Loading...
HomeMy WebLinkAboutItem 05Memorandum To: Mayor and City Council From: Steve Mielke, City Administrator Dennis Feller, Finance Director Date: November 12, 2013 Subject: Capital Improvement Plan (CIP) The five year Capital Improvement Plan is an integral component to the budget document. The Plan which includes the five primary categories of Transportation, Utilities, Parks, Facilities and Equipment is attached for Council review and comment. Staff will present an overview of the CIP at the November 12 work session. The Council reviewed the preliminary Transportation and Utilities five year plans at the July 22 and August 26 meetings. The five year plan for each has been revised as shown below. TRANSPORTATION 2014 2015 2016 2017 2018 Revenues Dakota County 429,266 876,070 4,577,240 (3,526,010) (3,095,665) Municipal State Aid 1,169,400 (955,935) Improvement Construction 977,283 Pavement Management 25,000 25,000 25,000 25,000 25,000 Total Revenues 2,600,949 901,070 4,602,240 (3,501,010) (4,026,600) Expenditures CSAH 50/60 Roundabout and Expansion Dodd Blvd (CSAH 9): CSAH 70 to CSAH 46/2 CSAH 50 Expansion: CSAH 60 (185th St) - CSAH 9 (Dodd Blvd) CSAH 9 (Dodd Blvd): CSAH 60 (185th St) - 194th St Street Reconstruction Program - 2014 County Road Utility Improvements Total Expenditures 1,568,000 30,666 977,283 25,000 2,600,949 876,070 4,224,640 (5,100,710) Item 5 City of Lakeville 352,600 1,574,700 (4,051,600) 25,000 25,000 25,000 25,000 901,070 4,602,240 (3,501,010) (4,026,600) 98-0-8=  6IZIRYIW  ;EXIV3TIVEXMRK*YRH    ;EXIV8VYRO*YRH    7I[IV3TIVEXMRK*YRH    8SXEP6IZIRYIW )\TIRHMXYVIW ;EXIV3TIVEXMRK*YRH  ;EXIVQEMRVITPEGIQIRX ;EXIV8VYRO*YRH  ;IPPWMXIEGUYMWMXMSR  ;IPPGSPPIGXMSRTMTI  ;EXIV8S[IV0ERHEGUYMWMXMSR ;EXIV8S[IV)RKMRIIVMRKERH    HIWMKR    ;EXIV8S[IV'SRWXVYGXMSR ;8*-QTVSZIQIRXW'LIQMGEP    WXSVEKIJIIHIUYMT ;8*-QTVSZIQIRXW,4    ,MKL7IVZMGI4YQT ;8*-QTVSZIQIRXW&EGO[EWL    4YQT ;8*-QTVSZIQIRXW&EGO[EWL    %MV&PS[IV ;EXIV8VYRO*YRH   7I[IV3TIVEXMRK*YRH    7ERMXEV]WI[IVVILEFMPMXEXMSR    8SXEP)\TIRHMXYVIW The water main replacement project to be constructed in conjunction with the 2014 Street, Reconstruction project increased by $705,803 as a result of the corrosive soils discovered at the project area. Water system improvements such as water tower construction are proposed to be advanced one year to meet service demands. The raw water line to be constructed in 2018 will be constructed in conjunction with the Dodd Boulevard project from 185th to 194th Street. '%4-8%0 -1463:)1)28 40%2      8LI'ETMXEP-QTVSZIQIRX4PERTVSZMHIWEPSRKVERKIJVEQI[SVOXSQIIXXLI MRJVEWXVYGXYVIRIIHWERHHIZIPSTQIRXSFNIGXMZIWSJSYVGSQQYRMX]-XTVSZMHIWTSPMG]  QEOIVWERHXLIGSQQYRMX][MXLEWXVEXIKMG HSGYQIRXIH ETTVSEGLXSMQTPIQIRXEXMSR ERHEHQMRMWXVEXMSRSJMQTVSZIQIRXTVSNIGXWERHIUYMTQIRXEGUYMWMXMSRW 8LI4PERMHIRXMJMIWXLIEPPSGEXMSRSJXLI'MX]v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v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v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v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z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v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z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vWGSPPIGXSVSZIVPE]TVSKVEQMWHIWMKRIHXSTVSZMHIQEMRXIRERGIXS'MX]GSPPIGXSV VSEH[E]WXSQEMRXEMRXLISZIVEPPGSRHMXMSRSJXLIVSEHWYVJEGIERHKEMRXLIQE\MQYQWIVZMGI PMJIEXXLIFIWXSZIVEPPGSWX                              6IZIRYIW 4EZIQIRX1EREKIQIRX*YRH 4VSTIVX]XE\IWJYRHFEPERGI  8SXEPVIZIRYIW 'SPPIGXSV3ZIVPE]W /IRVMGO%ZIXLXL /IRWMRKXSR&PZHXLXL ,SP]SOI%ZIXL,IVMXEKI(V ,SP]SOI%ZIXL-RXIVWIGXMSR RH7X/IR]SR%ZI/SHMEO /PEQEXL8V7'62'6 -TEZE%ZIXL/IR[SSH8V  8SXEPGSPPIGXSVSZIVPE]W  86%274368%8-32 'SPPIGXSV6IGSRWXVYGXMSR 4VSNIGXREQI 'LVMW4IXVII4YFPMG;SVOW(MVIGXSV 4VSNIGX1EREKIV %RRYEP %RXMGMTEXIHWXEVXHEXI 4VSNIGX(IWGVMTXMSRERHPSGEXMSR 0EOIZMPPIvWGSPPIGXSVVIGSRWXVYGXMSRTVSKVEQMWHIWMKRIHXSTVSZMHIQEMRXIRERGIXS'MX]GSPPIGXSV VSEH[E]WXSQEMRXEMRXLISZIVEPPGSRHMXMSRSJXLIVSEHWYVJEGIERHKEMRXLIQE\MQYQWIVZMGI PMJIEXXLIFIWXSZIVEPPGSWX                             86%274368%8-32 4EZIQIRX1EREKIQIRX 4VSNIGXREQI 'LVMW4IXVII4YFPMG;SVOW(MVIGXSV 4VSNIGX1EREKIV %RRYEP %RXMGMTEXIHWXEVXHEXI 4VSNIGX(IWGVMTXMSRERHPSGEXMSR 0EOIZMPPIv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v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vWVIWMHIRXW FYWMRIWWIWERHIQIVKIRG]HIQERHW-RFSXLWXYHMIWXLI'MX]v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z%HQMRMWXVEXMZI4VSNIGXW 4VSNIGXREQI &VIXX%PXIVKSXX4EVOWERH6IGVIEXMSR(MVIGXSV 4VSNIGXQEREKIV 3RKSMRK %RXMGMTEXIHWXEVXHEXI 4VSNIGXHIWGVMTXMSRERHPSGEXMSR 8LI4EVO(IHMGEXMSR*YRHFYHKIXTVSZMHIWETTVSTVMEXMSRWJSVERYQFIVSJEGXMZMXMIWMRGPYHMRK TPERRMRKHIWMKRERHJIEWMFMPMX]VITSVXWJSVTEVOTVSNIGXWWYGLEWYTKVEHIWXS4MSRIIV4PE^E &IVVIWGEFMR%VSRWSRFYMPHMRK0ERHSJ%QE^IQIRX 03% VITPEGIQIRX7YQQIVP]RERH 'LSOIGLIVV],MPP+VIIR[E],SP]SOI%WWIQFP]'SRGITX4PER1EXXEQ](IZIPSTQIRX 'SRGITX4PERERH4EVOW8VEMPWERH3TIR7TEGI4PER  -XEPWSMRGPYHIWETTVEMWEPERH TVSJIWWMSREPJIIWJSVXLIFMERRYEPVIZMI[SJTEVOHIHMGEXMSRJIIEREP]WMWJSVGSQQIVGMEPERH MRHYWXVMEPTVSTIVXMIW       6IZIRYIW  4EVO(IHMGEXMSR*YRH*IIW   )\TIRHMXYVIW  4EVO*IIWEREP]WMW'- ZEPYIW  4PERRMRKERHHIWMKR    8SXEP   3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWX     4%6/7%2(6)'6)%8-32 4EVO(IZIPSTQIRXz(IZIPSTIV'VIHMXW 4VSNIGXREQI &VIXX%PXIVKSXX4EVOWERH6IGVIEXMSR(MVIGXSV 4VSNIGXQEREKIV 3RKSMRK %RXMGMTEXIHWXEVXHEXI 4VSNIGXHIWGVMTXMSRERHPSGEXMSR 6ITVIWIRXWGVIHMXWEWWSGMEXIH[MXLRI[HIZIPSTQIRX[LIRXLITEVO (IZIPSTIVGVIHMXW HIHMGEXMSRVIUYMVIQIRXMWJYPJMPPIHXLVSYKLEPERHHIHMGEXMSR2SIJJIGXSRSTIVEXMSRWSV STIVEXMRKGSWXWEXXLMWXMQI    3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWX             4%6/7%2(6)'6)%8-32 4EVO1ENSV1EMRXIRERGI4VSNIGXW 4VSNIGXREQI &VIXX%PXIVKSXX4EVOWERH6IGVIEXMSR(MVIGXSV 4VSNIGXQEREKIV :EVMSYW %RXMGMTEXIHWXEVXHEXI 4VSNIGXHIWGVMTXMSRERHPSGEXMSR 8LITEVOQENSVQEMRXIRERGITVSNIGXWEVIEGGSYRXIHJSVMRXLI+IRIVEP*YRH4EVOW (ITEVXQIRXFYHKIXERHJMRERGIH[MXLTVSTIVX]XE\PIZMIW%PPMXIQWTVSTSWIHJSV [MXLXLII\GITXMSRSJJSVJMIPHMQTVSZIQIRXW[IVITYWLIHXSJYXYVI]IEVWEXXLI XMQIXLITVIPMQMREV]XE\PIZ][EWETTVSZIHMR7ITXIQFIV8LIQENSVMX]SJXLI TVSNIGXWEVIVITPEGIQIRXERHVITEMVWXSI\MWXMRKJEGMPMXMIW-RXLVSYKL 0EOIZMPPI&EWIFEPP%WWSGMEXMSR 0&% MW[MPPMRKXSWTPMXXLIGSWXSJFEWIFEPPMRJMIPH MQTVSZIQIRXWEX/MRK5YMKPI]7MQIERH7XIZI1MGLEYH4EVOW8LI'MX]ERH0&% [SYPHIEGLFYHKIXIEGL]IEVJSVMQTVSZIQIRXW-XIQWWYGLEW7878VII 8VYWX)EKPI7GSYXTVSNIGXQEXIVMEPWXVIITPERXMRKTMGRMGXEFPIGSRWXVYGXMSR8VII8VYWX PEFSVERHWMKRVITPEGIQIRX[IVIQSZIHJVSQ4EVO(IHMGEXMSR*YRHXS1ENSV 1EMRXIRERGIEWTEVXSJXLI'-4FYHKIXTVSTSWEP   6IZIRYIW +IRIVEP*YRH8E\IW )\TIRHMXYVIW 8VII8VYWX)EKPI7GSYXTVSNIGX  QEXIVMEPW 8VIITPERXMRKW  4MGRMGXEFPIGSRWXVYGXMSR  787PEFSV  8VII8VYWXPEFSV  7MKRVITPEGIQIRX  'LIVV]ZMI[[QLSYWIVIWLMRKPI  %RXPIVWTVMZEG]JIRGIVITPEGIQIRX  (EOSXE,IMKLXW ;QLSYWIJYVREGIVITPEGIQIRX  8VEMP HSSVMRWXEPPEXMSR  6YFFIVJPSSVVITPEGIQIRX  4EVOZMI[&YMPHMRK 6ITEMVWYROIRJPSSV  6ITPEGIGEVTIX[VYFFIVJPSSV  4VEMVMI0EOIVITPEGIGEVTIX  [VYFFIVJPSSV     4EVO1ENSV1EMRXIRERGI4VSNIGXW GSRX   3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWX     4%6/7%2(6)'6)%8-32 7YQQIVP]R4EVO 4VSNIGXREQI &VIXX%PXIVKSXX4EVOWERH6IGVIEXMSR(MVIGXSV 4VSNIGXQEREKIV  %RXMGMTEXIHWXEVXHEXI 4VSNIGXHIWGVMTXMSRERHPSGEXMSR 8LI4EVOW8VEMPWERH3TIR7TEGI4PERGEPPWJSVERIMKLFSVLSSHTEVORSVXLSJ(SRRIPP] *EVQWMRXLI7YQQIVP]R(IZIPSTQIRX7XEJJMWTVSTSWMRKXSFYHKIXJSVXLIHIWMKRSJXLI TEVOMR[MXLGSRWXVYGXMSRSGGYVVMRKMR8LMWRIMKLFSVLSSHTEVO[SYPHRSX SRP]WIVZI7YQQIVP]R(IZIPSTQIRXFYXEPWSXLI(SRRIPP]*EVQW(IZIPSTQIRX'VIWGIRX 6MHKI(IZIPSTQIRXERHXLIJYXYVIHIZIPSTQIRXRSVXLSJXLI7YQQIVP]R(IZIPSTQIRX 8LITEVO[SYPHMRGPYHIMXIQWWYGLEWWLIPXIVTPE]KVSYRHFEWOIXFEPPLEPJGSYVXFIRGLIW [EPOMRKXVEMPWERHTSWWMFP]FEPPJMIPH      3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 7YQQIVP]R4EVOGSRWXVYGXMSR[MPPEHH[SVOPSEHXSXLI1EMRXIRERGI(MZMWMSR    4%6/7%2(6)'6)%8-32 2SVXL'VIIO+VIIR[E]8VEMP %QIRMXMIW 4VSNIGXREQI &VIXX%PXIVKSXX4EVOWERH6IGVIEXMSR(MVIGXSV 4VSNIGXQEREKIV  %RXMGMTEXIHWXEVXHEXI 4VSNIGXHIWGVMTXMSRERHPSGEXMSR 8LI'MX]SJ0EOIZMPPIERH(EOSXE'SYRX]NSMRXP]WYFQMXXIHEKVERXETTPMGEXMSRJSV 8VERWTSVXEXMSR)RLERGIQIRXJYRHWXLVSYKLXLI8VERWTSVXEXMSR%HZMWSV]&SEVH 8%& SJ XLI1IXVSTSPMXER'SYRGMPMR8LI'MX]SJ0EOIZMPPI[EWMRJSVQIHXLI][IVI E[EVHIHETTVS\MQEXIP]JSVXLI2SVXL'VIIO+VIIR[E]8VEMP4VSNIGX(EOSXE 'SYRX][MPPEPWSTEVXMGMTEXIMRXLIJYRHMRKSJXLITVSNIGXEWRSXIHFIPS[4EVO(IHMGEXMSR JIIWEVITVSTSWIHXSFIYWIHJSVXLITVSNIGXHIWMKRERHEHQMRMWXVEXMSRSJTVSNIGX   3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW ;LIRGSQTPIXIXLI'MX]SJ0EOIZMPPIERH(EOSXE'SYRX][MPPLEZIXSI\IGYXIER EKVIIQIRX[LMGLMRHMGEXIWXLIGSWXJSVXLIQEMRXIRERGISJXLIXVEMP[MPPFITEMHJSVF] (EOSXE'SYRX]EWXLMW[MPPFIETEVXSJXLI(EOSXE'SYRX]6IKMSREP8VEMPW]WXIQ     4%6/7%2(6)'6)%8-32 4EVO-QTVSZIQIRX*YRH 4VSNIGXREQI &VIXX%PXIVKSXX4EVOWERH6IGVIEXMSR(MVIGXSV 4VSNIGXQEREKIV :EVMSYW %RXMGMTEXIHWXEVXHEXI 4VSNIGXHIWGVMTXMSRERHPSGEXMSR 8LI4EVO-QTVSZIQIRX*YRHTVSZMHIWJYRHMRKJSVVITPEGIQIRXERHYTKVEHIWXSMXIQWWYGLEW %VSRWSRFYMPHMRKMQTVSZIQIRXW%RXPIVWFYMPHMRKFEPPJMIPHWEJIX]RIXXMRKERHTPE]KVSYRH VITPEGIQIRXW8LII\MWXMRK0ERHSJ%QE^IQIRX 03% TPE]WXVYGXYVI ]IEVWSPH EX7XIZI 1MGLEYH4EVO[EWGSRWXVYGXIHMR03%MWEHIWXMREXMSRWMXI[LIVIF]VIWMHIRXWERHRSR VIWMHIRXWXVEZIPXSWMXIXSTPE]SRXLMWYRMUYITPE]WXVYGXYVI8LMWYRMXMWERSPHX]TI[SSH WXVYGXYVIXLEXMWMRRIIHSJVITPEGIQIRXEWQER]SJXLI[SSHIRTSPIWHIGOMRKLERHVEMPWERH FEPYWXIVWEVIHIXIVMSVEXMRKWTPMXXMRKSVGVEGOMRKEPSRK[MXLEWMKRMJMGERXRYQFIVSJTPE] ETTEVEXYWTMIGIWXLEXRSPSRKIVGERFIVITEMVIHVITPEGIH03%[SYPHFIHIWMKRIHMRMR SVHIVXSJEGMPMXEXIJYRHVEMWMRKIJJSVXWJSVGSRWXVYGXMSRMR    3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWX 'MX]WXEJJ[MPP[SVO[MXL(EOSXE'SYRX]XSSFXEMRJYRHMRKJSVXLIGSRWXVYGXMSRSJXLMWFYMPHMRKEW%RXPIVW 4EVO[MPPFIGSRWMHIVIHEXVEMPLIEHEPSRKXLI0EOI1EVMSR7SYXL'VIIO8VEMP4VSNIGX[LMGL[MPPFIETEVX SJXLI(EOSXE'SYRX]6IKMSREP8VEMP7]WXIQ    4%6/7%2(6)'6)%8-32 4EVO-QTVSZIQIRX*YRH 4VSNIGXREQI &VIXX%PXIVKSXX4EVOWERH6IGVIEXMSR(MVIGXSV 4VSNIGXQEREKIV :EVMSYW %RXMGMTEXIHWXEVXHEXI 4VSNIGXHIWGVMTXMSRERHPSGEXMSR 'YVVIRXP]XLITEZIVWEX4MSRIIV4PE^EEVIHIXIVMSVEXMRKERHRIIHVITPEGIQIRX8LIHVEMREKISR WMXIEPWSRIIHXSFIEHHVIWWIHEPSRK[MXLXLIVITPEGIQIRXSJEQIRMXMIWSRWMXIWYGLEWFIRGLIW TMGRMGXEFPIWERH[EXIVJSYRXEMREPSRK[MXLVITPEGIQIRXSJPERHWGETMRK   3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWX     *%'-0-8-)7    *EGMPMXMIW 4VSNIGX7YQQEV] 4VSNIGX *MRERGMRK %VXW'IRXIV 8E\IW+IRIVEP*YRH &YMPHMRK*YRH 'IRXVEP1EMRXIRERGI*EGMPMX] &YMPHMRK*YRH 'MX],EPP &YMPHMRK*YRH *MVI7XEXMSR &YMPHMRK*YRH *MVI7XEXMSR &YMPHMRK*YRH *MVI7XEXMSR &YMPHMRK*YRH *MVI7XEXMSR &YMPHMRK*YRH ,IVMXEKI'IRXIV &YMPHMRK*YRH 0MUYSV7XSVIW 0MUYSV 4SPMGI7XEXMSR &YMPHMRK*YRH ;EXIV8VIEXQIRX*EGMPMX] 9MPMX]YWIVJIIW9XMPMX] 3TIVEXMRK*YRH   8SXEP   *EGMPMXMIW *MRERGMRK *MRERGMRK 4VSNIGX 3XLIV&YMPHMRK*YRH %VXW'IRXIV 'IRXVEP1EMRXIRERGI*EGMPMX] 'MX],EPP *MVI7XEXMSR *MVI7XEXMSR6IQSHIP4LEWI *MVI7XEXMSR *MVI7XEXMSR *MVI7XEXMSR ,IVMXEKI'IRXIV 4SPMGI7XEXMSR 8SXEP3XLIV&YMPHMRK*YRH *VERGLMWIJIIW'SQQYRMGEXMSRW*YRH ;EXIV8VIEXQIRX*EGMPMX] 0MUYSV*YRHTVSJMXW 0MUYSV7XSVIW 8SXEP0MUYSV*YRH4VSJMXW 9XMPMX]YWIVJIIW9XMPMX]3TIVEXMRK*YRH ;EXIV8VIEXQIRX*EGMPMX]  8SXEP   *%'-0-8-)7 %VXW'IRXIV 4VSNIGXREQI 'LVMW4IXVII4YFPMG;SVOW(MVIGXSV 4VSNIGX1EREKIV %RRYEP %RXMGMTEXIHWXEVXHEXI 4VSNIGX(IWGVMTXMSRERHPSGEXMSR +IRIVEPQEMRXIRERGIERHYTKVEHIWXSXLIJEGMPMX]ERH[SVOIRZMVSRQIRXEXXLI%VXW 'IRXIV    3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWXW    *%'-0-8-)7 'IRXVEP1EMRXIRERGI*EGMPMX] 4VSNIGXREQI 'LVMW4IXVII4YFPMG;SVOW(MVIGXSV 4VSNIGX1EREKIV %RRYEP %RXMGMTEXIHWXEVXHEXI 4VSNIGX(IWGVMTXMSRERHPSGEXMSR +IRIVEPQEMRXIRERGIERHYTKVEHIWXSXLIJEGMPMX]ERH[SVOIRZMVSRQIRXEXXLI'IRXVEP 1EMRXIRERGI*EGMPMX]   6IZIRYIW &YMPHMRK*YRH  )\TIRHMXYVIW 'SQQIVGMEPKVEHIXVYGOERH  EYXSZEGYYQ 7IEPWUJXGSRGVIXI  KEVEKI 7QEVXWXVY\YVIW]WXIQMRXIKVEXMSR LEVH[EVIERHWSJX[EVIYTHEXIW  *PIIX7YTIVZMWSV3JJMGI  )UYMTQIRX  'EVTIXEHQMRMWXVEXMZIEVIE  ;IPHMRKFE]JPSSVVIWYVJEGMRK 6ITEMRXXLI[EWLFE] *SK7IEPERH7XVMTIFMXYQMRSYW  EVIEW 'EVTIXSJJMGIWERHGSRJIVIRGI  VSSQ *PIIX1EMRXIRERGIJPSSV  VIWYVJEGMRK  8SXEP  3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWXW      *%'-0-8-)7 'MX],EPP 4VSNIGXREQI 'LVMW4IXVII4YFPMG;SVOW(MVIGXSV 4VSNIGX1EREKIV %RRYEP %RXMGMTEXIHWXEVXHEXI 4VSNIGX(IWGVMTXMSRERHPSGEXMSR +IRIVEPQEMRXIRERGIERHYTKVEHIWXSXLIJEGMPMX]ERH[SVOIRZMVSRQIRXEX'MX],EPP   6IZIRYIW &YMPHMRK*YRH  )\TIRHMXYVIW 'MX],EPP[IWX[MRKJPSSVWPEF  VITEMVW 'EVTIX6ITPEGIQIRX )RKMRIIVMRK-RWTIGXMSRW4EVOW   6IG2SVXL,EPP[E] 6ITPEGIPEQMREXIGSYRXIVXSTWMR 4EVOW 6IG)RKMRIIVMRKERH  -RWTIGXMSRW  *MVIW]WXIQYTKVEHI 4EMRX[EPPWMR)RKMRIIVMRK  4EMRX[EPPWMR-RWTIGXMSRW  4EMRX[EPPWMR4EVOW 6IG 4EMRX[EPPWMR)RZMVSRQIRX  6IWSYVGIW  'LEMVW3JJMGI'LEMVW 7QEVXWXVY\YVIW]WXIQWSJX[EVI WIVZIVERHVIQSXIJSV'MX] FYMPHMRK&%7JYXYVIYTHEXIW 7QEVXWXVY\YVIW]WXIQMRXIKVEXMSR LEVH[EVIERHWSJX[EVIYTHEXIW 6ITPEGII\MXERHIQIVKIRG] PMKLXW  'MX],EPPTEVOMRKVIGPEMQEXMSR  6ITPEGIIQIVKIRG]KIRIVEXSV %HHGSRXVSPWXSQSRMXSVKIRIVEXSV  'LEMVW3VGLEVH'SRJIVIRGI6SSQ  6ITPEGIQIRXSJVSSJXSTYRMX7 ;SSHHSSVWVITEMVERHVIJMRMWL   2I[LMKLIJJMGMIRG]FSMPIVW  6IVSSJEVIE(RI[EHHMXMSR  8SXEP   3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWXW   *%'-0-8-)7 *MVI7XEXMSRW 4VSNIGXREQI 'LVMW4IXVII4YFPMG;SVOW(MVIGXSV 4VSNIGX1EREKIV %RRYEP %RXMGMTEXIHWXEVXHEXI 4VSNIGX(IWGVMTXMSRERHPSGEXMSR +IRIVEPQEMRXIRERGIERHYTKVEHIWXSXLIJEGMPMXMIWERH[SVOIRZMVSRQIRXEXIEGLSJXLI *MVI7XEXMSRW   3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW  2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWXW    *%'-0-8-)7 ,IVMXEKI'IRXIV 4VSNIGXREQI 'LVMW4IXVII4YFPMG;SVOW(MVIGXSV 4VSNIGX1EREKIV %RRYEP %RXMGMTEXIHWXEVXHEXI 4VSNIGX(IWGVMTXMSRERHPSGEXMSR +IRIVEPQEMRXIRERGIERHYTKVEHIWXSXLIJEGMPMX]ERH[SVOIRZMVSRQIRXEXXLI,IVMXEKI 'IRXIV    3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWXW      *%'-0-8-)7 0MUYSV7XSVIW 4VSNIGXREQI 'LVMW4IXVII4YFPMG;SVOW(MVIGXSV 4VSNIGX1EREKIV %RRYEP %RXMGMTEXIHWXEVXHEXI 4VSNIGX(IWGVMTXMSRERHPSGEXMSR +IRIVEPQEMRXIRERGIERHYTKVEHIWXSXLIJEGMPMXMIWERH[SVOIRZMVSRQIRXEXIEGLSJXLI 0MUYSV7XSVIW   3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWXW     *%'-0-8-)7 4SPMGI7XEXMSR 4VSNIGXREQI 'LVMW4IXVII4YFPMG;SVOW(MVIGXSV 4VSNIGX1EREKIV %RRYEP %RXMGMTEXIHWXEVXHEXI 4VSNIGX(IWGVMTXMSRERHPSGEXMSR +IRIVEPYTKVEHIWXSXLIJEGMPMX]ERH[SVOIRZMVSRQIRXEXXLI4SPMGI7XEXMSR   3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWXW      *%'-0-8-)7 ;EXIV8VIEXQIRX*EGMPMX] 4VSNIGXREQI 'LVMW4IXVII4YFPMG;SVOW(MVIGXSV 4VSNIGX1EREKIV %RRYEP %RXMGMTEXIHWXEVXHEXI 4VSNIGX(IWGVMTXMSRERHPSGEXMSR +IRIVEPQEMRXIRERGIERHYTKVEHIWXSXLIJEGMPMX]ERH[SVOIRZMVSRQIRXEXXLI;EXIV 8VIEXQIRX*EGMPMX]    3TIVEXMSRWERHSTIVEXMRKGSWXWMQTEGXW 2SERXMGMTEXIHWMKRMJMGERXMQTEGXSRSTIVEXMSRWSVSTIVEXMRKGSWXW    )59-41)28    )UYMTQIRX 4VSNIGX7YQQEV] *YRGXMSR *MRERGMRK 'MX]'PIVO  8E\IW)UYMTQIRX*YRH 'SQQYRMGEXMSRW  *VERGLMWIJIIW'SQQYRMGEXMSRW*YRH )RKMRIIVMRKERH+-7 8E\IW+IRIVEP*YRH *MVI 8E\IW)UYMTQIRX*YRH 0MUYSV*YRHTVSJMXW)UYMTQIRX*YRH83&)()8)61-2)( -RWTIGXMSRW 4IVQMXW+IRIVEP*YRH 0MUYSV 0MUYSV*YRHTVSJMXW 4EVOW  8E\IW)UYMTQIRX*YRH 4SPMGI 8E\IW)UYMTQIRX*YRH 0MUYSV*YRHTVSJMXW)UYMTQIRX*YRH83&)()8)61-2)( 7XVIIXW 8E\IW)UYMTQIRX*YRH 0MUYSV*YRHTVSJMXW)UYMTQIRX*YRH83&)()8)61-2)( 8IGLRSPSK] 8E\IW)UYMTQIRX*YRH 9XMPMXMIW 9WIVJIIW9XMPMX];EXIV 9WIVJIIW9XMPMX]7ERMXEV]7I[IV 9WIVJIIW9XMPMX])RZMVSRQIRXEP6IWSYVGIW   8SXEP  )UYMTQIRX 4VSNIGX*MRERGMRK *MRERGMRK *YRGXMSR *VERGLMWIJIIW'SQQYRMGEXMSRW*YRH 'SQQYRMGEXMSRW  8E\IW)UYMTQIRX*YRH  *MVI  4EVOW  4SPMGI  7XVIIXW 8IGLRSPSK]   'MX]'PIVO 8SXEP8E\IW  8E\IW+IRIVEP*YRH )RKMRIIVMRKERH+-7  0MUYSV4VSJMXW)UYMTQIRX*YRH *MVI 4SPMGI 83&)()8)61-2)( 7XVIIXW 'MX]'PIVO 8SXEP0MUYSV4VSJMXW  4IVQMXW+IRIVEP*YRH  8SXEP 0MUYSV*YRHTVSJMXW 0MUYSV   8SXEP 9WIV*IIW9XMPMX])RZMVSRQIRXEP6IWSYVGIW )RZMVSRQIRXEP6IWSYVGIW  9XMPMXMIW  8SXEP9WIV*IIW)RZ6IW 9WIV*IIW9XMPMX]7ERMXEV]7I[IV 8IGLRSPSK]   9XMPMXMIW  8SXEP9WIV*IIW7I[IV 9WIV*IIW9XMPMX];EXIV 8IGLRSPSK]   9XMPMXMIW 8SXEP9WIV*IIW;EXIV  8SXEPEPPJYRHW  )59-41)28 ()4%681)28'MX]'PIVO =IEV (IWGVMTXMSR  (IWGVMTXMSR  4VIGMRGX8EFYPEXSVW )59-41)28 ()4%681)28'SQQYRMGEXMSRW =IEV (IWGVMTXMSR )HMXWXEXMSRVITPEGIQIRX 'VIWXVSRW]WXIQ &EGOYTHMKMXEPJMPIVIGSVHMRK %VGLMZEPVIGSVHMRK 'EVTIX 1MRMZER 'LEQFIVEYHMSW]WXIQVITPEGIQIRX 'LEQFIVPMKLXTERIP 8VERWQMWWMSRVEGOVSYXMRK (EMWQSRMXSVW )2+'EQIVE  [MXLXVMTSH 8MKLXVSTIVITPEGIQIRX ,ERHLIPHZMHISGEQIVE 'SQTYXIVHIWOXSTQSRMXSVW   'SRXVSPVSSQW[MXGL 'SRXVSPVSSQGSYRGMPGEQIVEW 0SFF]QSRMXSVW  4SVXEFPIPMKLXW  8SXEP  )59-41)28 ()4%681)288IGLRSPSK] =IEV (IWGVMTXMSR 'SQTYXIV6ITPEGIQIRX 1SFMPIVITPEGIQIRXW 7IVZIVW (EXEFEGOYT  (EXEFEGOYT  7IGYVMX]GEQIVEZMHISVIGSVHIV4SPMGI 7IGYVMX]GEQIVEZMHISVIGSVHIV'1* 7[MXGLIW 8IPITLSRIVITPEGIQIRXW &PYI6E]'((:((&4YFPMWLIV 0EWIVJMGLI;SVOJPS[ 'ST]QEGLMRI 7SJX[EVI 8SXEP'ETMXEP-QTVSZIQIRX  )59-41)28 ()4%681)28-RWTIGXMSRW =IEV (IWGVMTXMSR  XSRTMGOYT  )59-41)28 ()4%681)284SPMGI =IEV (IWGVMTXMSR %RMQEP'SRXVSP 'SQTEGX:ER 'SQQYRMX]7IVZMGI3JJMGIV 7TSVX9XMPMX]:ILMGPI 8SR\4MGO9T 8SR\4MGO9T %HQMRMWXVEXMSR 7IHER 7IHER 7IHER -RZIWXMKEXMSRW 7IHER 1MHWM^I'VSWWSZIV79: 7IHER 1MHWM^I'VSWWSZIV79: 1MRMZER 1MHWM^I'VSWWSZIV79: 1MHWM^I'VSWWSZIV79: 4EXVSP1EVOIH7IHER 7TSVX9XMPMX]:ILMGPI 7TSVX9XMPMX]:ILMGPI 7TSVX9XMPMX]:ILMGPI 7TSVX9XMPMX]:ILMGPI 4SPMGI-RXIVGITXSV 7TSVX9XMPMX]:ILMGPI 7IHER 7IHER 7IHER 7IHER 7IHER 7IHER 7IHER 4EXVSP1EVOIH9XMPMX] 7IHER 7TSVX9XMPMX]:ILMGPI 7IHER 7TSVX9XMPMX]:ILMGPI 7IHER 7IHER 7IHER 4EXVSP9RQEVOIH 7IHER 4EXVSP3XLIV .SLR(IIVI4S[IV9RMX .SLR(IIVI&VSSQ  ()4%681)284SPMGI =IEV (IWGVMTXMSR 8IRRERX7[IITIV7GVYFFIV /:ILMGPI-RWIVX +PSGOLERHKYR 8EWIV 4&8W %)(W '79'EQIVEW 4EXVSP&MOIW &MG]GPIPMKLXW 0EWIV &MRSGYPEV2MKLX:MWMSR QL^4SVXEFPIVEHMSW 7UYEHVEHMSW 'SRJIVIRGIVSSQXEFPI 0MKLX&EVERHWMVIRGSRXVSP )QIVKIRG]ZILMGPITVIIQTXMSR 6EHEV9RMX %66MJPIERH)UYMT 1%%+6MJPIW 1%%+'308)RXV]+YR 8MRX1IXIVW 8SYKLFSSOW 'SQTYXIV*SVIRWMG)UYMTQIRX *MIPHTVMRXIV 03+-74YFPMG7EJIX]%TTPMGEXMSR7XI &SH]&YROIVW&EPPMWXMG7LMIPHW (MKMXEP:SMGI6IGSVHIVW -R'EV:MHIS 'SQTYXIVW +479RMX M4EH 8SXEP  )59-41)28 ()4%681)28*MVI =IEV (IWGVMTXMSR 7TEVXER 0EHHIV &VYWL'LIZVSPIX %YHMSZMWYEPIUYMTQIRX 7RS[QSFMPI8VEGOWJSV/YFSXE 6ITPEGIQIRXSJVIWGYIXSSPL]HVEYPMGLSWIW *MVIJMKLXMRKRS^^PIW 7MKR*EGI*MVI7XEXMSR  &PMX^*MVI2S^^PI *SPHMRKXVEJJMGGSRIW 7LIEPXLJSVQYPXMXSSP 0S[PIZIPWXVEMRIV *PEKTSPIVITPEGIQIRX  *YVRMXYVIVITPEGIQIRX*7 *MXRIWWIUYMTQIRX 4EXMIRXTVSXIGXMSROMX ,IPQIXJPEWLPMKLXW 'SQTYXIVTLSRI 6IGLEVKEFPIWGIRIPMKLXW 8LIVQEPGEQIVEJSVPEHHIVXVYGOW   ,]HVERXZEPZI 6EQ%MV+IEV(V]IVW   6IJYVFMWLGSQQERHZILMGPI 4IXIVFYMPX)RKMRI 6ITPEGIQIRXTSVXEFPIVEHMSW 6IWGYIXSSPW (MWXVMGX'LMIJ:ILMGPI (MWXVMGX'LMIJ:ILMGPI  (MWXVMGX'LMIJ:ILMGPI  8SXEP  )59-41)28 ()4%681)28)RKMRIIVMRK+-7 =IEV (IWGVMTXMSR XSR;( 7TSVX9XMPMX]:ILMGPI XSR;( XSR;( )RKMRIIVMRKSJJMGIWTEGIVIGSRJMKYVEXMSR 'LEMVW 8VEJJMGGSYRXIVW 'SQTYXIV[SVOWXEXMSR 8EFPIX 8SXEP  )59-41)28 ()4%681)287XVIIXW =IEV (IWGVMTXMSR 1EMRXIRERGI:ILMGPIW 8SR4MGO9T  8SR\4MGO9T  8SR\4MGO9T  8SR\4MGO9T  8SR4MGO9T  8SR\8VYGO  8SR\8VYGO  8SR4MGO9T  8SR\4MGO9T  7MKR8VYGO[MXL'VERI  8SR\8VYGO  8VII8VMQQMRK8VYGO  ,IEZ](YX]8VYGOW 7XIVPMRK(YQT8VYGO 7XIVPMRK(YQT8VYGO  7XIVPMRK(YQT8VYGO  7XIVPMRK(YQT8VYGO  7XIVPMRK(YQT8VYGO  7XIVPMRK(YQT8VYGO  7XIVPMRK(YQT8VYGO  7XIVPMRK(YQT8VYGO  7XIVPMRK8ERHIQ(YQT8VYGO  7XIVPMRK(YQT8VYGO  1IHMYQ(YX](YQT8VYGO 2I[4PS[6SYXI  7TIGMEP9WI)UYMTQIRX /YFSXE%8: 8IRERX*PSSV7GVYFFIV '%80SEHIV  7MHI[EPO1EMRXEMRIV  2I[,SPPERH8:8VEGXSV &SSQQS[IV  7[IITIV4MGOYT  7[IITIV4MGOYT  7[IITIV:EGYYQ 8]QGS  8VEMPIVW 8S[QEWXIV8VEMPIV  ,SX4EXGL8VEMPIV  +IRIVEP)UYMTQIRX 7[IITWXIV  &MPP]+SEX&PS[IV  %MV'SQTVIWWSV  'EV7XEVXMRK9RMX  'LST7E[  ,SRHE+IRIVEXSV  ;OV;EXIV4YQT  ;OV;EXIV4YQT   ()4%681)287XVIIXW =IEV (IWGVMTXMSR +6YTT;EXIV4YQTx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