)52+++++
(;-+++++4-/4++++++++++888<4:::+++-888''':::+++++*2+++++*-888'''*+++652+++++ -'''249() ;:::=(1113)-888'''=+++*/9542+++++
888+++++3'''88811111996+++++),,+++++888*/33/4-2/-......:::95;888)+++++35;4:::/4-='''::::::9<<52:::'''-+++++)''':::'''25-4;3(+++8883'''4;,,,'''):::;888+++++8883'''888111111
2;3/4'''/888+°+++°+9)......+++*;2+++++
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
1HZ<RUN 2PDKD +RQROXOX0LDPL/RV$QJHOHV 6HDWWOH
ZZZVFKQDFNHOFRP
6(-2% 0DULQHUV&KXUFK7XVWLQ/HJDF\K
7XVWLQ&DOLIRUQLD
(;7(5,25
/,*+7,1*&876+((76
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
0DULQHUV&KXUFK7XVWLQ/HJDF\
7XVWLQ&DOLIRUQLD128 AVENIDA DEL MAR, #2DSAN CLEMENTE, CA 92672949-370-8651
CA License # 6383NV License # 119AZ License # 82031
YYYTRCNCEQO
SITE LEGENDPLANT PALETTE
PLANT PALETTE - PARKWAY
PLANT IMAGES PLANT IMAGES - PARKWAYS
LANDSCAPE CALCULATIONS
LANDSCAPE NOTES
CONCEPTUAL LANDSCAPE PLAN
MARINERS BUILDING
Parking lot. See Architect’s site plan.
ADA parking stalls. See Architect’s site plan.
ADA path of travel. See Architect’s site plan.
Concrete sidewalk.
Front entry plaza.
Enhanced paving at drive entry.
Trash and recycling enclosure.
Short term bicycle parking
Long term bicycle parking
Limited use areas. See Architect’s site plan.
Planting Area
Parkway planting area
Gross Lot Area: 144,794 SFLandscape Area Provided: 15,638 SF (10.8% of Gross Lot Area)
Total Parking Spaces = 276. Trees Required at 1 Tree per 5 spaces.Trees Required in Parking Area = 56Trees Provided in Parking Area = 56
Interior lot lines total +/- 1,446 linear feet.Trees required at 1 tree per 30’ O.C.Trees Required along interior Property Lines = 49Trees Provided along interior Property Lines = 49
1. All proposed trees on the project site will be a minimum size of 15 gallons, in accordance with City requirements.
2. WQMP - On-site water treatment per Conceptual Grading Plan & WQMP.
3. Parkway plant selection shall comply with the Tustin Legacy Specific Plan (TLSP) Section 3.19.3 (Landscape Architecture), including the established landscape design/palette and applicable tables. Street tree selections shall be drawn from the TLSP Street Tree Palette (Table 3-57). Any proposed plant/tree species not consistent with the TLSP palette shall be subject to review and approval by the City of Tustin Arborist (as part of the Landscape Document Package review). Parkway landscaping shall be designed to maintain required vehicular sight distance at intersections
TREES: (36” BOX)
Chitalpa tashkentensis - Chitalpa
Hesperocyparis macrocarpa ‘Goldcrest’ - Lemon Cypress
Rhus lancea - African Sumac
Tristania conferta - Brisbane Box
Olea Europaea ‘Swan Hill’ - Fruitless Olive Tree
SHURBS & GRASSES:
Callistemon little john’ - Dwarf Bottle Brush
Dianella revoluta ‘Coolvista’ - Coolvista Flax Lily
Dianella tasmanica variegata - Varigated Flax Lily
Juncus Patens - California Grey Rush
Juncus Acutus - Spiny Rush
Lomandra longifolia ‘breeze’ - Breeze dwarf mat rush
Olea europaea ‘montra’ - Little ollie dwarf olive
Salvia chamaedryoides - Germander Sage
Salvia greggii ‘Furman’s Red’ - Furman Red Sage
Salvia leucantha - Mexican Sage
Westringia Grey Box - Dwarf Coast Rosemary
TREES: (36” BOX)
Bauhinia x blakeana - Hong Kong orchid tree
Cercis occidentalis - Redbud
SHURBS & GRASSES:
Aristida purpurea - Purple Three Awn
Bouteloua gracilis - Blue Grama Grass
Hesperaloe parviflora - Red Yucca
Leymus C. ‘Canyon Prince’ - Canyon Prince Wild Rye
Muhlenbergia rigens - Deer grass
Westringia fruticosa - Coast Rosemary
A
A
B
B
C
C
D
D
E
E
F
F
G
G
H
H
I
I
J
J
K
K
L
L
M
M
N
N
O
O
P
P
Q
Q
R
R
S
S
T
T
U
V
W
X
U
V XW
1
1
1
1
2
2
2
3
3 3
3
4
4
4
4
4
4
4
4
4
5
5
6
66
7
7
8
8
9
10
9 10
10
10 10
10
RPA
LANDSCAPE ARCHITECTURE
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
CUP 2025-0022; DR 2025-0020
Mariners ChurchTustin Legacy
Northeast Corner of Warner Avenue & John Johnson Way
APN#430-481-15
300 feet
500 feet
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
LAND USE APPLICATION FACT SHEET
/$1'86($33/,&$7,21180%(5 6 '5&83'$
/2&$7,21 7867,1/(*$&<63(&,),&3/$1
$''5(66 :$51(5$9(18(-2+1-2+1621:$<9(7(5$1¶6:$<
$31
35(9,286$33/,&$7,215(/$7,1*727+,63523(57< 121(±9$&$17/$1'
6855281',1*/$1'86(6
1257+ 7867,1/(*$&<63(&,),&3/$1 63
6287+ 7867,1/(*$&<63(&,),&3/$1 63
($67 7867,1/(*$&<63(&,),&3/$1 63
:(67 7867,1/(*$&<63(&,),&3/$1 63
6855281',1*=21,1*'(6,*1$7,21
1257+ 7867,1/(*$&<63(&,),&3/$1 63
6287+ 7867,1/(*$&<63(&,),&3/$1 63
($67 7867,1/(*$&<63(&,),&3/$1 63
:(67 7867,1/(*$&<63(&,),&3/$1 63
6855281',1**(1(5$/3/$1'(6,*1$7,21
1257+ 7867,1/(*$&<63(&,),&3/$1
6287+ 7867,1/(*$&<63(&,),&3/$1
($67 7867,1/(*$&<63(&,),&3/$1
:(67 7867,1/(*$&<63(&,),&3/$1
6,7(/$1'86(
$ (;,67,1* 9$&$17_352326(' 0$5,1(56&+85&+
% *(1(5$/3/$1 7/63 _352326('*(1(5$/3/$1 6$0(
& =21,1* 7867,1/(*$&<63(&,),&3/$1 63 _352326('=21,1* 6$0(
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77
'(9(/230(17)$&76
/27$5($ $&5(6
%8,/',1*$5($ 6)
3$5.,1* 216,7(
5(48,5(' 3$5.,1*63$&(6%$6('83213$5.,1*75,3
*(1(5$7,219(+,&/(0,/(675$9(/('$1'/(9(/2)
6(59,&($1$/<6,6
(;,67,1*
7(1$17,03529(0(176 NEW CONSTRUCTION OF A 33,422 SF TWO-STORY
RELIGIOUS ASSEMBLY USE WITH 600-SEAT SANCTUARY, ADMINISTRATIVE,
MEETING AND SERVICE SPACES.
Docusign Envelope ID: 975EB4B6-1B79-83A1-808F-CEBA7AE23BDCDocusign Envelope ID: 672DCD53-5B5E-8B4D-8229-3078E15A6432Docusign Envelope ID: B5042875-CA6D-8C27-8190-278DEA7EEB77