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Home My WebLink AboutAgenda 05_MS-21-01_1100 Dorset St_reopened dog park 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com TO: South Burlington Development Review Board FROM: Marla Keene, Development Review Planner SUBJECT: Reopened MS-21-01 1100 Dorset Street – Miscellaneous Application DATE: October 19, 2021 DRB Hearing The Board reviewed and closed the above-referenced application on June 15, 2021. During deliberation, the Board decided to reopen the application because they determined they did not receive sufficient testimony on why the wetland impacts are justified. The Board directed Staff to rewarn and reopen the hearing, and request from the applicant supplemental information, in the form of narrative and/or plans, demonstrating why the proposed wetland impacts should be allowed. Due to the meeting schedule of the Common Areas for Dogs Committee, the reopened hearing was postponed until this date, October 19, 2021. PROJECT DESCRPTION: Reopened miscellaneous application #MS-21-01 of the City of South Burlington Department of Public Works to construct a dog park on the northwest corner of Wheeler Nature Park. The project involves impacts to Class III wetland and wetland buffers, 1100 Dorset Street. COMMENTS: On September 30, the applicant submitted two revised plans and a wetland impact memorandum in response to the Board’s request. The amended site plan: • Reduces the size of the large dog area from 2.03 acres to 1.78 acres. • Reduces the wetland impacts from 6,402 sf to 2,250 sf. Eliminates direct wetland impact to Wetland B. • Reduces the wetland buffer impacts from 31,769 sf to 21,137 sf. The memorandum describes the characteristics of each wetland including their functions and values. Wetland A is described as having no functions. Wetland B is described as having functions as “water storage for flood water and stormwater” and “surface and ground water protection.” The memorandum also notes “the proposed dog park will initially smooth out the existing ground within the proposed large dog and small dog enclosures.” Staff recommends the board ask the applicant to describe what it means to smooth out the ground. If there will be earth disturbance, the applicant is required to comply with the City’s standards for erosion prevention and sediment control. Staff considers the Board should require the applicant to provide more information about planned disturbance and revegetation. Based on applicant response, the Board may request that the applicant supply a narrative and/or plan detail elucidating this point. The applicant provided specific responses to the wetland impact criteria of 12.02E(3). (3) Encroachment into Class II wetland buffers, Class III wetlands and Class III wetland buffers, may be permitted by the DRB upon finding that the proposed project’s overall development, erosion control, stormwater treatment system, provisions for stream buffering, and landscaping plan achieve the following #SD-21-21 2 standards for wetland protection: (a) The encroachment(s) will not adversely affect the ability of the property to carry or store flood waters adequately; The applicant provided the following response in their memorandum. As noted in the functional evaluation, Wetland A provides no storage capacity for stormwater runoff or flood waters. While Wetland B provides some storage capacity, it is limited. The proposed encroachments will not have any adverse impact on this criterion. Based on the provided wetland evaluation, Staff considers this criterion met. (b) The encroachment(s) will not adversely affect the ability of the proposed stormwater treatment system to reduce sedimentation according to state standards; The applicant provided the following response in their memorandum. Stormwater runoff from this site presently passes through Wetland B and is channeled around the southeast corner of the gravel parking area where it is then collected in a stormwater drainage system which extends under Swift Street and discharges to a large stormwater detention basin on the north end of Veterans Memorial Park near I-89. The proposed Dog Park will maintain the proposed wetland and wetland buffer encroachments as vegetated areas (with only minimal initial disturbance to smooth them out), will not create any new or expanded impervious areas which would increase stormwater runoff rates or contribute additional sediment to the existing storm drainage system. At the June 15, 2021 hearing, Staff had noted that due to the limited size and stabilized nature of the wetland’s watershed, they considered this criterion to be met. However, depending on what it means to “smooth out” the fenced areas, Staff considers a condition requiring time to allow vegetation to become well established before opening may be necessary. The Deputy Director of Operations estimates it will take 2-3 weeks for vegetation to become established. (c) The impact of the encroachment(s) on the specific wetland functions and values identified in the field delineation and wetland report is minimized and/or offset by appropriate landscaping, stormwater treatment, stream buffering, and/or other mitigation measures. The applicant provided the following response in their memorandum. The revised site plan, with its reduced dog park areas, minimizes the proposed wetland and wetland buffer encroachments and meets most of the goals established by the Dog Park Committee. Existing topography and vegetation will be maintained within the proposed encroachment areas, thereby minimizing the impact of the proposed wetland and wetland buffer encroachments. Staff considers that because of the above-described measures and through modifying the entrance that this criterion is met. RECOMMENDATION Staff recommends that the Board work with the applicant to address the issues identified herein. Respectfully submitted, Marla Keene, Development Review Planner P:\2020\20013 So Burl Dog Park\dwg\20013-01A Site Plan.dwg 9/22/2021 10:20:33 1 : 1 P:\2020\20013 So Burl Dog Park\dwg\20013-02 Details.dwg 9/22/2021 08:29:26 1 : 1 /DPRXUHX[ 'LFNLQVRQ WĂŐĞϭ &RQVXOWLQJ(QJLQHHUV,QF d,E/>DDKZEhD WƌŽũĞĐƚ͗ ^ŽƵƚŚƵƌůŝŶŐƚŽŶŽŐWĂƌŬ ĂƚĞ͗^ĞƉƚĞŵďĞƌϮϮ͕ϮϬϮϭ &ƌŽŵ͗ ZŽŐĞƌŝĐŬŝŶƐŽŶ͕W͕WdK ƌŝĂŶdƌĞŵďĂĐŬ͕W^^͕tĞƚůĂŶĚ^ĐŝĞŶƚŝƐƚ ^ƵďũĞĐƚ͗ tĞƚůĂŶĚĞůŝŶĞĂƚŝŽŶĂŶĚ&ƵŶĐƚŝŽŶĂůǀĂůƵĂƚŝŽŶ /ŶƚƌŽĚƵĐƚŝŽŶ dŚĞƉƌŽƉŽƐĞĚŽŐWĂƌŬǁŝůůďĞůŽĐĂƚĞĚŝŶƚŚĞŶŽƌƚŚǁĞƐƚĐŽƌŶĞƌŽĨƚŚĞtŚĞĞůĞƌEĂƚƵƌĞWĂƌŬ͘/ƚǁŝůůďĞ ĂĐĐĞƐƐĞĚĨƌŽŵĂŶĞǆŝƐƚŝŶŐƐŵĂůůŐƌĂǀĞůƉĂƌŬŝŶŐĂƌĞĂŽŶƚŚĞŶŽƌƚŚǁŚŝĐŚŝƐƵƐĞĚƚŽĂĐĐĞƐƐƚŚĞEĂƚƵƌĞWĂƌŬ ĨƌŽŵ^ǁŝĨƚ^ƚ͘dŚĞƐŝƚĞŽĨƚŚĞƉƌŽƉŽƐĞĚŽŐWĂƌŬŝƐŐĞŶĞƌĂůůǇĂŵĞĂĚŽǁǁŚŝĐŚƐůŽƉĞƐĚŽǁŶĨƌŽŵƚŚĞ ƐŽƵƚŚƚŽǁĂƌĚƐ^ǁŝĨƚ^ƚ͘dŚŝƐƚĞĐŚŶŝĐĂůŵĞŵŽƌĂŶĚƵŵĞǆĂŵŝŶĞƐƚŚĞƚǁŽǁĞƚůĂŶĚƐǁŚŝĐŚĞǆŝƐƚĂƚƚŚĞ ďŽƚƚŽŵŽĨƚŚĞƐůŽƉĞĚŵĞĂĚŽǁŝŵŵĞĚŝĂƚĞůǇƐŽƵƚŚŽĨƚŚĞƉĂƌŬŝŶŐĂƌĞĂ͘ dŚĞƉƌŽƉŽƐĞĚŽŐWĂƌŬǁŝůůŝŶŝƚŝĂůůǇƐŵŽŽƚŚŽƵƚƚŚĞĞǆŝƐƚŝŶŐŐƌŽƵŶĚǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĞĚ>ĂƌŐĞŽŐĂŶĚ 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tĞƚůĂŶĚǀĞŐĞƚĂƚŝŽŶĐĂŶŝŵƉƌŽǀĞǁĂƚĞƌƋƵĂůŝƚǇďǇƌĞƚĂŝŶŝŶŐĂŶĚĨŝůƚĞƌŝŶŐƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨ͘ tĞƚůĂŶĚŝƐƐĞƉĂƌĂƚĞĚĨƌŽŵƚŚĞĂĚũĂĐĞŶƚŐƌĂǀĞůƉĂƌŬŝŶŐůŽƚďǇĂƐŵĂůůďĞƌŵ͕ǁŚŝĐŚƉƌĞǀĞŶƚƐ ƌƵŶŽĨĨĨƌŽŵtĞƚůĂŶĚĂŶĚŝƚƐǁĂƚĞƌƐŚĞĚĨƌŽŵĚƌĂŝŶŝŶŐĂĐƌŽƐƐƚŚĞƉĂƌŬŝŶŐůŽƚ͘dŚŝƐďĞƌŵĂůƐŽ ƉƌĞǀĞŶƚƐĂŶǇƉĂƌŬŝŶŐůŽƚƌƵŶŽĨĨĨƌŽŵƌĞĂĐŚŝŶŐƚŚĞǁĞƚůĂŶĚ͕ĂŶĚĨŽƌŵƐƚŚĞĞĚŐĞŽĨĂĚƌĂŝŶĂŐĞ ĐŚĂŶŶĞůƌƵŶŶŝŶŐĨƌŽŵǁĞƐƚƚŽĞĂƐƚĂůŽŶŐƚŚĞŶŽƌƚŚĞĚŐĞŽĨtĞƚůĂŶĚƚŽǁĂƌĚƐƚŚĞƐŽƵƚŚĞĂƐƚ ĐŽƌŶĞƌŽĨƚŚĞƉĂƌŬŝŶŐůŽƚ͕ǁŚĞƌĞƚŚĞƌĞŝƐĂƐŵĂůůƉĞĚĞƐƚƌŝĂŶďƌŝĚŐĞ͘dŚĞƉĂƌŬŝŶŐůŽƚŝƚƐĞůĨĚƌĂŝŶƐ ĂǁĂǇĨƌŽŵtĞƚůĂŶĚƚŽǁĂƌĚƚŚĞƉĂƌŬŝŶŐůŽƚ͛ƐŶŽƌƚŚĞĂƐƚĐŽƌŶĞƌ͘tĞƚůĂŶĚŝƐĂůƐŽƐŚĂƉĞĚŝŶƉĂƌƚ ďǇĂŵŽƵŶĚŽĨĞĂƌƚŚƚŚĂƚĂƉƉĞĂƌƐƚŽŚĂǀĞŽƌŝŐŝŶĂƚĞĚĂƐĂƐƚŽĐŬƉŝůĞŽĨĞǆĐĂǀĂƚĞĚŵĂƚĞƌŝĂůĨƌŽŵ ƉĂƐƚƌŽĂĚǁĂǇ͕ƵƚŝůŝƚǇĂŶĚͬŽƌƉĂƌŬŝŶŐůŽƚĐŽŶƐƚƌƵĐƚŝŽŶ͘ /DPRXUHX[ 'LFNLQVRQ WĂŐĞϯ &RQVXOWLQJ(QJLQHHUV,QF tĞƚůĂŶĚƉƌŽǀŝĚĞƐĂůŝŵŝƚĞĚĂŵŽƵŶƚŽĨƐƵƌĨĂĐĞĂŶĚŐƌŽƵŶĚǁĂƚĞƌƉƌŽƚĞĐƚŝŽŶĚƵĞƚŽŝƚƐƐŵĂůůƐŝǌĞ ĂŶĚƌĞůĂƚŝǀĞůǇƐŵĂůůǁĂƚĞƌƐŚĞĚĂƌĞĂ͘/ƚǁŝůů͕ŚŽǁĞǀĞƌ͕ƚŚƌŽƵŐŚǀĞŐĞƚĂƚŝǀĞƵƉƚĂŬĞ͕ŚĞůƉƌĞĚƵĐĞ ŶƵƚƌŝĞŶƚůĞǀĞůƐŝŶƚŚĞƐƚŽƌŵͲǁĂƚĞƌƌƵŶŽĨĨĨƌŽŵƚŚĞƉƌŽƉŽƐĞĚŽŐWĂƌŬƉƌŝŽƌƚŽƚŚĂƚƌƵŶŽĨĨĞŶƚĞƌŝŶŐ ƚŚĞŝƚǇ͛ƐƐƚŽƌŵǁĂƚĞƌĚƌĂŝŶĂŐĞƐǇƐƚĞŵ͘ ϯ͘&ŝƐŚ,ĂďŝƚĂƚ tĞƚůĂŶĚĚŽĞƐŶŽƚĐŽŶƚĂŝŶǁĂƚĞƌŽĨƐƵĨĨŝĐŝĞŶƚĚĞƉƚŚŽƌĚƵƌĂƚŝŽŶƚŽƐƵƉƉŽƌƚĨŝƐŚŚĂďŝƚĂƚ͘ ϰ͘tŝůĚůŝĨĞ,ĂďŝƚĂƚ tĞƚůĂŶĚ͛ƐďƵĨĨĞƌĂƌĞĂŝƐƉƌĞƐĞŶƚůǇŵĂŝŶƚĂŝŶĞĚĂƐĂŵĞĂĚŽǁ͘tŝƚŚŝƚƐĐůŽƐĞƉƌŽǆŝŵŝƚǇƚŽƚƌĂĨĨŝĐ ĂŶĚŚƵŵĂŶĂĐƚŝǀŝƚǇ͕tĞƚůĂŶĚ͛ƐǀĂůƵĞĂƐǁŝůĚůŝĨĞŚĂďŝƚĂƚŝƐǀĞƌǇůŝŵŝƚĞĚ͘ ϱ͘ǆĞŵƉůĂƌǇtĞƚůĂŶĚEĂƚƵƌĂůŽŵŵƵŶŝƚǇ tĞƚůĂŶĚĚŽĞƐŶŽƚƉƌŽǀŝĚĞƚŚŝƐĨƵŶĐƚŝŽŶĚƵĞƚŽŝƚŶŽƚĐŽŶƚĂŝŶŝŶŐŚŝŐŚͲƋƵĂůŝƚǇĞǆĂŵƉůĞƐŽĨĂŶǇŽĨ sĞƌŵŽŶƚ͛ƐŶĂƚƵƌĂůĐŽŵŵƵŶŝƚŝĞƐ͘ ϲ͘ZĂƌĞ͕dŚƌĞĂƚĞŶĞĚ͕ĂŶĚŶĚĂŶŐĞƌĞĚ^ƉĞĐŝĞƐ,ĂďŝƚĂƚ tŚĞĞůĞƌEĂƚƵƌĞWĂƌŬŝƐŝŶĐůƵĚĞĚŝŶĂϭͲŵŝůĞƌĂĚŝƵƐǌŽŶĞĚĞƐŝŐŶĂƚĞĚŽŶƚŚĞEZƚůĂƐĂƐƉŽƚĞŶƚŝĂůůǇ ƐƵƉƉŽƌƚŝŶŐEŽƌƚŚĞƌŶ>ŽŶŐͲĂƌĞĚĂƚƐ͘tŚŝůĞĨŽƌĞƐƚĞĚƉŽƌƚŝŽŶƐŽĨƚŚĞWĂƌŬŵŝŐŚƚŚĂǀĞƚƌĞĞƐ ĐĂƉĂďůĞŽĨƉƌŽǀŝĚŝŶŐƌŽŽƐƚŝŶŐŚĂďŝƚĂƚ͕ƚŚĞƐŵĂůůŐƌŽƵƉŝŶŐŽĨƐŚƌƵďƐĂŶĚƐŵĂůůƚƌĞĞƐƚŚĂƚĞǆŝƐƚŝŶƚŚĞ ďƵĨĨĞƌŽĨtĞƚůĂŶĚĂƌĞƵŶůŝŬĞůǇƚŽƉƌŽǀŝĚĞĂŶǇďĂƚŚĂďŝƚĂƚ͘ ϳ͘ĚƵĐĂƚŝŽŶĂŶĚZĞƐĞĂƌĐŚŝŶEĂƚƵƌĂů^ĐŝĞŶĐĞƐ tĞƚůĂŶĚŝƐŶŽƚůŝŬĞůǇƚŽƉƌŽǀŝĚĞƚŚŝƐĨƵŶĐƚŝŽŶďĞĐĂƵƐĞŽĨŝƚƐƉƌŽǆŝŵŝƚǇƚŽŚƵŵĂŶĂĐƚŝǀŝƚǇĂŶĚŝƚƐ ĂůƌĞĂĚǇĚŝƐƚƵƌďĞĚĐŽŶĚŝƚŝŽŶƚŚĂƚŝŶĐůƵĚĞƐƉĞƌŝŽĚŝĐŵŽǁŝŶŐ͘ ϴ͘ZĞĐƌĞĂƚŝŽŶĂůsĂůƵĞĂŶĚĐŽŶŽŵŝĐĞŶĞĨŝƚƐ tĞƚůĂŶĚĚŽĞƐŶŽƚƉƌŽǀŝĚĞĂŶǇƌĞĐƌĞĂƚŝŽŶĂůǀĂůƵĞŽƌĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐ͘ ϵ͘KƉĞŶ^ƉĂĐĞĂŶĚĞƐƚŚĞƚŝĐƐ tĞƚůĂŶĚĚŽĞƐŶŽƚƉŽƐƐĞƐƐĂŶǇĨĞĂƚƵƌĞƐƚŚĂƚǁŽƵůĚĚŝƐƚŝŶŐƵŝƐŚŝƚĂƐĂĞƐƚŚĞƚŝĐĂůůǇǀĂůƵĂďůĞ͕Žƌ ĞǀĞŶƚŽǀŝƐƵĂůůǇĚŝĨĨĞƌĞŶƚŝĂƚĞŝƚĨƌŽŵƚŚĞƐƵƌƌŽƵŶĚŝŶŐŵĞĂĚŽǁ͘ ϭϬ͘ƌŽƐŝŽŶŽŶƚƌŽůƚŚƌŽƵŐŚŝŶĚŝŶŐĂŶĚ^ƚĂďŝůŝǌŝŶŐƚŚĞ^Žŝů tĞƚůĂŶĚŝƐŶŽƚƐƵďũĞĐƚƚŽĞƌŽƐŝǀĞĨůŽǁƐŽĨǁĂƚĞƌĂŶĚĚŽĞƐŶŽƚƉƌŽǀŝĚĞƚŚŝƐĨƵŶĐƚŝŽŶ͘ ^ƵŵŵĂƌǇͲKĨƚŚĞƚĞŶĨƵŶĐƚŝŽŶƐĐŽŶƐŝĚĞƌĞĚ͕ŽŶůǇƚǁŽ͗tĂƚĞƌ^ƚŽƌĂŐĞĨŽƌ&ůŽŽĚtĂƚĞƌĂŶĚ^ƚŽƌŵ ZƵŶŽĨĨĂŶĚ^ƵƌĨĂĐĞĂŶĚ'ƌŽƵŶĚtĂƚĞƌWƌŽƚĞĐƚŝŽŶĂƌĞƉƌĞƐĞŶƚ͘dŚĞƉƌŽƉŽƐĞĚŽŐWĂƌŬǁŝůůŽŶůǇŝŵƉĂĐƚ ĂƐŵĂůůƉĂƌƚŽĨtĞƚůĂŶĚ͛ƐďƵĨĨĞƌĂƌĞĂ;ŝŶƚŚĞĂƌĞĂŽĨĂůĞĚŐĞŽƵƚĐƌŽƉͿ͕ǁŝůůŵĂŝŶƚĂŝŶƚŚĞĞǆŝƐƚŝŶŐ ǀĞŐĞƚĂƚŝŽŶŝŶƚŚĂƚĂƌĞĂ͕ĂŶĚƚŚƵƐǁŝůůŶŽƚŝŵƉĂĐƚĂŶǇŽĨŝƚƐĞǆŝƐƚŝŶŐǁĞƚůĂŶĚĨƵŶĐƚŝŽŶƐ͘ dŚĞĂďŽǀĞĨŝĞůĚĚĞůŝŶĞĂƚŝŽŶƐĂŶĚĨƵŶĐƚŝŽŶĂůĞǀĂůƵĂƚŝŽŶƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚďŽƚŚtd>EĂŶĚ td>EĂƌĞŶŽƚƐŝŐŶŝĨŝĐĂŶƚǁĞƚůĂŶĚƐĂŶĚĂƌĞƚŚƵƐĂƌĞĐĂƚĞŐŽƌŝǌĞĚĂƐďĞŝŶŐůĂƐƐ///ǁĞƚůĂŶĚƐĂƚƚŚĞ ƐƚĂƚĞůĞǀĞů͘:ƵůŝĞ&ŽůůĞŶƐďĞĞ͕ŝƐƚƌŝĐƚtĞƚůĂŶĚƐĐŽůŽŐŝƐƚǁŝƚŚƚŚĞsĞƌŵŽŶƚtĂƚĞƌƐŚĞĚDĂŶĂŐĞŵĞŶƚ ŝǀŝƐŝŽŶͲtĞƚůĂŶĚƐWƌŽŐƌĂŵ͕ŵĞƚǁŝƚŚƌŝĂŶŽŶͲƐŝƚĞŽŶ^ĞƉƚĞŵďĞƌϮϱƚŽƌĞǀŝĞǁƚŚĞĚĞůŝŶĞĂƚŝŽŶĂŶĚ ĨƵŶĐƚŝŽŶƐŽĨƚŚĞƚǁŽǁĞƚůĂŶĚĂƌĞĂƐ͕ĂŶĚĐŽŶĐƵƌƌĞĚǁŝƚŚƚŚĞĨŽƌĞŐŽŝŶŐůĂƐƐ///ĚĞƚĞƌŵŝŶĂƚŝŽŶĨŽƌďŽƚŚ ǁĞƚůĂŶĚƐ͘dŚĞƌŵǇŽƌƉƐŽĨŶŐŝŶĞĞƌƐŚĂƐĂůƐŽŝƐƐƵĞĚĂ:ƵƌŝƐĚŝĐƚŝŽŶĂůĞƚĞƌŵŝŶĂƚŝŽŶƚŚĂƚtd>E ĂŶĚtd>EĂƌĞŶŽƚǁĂƚĞƌƐŽĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚƚŚĞƌĞĨŽƌĞĂƌĞŶŽƚǁŝƚŚŝŶƚŚĞũƵƌŝƐĚŝĐƚŝŽŶŽĨƚŚĞ ŽƌƉƐƵŶĚĞƌ^ĞĐƚŝŽŶϰϬϰŽĨƚŚĞůĞĂŶtĂƚĞƌĐƚ͘ /DPRXUHX[ 'LFNLQVRQ WĂŐĞϰ &RQVXOWLQJ(QJLQHHUV,QF ŝƚǇŽĨ^ŽƵƚŚƵƌůŝŶŐƚŽŶ^ŝƚĞWůĂŶZĞǀŝĞǁ dŚĞŝƚǇŽĨ^ŽƵƚŚƵƌůŝŶŐƚŽŶĞǀĞůŽƉŵĞŶƚZĞǀŝĞǁŽĂƌĚ;ZͿŚĂƐƌĞƋƵĞƐƚĞĚĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶ ƌĞŐĂƌĚŝŶŐƚŚĞƉŽƚĞŶƚŝĂůǁĞƚůĂŶĚŝŵƉĂĐƚƐŽĨƚŚĞƉƌŽƉŽƐĞĚŽŐWĂƌŬ͘dŚĞŝƌƋƵĞƐƚŝŽŶƐĂŶĚŽƵƌƌĞƐƉŽŶƐĞƐ ĂƌĞƉƌĞƐĞŶƚĞĚďĞůŽǁ͗ xtŚĂƚŝƐƚŚĞũƵƐƚŝĨŝĐĂƚŝŽŶĨŽƌƚŚĞƉƌŽƉŽƐĞĚƉĂƌŬƐŝǌĞ͕ĂŶĚǁŚǇĐĂŶŝƚŶŽƚƐƚĂǇŽƵƚŽĨƚŚĞǁĞƚůĂŶĚƐ ĞŶƚŝƌĞůǇ͍ dŚĞŝƚǇŽŐWĂƌŬŽŵŵŝƚƚĞĞĞǆĂŵŝŶĞĚŽƚŚĞƌĂƌĞĂĚŽŐƉĂƌŬƐƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŝƚǇ͛ƐĞǆŝƐƚŝŶŐŽĨĨͲ ůĞĂƐŚĚŽŐĂƌĞĂƐĂƚ&ĂƌƌĞůůĂŶĚ:ĂǇĐĞĞWĂƌŬƐ͕ĂŶĚĚĞƚĞƌŵŝŶĞĚƚŚĂƚůĂƌŐĞĂŶĚƐŵĂůůĚŽŐƐŶĞĞĚƚŽ ŚĂǀĞƐĞƉĂƌĂƚĞĨĞŶĐĞĚĞŶĐůŽƐƵƌĞƐ͘dŚĞĞŶĐůŽƐĞĚĂƌĞĂƐĂůƐŽŶĞĞĚƚŽďĞůĂƌŐĞĞŶŽƵŐŚƚŽ ĂĐĐŽŵŵŽĚĂƚĞĂŶƚŝĐŝƉĂƚĞĚƵƐĞůĞǀĞůƐǁŝƚŚŽƵƚĚŽŐƐďĞŝŶŐĐƌŽǁĚĞĚƚŽŐĞƚŚĞƌ͘dŽŵĞĞƚƚŚŽƐĞ ĐƌŝƚĞƌŝĂ͕ƚŚĞŽŐWĂƌŬŽŵŵŝƚƚĞĞĚĞƚĞƌŵŝŶĞĚƚŚĂƚϭ͘ϱĂĐƌĞƐƐŚŽƵůĚďĞƉƌŽǀŝĚĞĚĨŽƌůĂƌŐĞĚŽŐƐĂŶĚ Ϭ͘ϱĂĐƌĞƐƉƌŽǀŝĚĞĚĨŽƌƐŵĂůůĚŽŐƐ͖ĨŽƌĂƚŽƚĂůƐŝǌĞŽĨϮ͘ϬĂĐƌĞƐ͘ dŚĞĂƚƚĂĐŚĞĚ,ŝƐƚŽƌǇŽĨŽŐWĂƌŬƐŝŶ^ŽƵƚŚƵƌůŝŶŐƚŽŶ;ƉƌĞƉĂƌĞĚďǇƚŚĞŽŐWĂƌŬŽŵŵŝƚƚĞĞͿ ŽƵƚůŝŶĞƐƚŚĞďĂĐŬŐƌŽƵŶĚŽĨƉĂƐƚĞĨĨŽƌƚƐƚŽĐƌĞĂƚĞĂŽŐWĂƌŬ͕ĂŶĚŚŽǁĂŶĚǁŚǇƚŚĞŽŐWĂƌŬ ŽŵŵŝƚƚĞĞƐĞƚƚůĞĚŽŶƚŚŝƐůŽĐĂƚŝŽŶĂƚƚŚĞtŚĞĞůĞƌEĂƚƵƌĞWĂƌŬ͘ xtŽƵůĚĂƐŵĂůůĞƌŝŵƉĂĐƚ͕ǁŝƚŚĂŶĞŶƚƌĂŶĐĞ͞ĐŚƵƚĞ͟ůŽĐĂƚĞĚŝŶƚŚĞ͞ŐĂƉ͟ďĞƚǁĞĞŶƚŚĞƚǁŽǁĞƚůĂŶĚƐ ĂŶĚƚŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚĞƉĂƌŬďĞůŽĐĂƚĞĚŽƵƚƐŝĚĞŽĨƚŚĞǁĞƚůĂŶĚƐ͕ǁŽƌŬũƵƐƚĂƐǁĞůů͍ dŚĞƉƌŽƉŽƐĞĚŽŐWĂƌŬƐŝƚĞƉůĂŶŚĂƐďĞĞŶƌĞǀŝƐĞĚƚŽƌĞĚƵĐĞƚŚĞƐŝǌĞƐŽĨďŽƚŚĂƌĞĂƐ;ƐĞĞďĞůŽǁͿ ĂŶĚƚŽĐƌĞĂƚĞƐƵĐŚĂ͞ĐŚƵƚĞ͘͟dŚŝƐƌĞǀŝƐŝŽŶƐŝŐŶŝĨŝĐĂŶƚůǇƌĞĚƵĐĞƐƚŚĞǁĞƚůĂŶĚŝŵƉĂĐƚƐ͕ĐŽŵƉĂƌĞĚƚŽ ƚŚĞŽƌŝŐŝŶĂůůĂǇŽƵƚ͘dŚĞĞĂƐƚĞƌůǇĞĚŐĞŽĨƚŚĞĐŚƵƚĞĂǀŽŝĚƐtĞƚůĂŶĚĂŶĚŝƐƚĂƉĞƌĞĚƚŽŵŝŶŝŵŝǌĞ ĐƌŽǁĚŝŶŐŶĞĂƌƚŚĞĞŶƚƌĂŶĐĞ͘ xĂŶƚŚĞƉĂƌŬďĞŵĂĚĞĂŶŝƌƌĞŐƵůĂƌƐŚĂƉĞƚŽŵŝŶŝŵŝǌĞŝŵƉĂĐƚƐ͍dŚĞŽĂƌĚǁĂƐƵŶĐŽŶĐĞƌŶĞĚĂďŽƵƚ ƌĞĚƵĐŝŶŐƚŚĞĚŝƐƚĂŶĐĞƚŽŽƚŚĞƌƉĂƌŬĨĞĂƚƵƌĞƐ͘ ŽŐWĂƌŬƐĂƌĞƚǇƉŝĐĂůůǇĨŽƌŵĞĚƵƐŝŶŐďƌŽĂĚƉŽůǇŐŽŶƐǁŝƚŚĂƐĨĞǁĐŽƌŶĞƌƐĂƐƉŽƐƐŝďůĞ͘sĞƌǇ ŝƌƌĞŐƵůĂƌƐŚĂƉĞƐĚĞƚƌĂĐƚĨƌŽŵƚŚĞĂďŝůŝƚǇŽĨĚŽŐƐƚŽĞǆĞƌĐŝƐĞĂŶĚƉůĂǇ͕ĂŶĚŝŶĐƌĞĂƐĞƚŚĞƉŽƚĞŶƚŝĂů ĨŽƌĂĚŽŐƚŽďĞĐŽƌŶĞƌĞĚďǇŽƚŚĞƌĚŽŐƐ;ǁŚŝĐŚŵŝŐŚƚƚƌŝŐŐĞƌĂŶĂŐŐƌĞƐƐŝǀĞƌĞƐƉŽŶƐĞͿŝŶĂŶĂƌƌŽǁ ĂƌĞĂŽƌĂĐŽƌŶĞƌ;ŚĞŶĐĞƚŚĞƌŽƵŶĚĞĚĐŽƌŶĞƌƐǁŚŝĐŚĂƌĞƐŚŽǁŶͿ͘&ŽƌƚŚŝƐWƌŽũĞĐƚ͕ƚŚĞƉƌŽƉŽƐĞĚ ƌĞĐƚĂŶŐƵůĂƌƐŚĂƉĞƐĂŶĚƐĞƚďĂĐŬƐǁĞƌĞĨĞůƚƚŽďĞƐƚĨŝƚƚŚĞĂǀĂŝůĂďůĞůĂŶĚ͕ŵĞĞƚƚŚĞŶĞĞĚĨŽƌĂŶ ĂĚĞƋƵĂƚĞůǇƐŝǌĞĚŽŐWĂƌŬ͕ĂŶĚŵĂŝŶƚĂŝŶĂĚĞƋƵĂƚĞƐĞƉĂƌĂƚŝŽŶďĞƚǁĞĞŶŽŐWĂƌŬƵƐĞƌƐĂŶĚŽƚŚĞƌ tŚĞĞůĞƌEĂƚƵƌĞWĂƌŬƵƐĞƌƐ͘ x/ƐƚŚĞƌĞĂŶĞƚďĞŶĞĨŝƚƚŽŽǀĞƌĂůůǁĞƚůĂŶĚŚĞĂůƚŚŝŶƚŚĞǁĂƚĞƌƐŚĞĚďǇƉƌŽǀŝĚŝŶŐĂĚŽŐƉĂƌŬ͍ dŚŝƐƋƵĞƐƚŝŽŶŝƐĞƐƐĞŶƚŝĂůůǇĂƐŬŝŶŐǁŚĞƚŚĞƌƚŚĞƉƌŽƉŽƐĞĚŽŐWĂƌŬǁŝůůĚĞƚƌŝŵĞŶƚĂůůǇĂĨĨĞĐƚĞǆŝƐƚŝŶŐ ǁĞƚůĂŶĚĨƵŶĐƚŝŽŶƐ͘ tĞƚůĂŶĚŝƐĂďŽƌĚĞƌůŝŶĞǁĞƚůĂŶĚǁŚŝĐŚƉƌŽǀŝĚĞƐŶŽǁĞƚůĂŶĚĨƵŶĐƚŝŽŶƐ͘dŚĞƉƌŽƉŽƐĞĚƐŵĂůůĚŽŐ ĂƌĞĂǁŝůů͕ŽǀĞƌƚŝŵĞ͕ĐĂƵƐĞƚŚĞĨĞǁǁĞƚůĂŶĚǀĞŐĞƚĂƚŝŽŶƐƉĞĐŝĞƐǁŚŝĐŚĞǆŝƐƚǁŝƚŚŝŶtĞƚůĂŶĚƚŽďĞ ƌĞƉůĂĐĞĚďǇŽƚŚĞƌŐƌĂƐƐƐƉĞĐŝĞƐ͘ /DPRXUHX[ 'LFNLQVRQ WĂŐĞϱ &RQVXOWLQJ(QJLQHHUV,QF dŚĞƌĞǀŝƐĞĚƐŝƚĞƉůĂŶ͕ǁŝƚŚŝƚƐƌĞĐŽŶĨŝŐƵƌĞĚĚŽŐĂƌĞĂƐ͕ĂǀŽŝĚƐtĞƚůĂŶĚĂŶĚĂůůďƵƚĂƐŵĂůůƉĂƌƚŽĨ ŝƚƐďƵĨĨĞƌĂƌĞĂ͘dŚĞƉƌŽƉŽƐĞĚŽŐWĂƌŬǁŝůůŶŽƚĂĚǀĞƌƐĞůǇŝŵƉĂĐƚtĞƚůĂŶĚ͛ƐĞǆŝƐƚŝŶŐǁĞƚůĂŶĚ ĨƵŶĐƚŝŽŶƐ͘ x/ĨďƵĨĨĞƌŽƌĚŝƌĞĐƚŝŵƉĂĐƚƐĐŽŶƚŝŶƵĞƚŽďĞƉƌŽƉŽƐĞĚ͕ǁŚĂƚŝƐƚŚĞƐĐŝĞŶƚŝĨŝĐũƵƐƚŝĨŝĐĂƚŝŽŶĨŽƌƚŚĞ ŝŵƉĂĐƚƐ͕ƵƐŝŶŐƚŚĞƐƉĞĐŝĨŝĐĐƌŝƚĞƌŝĂŽĨϭϮ͘ϬϮ;ϯͿ͍ ^ĞĐƚŝŽŶϭϮ͘ϬϮ;ϯͿůŝƐƚƐƚŚƌĞĞĐƌŝƚĞƌŝĂĨŽƌƉĞƌŵŝƚƚŝŶŐĞŶĐƌŽĂĐŚŵĞŶƚŝŶƚŽůĂƐƐ///ǁĞƚůĂŶĚƐĂŶĚƚŚĞŝƌ ďƵĨĨĞƌƐ͘dŚĞǇĂƌĞ͗ ĂͿ dŚĞĞŶĐƌŽĂĐŚŵĞŶƚ;ƐͿǁŝůůŶŽƚĂĚǀĞƌƐĞůǇĂĨĨĞĐƚƚŚĞĂďŝůŝƚǇŽĨƚŚĞƉƌŽƉĞƌƚǇƚŽĐĂƌƌǇŽƌƐƚŽƌĞĨůŽŽĚ ǁĂƚĞƌƐĂĚĞƋƵĂƚĞůǇ͘ ƐŶŽƚĞĚŝŶƚŚĞĨƵŶĐƚŝŽŶĂůĞǀĂůƵĂƚŝŽŶ͕tĞƚůĂŶĚƉƌŽǀŝĚĞƐŶŽƐƚŽƌĂŐĞĐĂƉĂĐŝƚǇĨŽƌƐƚŽƌŵǁĂƚĞƌ ƌƵŶŽĨĨŽƌĨůŽŽĚǁĂƚĞƌƐ͘tŚŝůĞtĞƚůĂŶĚƉƌŽǀŝĚĞƐƐŽŵĞƐƚŽƌĂŐĞĐĂƉĂĐŝƚǇ͕ŝƚŝƐůŝŵŝƚĞĚ͘dŚĞ ƉƌŽƉŽƐĞĚĞŶĐƌŽĂĐŚŵĞŶƚƐǁŝůůŶŽƚŚĂǀĞĂŶǇĂĚǀĞƌƐĞŝŵƉĂĐƚŽŶƚŚŝƐĐƌŝƚĞƌŝŽŶ͘ ďͿ dŚĞĞŶĐƌŽĂĐŚŵĞŶƚ;ƐͿǁŝůůŶŽƚĂĚǀĞƌƐĞůǇĂĨĨĞĐƚƚŚĞĂďŝůŝƚǇŽĨƚŚĞƉƌŽƉŽƐĞĚƐƚŽƌŵǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚƐǇƐƚĞŵƚŽƌĞĚƵĐĞƐĞĚŝŵĞŶƚĂƚŝŽŶĂĐĐŽƌĚŝŶŐƚŽƐƚĂƚĞƐƚĂŶĚĂƌĚƐ͘ ^ƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨĨƌŽŵƚŚŝƐƐŝƚĞƉƌĞƐĞŶƚůǇƉĂƐƐĞƐƚŚƌŽƵŐŚtĞƚůĂŶĚĂŶĚŝƐĐŚĂŶŶĞůĞĚĂƌŽƵŶĚ ƚŚĞƐŽƵƚŚĞĂƐƚĐŽƌŶĞƌŽĨƚŚĞŐƌĂǀĞůƉĂƌŬŝŶŐĂƌĞĂǁŚĞƌĞŝƚŝƐƚŚĞŶĐŽůůĞĐƚĞĚŝŶĂƐƚŽƌŵǁĂƚĞƌ ĚƌĂŝŶĂŐĞƐǇƐƚĞŵǁŚŝĐŚĞǆƚĞŶĚƐƵŶĚĞƌ^ǁŝĨƚ^ƚƌĞĞƚĂŶĚĚŝƐĐŚĂƌŐĞƐƚŽĂůĂƌŐĞƐƚŽƌŵǁĂƚĞƌ ĚĞƚĞŶƚŝŽŶďĂƐŝŶŽŶƚŚĞŶŽƌƚŚĞŶĚŽĨsĞƚĞƌĂŶƐDĞŵŽƌŝĂůWĂƌŬŶĞĂƌ/Ͳϴϵ͘dŚĞƉƌŽƉŽƐĞĚŽŐ WĂƌŬǁŝůůŵĂŝŶƚĂŝŶƚŚĞƉƌŽƉŽƐĞĚǁĞƚůĂŶĚĂŶĚǁĞƚůĂŶĚďƵĨĨĞƌĞŶĐƌŽĂĐŚŵĞŶƚƐĂƐǀĞŐĞƚĂƚĞĚ ĂƌĞĂƐ;ǁŝƚŚŽŶůǇŵŝŶŝŵĂůŝŶŝƚŝĂůĚŝƐƚƵƌďĂŶĐĞƚŽƐŵŽŽƚŚƚŚĞŵŽƵƚͿ͕ǁŝůůŶŽƚĐƌĞĂƚĞĂŶǇŶĞǁŽƌ ĞǆƉĂŶĚĞĚŝŵƉĞƌǀŝŽƵƐĂƌĞĂƐǁŚŝĐŚǁŽƵůĚŝŶĐƌĞĂƐĞƐƚŽƌŵǁĂƚĞƌƌƵŶŽĨĨƌĂƚĞƐŽƌĐŽŶƚƌŝďƵƚĞ ĂĚĚŝƚŝŽŶĂůƐĞĚŝŵĞŶƚƚŽƚŚĞĞǆŝƐƚŝŶŐƐƚŽƌŵĚƌĂŝŶĂŐĞƐǇƐƚĞŵ͘ ĐͿ dŚĞŝŵƉĂĐƚŽĨƚŚĞĞŶĐƌŽĂĐŚŵĞŶƚ;ƐͿŽŶƚŚĞƐƉĞĐŝĨŝĐǁĞƚůĂŶĚĨƵŶĐƚŝŽŶƐĂŶĚǀĂůƵĞƐŝĚĞŶƚŝĨŝĞĚŝŶ ƚŚĞĨŝĞůĚĚĞůŝŶĞĂƚŝŽŶĂŶĚǁĞƚůĂŶĚƌĞƉŽƌƚŝƐŵŝŶŝŵŝǌĞĚĂŶĚͬŽƌŽĨĨƐĞƚďǇĂƉƉƌŽƉƌŝĂƚĞ ůĂŶĚƐĐĂƉŝŶŐ͕ƐƚŽƌŵǁĂƚĞƌƚƌĞĂƚŵĞŶƚ͕ƐƚƌĞĂŵďƵĨĨĞƌŝŶŐ͕ĂŶĚͬŽƌŽƚŚĞƌŵŝƚŝŐĂƚŝŽŶŵĞĂƐƵƌĞƐ͘ dŚĞƌĞǀŝƐĞĚƐŝƚĞƉůĂŶ͕ǁŝƚŚŝƚƐƌĞĚƵĐĞĚĚŽŐƉĂƌŬĂƌĞĂƐ͕ŵŝŶŝŵŝǌĞƐƚŚĞƉƌŽƉŽƐĞĚǁĞƚůĂŶĚĂŶĚ ǁĞƚůĂŶĚďƵĨĨĞƌĞŶĐƌŽĂĐŚŵĞŶƚƐĂŶĚŵĞĞƚƐŵŽƐƚŽĨƚŚĞŐŽĂůƐĞƐƚĂďůŝƐŚĞĚďǇƚŚĞŽŐWĂƌŬ ŽŵŵŝƚƚĞĞ͘ǆŝƐƚŝŶŐƚŽƉŽŐƌĂƉŚǇĂŶĚǀĞŐĞƚĂƚŝŽŶǁŝůůďĞŵĂŝŶƚĂŝŶĞĚǁŝƚŚŝŶƚŚĞƉƌŽƉŽƐĞĚ ĞŶĐƌŽĂĐŚŵĞŶƚĂƌĞĂƐ͕ƚŚĞƌĞďǇŵŝŶŝŵŝǌŝŶŐƚŚĞŝŵƉĂĐƚŽĨƚŚĞƉƌŽƉŽƐĞĚǁĞƚůĂŶĚĂŶĚǁĞƚůĂŶĚ ďƵĨĨĞƌĞŶĐƌŽĂĐŚŵĞŶƚƐ͘ ĂƐĞĚŽŶƚŚĞĂďŽǀĞ͕ŝƚŝƐŽƵƌŽƉŝŶŝŽŶƚŚĂƚƚŚĞƌĞǀŝƐĞĚƉƌŽƉŽƐĞĚŽŐWĂƌŬǁĞƚůĂŶĚĂŶĚ 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