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HomeMy WebLinkAboutAgenda 04_SD-20-10_500 Old Farm Rd_OBrien Farm Road LLC_SKCITY OF SOUTH BURLINGTON  DEVELOPMENT REVIEW BOARD  SD‐20‐10_550 Old Farm Rd_OBrien Farm Road  LLC_SK_2020‐04‐07.docx  DEPARTMENT OF PLANNING & ZONING   Report preparation date: April 1, 2020  Plans received: December 20, 2018  500 Old Farm Road  Sketch Plan Application #SD‐20‐10  Meeting date: April 7, 2020  Applicant  O’Brien Farm Road, LLC  1855 Williston Road  South Burlington, VT 05403  Engineer  Krebs & Lansing Consulting Engineers, Inc.  164 Main Street  Colchester, VT 05446  Property Information  Tax Parcel 0970‐00255, 0970‐00255.C, 0980‐00055, 1260‐0200F  Residential 12, Commercial 1‐LR, Residential 1‐PRD Zoning Districts  91.18 acres      Location Map    #SD‐20‐10  Staff Comments  2      PROJECT DESCRIPTION  Sketch plan application #SD‐20‐10 of O’Brien Farm Road, LLC for a master plan and planned unit  development to develop 82.9 acres with a maximum of 415 dwelling units, up to 1,285,000 sf of  commercial space and 22.1 acres of open space, and realign the north end of Old Farm Road, 500 Old  Farm Road.  COMMENTS  Development Review Planner Marla Keene and Planning and Zoning Director Paul Conner, herein after  referred to as Staff, have reviewed the plans submitted by the applicant and offer the following  comments.  Planning and zoning staff has reviewed the project internally with the Fire Department, Department of  Public Works, and City Stormwater Section.  These staff comments incorporate comments from those  departments throughout.  A) Overview  The applicant’s letter of February 14, 2020 provides the details of their proposal.  This application is for  master plan sketch plan, as required under 15.07C, and for PUD sketch plan.  This project represents a separate, but adjacent Master Plan from the one previously approved. For the  purposes of these notes, the prior master plan will be referred to as MP1.    Master Plan is not required for this project.  However, Staff supports the applicant’s request for Master  Plan for the following reasons.   The project includes a number of interconnected roadways and mixed uses.  Traffic impacts  should be considers on an overall basis rather than phase by phase.   Open spaces are being considered on an overall basis   Setback and height waivers are being sought   The applicant seeks a timeline greater than the standard 180 days to commence construction of  each phase.  Generally, as a 82.9 acre development, this project has the potential for as many units as the  combination of Cider Mill I and Cider Mill II combined, or 50% more units than the entirety of South  Village.  There is the potential for development of nearly as much commercial square footage as the  entirety of Community Drive.    1. Staff recommends the Board keep the scale of this development in mind during their review, and not  hesitate to ask for more detailed information or take more time to review individual elements discussed  below.  The applicant is seeking Master Plan approval for a PUD to construct:   126 units in single family, duplex and multi‐family buildings on 10 residential lots, generally  located along Old Farm Road.    o The applicant has indicated in their cover letter they intend to apply for preliminary and  final plat approval for this and for the realignment of Old Farm Road with the goal of  being ready to construct in 2021.  #SD‐20‐10  Staff Comments  3     252 or up to 289 (with affordable offsets) units and up to 375,000 commercial square feet in the  north end of the subject properties, generally shown as a pink color in their attached overview  plan  o The applicant indicated in their cover letter they intend to apply for the lot configuration  and density for these lots as part of the same preliminary and final plat application as  the 126 units along Old Farm Road, because the density of these lots will drive the  traffic at the north end of the realigned Old Farm Road.    2. Staff considers the optimal layout for these lots will depend strongly on whether they will  be residential or commercial, and recommends the Board discuss with the applicant the  level of detail needed for these lots in order for the Board to feel comfortable issuing  preliminary and final plat approval.     Up to 910,000 commercial square feet east of the residential core  o At this time the applicant has indicated they only will seek final plat approval for the  roadway and lot layout within this area.    3. Staff recommends the Board discuss with the applicant their proposed timeline for this  application.    4. Because of the substantial potential square footage, Staff recommends the Board  discuss with the applicant that this area should be considered as it’s own final plat  application rather than combined with the residential and mixed use portions of the  development.   22.1 acres of open space  o It appears the applicant has included 15+/‐ acres of small parks, an area designated as  Village Green (the location of the former farm’s barn), and approximately 4 acres they  are referring to as environmental corridors.    5. Staff recommends the Board invite the applicant to describe how these areas can be  used by residents and tenants of the commercial space.  6. The applicant already has master plan approval for 458 dwelling units in MP1.  With the  potential for an additional 415 units, Staff recommends the Board discuss whether  recreation fields should be included in the open space.  7. Staff recommends the Board direct the applicant to meet with the Recreation and Parks  Committee to receive feedback on their proposed open spaces.  8. Staff additionally recommends the Board direct the applicant to meet with the Bicycle  and Pedestrian Committee to receive feedback on their proposed open spaces.    9. Staff recommends the Board invite the applicant to discuss how the existing master plan area will  relate to the area currently proposed for redevelopment.    B) Approval and Amendment of Master Plan  Pursuant to Section 15.07(D)(3) of the South Burlington Land Development regulations, “any application  #SD‐20‐10  Staff Comments  4    for amendment of the master plan, preliminary site plan or preliminary plat that deviates from the  master plan in any one or more of the following respects, shall be considered a new application for the  property and shall require sketch plan review as well as approval of an amended master plan.”  As the  initial master plan, the review of these standards establishes the parameters for the project.  (a) An increase in the total FAR or number of residential dwelling units for the property subject to  the master plan;  The LDRs limit the residential density to what is allowed within each zoning district.  LDR  15.02A(6) pertaining to the Board’s authority with respect to PUDs states the following.  The modification of the maximum residential density for a zoning district shall be  permitted only as provided in the applicable district regulations and/or for the  provision of affordable housing pursuant to Section 13.14 of these Regulations.  In other words, the project contains lands in the C1‐LR zoning district which allows a maximum  residential density of 12 units per acre, and lands in the R1‐PRD zoning district which allows a  maximum residential density of 4 units per acre.  Each zoning district may not exceed its  inherent density.  10. Staff recommends the Board request the applicant provide a more accurate calculation and an  accompanying map of the area of each zoning district, and the total area, and the number of  units proposed for each zoning district, at the next stage of review.  11. Staff recommends the Board ask the applicant to describe the source of the uncertainty in their  potential dwelling unit and commercial square footage numbers, and work through what  questions need to be resolved to solidify this number prior to the next stage of review.     (b) An increase in the total site coverage of the property subject to the master plan;  12. At the next stage of review, the applicant must provide a requested maximum site coverage.   Staff recommends the Board discuss what level of detail they will need to be comfortable with  the requested lot coverage.    (c) A change in the location, layout, capacity or number of collector roadways on the property  subject to the master plan;  Additional comments related to transportation infrastructure and connectivity are provided  below.  The minimum ROW width for a collector roadway is 60‐feet, with minimum of 30 feet of  pavement, curbing, and a number of other geometry limits.  Staff considers the minimum  pavement width to be waivable.  13. Staff recommends the Board discuss whether to establish Old Farm Road and the east roadway  as collector roadways.  (d) Land development proposed in any area previously identified as permanent open space in the  approved master plan application; and/or  The applicant has shown where they are proposing open space.  (e) A change that will result in an increase in the number of PM peak hour vehicle trip ends  projected for the total buildout of the property subject to the master plan.  At the next stage of review, the applicant must provide an estimated maximum PM peak hour  vehicle trips.  It is desirable to have a reasonable estimate of the maximum number of trips  #SD‐20‐10  Staff Comments  5    rather than an overly high maximum to prevent infrastructure from being over‐designed.  14. Staff recommends the Board discuss what level of detail they will need to be comfortable with  the request.    C) Criteria for Review of PUDs Pursuant to Section 15.18 of the South Burlington Land Development Regulations, master plans are subject  to PUD standards and conditions.  PUD standards pertain to water and wastewater capacity, natural  resource protection, traffic, visual compatibility with the surrounding area, open space, fire protection,  relationship to the Comprehensive Plan, and public infrastructure.  Water Supply and Wastewater Connection  Staff notes that there are different requirements for water service for light industrial, general office, and  residential.    15. Staff recommends the Board direct the applicant to meet with the Fire Department to understand  these requirements prior to investing heavily in infrastructure design.  Grading and Erosion Control  16. Staff recommends the Board invite the applicant to describe their proposed phasing and how it  pertains to blasting and earth disturbance.  Based on feedback from City Staff on the master plan  currently under construction, Staff recommends the Board consider including a condition requiring  City Stormwater Section approval of final stabilization measures prior to being issued a zoning  permit for each subsequent project phase.  Roadways, Access, Circulation and Traffic Management  Along with density, Staff considers the roadway layout to be the most significant element of this application.   There is one roadway shown in this area on the official map, which connects from the southern end of the  property to Kimball Avenue in roughly the same alignment as the eastern‐most roadway shown by the  applicant.  17. Staff recommends the Board discuss with the applicant the following elements of the roadway  layout.  To reiterate what was mentioned above, each of these elements represents a sizeable  project and warrants full consideration by the Board.  a. Old Farm Road and Hinesburg Road – in the past there has been some discussion of the  applicant providing off‐site mitigation at this intersection.  City staff feel strongly that the  connection should be continued, but all participating departments were supportive of traffic  calming measures being installed to reduce the desirability of Old Farm Road as a cut through.  b. Old Farm Road and Kimball Avenue – All participating City departments were supportive of  realigning the intersection to be farther away from Kennedy Drive.  Staff recommends the  Board invite the applicant to describe why they selected a divided roadway cross section for the  northern terminus of Old Farm Road, and discuss whether this is desirable.  c. Northern mixed commercial and residential blocks – Staff notes that buildings must be on  streets, and recommends the Board ask the applicant how they plan to lay out these blocks to  meet this criterion, and whether additional streets are needed.  #SD‐20‐10  Staff Comments  6    d. Dead end streets  i. Staff recommends the Board consider whether the dead end street between the  residential section and the mixed commercial residential area east of old farm road  should connect to the eastern loop road off Old Farm Road.  ii. Staff recommends the Board discuss connectivity between the industrial commercial  area to the east and the residential area to the west.  Because this project is all one  master plan, and the applicant has referred to the commercial area as a neighborhood  employment center, Staff considers connectivity between zones an important element.  iii. There are two roadways with 90‐degree bends in proximity to one another at the  northern end of the western loop road off Old Farm Road.  Staff considers connectivity  to be important here.  Staff recommends the Board discuss whether a vehicular or  pedestrian connection is preferred.    iv. There is a “spur” road at the south end of the development.  Staff recommends the  Board ask the applicant to describe the concept for this roadway.  Roadways are  required to extend to adjacent property lines.  If the applicant does not wish this  roadway to extend to the property line to the south, it should be connected to the  neighborhood employment center to the east.  v. Block lengths should be no greater than 600‐feet.  Pedestrian connections may be used  as mid block connections.  Staff recommends the Board discuss whether the applicant  should include a vehicular or a pedestrian mid‐block connection on each of the loop  roads off Old Farm Road.  As discussed above, the applicant will be required to provide a maximum number of anticipated vehicle trip  ends at the next stage of review.    Natural Resource Protection  18. It appears the open spaces are located in the proximity of wetland buffers.  Staff recommends the  Board ask the applicant to show wetlands and wetland buffers on their plans so impacts to wetland  buffers can be evaluated.  Wetland and wetland buffer impacts should be limited.  19. Staff also recommends the Board ask the applicant to show River Corridors and Stream Setbacks on  plans in order to determine compliance with standards for each.    Compatibility with Planned Development Patterns  Considerations related to roadway compatibility are addressed under roadway standards above.    20. Staff recommends the Board ask the applicant to present how the project will relate to adjacent  areas, with consideration for the the following context.   Connectivity, scale, and community connection between MP1 and current Master Plan  (including parks)   Kimball Ave development areas   Residential neighborhood at the south end of Old Farm Road   Outparcel that is embedded within the master plan area  #SD‐20‐10  Staff Comments  7     Tilley Drive development   Possible Exit 12B   Potash Brook as a Natural resource  Open Space Design  21. This criterion pertains to contiguity of open spaces between parcels and between stream buffers.   Related to block length, Staff recommends the Board review the design northern end of the western  loop road, and discuss whether shifting the bend to the south would improve open space  connectivity and roadway design.  Fire Department Review  The Building Inspector and Fire Chief have reviewed the plans and offer the following comments.  o If the applicant is proposing 20 foot wide roads with sidewalk on one side, there cannot be a  curb  o If the commercial buildings are sprinklered there must be a hydrant within 100 ft of the fire  department connection (FDC).  The applicant is encouraged to think about this spacing and  how it relates to adjacent residential layout.  Compatibility with Infrastructure  22. Staff recommends the Board discuss with the applicant what elements of the project they intend  to turn over to the City and which they intend to remain private.  23. Staff notes the CCTA stations the applicant has shown on the plan are not anticipated to remain  and should not be included in future submissions.  Low Impact Development/Stormwater  The City Stormwater Section has reviewed the plans and has requested the applicant include planning  for stormwater maintenance access in their design.    D) Requested Waivers and Considerations  In review of master plans, the DRB must specify the level of review and process required for subsequent  applications pursuant to the master plan.  For example, the DRB may specify that final site plan only  shall be required for specified portions of a project, or that certain elements of the PUD may be  amended by final plat application only.    The applicant has noted they anticipate requesting setback waivers and height waivers, though specific  waiver requests have not been enumerated at this time.    24. Staff recommends the Board require the applicant to specifically enumerate the requested  waivers and demonstrate the resulting impacts prior to granting approval.  This may mean that  waivers are more appropriately granted as part of PUD approvals for each phase rather than on  an overall master plan basis.    Review elements that are specified for master plans already in the LDR include:   Any application which does not reduce the total area or alter the location of proposed  permanent open spaces does not require sketch plan review.  The DRB should determine  whether the applicant may combine preliminary and final plat into one action for such  #SD‐20‐10  Staff Comments  8    applications.   The DRB may specify additional minor land development activities that will not require DRB  action.  Examples include additions of decks or porches to dwelling units.   The DRB must maintain a record of criteria that are applicable to the project such as residential  density, total site coverage, sewer capacity and the location and status of public amenities.    E) Phasing  25. The Applicant has provided a loose discussion of phasing in their application cover letter.  Staff  recommends the Board request the applicant to show on their plans the limits of each described  phase in order to allow the Board to evaluate the phasing plan as it pertains to access,  circulation, and open space.    26. Staff considers the phasing plan should also take into consideration communal elements of the  Project such as parks and paths so that each phase is accompanied by a proportional amount of  infrastructure, and recommends the Board request the Applicant assign the communal elements  to phases. F) Affordable Housing  The City Council has warned draft amendments to the LDRs which include minimum requirements for  affordable housing.  10% of ownership and 15% of rental units will need to be “affordable” as defined. In  exchange, there is an offset of more market rate units.  Key elements of the standard include:  ‐ Must be physically integrated into the overall layout, scale and massing of the development  ‐ Average number of bedrooms must equal those of the market rate. Size of units have a  minimum.  ‐ Must be made available for occupancy concurrently with Market Rate units.   27. Since this project will fall under the revised LDR, Staff recommends the Board ask the applicant  to discuss their approach with respect to affordable housing.    RECOMMENDATION  Staff recommends that the Board discuss the project with the applicant.  In consideration of the scale of the  project, Staff recommends that the Board take ample time to review each element and continue the  hearing if necessary.    Respectfully submitted,    ____________________________  Marla Keene, Development Review Planner  VIA HAND DELIVERY AND ELECTRONIC MAIL February 14, 2020 South Burlington Development Review Board C/O Ms. Marla Keene, Development Review Planner City of South Burlington 575 Dorset Street South Burlington, VT 05403 Re: Hillside at O’Brien Farm Planned Unit Development Dear Board Members: O’Brien Farm Road, LLC (“Applicant”) is filing for Sketch Plan Review for a proposed development of approximately 91.18 acres of land to become a planned community consisting of 126 single-family, duplex and multi-family for sale homes located on ten (10) newly created residential lots; and a mixture of yet undetermined compliant commercial and residential uses located throughout the involved lands adjacent to Kennedy Drive, Old Farm Road and Kimball Avenue on seventeen (17) newly subdivided commercial, industrial and mixed use lots with the allocation of 252 or up to 289 (with affordable offsets), residential units to be built across the lots located in the C1-LR zoning district identified as the “Project,” herein. The Project will be located on Ɛŝdž existing lots shown on existing conditions plans previously submitted. The Applicant submitted its application for the Project on January 24, 2020. Subsequent to the submission, the Applicant met with City staff on February 10, 2020. Staff advised the applicant that some additional information would be useful for your review of the Project. That information is provided below. Further to our conversation with City staff, the following additional information is provided: I. High level timeline of what will progress through preliminary and final plat. The Applicant intends to pursue preliminary and final plat for all infrastructure, lots and approvals required for full permits to build 126 residential dwelling units located as shown on the sketch plans filed, attached hereto as Exhibit 002. The Applicant intends to begin construction on home sites shown in these plans in 2021 to facilitate a smooth transition from the existing Hillside neighborhood, which is selling at a brisk pace. As part of the approvals for the 126 units proposed, the Applicant believes that the reconfiguration of Old Farm Road will be necessary. As such, the Applicant intends to permit any needed improvements to Old Farm Road, as well as the re-orientation and inclusion of a signal if required. The applicant will provide a traffic analysis and proposed trip end triggers for the construction of such infrastructure at the Preliminary Plat review. 2 Because Old Farm Road will need to be reconfigured, it is important that the Applicant confirms in this application the layout and capacity of the commercial lots being created. The Applicant will pursue plat permit findings that solidify the density of the PUD C1-LR lands, and that solidify conditions that will allow that density to be realized on the lots being created; likely in the form of reduced setbacks and height waivers for the C1-LR lots proposed. The Applicant will propose for construction as part of this application all infrastructure to serve those lots, including extension of utilities from Kennedy Drive, Old Farm Road and O’Brien Farm Road as required. Lots shown will be fully permitted with the intent that subsequent development on those lots will require only site plan review, pursuant to the findings of the PUD now filed. The Applicant also proposes a nine-lot commercial subdivision on a portion of the involved lands in the Mixed IC zoning district. Final Plat permits will be sought solidifying the construction of the proposed road network with triggers for construction of any traffic improvements needed at the Kimball Drive intersection. The outcome will be an approved industrial commercial subdivision where lots can be marketed and tenants or owners sought for the development and developed with site plan approval only. Overall, the Applicant will request findings regarding phases and phasing of the Project, as well as findings regarding common amenities of the PUD. For instance, findings solidifying the common green space and path networks are sufficient for all the components of the PUD. The intention is to accommodate now all amenities needed for the full buildout of the lots proposed and to streamline future permitting projects. The Applicant is prepared to file these applications in full in the coming 45-60 days. The Applicant has been working with City Staff and community members on this phase of the Hillside Project since at least 2016. When Hillside was originally filed, the Applicant shared with the Board concepts for these remaining lands similar to what is now proposed. We appreciate that this is a very large project and a large undertaking by the Board and by City staff. We appreciate and are committed to the process and to working with you every step of the way to make this Project a great benefit for the City of South Burlington. This is a unique opportunity for the City to realize a true mixed-use, walkable development capitalizing on existing infrastructure and surrounded by existing patterns of development on a site long identified for development by the owner, the City, and the Chittenden County Regional Planning Commission. II. High level information on commercial square footage anticipated. Attached as Exhibit 001 please find a slide deck prepared detailing the Project proposed from a high-level perspective. This presentation includes information on the specific amounts of commercial square footage possible within the project area. It also includes some potential/plausible layouts for that commercial square footage in the C1-LR zoned lands of the Project, per your request. Please note that these uses are not currently proposed, and no review is being requested for those specific buildings at this time. This layout is conceptual, as are the square footage numbers provided. Each use would need site plan review and approval prior to construction, and would be measured against the trip end ceilings established by this PUD. The potential square footage of uses within the IC lands has been extrapolated by determining the compliant amount of building coverage allowed on each lot, and by multiplying that square footage by the permissible building height of three stories. It is not anticipated that all lots available will be built 3 out at three stories. However, this is the magnitude of the size of uses permissible on this land. At this time only the subdivision and road are being permitted. Allowing for future applications to present a user and building for each lot. A traffic study will be provided to analyze the requirements for the intersection proposed with Kimball Avenue. A PM peak trip trigger will be established for any intersection improvements required. III. Information on Infrastructure and Green Space Proposed Exhibit 001 contains a slide dedicated to an overview of Green Space proposed. Each green space is shown and labeled. Connections between the spaces are highlighted. The Project contains significant amounts of open space. In total 22.2 acres of open space are provided. Of that 22.2 acres, 4.4 acres are resource lands, but the vast majority of the 17.8 acres of open space proposed are usable and programmed open spaces. We believe this represents a great opportunity for open space recreation within the Project and provides protection to all recognized natural resources located on the property. Further, the exhibits show the interconnected nature of the open space proposed. A trail network map is provided demonstrating how the project is connected by various pedestrian paths. We feel that the connections proposed are more than adequate, and the goal has been to create an interconnected and pedestrian friendly neighborhood. IV. Summary of Waivers Requested: The applicant believes that setback waivers will be required to complete the development. The specific waivers requested are shown on an area by area basis at Exhibit 001. Different zones of the neighborhood have been named to provide for ease of reference. The Applicant will also request height waivers be granted for the C1-LR area to allow for future development of taller structures and is prepared to provide architectural renderings if required. There may be the need for road standard waivers depending on the radius, slope, etc., of streets as final design is determined. While this may or may not be a waiver, Applicant will request extended durations for when zoning permits must be issued pursuant to plats granted, based on phases and timing of improvements proposed because this Project will require an extended build-out period. At this point no additional waivers are anticipated, though it may be the case that they are required to facilitate the plan as laid out in detail in the January 24, 2020 filing, as well as in the slides attached at Exhibit 001. We appreciate your review of the enclosed additional materials and look forward to our March 16th hearing. Thank you. Sincerely, Andrew Gill, Director of Development Enclosures     /DPRXUHX[ 'LFNLQVRQ WĂŐĞϭ &RQVXOWLQJ(QJLQHHUV,QF d,E/>DDKZEhD    WƌŽũĞĐƚ͗ K͛ƌŝĞŶƌŽƚŚĞƌƐEĞŝŐŚďŽƌŚŽŽĚͲWŚĂƐĞ// ĂƚĞ͗ĞĐĞŵďĞƌϭϮ͕ϮϬϭϵ &ƌŽŵ͗ ZŽŐĞƌŝĐŬŝŶƐŽŶ͕W͕WdK ^ƵďũĞĐƚ͗ WƌĞůŝŵŝŶĂƌLJƐƐĞƐƐŵĞŶƚŽĨKůĚ&ĂƌŵZŽĂĚdƌĂĨĨŝĐ/ŵƉĂĐƚƐ    WƌŽũĞĐƚͲ'ĞŶĞƌĂƚĞĚdƌŝƉƐ ƐƚŝŵĂƚĞƐŽĨƚŚĞƉĞĂŬŚŽƵƌƚƌŝƉŐĞŶĞƌĂƚŝŽŶǁĞƌĞĚĞǀĞůŽƉĞĚƵƐŝŶŐ/dƚƌŝƉŐĞŶĞƌĂƚŝŽŶƌĂƚĞƐ͘džƚĞƌŶĂů ƚƌŝƉƐǁĞƌĞƚŚĞŶĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞE,ZWϲϴϰ/ŶƚĞƌŶĂůdƌŝƉĂƉƚƵƌĞƐƚŝŵĂƚŝŽŶdŽŽů͘>ĂƐƚůLJ͕ƉĂƐƐͲďLJ ƚƌŝƉƐǁĞƌĞĐĂůĐƵůĂƚĞĚĨŽƌƚŚĞƌĞƚĂŝůĂŶĚƐƵƉĞƌŵĂƌŬĞƚƵƐĞƐďĂƐĞĚŽŶĂϯϲйƉĂƐƐͲďLJƌĂƚŝŽ͘dŚĞƌĞƐƵůƚŝŶŐ ƉĞĂŬŚŽƵƌƚƌŝƉƐĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶƚŚĞƚĂďůĞďĞůŽǁ͘    ^ŝnjĞ DWĞĂŬ,ŽƵƌ WDWĞĂŬ,ŽƵƌ dŽƚĂůdƌŝƉƐ ^ŝŶŐůĞ&ĂŵŝůLJ DƵůƚŝͲ&ĂŵŝůLJ ^ĞŶŝŽƌ,ŽƵƐŝŶŐ ,ŽƚĞů KĨĨŝĐĞ ZĞƚĂŝů ^ƵƉĞƌŵĂƌŬĞƚ dŽƚĂů  ϭϰϮƵŶŝƚƐ ϮϱϮƵŶŝƚƐ ϵϮƵŶŝƚƐ ϴϬƌŽŽŵƐ Ϯ͕ϱϬϬƐĨ ϭϮ͕ϱϬϬƐĨ ϰϲ͕ϬϬϬƐĨ  ϭϬϱ ϴϱ ϭϴ ϯϴ ϯ ϴ ϭϳϲ ϰϯϯ  ϭϰϮ ϭϬϴ Ϯϰ ϰϴ ϯ ϭϭϳ ϰϯϴ ϴϴϬ /ŶƚĞƌŶĂůĂƉƚƵƌĞΘdƌĂŶƐŝƚͬWĞĚdƌŝƉƐ ͲϯϮ ͲϮϭϲ džƚĞƌŶĂůsĞŚŝĐůĞdƌŝƉƐ ϰϬϭ ϲϲϰ WĂƐƐͲLJdƌŝƉƐ Ͳϲϰ Ͳϭϲϱ EĞƚĚĚĞĚWĞĂŬ,ŽƵƌdƌŝƉƐ ϯϯϳ ϰϵϵ   ƵƌŝŶŐƚŚĞDƉĞĂŬŚŽƵƌ͕ƚŚĞƌĞƐŝĚĞŶƚŝĂůĂŶĚĐŽŵŵĞƌĐŝĂůƵƐĞƐǁŝůůŐĞŶĞƌĂƚĞϭϴϯĂŶĚϭϱϰƚƌŝƉƐ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ŽĨƚŚĞϯϯϳŶĞǁDƉĞĂŬŚŽƵƌƚƌŝƉƐ͘^ŝŵŝůĂƌůLJ͕ĚƵƌŝŶŐƚŚĞWDƉĞĂŬŚŽƵƌ͕ƚŚĞƌĞƐŝĚĞŶƚŝĂůĂŶĚ ĐŽŵŵĞƌĐŝĂůƵƐĞƐǁŝůůŐĞŶĞƌĂƚĞϭϲϱĂŶĚϯϯϰƚƌŝƉƐ͕ƌĞƐƉĞĐƚŝǀĞůLJŽĨƚŚĞϰϵϵŶĞǁWDƉĞĂŬŚŽƵƌƚƌŝƉƐ͘   WĞĂŬ,ŽƵƌdƌŝƉŝƐƚƌŝďƵƚŝŽŶƐ ƐƚŝŵĂƚĞƐŽĨƚŚĞƉĞĂŬŚŽƵƌƚƌŝƉĚŝƌĞĐƚŝŽŶĂůƐƉůŝƚƐǁĞƌĞŐĞŶĞƌĂƚĞĚƵƐŝŶŐϮϬϭϭͲϮϬϭϱŵĞƌŝĐĂŶŽŵŵƵŶŝƚLJ ^ƵƌǀĞLJũŽƵƌŶĞLJƚŽǁŽƌŬĚĂƚĂĨŽƌ^ŽƵƚŚƵƌůŝŶŐƚŽŶ͘dŚŝƐĚĂƚĂŝƐĂǀĂŝůĂďůĞŝŶƚǁŽĨŽƌŵĂƚƐ͖ƚŚĞǁŽƌŬƉůĂĐĞ ĚĞƐƚŝŶĂƚŝŽŶƐŽĨ^ŽƵƚŚƵƌůŝŶŐƚŽŶƌĞƐŝĚĞŶƚƐ͕ĂŶĚƚŚĞŽƌŝŐŝŶƐŽĨƉĞŽƉůĞƚƌĂǀĞůŝŶŐƚŽǁŽƌŬŝŶ^ŽƵƚŚ ƵƌůŝŶŐƚŽŶ͘^ŝŶĐĞƌĞƐŝĚĞŶƚŝĂůƚƌŝƉƉĂƚƚĞƌŶƐĂƌĞƉƌŝŵĂƌŝůLJĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŐĞŽŐƌĂƉŚŝĐĚŝƐƚƌŝďƵƚŝŽŶŽĨ /DPRXUHX[ 'LFNLQVRQWĂŐĞϮ &RQVXOWLQJ(QJLQHHUV,QF ĞŵƉůŽLJŵĞŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐ͕ƚŚĞǁŽƌŬƉůĂĐĞĚĞƐƚŝŶĂƚŝŽŶƐŽĨ^ŽƵƚŚƵƌůŝŶŐƚŽŶƌĞƐŝĚĞŶƚƐĐĂŶďĞĂƉƉůŝĞĚƚŽ ĞƐƚŝŵĂƚĞƚŚĞĚŝƌĞĐƚŝŽŶĂůƉĂƚƚĞƌŶƐŽĨƌĞƐŝĚĞŶƚŝĂůƚƌŝƉƐ͘ ŽŶǀĞƌƐĞůLJ͕ĐŽŵŵĞƌĐŝĂůƚƌŝƉƉĂƚƚĞƌŶƐĂƌĞƉƌŝŵĂƌŝůLJĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŐĞŽŐƌĂƉŚŝĐĚŝƐƚƌŝďƵƚŝŽŶŽĨ ƉŽƉƵůĂƚŝŽŶǁŝƚŚŝŶĂŶĂŶƚŝĐŝƉĂƚĞĚƐƉŚĞƌĞŽĨŝŶĨůƵĞŶĐĞ͘dŚƵƐ͕ĐŽŵŵĞƌĐŝĂůƚƌŝƉƉĂƚƚĞƌŶƐĂƌĞƉƌŝŵĂƌŝůLJ ďĂƐĞĚŽŶƚŚĞŽƌŝŐŝŶƐŽĨƉĞŽƉůĞƚƌĂǀĞůŝŶŐƚŽǁŽƌŬŝŶ^ŽƵƚŚƵƌůŝŶŐƚŽŶ͘ dŚĞƌĞƐƵůƚŝŶŐĐĂůĐƵůĂƚŝŽŶƐŽĨĚŝƌĞĐƚŝŽŶĂůĚŝƐƚƌŝďƵƚŝŽŶƐŽĨǁĞĞŬĚĂLJƉĞĂŬŚŽƵƌƉƌŽũĞĐƚƚƌŝƉƐĞƐƚŝŵĂƚĞƚŚĂƚ ϮйŽĨƚŚĞĞdžƚĞƌŶĂůƌĞƐŝĚĞŶƚŝĂůƚƌŝƉƐĂŶĚϱйŽĨƚŚĞĞdžƚĞƌŶĂůĐŽŵŵĞƌĐŝĂůƚƌŝƉƐǁŝůůƵƐĞKůĚ&ĂƌŵZŽĂĚƚŽ ƚƌĂǀĞůƚŽͬĨƌŽŵƉŽŝŶƚƐƐŽƵƚŚǀŝĂsdϭϭϲ;,ŝŶĞƐďƵƌŐZŽĂĚͿ͘dŚŝƐƌĞƐƵůƚƐŝŶƚŚŝƐWƌŽũĞĐƚŝŶĐƌĞĂƐŝŶŐKůĚ&Ăƌŵ ZŽĂĚ;ƚŽͬĨƌŽŵƚŚĞƐŽƵƚŚͿƉĞĂŬŚŽƵƌǀŽůƵŵĞƐďLJϭϭǀƉŚĂŶĚϮϬǀƉŚĚƵƌŝŶŐƚŚĞDĂŶĚWDƉĞĂŬŚŽƵƌƐ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘KŶĂƌŽĂĚǁĂLJƚŚĂƚƉƌĞƐĞŶƚůLJŚĂƐƉĞĂŬŚŽƵƌǀŽůƵŵĞƐŽĨϭϮϬͲϭϯϬǀƉŚ͕ƚŚŽƐĞĂƌĞƌĞůĂƚŝǀĞůLJ ŵŽĚĞƐƚŝŶĐƌĞĂƐĞƐŐŝǀĞŶƚŚĞƐĐŽƉĞŽĨƚŚĞWƌŽũĞĐƚ͘ dƌĂĨĨŝĐĂůŵŝŶŐDĞĂƐƵƌĞƐ dŚĞƌĞĞdžŝƐƚĂŶƵŵďĞƌŽĨƚƌĂĨĨŝĐĐĂůŵŝŶŐŵĞĂƐƵƌĞƐƚŚĂƚĐŽƵůĚďĞŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞWƌŽũĞĐƚ͛ƐĚĞƐŝŐŶƚŽ ƐůŽǁĂŶĚĚŝƐĐŽƵƌĂŐĞƚŚƌŽƵŐŚƚƌĂĨĨŝĐĨƌŽŵƵƐŝŶŐKůĚ&ĂƌŵZŽĂĚ͘dŚĞĂƚƚĂĐŚĞĚŝůůƵƐƚƌĂƚŝŽŶƐŽĨĐŽŵŵŽŶůLJ ƵƐĞĚƐƚƌĞĞƚĚĞƐŝŐŶĞůĞŵĞŶƚƐƚŽĐĂůŵƚƌĂĨĨŝĐĂŶĚƚŽĐƌĞĂƚĞĂƐĂĨĞƌƐƚƌĞĞƚĞŶǀŝƌŽŶŵĞŶƚĨŽƌĂůůƵƐĞƌƐĂƌĞ ĨƌŽŵƚŚĞhƌďĂŶ^ƚƌĞĞƚĞƐŝŐŶ'ƵŝĚĞ͕EĂƚŝŽŶĂůƐƐŽĐŝĂƚŝŽŶŽĨŝƚLJdƌĂŶƐƉŽƌƚĂƚŝŽŶKĨĨŝĐŝĂůƐ͕ϮϬϭϯ͘ ^ƚĂĨĨŶŽƚĞ͗ĚĚŝƚŝŽŶĂůƉĂŐĞƐƌĞĨĞƌĞŶĐĞĚŝŶƚŚŝƐƉĂƌĂŐƌĂƉŚĂƌĞĂǀĂŝůĂďůĞĨƌŽŵƉůĂŶŶŝŶŐĂŶĚnjŽŶŝŶŐƐƚĂĨĨƵƉŽŶ ƌĞƋƵĞƐƚ