No preview available
HomeMy WebLinkAboutR12-080 Wolcott Metropolitan District Nos. 1-4 Consolidated Service Plan EAGLE COUNTY, CO 201219291 TEAK J SIMONTON Aga: 139 12:01 20PM 09/25/2012 REG: 80.00 DOC: Y T-l A-RAJ__ m 1111111111 1111 III II 11 of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2012 - Approval of Consolidated Service Plan for the Wolcott Metropolitan Districts Nos. 1 -4 File No. SD - 3715 WHEREAS, pursuant to the provisions of the "Special District Control Act, Part 2 of Article 1, Title 32, C.R.S., the Petitioners of the proposed Districts ( "Petitioners ") filed a Consolidated Service Plan (the "Service Plan") for the proposed Wolcott Village Planned United Development the ( "PUD ") with Eagle County on April 20, 2012; and WHEREAS, the PUD, Eagle County File No. PDS -2714, received Sketch Plan approval by the Eagle County Board of County Commissioners (the "BoCC ") on February 28, 2012; and WHEREAS, the Service Plan has been submitted by Petitioners for approval by Eagle County prior to approval of a Preliminary Plan for the PUD in order to permit submission of the Service Plan to the District Court for the District of Colorado in time to allow submission of bonded indebtedness approval to the eligible voters on such indebtedness in November 2012; and WHEREAS, the Service Plan was reviewed and recommended for approval by the Eagle County Planning Commission by unanimous vote on May 16, 2012; and WHEREAS, at a public hearing on July 3, 2012, the BoCC heard testimony from Eagle County staff and the Petitioners and received and reviewed documentation concerning the Service Plan, and at the conclusion of such public hearing voted unanimously to continue the public hearing on the Service Plan to July 10, 2012, and directed Eagle County staff to prepare for BoCC review and possible approval, with appropriate conditions as discussed at the July 3 hearing, at such continued public hearing; and WHEREAS, the BoCC has reviewed and hereby approves the conditions of approval of the Service plan as shown on Exhibit A hereto, and understand that such conditions also are acceptable to and will be observed by Petitioners and the applicant, and the representatives of the applicant for Sketch Plan approval of the PUD; and 201219291 1 OF 139 WHEREAS, a duly executed Certificate of Publication and Mailing of Notice of Hearing in re Organization of the Wolcott Metropolitan District No. 1, Wolcott Metropolitan District No. 2, Wolcott Metropolitan District No. 3 and Wolcott Village Metropolitan District No. 4 has been submitted to the Board at the public hearing on July 3, 2012 and is on file with Eagle County; and WHEREAS, evidence satisfactory to the BoCC sufficient to support each of the necessary findings mandated by applicable Colorado Revised Statutes for Eagle County approval of the Service Plan has been presented to the Board, as follows: a. There is sufficient existing and projected need for organized services in the area to be served by the special districts; b. The existing service in the area to be served by the special districts is inadequate for the present and projected needs; c. The special districts are capable of providing economical sufficient service to the area within its boundaries; d. The area included in the special districts has, or will have, the financial ability to discharge the proposed /existing indebtedness on a reasonable basis; e. Adequate service is not, or will not be, available to the area through Eagle County or other existing municipal or quasi- municipal corporations, including existing special districts, within a reasonable time and on a comparable basis; f. The facility and service standards of the Districts are compatible with the facility and the service standards of Eagle County, and each municipality that is an interested party under C.R.S. Section 32 -1- 204(1); g. The Service Plan is in substantial conformance with the master plan adopted pursuant to Section 30 -28 -106, C.R.S.; h. The Service Plan is in compliance with the duly adopted long range water quality management plan for the area; and i. The Service Plan will be in the best interest of the area to be served. NOW, THEREFORE, BE IT RESOLVED BY EAGLE COUNTY, COLORADO: THAT, subject to the conditions of approval attached hereto as Exhibit A, the Service Plan attached hereto as Exhibit B is hereby approved by the Board of County Commissioners of Eagle County; and THAT the Board hereby finds, determines and declares that this Resolution is necessary for the health, safety and welfare of the citizens of the County of Eagle, State of Colorado. 2 • • MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the 10th day of July, 2012. COUNTY OF EAGLE, STATE OF . COLORADO, by and through its ATTEST: ��3' L o y, OARD OF COUNTY COMMISSIONERS pie » . , .r /i = pO � ' y Tea . Simonto r ° Peter F. Runyon Clerk to the Board of Chairman County Commissioners '' leis'__ Dr(hvi , By: 4 4, 4 ea.% Jo S a ey, Vice Ch.' an By: .rte [•_• ' Sara J. Fisher Commissioner Commissioner ' 1 )L-- -1 r-`-1 seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Runyon �� -�5 -► �+ Commissioner Stavney , Commissioner Fisher This Resolution passed by / D vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 3 EXHIBIT A (CONDITIONS OF APPROVAL OF CONSOLIDATED SERVICE PLAN) 1. The Planned Unit Development (the "PUD ") for the Wolcott Development has received Sketch Plan Approval. Although the PUD and the Service Plan both relate to the same project: a) the Board of County Commissioners retains the authority to consider each application separately — approval of the Service Plan does not create any expectation regarding approval of the PUD; b) the approval of the Service Plan shall bestow no vested development rights upon the subject property; and c) the final allocation of responsibility for maintaining streets within the development shall be established no later than approval of the Preliminary Plan. 2. If the Preliminary Plan has not been approved by the County Commissioners by May 1, 2013, the Districts shall either be put on inactive status pursuant to Section 32 -1 -104, C.R.S., or be dissolved, with such determination made at the discretion of the Districts' Boards of Directors. The foregoing Preliminary Plan application deadline may be extended by the Board of County Commissioners. 3. The initial boundaries of all of the Districts shall be identical to the boundaries of the Service District as described in Exhibit B to the Service Plan. Property shall be included (the "Inclusions ") into the Taxing Districts' boundaries after the closing (the "Closing ") of the sale of real property within the Wolcott Development by CJC Properties Limited Partnership and G. Jouflas Ranches LLC to Wolcott Valley Land Investors, LLC (together, the "Parties "). After the Inclusions are completed, the Taxing Districts' boundaries are anticipated to be identical to the boundaries described in Exhibit B to the Service Plan. 4. If the Closing does not occur by May 1, 2013, the Court Order forming the Districts shall either be rescinded or the Inclusions shall not be effectuated unless such deadline is extended by the unanimous written consent of the Parties in their sole and absolute discretion. (00283338 DOCX / 4) EXHIBIT 1 5. Until the Preliminary Plan has been approved by the County Commissioners and the Closing has occurred: a) the Districts shall not levy taxes, impose rates, fees or charges, issue debt, or execute any agreements; b) the Order and Decree organizing the Districts shall not be recorded; and c) the Districts shall not hold their organizational meetings. 6. The Districts shall not exercise any park and recreation powers until an intergovernmental agreement has been executed by and among the Districts and Western Eagle County Metropolitan Recreation District. 7. Inclusion of the Eagle Springs Golf Club into the Districts shall not be a material modification to the Service Plan. Such inclusion shall remain subject to all requirements of law, including approval by property owner and the applicable District Board. {00283338.DOCX / 4) 2 THE WOLCOTT METROPOLITAN DISTRICTS NOS. 1 THRU 4 CONSOLIDATED SERVICE PLAN Eagle County July 2012 EXHIBIT {00283291 DOCX /) WOLCOTT METROPOLITAN DISTRICTS 1 THRU 4 EAGLE COUNTY COLORADO PREPARED BY COMMUNITY CONCEPTS COLORADO, LLC BOUNDARIES UNLIMITED INC. STAN BERNSTEIN & ASSOCIATES, INC. COLLINS COCKREL & COLE {00283291.DOCX /} • 4 4 TABLE OF CONTENTS 1. INTRODUCTION 1 2. PURPOSES OF DISTRICTS 2 3. PROPOSED DISTRICT BOUNDARIES /SERVICE AREA 4 4. PERMITTED LAND USES / POPULATION PROJECTIONS / ASSESSED VALUATION 4 5. DESCRIPTION OF DISTRICT POWERS, SERVICES AND IMPROVEMENTS 4 (a) Services and Improvements. 5 (b) Other Powers 9 6. ESTIMATED COSTS OF IMPROVEMENTS 10 7. ESTIMATED COSTS OF OPERATIONS AND MAINTENANCE 11 8. FINANCIAL PLAN / PROPOSED INDEBTEDNESS 11 (a) Financial Plan 11 (b) Bond Issuance and Developer Advances. 12 (c) Debt Authorization 13 (d) Parameters for Debt Issuance 14 (e) Revenue Sources. 15 (f) Operations, Maintenance and Administration. 15 9. INCLUSIONS / EXCLUSIONS 15 10. DISSOLUTION / CONSOLIDATION / INACTIVE STATUS 16 11. CONCLUSION 16 {00283291.DOCX /} 1 4 4 * 1 A LIST OF EXHIBITS EXHIBIT A Financial Plan EXHIBIT B Legal Descriptions EXHIBIT C Boundary Map EXHIBIT D Vicinity Map EXHIBIT E Site Plan EXHIBIT F Cost Summaries of Improvements EXHIBIT G Map of Location of Improvements EXHIBIT H Form of Mill Levy Disclosure Statement {00283291.DOCX /} • 11 1. INTRODUCTION The Wolcott Development is a mixed use "new town" development (the "Development ") located at Wolcott, Colorado in Eagle County (the "County "), consisting of 373 acres proposed to be developed into approximately 431 residential units (which may be developed into a maximum of 679 residential "unit counts" including accessory dwelling units) and up to 150,000 square feet of commercial space. The development will occur in phases, thus making appropriate the establishment of multiple metropolitan districts to handle the various stages and types of development. Wolcott Metropolitan District No. 1 (the "Service District ") will be responsible for oversight of the construction and financing, ownership and operation of the public. infrastructure. District No. 2 and District No. 4 will consist of residential neighborhoods to be developed as the market allows, with District No. 3 consisting of the commercial development as well as associated residential units (collectively, District Nos. 2 through 4 comprise the "Financing Districts" and together with the Service District they comprise the "Districts "). Commercial property is assessed for taxation purposes at nearly four times that of residential property, thus warranting a lower property tax levy in the commercial area, able to be achieved through placing the commercial property in a separate District. It is possible that a District No. 5 could be requested to be formed at a later date in order to adjust the phasing of development. The Wolcott Development is currently owned by three separate parties. Community Concepts Colorado is the applicant of the Planned Unit Development (the "PUD ") for the Wolcott Development. References in this Service Plan to a "Developer" apply to Community Concepts Colorado, LLC and any affiliated or related entity, and any successor developer or an affiliated or related entity thereof. The Wolcott Development PUD has received Sketch Plan Approval from the Eagle County (the "County ") Board of County Commissioners. The Developer is preparing the PUD Preliminary Plan for submittal to the County. The concurrent submittal of PUD and Service Plan applications is necessary because the Service District is to execute one or more intergovernmental agreements with the Colorado Department of Transportation ( "CDOT ") before the end of 2012, which in turn requires that the Districts' organizational elections be held on November 7, 2012. Although the PUD and the Service Plan both relate to the same project, the Board of County Commissioners retains the authority to consider each application separately. In particular, the approval of this Service Plan shall bestow no vested rights upon the subject property. As further described in Section 10, if the Final PUD is not approved by May 1, 2013, the Districts shall either be put on inactive status or be dissolved. This Service Plan gives an overview of the services and functions that the Districts are expected to provide and it also sets forth the parameters of the Districts' authority. {00283291.DOCX /} 1 However, the projections contained in this Service Plan (including the Financial Plan and a description of the public and private improvements in the Wolcott Development) represent the best current information and estimates of the parties but are not intended to create limitations on the Districts. The Districts will have all the powers and authorities available to metropolitan districts under Title 32, Article 1, C.R.S. (as amended from time to time, the "Special District Act "), although all may not be utilized. As related below, water and sewer will be provided by the Eagle River Water and Sanitation District; fire protection by either the Eagle River Fire Protection District or Greater Eagle Fire Protection District; and emergency medical services by the Eagle County Health Service District. The Districts' boundaries will overlap with Western Eagle County Metropolitan Recreation District. The Fire Districts and the Health Service District (Ambulance District) will develop facilities as the need arises. The Water and Sanitation District has agreed to establish a Water and Sanitation Subdistrict (the "Water and Sanitation Subdistrict ") for water and wastewater purposes; and with security provided by the Developer, has agreed to arrange for financing, construction, ownership and operation of the water and sewer facilities. Those costs may be assisted by the Districts as is required and/or able to be accomplished. The Water and Sanitation District shall also determine the adequacy of the water rights being conveyed to it by the Developer for the Development. All other infrastructure, including but not limited to streets, drainage, traffic signalization, transportation, parks and recreation, and mosquito control, may be provided through the Districts, as discussed in Sections 5 and 6 below. It is estimated that less than one -half of the actual costs of the infrastructure will be able to be financed through municipal bonds. The rest will be donated by the Developer. The Financial Plan is set forth in Exhibit A. 2. PURPOSES OF DISTRICTS As the management and control district, the Service District will be responsible for managing, implementing and coordinating the financing, acquisition, construction, completion and operation of certain public infrastructure (all of which public improvements are referred to herein generally as the "Improvements ") and services throughout the Development (referred to herein generally as the "Services "). The Improvements and Services are more particularly described in Sections 5 and 6 below. The Improvements will be completed for the collective use and benefit of the property owners and residents of the Districts, as well as for all citizens of the County and Colorado (the "State "). Upon completion, it is anticipated that the Service District will dedicate and transfer certain of the Improvements to other governmental entities and/or one or more owners associations (the "Owners' Associations ") as described in Section 5. {00283291.DOCX /} 2 The Service District is expected to operate and maintain all other Improvements within the Development. It is anticipated that the Developer will make advances to the Service District as necessary to fund the costs of acquisition, construction and completion of the Improvements until such time as the Service District can issue bonds. Alternatively, any of the Districts may, if feasible, issue bonds immediately to fund the costs of the Improvements and to pay back any developer advances. It is expected that the Financing Districts will pay all tax collections and other revenue to the Service District, which revenue will be applied to the payment of debt service on bonds and the costs of administration, operation and maintenance of the Improvements which are not transferred to other parties and to the costs of providing the Services. The Service District shall also administer the Arts and Entertainment Trust Fund and the Wolcott Environmental Trust Fund (discussed in Section 5(a)). The arrangements for financing, acquiring, constructing, completing, operating and maintaining the Improvements and providing the Services will be set forth in an intergovernmental agreement among the Districts (the "Inter- District IGA "). Because of the lengthy build -out period of the Development, the use of the Service District as the management district in cooperation with the Financing Districts will ensure that the Improvements are financed and constructed in coordination with the various phases of the Development and not sooner. This phased financing approach will also ensure that property owners within the Districts are not taxed unnecessarily for Improvements before they are needed and will reduce the costs of financing generally. The Development is not presently served with the facilities or services to be provided by the Districts, nor does the County or any other special district have any plans to provide such facilities or services within a reasonable time and on a comparable basis. The Water and Sanitation District has agreed to establish the Water and Sanitation Subdistrict for water and wastewater purposes; and with security provided by the Developer, has agreed to arrange for financing, construction, ownership and operation of the water and sewer facilities. The Water and Sanitation District has purchased land suitable for water and wastewater treatment facilities to serve the developable areas. Alternatively, the Water and Sanitation District and Developer may locate the water and sewer facilities to a different site, to be dedicated by the Developer. The Water and Sanitation District and Developer are in the process of negotiating a reimbursement agreement by which the Developer will make advances to the Water and Sanitation District for the costs of the water and sewer capital improvements, with the intent that such costs will ultimately be borne by either the Water and Sanitation Subdistrict or the Districts. The Districts may enter into an intergovernmental agreement with the County with respect to the provision of services and facilities within the Development. The Service District is expected to enter multiple intergovernmental agreements with CDOT (the {00283291.DOCX /} 3 "CDOT IGAs ") related to highway improvements, including the relocation of Highway 6 and the modification of the interchanges to I -70. The use of the Districts to finance, acquire, construct, complete, operate and maintain the Improvements, which are not transferred to other parties, will assure the provision of requisite public infrastructure and other attractive public amenities within the Development and the vicinity and will generally promote the public welfare of the County. Thus, the organization of the Districts will promote both the interests of present and future residents, property owners and taxpayers within the Districts as well as the general interests of the County. 3. PROPOSED DISTRICT BOUNDARIES /SERVICE AREA The Service District will be organized to manage, implement and coordinate the financing, acquisition, construction, completion, operation and maintenance of the Improvements and provision of the Services for the Development. It is anticipated that there will be no residential or commercial buildings within the Service District. The general composition of the Financing Districts is described in Section 9. The boundaries of the Districts are located entirely within the County, as more particularly described in the legal description of the initial expected boundaries of the Districts attached hereto and incorporated herein as Exhibit B, and are also shown on the boundary map attached hereto and incorporated herein as Exhibit C. A vicinity map and site plan are attached as Exhibit D and Exhibit E. The service area of the Districts will consist of all property that is included into their collective boundaries, as well as any areas in which off -site Improvements will be completed (together, the "Service Area "). 4. PERMITTED LAND USES / POPULATION PROJECTIONS / ASSESSED VALUATION The Development is planned to offer a mix of residential, mixed -use commercial (retail and service), municipal and community uses and private active and passive open space. The expected permanent combined population of the Districts is 1,800 at full build -out. The current assessed value of all property within the boundaries of the Districts is approximately $129,510 and is projected to be approximately $50,100,000 at full build -out. 5. DESCRIPTION OF DISTRICT POWERS, SERVICES AND IMPROVEMENTS The Service District will manage, implement and coordinate the financing, acquisition, construction, completion, operation and maintenance of the Improvements and the provision of the Services within and without the boundaries of the Districts in accordance with the terms of the Inter - District IGA. The Districts will possess all the powers and authorities available to metropolitan districts under the Special District Act, {00283291.DOCX /} 4 although all may not be utilized. Without limiting the foregoing, the following is a general description of the Districts' powers and authorities, the Services that they are expected to provide, and the Improvements that they are expected to acquire or construct. (a) Services and Improvements. (i) Park and Recreation Improvements. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of parks and recreation improvements and programs as authorized by the Special District Act, including without limitation a canoe and kayak club, nature center, river parks, swimming pools, playgrounds and playfields, pocket parks, meditation lawns, park shelters and facilities, hiking trails, common areas, open space areas, landscaping, hardscape, wildlife preservation and mitigation, signage, entry and architectural features, a community center, recreational facilities, irrigation, art and cultural activities, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. All park and recreation improvements will be designed and constructed in accordance with any applicable specifications of the County. It is expected that the Districts or the Owners' Associations will own, operate and maintain the park and recreation improvements. The Districts' boundaries will overlap with Western Eagle County Metropolitan Recreation District; it is not anticipated that the Improvements will be conveyed or maintained by the recreation district. (ii) Drainage Improvements. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of a stormwater management system, including without limitation stormwater, sewer, flood and surface drainage facilities and systems, detention/retention ponds and associated drainage facilities, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. It is expected that the Districts or the Owners' Associations will own, operate and maintain the drainage improvements. All drainage improvements will be designed and constructed in accordance with the standards and specifications of the County and any other applicable State or federal agencies. (iii) Street Improvements. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of street, roadway and related landscaping improvements, including curbs, gutters, culverts, and other drainage facilities, pedestrian ways, bridges, alleys, parking facilities, paving, lighting, grading, landscaping, irrigation, and structures; and street- related electric, telephone, and gas; together with all necessary, incidental, and appurtenant facilities, land and easements, and all extensions of and improvements to said facilities within and without the boundaries of the Districts. Improvements related to the relocation of Highway 6 and modification of the interchanges to I -70 will be constructed {00283291.DOCX /} 5 P 4 to CDOT standards and may be conveyed to CDOT for ownership and maintenance pursuant to the CDOT IGAs. All other street improvements will be constructed to County standards and will be conveyed and transferred to the County, subject to a warranty period and acceptance, or may be retained by the Districts or conveyed to the Owners' Associations for perpetual ownership and maintenance. The Districts will retain the authority to supplement maintenance of roads conveyed to other entities. (iv) Water Improvements. It is expected that water improvements will be entirely financed, constructed, owned and operated by the Water and Sanitation District through use of the Water and Sanitation Subdistrict and Developer financing. To provide maximum flexibility for financing improvements, the Districts shall also have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of a complete potable water system and irrigation water system for the Development, including but not limited to, water rights, water supply, treatment, storage, transmission and distribution systems for public or private purposes, together with all necessary and proper reservoirs, treatment works and facilities, wells, water rights, equipment and appurtenances incident thereto which may include, but shall not be limited to, transmission lines, distribution mains and laterals, storage facilities, land and easements, together with extensions of and improvements to said facilities or systems within and without the boundaries of the Districts. Upon completion and acceptance by the Water and Sanitation District, all such improvements shall be transferred to the Water and Sanitation District for ownership, maintenance and operation, except for supplemental maintenance as may be determined by the Water and Sanitation District by intergovernmental agreement. (v) Sewer Improvements. It is expected that sewer improvements will be entirely financed, constructed, owned and operated by the Water and Sanitation District through use of the Water and Sanitation Subdistrict and Developer financing. To provide maximum flexibility for financing improvements, the Districts shall also have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of sanitary sewers, wastewater treatment and disposal works and facilities, water quality facilities, equipment and appurtenances incident thereto, together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to said facilities or systems within and without the boundaries of the Districts. Upon completion and acceptance by the Water and Sanitation District, all such improvements shall be transferred to the Water and Sanitation District for ownership, maintenance and operation, except for supplemental maintenance as may be determined by the Water and Sanitation District by intergovernmental agreement. (vi) Transportation Improvements. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of a system to transport the public by bus, rail, or any other {00283291.DOCX 7) 6 means of conveyance, or any combination thereof, including transit bus stops and park -n- ride facilities, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. It is expected that the Districts or the Owners' Associations will own, operate and maintain the transportation improvements. Any changes to the location or reduction in the number of transit stops or Park & Ride parking spaces shall be subject to review and eeramentapproval by ECO Transit. (vii) Traffic and Safety Controls. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of traffic and safety controls and devices on streets and highways and at railroad crossings, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. The Districts shall have the authority to enter into agreements with the County, CDOT, or railroad companies for the erection of such safety controls and devices and for the construction of underpasses or overpasses at railroad crossings. It is expected that the Districts or the Owners' Associations will own, operate and maintain the traffic and safety controls. (viii) Mosquito Control. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of improvements to provide for the elimination and control of mosquitoes, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. (ix) Fire Protection. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, and (on a supplemental basis, as needed) operation and maintenance of improvements to provide for fire protection, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. Actual fire protection service would be provided by the Fire Districts. Upon completion and acceptance by the respective Fire Districts, all such improvements shall be transferred to the respective Fire Districts for ownership, maintenance and operation, except for supplemental maintenance as may be determined by the Fire Districts by intergovernmental agreement. (x) Security Services. Subject to the provisions of Section 32 -1- 1004(7), C.R.S., the Districts shall have the power to furnish security services within the Districts. (xi) Covenant Enforcement. The Districts shall have the power to furnish covenant enforcement and design review services within the Districts pursuant to the provisions of Section 32- 1- 1004(8), C.R.S. {00283291.DOCX /} 7 (xii) Telephone. The Districts shall have the power to finance line extension charges for new telephone construction for the purpose of furnishing telephone service exclusively in any District which has no property zoned or valued for assessment as residential. (xiii) Street Lighting. The Districts shall have the power to enter into contracts with public utilities, cooperative electric associations, and municipalities for the purpose of furnishing street lighting service. (xiv) Television. The Districts shall have the power to establish and maintain television relay and translator facilities, and to enter into contracts with cable television service providers. (xv) Solid Waste. To the extent authorized by the Special District Act, the Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of improvements to provide for solid waste disposal or collection and transportation of solid waste, including a community recycling collection area facility, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. (xvi) Administration of Trust Funds. The Development contemplates the establishment of two trust funds to be financed by a transfer fee to be imposed on all sales by the Developer to unaffiliated parties by covenant against all properties within the Development in the amount of 1% of the value of the property. The trust funds will be administered by the Service District. It is anticipated that 75% of such funds will be dedicated to the Arts and Entertainment Trust Fund to fund community art and to provide unique art, entertainment, educational, recreational, and social programming and services year round, including weekend fairs and musical performances; and the remaining 25% of such funds will be dedicated to the Wolcott Environmental Trust Fund to fund wildlife conservation efforts, including educational activities, such as tours to owners and visitors, sustainability and conservation lectures and field trips, as well as to provide and maintain parks and recreational improvements, including a nature center, hiking trails, and wildlife conservation measures coordinated with the Colorado Division of Wildlife. Each Trust Fund is anticipated to be administered by separate committees appointed from community residents and owners by the Service District's Board of Directors. The foregoing description provides the current expectations of the Improvements and the Services to be provided by the Districts, and of how the Districts will coordinate their efforts among themselves and with other entities. The actual provision of the Improvements and the Services may differ from such descriptions. The various activities of the Districts shall be subject to County zoning, subdivision, building codes, land use regulations, and other applicable laws, rules, and {00283291.DOCX /} 8 r � r regulations, so that the facility and service standards of the Districts will be compatible with those of the County, the Water and Sanitation District and the Fire Districts. The Developer will provide all permit and other applications and/or submissions to the County, the Water and Sanitation District and the Fire Districts as are required for each particular phase of development. The County shall not be responsible for assuming the costs of any of the Improvements. The Developer will be responsible for any costs of the Improvements needed for the Development that exceed the amount of bonds issued or other revenues available to the Districts for such purposes. The ownership of the Improvements and provision of the Services shall be coordinated among the Districts and the Owners' Associations. The Districts are expected to have lower costs than the Owners' Associations for a variety of reasons, including because property owned by the Districts is not subject to taxation and the fact that the Districts have the benefit of governmental immunity. It is also beneficial for property owners to pay for as much of the Improvements and Services as possible through the Districts because property taxes payable to the Districts are tax deductible whereas dues to the Owners' Associations are not. The Developer thus intends to minimize the use of Owners' Associations in the Development to the extent that the Districts are able to finance Improvements and Services. Land, easements and facilities proposed for conveyance to the County shall be free and clear of all liens, encumbrances and easements, unless otherwise approved by the County. All conveyances shall be by special warranty deed. (b) Other Powers. The Districts shall each have all powers and authorities granted to metropolitan districts under the Special District Act, which may be exercised to provide for the acquisition, construction, completion, operation and maintenance of the Improvements and the provision of the Services as authorized in and subject to the limitations set forth in this Service Plan and the Inter - District IGA. In addition to the enumerated powers and authorities, the Boards of Directors of the Districts shall also have the following authorities: (i) Service Plan Amendments. To amend this Service Plan as needed, subject to compliance with appropriate statutory procedures as set forth in this Service Plan and the Special District Act. (ii) Construction and Financing Phasing. Without having to amend this Service Plan, except as otherwise expressly required herein, to defer, delay, reschedule, rephase or restructure the financing and/or construction of the Improvements in order to better accommodate the pace of growth within the Wolcott Development, resource availability, and the funding capability of the Districts. {00283291.DOCX 1) 9 (iii) Additional Services. Except as specifically prohibited herein, to provide such additional services and exercise such powers and authorities as are expressly or impliedly granted in the Special District Act or by State law. (iv) Creation of Subdistricts. The Districts may organize one or more subdistricts or areas as allowed by Section 32- 1- 1101(1)(f), C.R.S. Such organizations shall not be material modifications to this Service Plan; provided, however, that any such subdistrict(s) or area(s) shall be subject to all limitations on debt and other provisions of the Service Plan. Neither the Limited Mill Levies (defined in Section 8(a)) nor the aggregate debt limit set forth in Section 8(c) shall be increased as a result of creation of a subdistrict. In accordance with Section 32- 1- 1101(1)(f)(I), C.R.S., the District shall notify the County prior to establishing any such subdistrict(s) or area(s), and shall provide the County with details regarding the purpose, location, and relationship of the subdistrict(s) or area(s). (v) Special Improvement Districts. The Districts may establish one or more special improvement districts within their respective boundaries to finance all or part of the costs of any Improvements from assessments as provided in Section 32 -1- 1101.7, C.R.S. 6. ESTIMATED COSTS OF IMPROVEMENTS The present estimated (un- inflated) aggregate cost of the Improvements (including related soft costs) which may be financed, acquired, constructed and completed by the Districts, is approximately $38,500,000 as set forth in Exhibit F, which provides cost summaries by type of Improvement. A map of the anticipated location of the Improvements is attached hereto as Exhibit G. The design, phasing of construction, location and completion of the Improvements will be deteimined by the Service District to coincide with the phasing and development of the Development and the availability of funding sources. In accordance with the terms of the Inter - District IGA, the Service District may, in its discretion, phase the construction, completion, operation and maintenance of the Improvements or defer, delay, reschedule, rephase, restructure or determine not to proceed with the construction, completion, operation and maintenance of the Improvements based upon the best interests of the present and future residents, property owners and taxpayers of the Districts, and such actions or determinations shall not constitute material modifications of this Service Plan. The estimated cost of organization of the Districts is expected to be $75,000 or more. {00283291.DOCX /} 10 r 1 f � � 7. ESTIMATED COSTS OF OPERATIONS AND MAINTENANCE The budgets adopted by the Districts will authorize expenditures for administration and the operation and maintenance of Improvements that have not been transferred to the County, the Water and Sanitation District or another entity for ownership and maintenance, and the provision of the Services. The Financial Plan sets forth estimated sources and uses of the Districts' operating funds. Tolls, rates, penalties, Fees and charges may be imposed within or without the Service Area and collected by the Districts to the extent necessary to supplement other revenues available for such purpose, subject to the terms of the Inter - District IGA. 8. FINANCIAL PLAN / PROPOSED INDEBTEDNESS This part of the Service Plan describes the expected nature, basis, method of funding and financing limitations associated with the acquisition, construction, completion, operation and maintenance of the Improvements. The Financial Plan will be coordinated and implemented by the Service District in accordance with the terms of the Inter- District IGA, subject to all express limitations set forth herein. (a) Financial Plan. The Financial Plan, which is attached as Exhibit A and incorporated herein, is the consolidated Financial Plan for the Districts and includes the estimated property tax revenue of the Districts, sales tax revenue of the Districts, revenue available from specific ownership taxes, a development fee expected to be up to $7,000 per residential unit (excluding accessory dwelling units) and each 1,500 square feet of commercial space (the "Development Fee ") and other sources, and amounts available for payment of debt service on District bonds and for operations and maintenance expenses. Tap fees may also be imposed with the consent of the Water and Sanitation District. The Financial Plan projects the issuance of the Service District's bonds and anticipated debt repayment based on the development assumptions and absorptions for property within the Districts as prepared by the Developer and its economic and planning consultants. The Financial Plan anticipates that in accordance with the terms of the Inter - District IGA, the Service District will act as the management district issuing all bonds and completing all Improvements within the Service Area, including repaying any Developer advances, while the Financing Districts will tax all property within their respective boundaries. The maximum mill levy imposed on property within the Districts for debt service will be 35 mills (the "Debt Service Mill Levy ") and the maximum mill levy imposed on property within the Districts for operations will be 20 mills (the "Operating Mill Levy" and together with the Debt Service Mill Levy, the "Limited Mill Levies "). Each of the Mill Levies may be adjusted to take into account legislative or constitutionally imposed adjustments in assessed values or the method of their calculation (as of the date of this Service Plan), so that to the extent possible, the actual revenues generated by the Limited {00283291.DOCX 1} 11 Mill Levies are neither diminished nor enhanced as a result of such changes. Among other adjustments, a change in the ratio of actual valuation of assessable property shall be deemed a change in the method of calculating assessed valuation. The Limited Mill Levies may differ between the Districts. The current expectation is that District No. 2 and District No. 4 will each have a Debt Service Mill Levy of 35 mills and an Operating Mill Levy of 20 mills, and District No. 3 will have a Debt Service Mill Levy of 10 mills and an Operating Mill Levy of 5 mills. It is expected that the Water and Sanitation Subdistrict will impose a mill levy of 20 mills to pay for the water and sewer improvements for the Development. The Limited Mill Levies have been established with this additional property tax in mind and are intended to subject property within the Development to an aggregate mill levy that is comparable to those of other developments in the region. The Districts are also expected to impose a tax on all transactions subject to sales tax by the State to pay for street improvements, safety protection and transportation facilities and services. The sales tax will allow the Districts to broaden and diversify the tax base to include the visitors who benefit from the Improvements and Services. It is anticipated that the sales tax will be 2.0% throughout all Districts, with the maximum rate to be determined by the Districts' voters and the actual rate imposed by the Districts' Boards of Directors. All Financing District collections of taxes, fees and other revenues will be remitted to the Service District to repay bonds, developer advances and other obligations in accordance with the terms of the Inter- District IGA; provided, however, that the actual bond Financial Plan of the Districts will be determined by the Service District as required by the phasing and build -out of the Development itself. Alternatively, the Financing Districts may, at the direction of the Service District pursuant to the Inter - District IGA, issue bonds directly as discussed below. The Financial Plan demonstrates that, at various projected levels of development, the Districts have the ability to finance the Improvements and will have the financial ability to discharge all debt on a reasonable basis. (b) Bond Issuance and Developer Advances. The Developer may make advances to the Service District as necessary to fund all or a portion of the costs of the Improvements and the provision of Services, and the Service District in turn may issue revenue notes or bonds to the Developer, which will be repaid from bond proceeds received when bonds are issued after adequate revenues of the Districts are available to repay such bonds. Alternatively, the Districts may issue bonds to an investor, with or without security provided by the Developer, with the proceeds of such bonds being used to fund the Improvements. {00283291.DOCX /} 12 r t The Financial Plan sets forth one bond issuance scenario. Without having to amend this Service Plan, alternate financial plans may also be implemented by the Districts, including without limitation having the Financing Districts issue bonds directly in accordance with the terms of the Inter - District IGA and paying the proceeds thereof to the Service District for purposes of discharging Developer advances and/or funding the costs of the Improvements. The Districts may enter into multiple -fiscal year financial obligations of any nature, including without limitation intergovernmental agreements and acquisition, reimbursement and funding agreements with the Developer to accomplish any of the various purposes authorized in this Service Plan. Refunding bonds may be issued by the Districts to defease original issue bonds in compliance with applicable law. It is anticipated that initially the Developer will advance funds to the Service District to pay operating as well as capital costs, which advances will be repaid from bond proceeds or revenues collected by the Financing Districts as development progresses. Interest on Developer advances will be set at competitive market rates but will be capped at 8% per annum, unless a higher interest rate is approved in writing by the County Manager. Interest on developer advances will be compounded no more than annually. Net effective interest rates on bonds are projected at 7.0% and assume no credit enhancement from the Developer. (c) Debt Authorization. At the organizational election, each of the Districts shall seek authority to issue revenue or general obligation indebtedness, including bonds and other multiple - fiscal year financial obligations such as intergovernmental agreements (including the CDOT IGAs) and acquisition, reimbursement and funding agreements, in the amount of $30,000,000 in each debt category. Because each District must vote its own debt authorization for each of the categories of Improvements to be constructed within the Service Area, each District must by law have the full debt authorization available to it in the event that any one of the other Districts finances, acquires, constructs and completes the Improvements and/or the other Districts enter into intergovernmental agreements to repay the costs thereof However, the aggregate debt of the Districts for funding the capital costs of the Improvements shall not exceed $30,000,000, unless otherwise approved in writing by the County Manager. The total principal amount of debt authorization to be voted by each of the Districts exceeds the projected capital costs of corresponding Improvements to allow for unforeseen contingencies and increases in construction costs due to inflation and to cover all organizational and bond issuance costs, including capitalized interest, reserve funds, credit enhancement, discounts, legal and other consulting fees, and other incidental costs of issuance. The Service District may utilize its debt authorization to issue revenue bonds and/or notes to the Developer. The Financing Districts are expected to use their debt authorization to enter into intergovernmental agreements with the Service District to pay {00283291.DOCX /} 13 over their property tax, sales tax and other revenues in support of the repayment of such notes and bonds (or to issue general obligation bonds directly for such purposes). (d) Parameters for Debt Issuance. Unless otherwise approved in writing by the County Manager, all bonds or notes issued or obligations incurred by each of the Districts shall be subject to the following restrictions and any limitations in the Inter - District IGA: (i) For any bonds other than those sold to the Developer, the maximum voted interest rate will be 18% and the maximum discount will be 5 %. The exact interest rates and discounts will be determined at the time that bonds are sold and will reflect market conditions at the time of sale. Such bonds will be structured to obtain competitive rates. (ii) All bonds will contain adequate call provisions to allow for the prior redemption or refinancing of such bonds. Bonds sold to the Developer shall be callable after 5 years and have maturity dates of 30 years or less. (iii) No uninsured or non - credit enhanced bonds shall be issued which contain provisions permitting acceleration of the bonds upon default. (iv) Interest rates on bonds or notes sold to the Developer shall be subject to an opinion as to the reasonableness of the interest rate and terms, which opinion shall be prepared by a local Red Book investment bank or bond counsel and provided to the County. The total of all annual debt service payments on the bonds (including scheduled compounding interest, if applicable) shall not exceed the Limited Mill Levies. (v) The Districts may issue bonds secured by any legally available revenues, including any combination of Development Fees, sales taxes, specific ownership taxes and the Debt Service Mill Levy. (vi) Any special improvement district created by the Districts may impose assessments and issue bonds secured by such assessments, as provided in Section 32- 1- 1101.7, C.R.S. (vii) No bonds or other multiple - fiscal year financial obligations shall be executed until the County has approved the Final PUD, except that the Districts may enter into the CDOT IGAs provided that any multiple -fiscal year financial obligation of the Districts be contingent upon the approval of the Final PUD and be terminable if the Final PUD has not been approved by the date set forth in Section 10. {00283291.DOCX 7) 14 r 4 Y (viii) The Districts shall provide written and recorded notice of the tax burden, including the Limited Mill Levies, in the form set forth in Exhibit H attached hereto. The notice shall be recorded against all property within the Districts. (e) Revenue Sources. The primary anticipated revenue sources of the Districts will be the Limited Mill Levies and sales taxes levied by the Financing Districts, specific ownership taxes and Development Fees (described in Section 8(a)) for capital improvements. The Districts will also be authorized to impose special assessments through special improvement districts established under the Special District Act and to collect fees, rates, tolls, penalties or charges in order to generate additional revenue for the payment of debt service and operating costs as needed. The Service District will also collect transfer fees for purposes of administering the Arts and Entertainment Trust Fund and the Wolcott Environmental Trust Fund. The anticipated revenue sources are sufficient to retire the Districts' proposed indebtedness if growth occurs as projected. Variations in assessed valuation projections or in the phasing of private improvements may affect taxes or the level of fees, rates and charges upward or downward from those set forth in the Financial Plan. (f) Operations, Maintenance and Administration. The Service District will, pursuant to the Inter - District IGA, coordinate and manage all operations and maintenance functions for all Improvements and the provision of the Services, the costs of which will increase as property within the Service Area is developed. The Districts will need sufficient funds to operate and maintain all Improvements and to provide the Services. In addition, the Districts will incur costs for various administrative functions, including legal, engineering, accounting and compliance. At full build -out, an Operating Mill Levy of 20 mills, together with other legally available revenues, is anticipated to be sufficient to operate the Districts and to maintain the Improvements and provide the Services. Sales tax revenues may also be applied to pay operating and maintenance expenses related to street, safety protection and transportation Improvements and Services. 9. INCLUSIONS / EXCLUSIONS The Districts' boundaries may be adjusted to accomplish the objectives set forth herein, and the inclusion or exclusion of property will not constitute a material modification of this Service Plan. The Districts may include or exclude any property within the Development into or from one of the other Districts without the prior consent of the County. It is anticipated that all single family residential property north of I -70 will comprise District No. 2, all single family residential property south of I -70 will {00283291.DOCX /} 15 f 4 comprise District No. 4 and all other property (all of the commercial development and several associated residential units) will comprise District No. 3. No property in the Development will be included into more than one District, except that the Service District's boundaries may overlap with the boundaries of one or more Financing Districts. 10. DISSOLUTION / CONSOLIDATION / INACTIVE STATUS The Districts may pursue consolidation of their boundaries or dissolution in accordance with Parts 6 or 7 respectively of the Special District Act. The approval of the County Commissioners will be required prior to the consolidation of any one of the Districts with any special district other than a consolidation between or among the Districts. If the Final PUD has not been approved by the County by May 1, 2013, the Districts shall either be put on inactive status pursuant to Section 32 -1 -104, C.R.S., or be dissolved, with such determination made at the discretion of the Districts' Boards of Directors. The foregoing Final PUD application deadline may be extended by the County Manager. The Petitions for Organization of the Districts (the "Petitions ") shall be filed with the Eagle County District Court with the following condition: the Orders declaring the Districts organized shall provide that the Districts shall be dissolved if G. Jouflas Ranches LLC and CJC Properties Limited Partnership (together, the "Sellers ") have not both sold their properties within the Development to the Developer by the Dissolution Date. For purposes of this Service Plan and the Petitions, the "Dissolution Date" is May 1, 2013, provided that such date may be extended by the unanimous written consent of the Developer and both Sellers in their sole and absolute discretion. Further, the Districts may be put on inactive status pursuant to Section 32 -1 -104, C.R.S., with the unanimous written consent of the Developer and both Sellers in their sole and absolute discretion, and by appropriate action of the Districts' Boards of Directors. 11. CONCLUSION This Service Plan establishes that: 1. There is sufficient existing and projected need for organized service in the area to be served by the Districts; 2. The existing service in the area to be served by the Districts is inadequate for present and projected needs within the Development; {00283291.DOCX /} 16 1 } 3. The Districts are capable of providing economical and sufficient service to the area within their proposed boundaries; 4. The area to be included in the Districts does have, and will have, the financial ability to discharge the proposed indebtedness on a reasonable basis; 5. Adequate service is not, and will not be, available to the area through the County or other existing municipal or quasi - municipal corporations, including existing special districts, within a reasonable time and on a comparable basis; 6. The facility and service standards of the Districts are compatible with the facility and service standards of the County; 7. The proposal is in substantial compliance with the County Comprehensive Plan and the Wolcott Area Community Plan; 8. The proposal is in compliance with any duly adopted County, regional, or state long -range water quality management plan for the area; and 9. The organization of the Districts is in the best interests of the area proposed to be served. {00283291.DOCX /} 17 P P Y 1 EXHIBIT A FINANCIAL PLAN {00283291.DOCX /} • EXHIBIT B LEGAL DESCRIPTIONS {00283291.DOCX /} r $ $ EXHIBIT C BOUNDARY MAP {00283291.DOCX /} • r EXHIBIT D VICINITY MAP {00283291.DOCX /} 4 4 4 4 EXHIBIT E SITE PLAN {00283291.DOCX /} • EXHIBIT F COST SUMMARIES OF IMPROVEMENTS {00283291.DOCX /} f 8 EXHIBIT G MAP OF LOCATION OF IMPROVEMENTS {00283291.DOCX /} v EXHIBIT H FORM OF MILL LEVY DISCLOSURE STATEMENT WOLCOTT METROPOLITAN DISTRICT NOS. 1 -4 EAGLE COUNTY, COLORADO DISTRICT ORGANIZATION The Wolcott Metropolitan District Nos. 1 -4 (the "Districts "), Eagle County, Colorado, are quasi - municipal corporations and political subdivisions of the State of Colorado duly organized and existing as metropolitan districts pursuant to Title 32, Article 1, Colorado Revised Statutes. The Districts were declared organized and existing metropolitan districts on , 2012, pursuant to Findings, Orders and Decrees, issued in the District Court of Eagle County, Colorado. The Orders and Decrees were recorded in the records of the Eagle County Clerk and Recorder on , 2012 at Reception # , # , # and # The Districts are located entirely within Eagle County. The legal description of the property forming the outermost boundaries of the Districts is described in Exhibit A attached hereto and incorporated herein by reference. Although the particular boundaries of the Districts may change at the discretion of the Districts' Boards of Directors, no property shall be included into more than one District imposing property tax levies. DISTRICTS PURPOSES: The Districts were organized for the purpose of financing public improvements, including but not limited to streets, traffic safety controls, street lighting, sanitary sewer, landscaping, and storm drainage, all in accordance with their Service Plan, which improvements may be dedicated to the County or other governmental entities for operation and maintenance, or may be operated and maintained by the Districts or owners' associations formed for the development. The Districts' Service Plan is on file and available for review at the office of the Districts' general counsel, Collins Cockrel & Cole, PC., 390 Union Boulevard, Suite 400, Denver, Colorado 80228, and at the office of the County Clerk and Recorder,500 Broadway, Suite 101, Eagle, Colorado 81631. TAX LEVY INFORMATION: The primary source of revenue for the Districts is ad valorem property taxes. Property taxes are determined annually by each District's Boards of Directors and set by the Board of County Commissioners for Eagle County as to rate or levy based upon the assessed valuation of the property within such District. The levy is expressed in terms of mills. A mill is 1/1,000 of the assessed valuation, and a levy of one mill equals $1 of tax for each $1,000 of assessed value. Each District may impose aggregate mill levies of up to 55 mills, as adjusted. The mill levies may also be adjusted upward to account for {00283291.DOCX /} 1 4 statewide changes in the method of calculating assessed valuation of property. District taxes are collected as part of the property tax bill from Eagle County. Reference is made to the Service Plan for additional information regarding the District's financial powers and limitations. WOLCOTT METROPOLITAN DISTRICT NOS. 1 -4 By: President STATE OF COLORADO ) ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this day of , 2012 by , as President of Wolcott Metropolitan District Nos. 1 -4. • Witness my hand and official seal. My commission expires: Notary Public {00283291.DOCX /} H -2 EXHIBIT A FINANCIAL PLAN {00272787.DOCx / 2} 1 EXHIBIT B LEGAL DESCRIPTIONS {00272787.DQCX / 2) 1 EXHIBIT C BOUNDARY MAP {OO272787.DOCx / 2) 1 EXHIBIT D GENERAL DESCRIPTION OF IMPROVEMENTS • {0o272787.DOcx / 2} 1 1 • EXHIBIT E MAP OF PHASING AND LOCATION OF IMPROVEMENTS • {00272787.DOCx / 2} 1 i EXHIBIT F FORM OF MILL LEVY DISCLOSURE STATEMENT WOLCOTT METROPOLITAN DISTRICT NOS. 1 -4 EAGLE COUNTY, COLORADO DIST' CT ORGANIZATION The Wolcott Metropolitan District Nos. 1 -4 (the "Districts "), Eagle County, Colorado, are quasi - municipal corporations and political subdivisions of the State of Colorado duly organized and existing as metropolitan districts pursuant to Title 32, Article 1, Colorado Revised Statutes. The Districts were declared organized and existing metropolitan districts on , 2012, pursuant to Findings, Orders and Decrees, issued in the District Court of Eagle County, Colorado. The Orders and Decrees were recorded in the records of the Eagle County Clerk and Recorder on , 2012 at Reception # , # , # and # . The Districts are located entirely within Eagle County. The legal description of the prop rty forming the outermost boundaries of the Districts is described in Exhibit A attached hereto and incorporated herein by reference. Although the particular boundaries of the D stricts may change at the discretion of the Districts' Boards of Directors, no property shall be included into more than one District imposing property tax levies. DISTRICTS PURPOSES: / The Districts were organized for the purpose of financing public improvements, including but not limited to streets, traffic safety controls, street lighting, sanitary sewer, landscap'ng, and storm drainage, all in accordance with their Service Plan, which improve ents may be dedicated to the County or other governmental entities for operatio and maintenance, or may be operated and maintained by the Districts or owners' ssociations formed for the development. The Districts' Service Plan is on file and available for review at the office of the Districts' general counsel, Collins Cockrel & Cole, PC., 390 Union Boulevard, Suite 400, Denver, Colorado 80228, and at the office of the County Clerk and Recorder,500 Broadway, Suite 101, Eagle, Colorado 81631. TAX LEVY INFORMATION: , The primary source of revenue for the Districts is ad valorem property taxes. Property taxes are determined annually by each District's Boards of Directors and set by the Boar of County Commissioners for Eagle County as to rate or levy based upon the assessed aluation of the property within such District. The levy is expressed in terms of mills. A i11 is 1 /1,000 of the assessed valuation, and a levy of one mill equals $1 of tax for each 1,000 of assessed value. Each District may impose aggregate mill levies of up to 55 mills, as adjusted. The mill levies may also be adjusted upward to account for {00272787.DOCX / 2} 1 statewide changes in the method of calculating assessed valuation of property. District taxes are collected as part of the property tax bill from Eagle County. Reference is made to the Service Plan for additional information regarding the District's financial powers and limitations. WOLCOTT METROPOLITAN DISTRICT NOS. 1 -4 By: President STATE OF COLORADO ) ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this day of , 2012 by , as President of Wolcott Metropolitan District Nos. 1 -4. Witness my hand and official seal. My commission expires: Notary Public • {00272787.DOCX / 2} F -2 EXHIBIT A FINANCIAL PLAN {00272787.DOCX / 6) 1 Stan Bernstein and Associates, Inc. Financial Planners and Consultants For Local Governments, Municipal Bond Underwriters, and Real Estate Developers 8400 East Prentice Avenue, Penthouse Greenwood Village, Colorado 80111 Telephone: 303- 409 -7611, Fax: 303 - 409 -7612; Email: stanplan@earthlinknet April 18, 2012 Mt. Rick Hermes Mr. Jeff Townsend Ms. Kim Aleckness Hermes Group Edwards, CO 81632 (S nt Via Email) : WOLCOTT METROPOLITAN DISTRICTS NO. 1 NO. 4 Dejar Rick, Jeff and Kim: Attached is a Financial Plan for Wolcott Metropolitan Districts No. 1 — No. 4. This Financial Plan is to be submitted as an Exhibit to the Service Plan. Pr posed Structure of the Districts Th Developer has decided to create multiple districts. The concept is that a Control Di trict ( "Service District No.1 ") will be responsible for all District operations (administration, landscaping, trail maintenance, park and open space operations and maintenance) and infrastructure management. Twp residential Financing Districts ( "Financing Districts No. 2 and No. 4 ") will include all residential property and are expected to levy 55.0 mills. The property taxes generated fron 20.0 mills will be transferred to Service District No. 1 and used to pay for operating, maintenance and administrative costs. The property taxes generated from a maximum debit service mill levy of 35.0 mills will also be transferred to Service District No. 1 and used to make debt service payments on Limited Tax General Obligation Supported Revenue Bonds expected to be issued by Service District No. 1. 4 ■ • April 18, 2012 Page2of8 A Commercial Financing District ( "Financing District No. 3 ") will include all commercial properties as well as 7 apartments constructed over the commercial space, and is expected to levy 15.0 mills. The property taxes generated from 5.0 mills will be transferred to Service District No. 1 and used to pay for operating, maintenance and administrative costs. The property taxes generated from 10.0 mills will also be transferred to Service District No. 1 and used to make debt service payments on Limited Tax General Obligation Supported,Revenue Bonds expected to be issued by Service District No. 1. Debt Issuance by the Districts Based upon a maximum 35.0 debt mill levy for Financing Districts No. 2 and No. 4 , and a 10.0 debt mill levy for Financing District No. 3, preliminary estimated Limited Tax General Obligation Supported Revenue Bonds that could be discharged by Service District No. 1 are presented below (average interest rates of 7.0% have been assumed for financial modeling purposes). Date of Issuance Par Amount of Bonds Net Bonds after DSRF /Issuance Costs December 1, 2015 $2,000,000 $1,755,850 December 1, 2017 5,500,000 4,833,150 December 1, 2019 4,500,000 3,953,900 December 1, 2021 2,000,000 1,755,500 December 1, 2023 4,500,000 3,870,000 Totals $18,500,0.00 $16,168,400 The amount and timing of the bond issues are very much subject to change depending upon various assumptions concerning municipal bond interest rates, the rate of buildout and related price points of residential and commercial properties, inflation and appreciation of real estate within the Districts' boundaries, and debt service coverage requirements imposed by bond investors and the municipal bond market in general. It is assumed that the net proceeds (net of Debt Service Reserve Funds estimated at 10% of maximum annual debt service, and 4% costs of issuance) of all bond issues will be used to reimburse the Developer for infrastructure costs incurred (Developer Capital Loans). It is also important to understand that the above estimated bond issue amounts are sized with the understanding that the Districts' debt service mill levy will be limited (capped) at 35.0 and, consequently, any bonds issued by Service District No. 1 will be Limited Tax General Obligation Supported Revenue Bonds as compared to Unlimited Tax General Obligation Supported Revenue Bonds which would be the case if the debt service mill levy was not capped or limited. Because of the 35.0 debt service mill levy limit, bond investors will demand debt service coverage which essentially means that Limited Tax General Obligation Revenue Supported Bonds will be sized and issued only A ril 18, 2012 P e3of8 us ng 25.0 to 30.0 mills instead of the authorized 35.0 mills. The above bond issues are as umed to be issued without Developer enhancements (no letter of credit would be re uired, etc.). It is possible that all of these bond issues could be accelerated if the D veloper decides to credit enhance the bonds (and fund several years capitalized interest from the bond issues). It is also important for readers of this report to understand that the above bond issues assume that inflation, or property appreciation within the Districts' boundaries will only average approximately 1% per year beginning in 2016 - we have calculated that if annual inflation averages 3% annually beginning in 2016 that approximately $7.0 - $9.0 million of additional bonds could be supported by the Districts. Consequently, the Service Plan should authorize the issuance of substantially more bonds than the identified $18,500,000 (a Service Plan bond authorization in the amount of $30,000,000 would not be unreasonable). In addition to the maximum 35 mill debt service levy, the Districts expect to impose a 2.0% sales tax on taxable sales within the Districts' boundaries. This tax would apply to retail expenditures (restaurants and bars, shops, short -term lodging rentals, but would exclude take -out groceries). The sales tax could be set at a higher rate than 2.0 %. The Districts are expected to use the sales tax revenues to make a portion of the debt service pa ments on bonds issued by Service District No. 1. T Districts also expect to impose Development Fees which would be collected upon ea h single family residential unit (SFE) at the time of building permit approval, and up n each 1,500 square feet of commercial space. For financial modeling purposes a D elopment Fee rate of $1,500 has been assumed although the actual rate could be higher than the assumed $1,500 rate, as will be determined by the Board of Directors of the Districts once the Districts are formed. It is assumed that the revenues generated frokn Development Fees will be used to create a Surplus Fund which will be pledged to make the debt service payments on the outstanding Limited Tax General Obligation Bopds Supported Revenue Bonds in the event that there are revenue shortfalls, although th could also be used to reimburse the Developer for infrastructure costs. A ministrative, Maintenance and Operating Costs of the Districts The Districts plan on funding their administrative, maintenance, and operating costs from the property taxes generated from 20.0 mills (only 5.0 mills from Commercial Financing District No 3). These operating mill levies are assumed to minimize monthly assessments typically imposed by a Master HOA. Operating and maintenance costs wol ild include landscaping, parks, recreational amenities, trails, open space and limited road and alley maintenance. It is also possible that recreation user fees could help fund op4rating costs associated with swimming, pools and recreation centers although this po ntial revenue source has not been modeled. At full buildout it appears that approximately $500,000 of operating property tax revenues could be available annually. It i$ assumed that all road maintenance and plowing costs will be the responsibility of Eagle County. April 18, 2012 Page 4 of 8 The Districts also expect to receive a.substantial amount of revenue generated from a 1% Real Estate Transfer Fee imposed by covenants on all properties located within the Districts' boundaries. It appears that approximately $4.66 million of RETF revenues could be generated from initial sales subject to the RETF which will be imposed when any property is sold by the Developer and on each subsequent transfer. Secondary sales of residential living units could generate approximately $213,550 annually after the initial sale of residential living units. It is assumed that 75% of these revenues would be transferred to the Arts and Entertainment Trust Fund and 25% of these revenues would be transferred to the Wolcott Environmental Trust Fund. Comparative Mill Levies and Property Tax Burdens There are currently approximately 50.0 mills levied on the property from other governmental entities such as Eagle County, the School District, the Library District, the Eagle River and Greater Eagle Fire Protection Districts and other various districts. The assumed incremental 55.0 mill levy for residential properties would result in a total overlapping mill levy for residential property of approximately 105.0 mills. For a single family home with in assumed actual value of $500,000 the 55,0 District mill levy would result in annual property taxes of approximately $2,189 and total annual property taxes (including the existing 50.0 mills) of approximately $4,179 or approximately 0.84% of market value. For a commercial property valued at $500,000 the 15.0 mill levy would result in annual property taxes of approximately $2,175 and total annual property taxes (including the existing 50.0 mills) of approximately $9,425 — or approximately 1.9% of market value. The following chart presents selected mill levies for other communities located in western Eagle County. Entity District Mill Levy Total Mill Levy Eagle Ranch 38 98 Red Sky Ranch 65 109 Buckhom Valley 55 116 Cotton Ranch 63 122 Valagua 65 119 Cordillera 58 111 Villages at Avon 50 108 Wolcott — Res. 55 105 Wolcott — Com 15 65 Not included in Wolcott's Total Mill Levy is a potential additional 20 mills that could be certified by ERWSD — Wolcott Sub District. t April 18, 2012 age 5 of 8 or fax collection year 2014, as a result of the expected additional 15 -20% decline in ssessed valuation, it is likely that many of the above mill Ievies will be forced to i crease above current levels. eveloper's Land Use, Price Points, and Buildout Assumptions (and Related 4ssessed Valuation) - Schedules 2, 3, and 4 The Financial Plan is based upon the following buildout for Financing Districts No 2 No. 4 as provided by Hermes Group (which we have not independently reviewed or eXamined): Assessed Residential Commercial Completion Valuation Units Square Feet Date at Full Buildout F nancing North of 235 units @ 2014 - 2021 District average value None $26.09 M No. 2 Highway of $1,314,489 Financing Commercial, 7 units 123,500 sq. ft. Mixed Use, average value @ average 2017 $10.41 M Residential No 3 and Apes of $165,000 value of $251 Financing 189 units @ %strict So o average value None 2018 - 2023 $13.59 M Np.4 Highway of $834,365 FOr preliminary financial modeling purposes, we have assumed inflationary increases of 2 0 every other year (the assessor reassesses property every other year) beginning for tax c llection year 2018 for residential product and zero inflation for commercial product and fo vacant land. We have assumed that the Service Plan will allow the mill levy to in rease in direct proportion to any decrease in the current 7.96% residential assessment rate. Cish Flow Forecast — Service District No 1 General Fund— Exhibit 1, page 1 EXhibit 1 demonstrates how operating and administrative costs for Service District No. 1 could be funded from the transfer of property tax revenues from Financing Districts No.2 — No A. The Residential Financing Districts will transfer to Service District No 1 property tax revenues generated from 20.0 mills. The Commercial Financing District will transfer to Service District No. 1 property tax revenues generated from 5.0. mills. Operating costs are only broad allowances at this time and need to be refined by your engineers regarding trail and park maintenance, landscaping, and open space operations. April 18, 2012 Page 6 of 8 • It is very common <for metropolitan districts to rely on Developer Operating Advances during the first several years which is the case with Service District No.1- approximately $770,000 of total Developer Operating Advances are projected from 2013 — 2018 until the tax base builds up to a level that begins to support the administrative and operating cost estimates. In the event that operating and administrative costs are less than estimated, the Developer Operating Advances could be less than $770,000. Exhibit 1 indicates that the Developer Operating Advances could start to be repaid by 2023 with full repayment by 2030. Cash Flow Forecast — Service District No. 1 — Debt Service Fund — Exhibit II, one 6 Exhibit II demonstrates how Service District No 1 can discharge its bonded indebtedness on a reasonable basis. Property tax revenues generated from 35.0 mills for Residential Financing Districts No 2 and No 4; and from 10.0 mills for Commercial Financing District No. 3 will be transferred to Service District No. 1. These property tax revenues, combined with sales tax revenue transfers, will be used to make the annual debt service payments on $18,500,000 of Limited Tax General Obligation Supported Revenue Bonds issued by Service District 1. As previously discussed, bonds will be sized to provide debt service coverage for investors. Consequently not all of the property tax revenues generated from the debt service mill levies will be required to make the debt service payments on the bonds. The excess property tax revenues are assumed to be paid to the Developer for infrastructure reimbursement, although this reimbursement will likely not occur until sufficient Bond Surplus Funds have been accumulated (we are projecting such cash reimbursements not occurring until 2023, but totaling in excess of $20.7 million through 2052). It is also assumed that Development Fee revenues in the amount of $1,500 per residential living unit, and for each 3,000 square feet of commercial space, will generate approximately $708,250 during the buildout period. These Development Fees are assumed to be used to buildup the Bond Surplus Fund, but they could also be paid to the Developer for infrastructure reimbursement. Detailed debt service requirements are presented on Schedule 1, page 11. Average interest rates of 7.0% are assumed for modeling purposes with serial principal maturities not exceeding 30 years. Debt Service Reserve Funds have been assumed for each bond issue. The bonds have been structured so that they are not issued until the assessed valuation is in place which eliminates the need for capitalized interest and credit enhancement. Annual debt service coverage averages approximately 1.30x because of the uncertainty of the sales tax revenues and the possibility that property values could decline. The debt service coverage is required because the Residential Financing Districts' debt service mill levies will be limited to 35.0 mills and the Commercial Financing District debt service mill levy will be limited to 10.0 mills. April 18, 2012 Page 7 of 8 Cash Flow Forecast - Service District No. 1 — Capital Projects Fund, Exhibit III, page 15 This Exhibit identifies approximately $38.5 million of infrastructure costs that will be required by the Districts. It is assumed that the Developer will initially pay for these improvements and seek reimbursement from Service District No 1 from net bond proceeds, development fees, and from property tax revenues not used to make debt service payments on bonds. ash Flow Forecast — Service District No. 1— Arts and Entertainment Trust Fund, cash VI, page 16 This Exhibit identifies 75% of the total RETF revenue collected to be dedicated to the Arts and Entertainment Trust Fund. Total revenues in excess of $4.9 million are projected through 2032. Schedule 6, page 45, presents the detailed RETF revenue estimates. Cash Flow Forecast — Service District No. 1— Wolcott Environmental' Trust Fund, Exhibit V, page 19 This Exhibit identifies 25% of the total RETF revenue collected to be dedicated to the Wolcott Environmental Trust Fund. Total revenues in excess of $1.6 million are projected through 2032. Schedule 6, page 45, presents the detailed RETF revenue estimates. , Clash Flow Forecast — Financing Districts No.2 — No.4 — Exhibits VI - VIII E hibits IV - VI present the cash flow forecasts for each of the Financing Districts. P operty Tax revenues are shown being generated from debt service mill levies and from o erating mill levies. Specific Ownership Tax revenues are estimated to be a proximately 6% of property fax revenues. Development Fee revenues are projected to b collected when the building permit is issued based upon a rate of $1,500 per residential unit and for each 3,000 square feet of commercial space. 2% Sales Tax revenues are estimated based upon an average short term rental income of $5,000 per residential living unit, and $200 per square foot of annual taxable sales generation for retail establishments (excluding grocery stores). Eagle County Treasurer collection fees ar calculated at 3% of property tax collections. All revenues are either transferred to S ice District's No. 1 General Fund or Debt Service Fund. 1 April 18, 2012 Page8of8 Limitations and Disclaimer Stan Bernstein and Associates, Inc. has assembled this Financial Plan based upon information provided by Hermes Group and has not independently evaluated these key assumptions. Consequently,. Stan Bernstein and Associates, Inc. does not vouch for the achievability of the assumptions or the results projected on Exhibits I — VI or on Schedules 1 - 5 and disclaims any opinion as to their reliability. It is likely that actual assumptions and results will vary from those assumed and such variation could be material. For example a small variation in the land use, price points, rate of inflation, and buildout (which is very common in any type of real estate development project) can have a significant impact on assessed valuation and related property tax revenues, and the amount, and timing, of the assumed bond issues as well as the amount of Developer Operating Advances that are projected. Furthermore, it is difficult to predict how much debt service coverage bond investors may require for the issuance of Limited Tax Bonds, or the interest rates that might be demanded at the time of bond issuance; consequently, there can be no assurance that the amount of bonds presented in this report can be sold to third party investors. Very truly yours, Stan Bernstein (for the firm) Stan Bernstein and Associates, Inc. Stan Bernstein, President mimmi=7 1 g 6 N r t7� N �1 • Mc . N• k 41 1461 a R ° PI . 19 11 M ! D O y N. FAll § q q N 1 4 1 �N� g g ,u c Ni g si § ggi g g x . . 1 80 M 1 S UM N § 4§ 16 g 0 Q ° A O El ggRgi 5 4 41 N N g N g. R ') N j 0 7 ' 0 1 o o o r ol� § ° o1 0) 0) U `mqv �dvi Z o� g MM M � f 0 0 0 00 00 0 101 000101 0) 0) 01 1 0 0 0 i a ae If, 1 F. z o g W w �a U p re VQaW H 0O D m -1 F z R W 0 Z Q 0 G4 NN yU1O2 ea Z g g V U � w T W o 0 O O W 0 XX Q 1 V $Q o W t hNZ 2 H F= W W p r `r� zzz �fX- IX- I-PQ2 zo ° U V m W W Q Q Q r r g W g0 W -4 J F W N a MIzo • 111 a g 0 0 3 0 a i 2 o w E »> � aaa aF- U' � Z u7 3ci � hi c� c o � . m w z 0 0 K W FIFO 1f1 N ( Q 11g. ZS, NN OR g�l�� N o e. r co 41 11; O N l 1 M - n , lJ (` f� g od N 7 N Iman O O M i1 g l q 1 4M � p MM � N V EgglA t NNN gg Ol O O O 11 aril k § §.1 9 9 • 0 lig I 11 re g • cee w N ag .0o = w d . Md F z g a = zo 5 WI f M (rr}}a 333L4 ¢a . ce > wo o LL 5LL8 m W u �� m �ZZZ[ �Yl CC w w 2 U U U W W W pj d z O 00 w _ Z ° Z X X X F r 0. W §) W a 5 r 3 O o so 4¢¢� Z Zm Z J �z O LL z 24Q I- 1-Fw -- 2, i > z�� (i z o " °° aaaa O www 0 / z z o '000 v 00 r 0 0. 2 '4 .. .. H "I t r ti .+ w n ry n 4 x III f O NM� 001� .^- v uu '"1 MMM N N t0 O qN f- ,$ F f7 O O I WiP °0I gggg H g q k 5 r M H in RAH , 1 & N c VV 1 n {iii `r3 -§4; CO i 0 a • , '61 4 -i °°i4 g a a aw N gz F 1-.30 toa Zo N O d Dui F z 2 E W LL ¢ �f+ #ga ° KLT6J m Z a o a m i2 w C 7 0 W y z`a - UUU W W W AO Z . ES 0 5 - 0l a woo Q FNVa u w a x a ° o00 .0 a 0 a .1 3 z oo � � �u� °z 0 c PPP 1- TZZ g o n g g o 0. op x ono IiH H HP W m W o 1 1 F WW c4 aRgq g Ft M§4§] 1 a Vi 8 ' 8 M ° O M N I (YY(p��� G X {@p� (p (� yry] (59� SSoQIi� t� (� � (�' ° O r f0 t�/ 111 W 4 j j l3 - Pi 8° ,- A r 1 il g i� N i .. t0 M V4 MIWIl gAg R g m Iti.WMR mig N d q dui 1 111 laili MI a) 1 ° F1 M ° tD J Ill I �y N S° � � 2 o (D (7 :: N Irl @ r M 111 yy�� � .�{{ 55 —(6F Ace m o m ci 4 N O.' W • N = W LLI M 0 X 00 1216 z 060 a € fn J x V E LL M ((yyMMaa} gg eiu4 Qa . } M V !�L lE 9L R LLLLLL m CSC 0 ° P F. M 8 ILI Z W ! 0 "f 00 zwW40 W �IJ WSJ z a 1 g v oOQ I / z N MWQ 52 80 g W w _ � W d z a w X 000 �CxxFes' EE 0 c o a a z 000 ¢¢¢a oz� z °� O W W ? Q= h-I -h- Z ( S 0 J�q z W 0 R °�iL U W m �1 a 4 a > > > � aa ,..�� Et x z 8 a z w F' 8 !L T W W Vi 4 w KKKO � Z LL .0 cloin J HI z z w m W - N N< 00 r m „ .. .. 2 .. A. n 22 .. N N N N N 1 4 1 x a .who iRR r n RQ JII 1 '31 Fp- c°�i �h "' c N . iW n9 ti gag f��-Q N f ' r E 4 J q P i �rIoq 4m z - 2 1 ` E 0 t 1 NI 1 M l ! 1 O K g A N .. r. 0 aw o tt VV c�v aU g e a W ggO 00 0 - . � 2 N 7 S gS> 0., CO zZ U Ru c, NtMh a 000 —d 4a {R } '� g U iF ## �LL W ��N M W _, M f33 Iv�S Z y W z W 0 0 0 1 u1 -e. yy O O W z W Q a 5clop �y NNN LL1��2OW. 'W V� U 0 0 w 1-1-1-- r r r W s 2 " 7 2g9 d 3 a 00 - o y } y } Eir W o . r , Z fL F F h pp ,, 6 z W gz > >> g TMI--a 0a O O WO 0 z A ot W v w O ait w � ¢ � ¢ � Q ��� F 3�� z o '� p ww C9c7U , T W z p� w o y ~ W ~ z f U' z `�iO Q Q O U W m W S -- n e -- r m „ 2 ., 2 „ r ,, 2 g a a ry a I 1 14k4 E gig MR 28{m Rig. " F. g_8 R$S I ER 8 !N n q W°°° O O 0� q4§1 A 0°00-- � l- Eli 4w.- M- v� R i �, N ' of M immoi tai O0Igg g N << `yV��� n iV V3 `t� ti <n RQ g�r� p N 0, � Nf 7 _0 C�'Ao'^i s ' 8 A p Q325 j � ° �3 'PBiO I 00 §2. N o 82g °W k IA X 6 ci 7 %P Ni d a Ni "" rg. M. "g § ° § § § -5 R$ 00853�J1 $ F-J °°°°"" °°°°"" O °° 4 0 l a Tii. gg:i. Fig ° "I 1 �gil g R M ro$ �1RAU RRu°. '� ° ° °o$ 1 M °II A °R.ggo°A 2564 � &' no 8 g m ^ ' •70{''111 °mmP $$ ��11 �� 111 gA i sI 111 �p O ° O $+ 00000 !p� _ I a v Q � 0 000 0101 N n 0 00 o n * N ' �jI pmU 8R a /��1 W O 8 N A g v N N cp q o o F g � " it 1 I ° C ° E n I$ n r 000 f 0000 o oo n o OOOOO� W 491.g gVi4R ° 4 §"°°§11§ I j s �JJ Fri gg n 8 �� 17{ 4 jy o o go oo § 0000 5 I �j g 000 oolol R n o kF o oo o g § 1 0 7 � $ S £2N52, § gg g v c o m ?wpm mi a a ° r olgl �1 600q a,� .+ gc�0000 U o j�� '{ ° °° F 00000 I 2255 �° . , i5 � � 7B 8 8 � L N 0 e m C a i 4,744 a � 800..0°ol� 0000 Q l 9 0000gol of �' °0oo, 01 `Isi4 — _01 ro m S Q ti j 1 8111 n100000000.000101 0000000101 01 0000801 01 010 000000 04 �f '-"]' S . 0 9, 0 9 o 0 0 o 0 °0 0 00101 0 0 o o o o 0101 01 00°001=4 01 0110 0 0 0 0 0. 0 01 /4 4 E 8;11 3 12 a dg le 8 W e N q° a 0 5 no =� ; a 1EEEf 1 folgl il; lim §Igli i ' 1 . @ IN 0' w i ' A° o arc mm° � S DSO gg^o 1111 > � m y ff _ m� §$ g > 6 1ig HO 0-00d iii -; godddm 6 ig AMP g 4'1111 gl WI as y��nr Fes$ g�i3o� ° '� " = 8°V e gggi1111 g 1 WI 2 gg i§5 r ,q 1/ 1 'mid 2m104.5 . a ! h 1 2W( 1 1 E 1 m W 1 of Ali � v1 g _ 0 0 o q g o m N o o V o o1 �� m 7 ffi ���g���� m ' � °5°i� uo' 'OR 4,'V'2 4 Niva M N C N A0,441fl1 Z N E 8 1111 �g °88 m NORbtlS� 0 0�^g000l p0h9s88p $ m Rt ��ry h° II ff tD �N�NON O IIIR R� E° '1q aiig" '° $I. g g lit -�lW �a0 0 m m e �y000 0 Q yy M 4 }? j 1 0 0N0000 m 0^°ooi i R3'�wSRXSR 10, Nf ' i'S ��i�$ °s8 m m ° m C dr !g$ 4 ;V4 '''Iii NN I IJ g 1 _.te-,MR`i` o00°(�S(N°rnS8 yOi51� i(°`,y�II ov,^ooa � aO O t p M N FI YI 5 Y a Ill 11 r- Q Q MUM- t") m M N F 777 I , Ri N' 7 I � E3 n .- 2 .- a 6 K J m M w� I � 1Wp�� r ° °R°s_� V Q • J N 0x00 R VN's.aRa_yaysR § Cp 4 7 li SON Rr ~ § W O V ZKINFO M N R M RjN(O �Q 0 N M o N 11 01:001 F F m m m F W nil "I�R'NZ' 000Ro$� °I`a°�° 2SS� n Nf °Z R ffi$$'�dg �E 8& k W m of, 0 0 m glil 4s ° ° °� °„ "s sssg$ la§m§Rx 0 - 000 1 s Ant R V Pi.§RV �5 M k R R 41 R N�s • .E1' RR o O< M F 0 m M pp an��m 0oo0 1 NW 00 ^00015 ss N RRso �R I q ° s . s ��a Q °s_g j I n�� ` Fn Inr $ NR a g §n �L4l N - m of r s Mg 2 8 Li g � ~ w � R c� o b0 g =7 4 a c� F c2 c�iyf Vy II WW i Z: y �. m #9R Ak IL(1. VUUUU } M W 6 6 n U V , N � . - g,oO 1 5m.� NNW � h i- W > 2 m � g � W O u�QO � w _ � 22 � 1 - � F a U' o 6 k O O f) W �° � e f L aG, Om O 6 6 a a ' a g 0 i 0 0� g E4 Ht ^w w ow h> N dK 000> O w F J J E O r KM O LL I O: /D mm t0 8 0W $F,e m N W JJJJ F( � w NN NN m -i1 A2" ! L N h 2 U O m 251111111 J f 4 $� >W m R 0 < g O� o 2y s `® 1 66666 6 3 O k W KW 1 A $ 1 M Mg R Mkt3m°°° g$°a" e l.§.§.§1§1a 1 7 '1 Ei o0$ f E V �� I Y p � ' ° M 1 N a g pOOOO I N ' ' p � O a p 4 S S, "ll� 01 Ep o00 gOg ° QJ n(V 00�1� !l 6 ° 00 - b g g gm ° oNDO �0 §4 + o IN iii"'VVV N W 01 C� Y N N m al 01 0$ 0 C 0 0 ZV 00 7 R g ° fl R:- 3810. m' E MI 1FEI M gra..° o°00 nl q 1°1 { i � S�o �y °'� g oo� 2 �" b, Ry R4 Ip000So80 ♦� 53$BR p9i gg� r -Vol �o°og n S5��iR �F MR o m♦ mninm �, 25n Y m m �. � ���.- �.-mo� 75 i& E m op w e , n mm � "°1 4 ta g R aER .4533. r ° ry - 0 0 0 0 m 'vggl muro°m -9 $,°°�,$', ulg 9 1 °1° ° °,ff m lig §q§ngi § gsg �,o. . . gym$ m rr oS g oe o S I °° I �o,�o$g ESE g" r �4A1 "° c l g 'g, `ogiggy `� a �oo ._ " 5� Q �i 8 111 F ° ° °aEr ii 4 .§I 8 0 o00 §.§.1 8g N C 11°° °111° 1 11111511 1 1 1 111:11ill !I °l - / MI /11E°11511 P111151 1 °I°°� 1 111:11 1 ill MR4g°°° R.� °a �7 a �6J 3 . oa-0 71�ikUgYi g.1 i5 n 6 M rr a r ,,q "m° :"v ,'g g id '1 N IIMME 16 lly V§ ¢ - n 1D u0 'I W g^ @ g F1 q g 3 �i. �f �g d 25 1S �`nl n ": I °0 0 v °° 80$$ R , f 1=01 O Q lagir giig OR ° Yl e- r - M . g V S g g AP �z1 � 1 i�� w W p ~ ( U � � 1 Cgg9 Z m �Zg1 o N � � Wwy y � W W ingg w g � w ww � g Iii iii 11111 1 g 1 gg R ,�aVy F- 14`8_ ## 0 °°4 pag Fi g gggg s � g� 1 0 4 8 6 : < gm o £ � o El4 P gd �w ~a �PRPRP <� 1 z g Moo 0 ;MO mF m8z $ 3� NRN o a g o F g m = 6 igd 5~ f ill§ o 8 m zzz� = 1 g 8m HI 1 s MIIMMEMMEMMEMEMMEMW il • ° s.�� g PIMP &gam a ot000000n or 0 1: N N 0 F 0 WN W w $ V' e ' 4 O � tag e g �y� Pli p kg ° 00 1 1§ § e .. g 0000 o M o a $ g o od .: Er �n o o o o o r of N $ g i � N l &' ,q - F 7755 N 25 a" ' 1 g F; I� Ni Nil g � QS gC gS Q �q a v� y g v� �t �'A r ao}- �iSfi 0 S�,3 0D04Q0 ! J o ooa ffiitl r0002523 $ VII 4 V 2 1 111 15A 000 r ,0 6b� f1 $i o Wg$ 0 3N e. 1b 1 ii N g 1 3 M U 11/ r 0 'S• j v � , 11 g4II == 6 0 pr°°, ^ a i W f1 N a IN IN 0 $ F 0 g ' 2 y U N � w 0 gEffE N (p W ity .t g“ . Efftgglp8 141818 x 9_ g i i ? rg 4 2 $ ° 12 p %. 11§1 c X0000 }� IM t . N . } y( . v r o�o �' u0i -1 k IK8 K1Q mm 22 iy O i ? he llow. al JJJe o W , t� U +er1 g ° LL N t'1.N ;;;�!!!4 m ° O i tttt i Hi! q na 11 P1 al i i at� O l g / 1 ; ° I 1 y{ N 6 O D € • m € Nh NN UNJ :::!!! F Y� o �Eoi 6 S_ 1 1 F ( pii W O. c�c�c�c66666 �i 1p �a o fi 1 R O Z o W S 3LL - 6QQ VI N m O 6 m Juz 11! i • g x � ` � ° o � `m g � 8 '�I�I '_i�131 '�ii�l 0"" 001010 1 pIQ g i3 nu §§ 001010 001010 § gRoq Q524e a g iiol000lm § I 257 001 001010 001010 Q gl 1 4 56 g �fl n F n a milts0001 Q o Q QQQ o 001010 001010 001010 1 I . �+ 2 i� 2 . jil t 3 N .0o 0 0 ols Q WI 0I0Ig 001 � 001010 001010 001010 F dS XJ ��i �I I a I Iv 0 0l H s 251a 0 01010 001010 ... .01.10 0 1 2 g R YY R X371 g 0 . �v uN 00000101 00101 Q 5 4 001010 0'01010 001010 001010 1� Q 3 2 W � W 0 W 0000of of o02ofo 001010 o olofo 001010 001010 q W 2z00000l o! 001010 001010 0 [11010 0040 o golo of M z A 0 0 0 0 0101 00 1 0 1 0 , 004010 0 01 010 004010 0„,. 01 • Z z z z z ¢ n N N ❑ 2 0 $ §.§.§ m g8� o 0 o J J r. z o0 06 06 8i 06 0A 3 N N J J .j qq .. J o a_ ca J 0 ( 01 FI- p_zRF a_ p a_FO 1O h . 0 M g 01a . 8 8 8 " # o 1 ti O° 4 s pw°ww° p w° . @ ° °��z�ctzf r W �0 t �1 YS ¢� " Z z O z z $ Z 0 0 0 0 0 z z zz 0 z z ( z uu f 2L WW Q N Q TRRH Q � Q N 7�3n p q N g . Q N N S 2 682 8 m a ° aa �° o a p ryry N p p pip y a m Ui p 3 N .V ow n W A s r- M- W N NRRRm2 M M2g Cl N I ----1 ' 510000 °0040 004°0 004°0 0000 °450 0 a `72WRF ism gR S SEA R 408 m� .. N v 11040004 � 0400 g0�0 0400 00°0 °040 0 V3gg S g ��kE g ^gg 8,15 E 11 § ".§ 4 §.§ 0400 0040 0400 °440 0 ,q1SR,Mt s OE r I 8 �659g 8 RgE g se rt v ue W § 0000 0440 0000 0448 0 NI' T sf 10000044 °0 0000 5040 8400 ° R& Q f 100 0040 0140 g_ g. ° gg g W W1 - . - tS K g §. 8 . X751 0400 tS 0 ''§. a Q Nr CR g 5 g m OD ~ PIT C : g§ N Q i M N A N N 0 0 0 0 © 2 C7 z 0 2 p Z O 0 O 0 O O O O O vv� R g O O O W ° ° ii3i g ti 75 i� g . s r 0 a f 2p0 gp0 L Eg g p O w 4 333 UH QQQ��� Wp a3r�" a_r�"' a_r!' a_r�- H 5 n s 0 0-Acq g n- h ki k ' 2 r A Q ❑ . 'E H 0a t t °I�� 000 10 0 `¢` 0 1a 1 gu.� ..451ZZ Z g Z N I VLL� M h Z x"00000 O O O O O w • � g 0 M O -�ZZ 2Z'Z 4 2 Z Z Z Z ,� r m N N s N ❑ N 1- Ol N ' f Lhi8 § a4.0 o a N $ 1 WN4N m g1 pQM a V° ryry 4-44 d)QN N hmN r V V m N N8N48 n3 W (OM N2M gM $Vii i rgg N Og $ $ n`ggF " o c N N V O 11§ §FsRR RI R§ ROJI_ MR §RR§ °aR s ,g1g mm gAi$ n2R§ REli "g N N , s, pRPg1 7$ § a�qg Oq� $O Q S ° §A§ §§ g m0 r of N v r UMW ggig§ gpiR mg gip o gd' s 11 88 SS8 8p S um SSS Sppp8S 8B8 8 Q 1 g k 1� O 1� � C O J q O . Y O 1 1�f ICJ O O O J y O � O f, h O O O O O . Q 1 ���VVV Otm 0 $ rl N iq' g?_B0 gg 1 �j Q Qg Q g r t+) M $$ Q (� g fffjjj��� j � f Q g.g. {RI O1gO $rOq §�$ZSJ � °gaff'{ a . 5i�J$M3 A43R 0$ile, FiW s$C?) gjg N 88 p CN 8 - (p� 8 SS S }}}��� 8yob ���pppyyy�p Sppr 8 cf g ill M§ §R O N § O §.§ g § RO O OHO o Q O 5iAgi4 Rao 'Mg 3. 1 sVmM nFg§ r� M v d cis sgo 7.m §.44§. cUg ggg yy �s{ q� §§1§. . Q 5j 7 Y QR § §§ M§ §A§ k4 §. ° §. R §j§ �Q7JJ�� " �Y N g v(1 i 0 0 @J ? z Z 2 i i a O O wRRii§gg S 8 S o 2oz1� 8$ 3 p 6 p F F o 0Po_ N w7 N ` 1 _ U' 7 ffiys.RRRRR 8 8 8 i Porn ruil3 �, t W n�i F r _ Z 7S .- a Vip J pJ p, pJ y pJ y pJ O m N U' u� K � W j LL % 0 2 0 � 0. Z � 0 g 0 R � � O° _ a d 0 a_ a - P . z 12 0 4_ E r - P ¢ m 0 1§.@§m w w w w w: gal m m p X r 1- v. ¢ mw c OHR O Eow�a tlawczfza z z z z LL O w y Z ¢ 0 0 0 0 0 Z O O 0 0 Z O n� W5 Po0p ¢ z z z z z ' N N , N y V210 8$ E flU r o a a y °a a yyaN R •- N MC w o f-03- O r -4 NNNRNNNNcVN tRM Wt0ARl'1 M CN]Cl M M .. ' 4 1 .71.10 001010 001010 ' 000. Q § 0 a 0. Q 25 o u I 4� p� y7 � N 25 g il OR TTII , , 4 1 0 00¢ 001010 001010 00010 QQ § . gc g§ g p . . =1 2 C .f AS��J II ? R ' u� T "S , J II R 2 g 1 5 25 glo o §.m 001.10 001010 Q QIo § o §. g § Nv: 9f ;tt !V N N h Meclii§ 0001010 001010 Sj Q Rg M°§.§.§1§ p�Q 8gQg q q 00""0 ll § p 5 0 O v Y, . o 8 0 0 D A0 Q 5� MR 5 � 5� 5�7Q�q� �8yy.. §. 2y5'foo�pkiipTiK 000'0 tum5�73 t �. 25 p aryl RRa1R Y M r V Y g g R V N W R g O (f(SSII 11 8 p y p � pO pt G � S 8.p'888���8 8 yo RA I§ 8Op8S fo Nk§§N4 0 §1 .t P oRQ�O OA . 0NN. a „ ARCiall §4§§ kw _kniqk.§m kgyk 6 15k 0 F:RliM1 ling 8 g vim p lik § M § §.§.4k kkg.§ p � p '°s. k4kk ; " �if I V N �A'I q A.44'IIW Nr �.t+i 0 W PN E O45Y YY'' �O+ll CCCCC ` a N 0 (( 99 a 0 z z z z z R z zz z . 5 5 i i 0 0 0 0 0 00000 .8/0-604d4 g R8 Ks.44sim. F6- 0 6 6 6 6 @ w m o o 0 0 I- �i Q 8fl$S W W W W W W 1 ( .. o O v 5 aa g , 5 0 > �i S� O H z $ 8 g q n YFFS c pQ 7 n4' p1-p pp ° 11 {, �� q,p lq K m 1- w . ' . 4 . 1(/�] W F J of . 7 -1 1 W . c 1 m g z W F a~ W W We W O F a m o 4 � a o� P' a ' a o N N F' Z 4 I- 2_ F M _2044 _Z 1¢- ROM 4 .1 0 a o ,z rt - g_ a z r r- azti °- -I- 1"' N ffi r§§41 g n zm. zg zM z8 q m m r ti p q i q = W u w r w fl g a o. q 00 g z z t f "1 ,,$, m z .00 0 0 0 0 0 $ � z z z z z a z z z z z SilLu A A N _~ z MOO 0 0 0 0 s °m o a pp a pp 1� pp� p g a �-N MO N w Aa1 W ,9sr-g � 28NRMA iV RN W MW nA 7MC28R gg - M 4 ii • p ffi H FS • ¢¢ of o 5 § 5 � l g � o QQ ;5�n1 0 2g5 2ryryf a § 0 al Agg . 7iwm i �5o § g �or . v w N R mr m vm N v vedn N-0000 q oaao 001010 001010 001010 [ago 01 „ zz Z z z � z z Q Q Q z z 8 o o §§§§g§ z z z z z g 0 0 0 z o -8 S 0 5 0 b 0 5 85 �5 z 0 m Q s �; �� I z g z Wg 2 . IMP 5 5 , 4 �F aO O FO a O w O. d a � cJ g - P P a Z P g a k z6 d N R . 1 a g F ~ 6 1Z i r§§§1 ,,, ., ., �8 4 m D ga 0°W z z z z z z o1 Sow° LL 0¢ m " g M O O O O O z O O O O O •-W1 = m ° 22222 a z z z z z = s W J N� m N .4. :1- 4 N �� g NN o a a a a a �010v00rmm .9rg ;V P• t:VglaNEyF'vNl3MRicQGc3" ARIR ; R8G14 1 • o 4 Q 1 N p o p p y W ° h N a x _ z ° o a o N W Ill aEm„ x 0!! W F = > m W QN Z LL u. U Q K ' W u " 1 b K K 0 2 K z P • R = N u. W u re IS- J IL J Q u 6 2 z 11. o o 1 { 1 N ) D (0 Mtn °I °I 0I w 0 N1 0, ct LV CO N O ry J jII N N 0) a )'7 OI OI OI e E D N N 1 () 01 OI OI N� (0 10 (0 i 0) 0) OI OI 0, 4 4 CO ca N) M ) I N 0) OI 01 OI 111 oI m � Cl q 1 of a of en N S 0v 0 x O mCO r)r Q CC a o 0 �� N �t o 01 01 oI ZO 1• y CI N N N N of of OI N V 0 0)m N N N W Nf OI OI 0) 0) 01 Oi 01 0 N1 c z a LL N N M 0 N f O 0. 03 Z xx Ce I-- F z ? C R � `' 1- 0 0 V z N ..--. to W ° V <w 0 I K D m W N t W o W tu 5 0 a ° a ° u. w W z a a m f :4 v ° , K w t F Z H z w Z U ° a te ° z � m w ow �z oz m ° 0 C4 to Q r2,. �s W w w z LL ° ■ g u s K z z w Fo y, t- J F� Q J w Z u. m O w `4= W 1- F ° ^ �F Z U' r., mox ,z --10 a _,F. IQ - o W S U u. C Q ¢ .$ a W W m W .i N m a. o ,n r m ON O ;7. 1 N .. N 1 1 —.1- N ��� o G OI OI N 1 � Or � I lll E . m N co NI CO �I CO OI 01 01 m (00 N 07t N� 0I 0 . of of 01 • t 0 id M (()�1 M OI 01 01 OI o el d N 'c`_ 'I .c c( c r�� 1 1 of of 01 . N tto ( 0 0 cco ( A sr M tc . MppOy7�f� M M of 0 01 ; r7 O O ( (( ( CO ■ (0 (() (0 U) 01 01 01 CO 0 CO .4� ro moo A c 0 0 1 OJ N � O � OI 01 OI r r O N � NV N i a ( + • O ) M M M 01 01 • I- • M N xx d .Z • it W ul . R Z x N W U ~ N f- Z c ce y I- E z Q M M re 0. sa -U a V 1- a a m V w W w p - w C OQ W LL a W. W o 0 K N Q . U �, I- J a p Z p Q� O 4 Z at' a y F- W w W z z 0:1 - N V) t- O W w L I W W Xp� v R G . of 1 - K Z O 7 M z r ° W 3 6 W a 1--.,..< Ill z a m O u' z —10 ' z 0 N Z 0 g N N 0) v (0 (D (- m m° `� N N N I • . w m N N 'I O m 'i 0 NC M 0 CO A 01 OI 01 CO 10 11 NIp0 O � O OI OI O) c c0 t0 t0 EI � 1 (0 (0 OI OI oI N 1 0 t 0 0 W N 0.1 0 CD CO 0 0 0 .71 OI OI OI 0 ! CO 3 M o N Z C9 . W 3 O zz 0 re rY U. a o Z P w ; a M h re M NF- z� _ F- w Q O o Q W V F- n tt) U W W 0 a , W 0 Q W Ui Z Z w w n N ‘1) a F t7 U.- (/) K x z w 2 0 C1 z Q W ' 0 h 0 (/1 Ott lY w W W W 0. z CO N • Q u Q Qrc Z U X w z o ' 3 y r� � � iI O H w Z a m m O W X 0. -'O ZOO ( I ) z z x I ti Z ce CO p U f7 A o i X 0 <O U. V � W Q w w w x , N P P O ‘.0 r CO M N .1 N 4 4 I 1 � � � � a o nr nn °£ 1 N m m N N N C11 CD CD N t- O] NO N� (0 CO of 0 1 OI NI r� w , of 01 01 M M m � �y I c o a o � l+�O�JII OI of of NI 7N c 1 r0 M Y OI of OI 0 el R CC e o � o � w �� o` 01 of o? z w h1 h1 01 of a 0 CD WW U y 1 OI OI 01 01 01 of of O 2 u. 0 N ct e w p z w z u. E-- Ce N j O F z N Z W ;F1. O J X re M Q w � In0 0DI 0 Z z A0 w u -+ E w a Lu U 17 0 W w Z Z , U 5❑ w u_ O 0 w p A w q O w o w a z x 5 se : 3 co Z N w� z ul 0 Q O w W 1- O z 6 o 4 a .. ■ 0 0 ILI N d' F- W d W LL Q c 1 o 4 rz K U > Z e 3 3 (- J F¢- z z u. b O LL � Z -JO ZOO � u CO Y Z o ,, 1.11 0 xO afu a ~ � m w s U u. U,fC In ri N ri C N iG N m N N , H F. N NI M 1 2 0 M of of of , N . N . ti CO CO 01 of of co co N N ) 0 1 NI 1[)I to M) 01 OI of OI . n m w m of of of • N M 0) 0 0 07 1p co M N Y 0 �I of of OI CS M M M co co La, , 0 1 1 v 0 1 ., oI OI OI c N NI 0 O O O of 01 of N b1 11 ) 110! . Cl o I OI m .11 0! 01 Ol N OO m j 1 1 a6 10 • N a: O x j IY Is N 1- El F z N w U W N J } M • o o W 0 W W � J "m ui 2 (° V OW W Z 2 U • S ❑S' W u. 0 v W W w z '❑ z p� a! v O 4 r N 0 LL > Z Z W 1 .o c - ' 30 2 ON Z O 0 m U 0. U Z Z W a 0 2 m Z w o� �Z (o °w z z a 0 z m 0 o g 3 3 Q wow � " z o I:: • O CI L W u W I-- 0 >F u) z LL • � Z1 ° U re ' � 6 a. ° O W m o r1 N to a N 'C r- N Ol 1 1 ■ 111.17 . • F. m r) N ra 0 • • N 00 of 01 01 fJ ,.. 0)i N) M . Nj 00 rot - 00 00 o1 of of • N 00 M VI 0) NN NN ■ r i 1 N� N u� Qi of of N1 11 0 N 01 01 01 01 07 CO N� 0) �1 01 0l 0 I' 0 rs i F tX N • M n: Z W Z u_ CL I: � � D ° z w „- W IX a _ ) V0 w U Z 12 z � m v 4 o W w z z ? v 5 ❑$w 1,_ 0 0 w o W =, A K a to Q . 0 1 0 ; III ! I IJL 1,l nl 1 $�g� rI NI u 0i1 + 741R22§8" V W 2W-R8 � �OI 0, of (O t N 11111 f ! a OI O O {}I M N) O I O l (OI I $� Ni N Q O 0 1 f� OOP CI CI 01 N n (( Vl G O 7 $ O pp ��pp N N N h O p N n m T � p N (O 0 O� N M h N 0 0 (� M R F. 0 N N e Ri {� r p� pS �' c�.�� tQ{ ( f0l AI (Wq Ni N tO Fp 01 Q E q c2 SJ 0I 01 01 fftt3VV �� � � N 1 S(J cl t � j Ni �r NliM S°�NSNI ol g y rtas7 p l � � m CI j l' §/1 G of W O) - N (�7 I NI N t7 (� ((0 '- N R M 2 S • n ( ( o I q y �I 0 00 0 n ooly �t 01 of oI 0 Fi + OI o{��� on v $nr�$p� �' MMMM I N N (V t0 a 2 .N- 2 h (G N 55��� °I OI of i - ffiom0r, °OI$�cnv�q 2(°r' °�525Z cSrn$�711 • N V a 5 m 01 0 o p pp w oI w v n p of •- v of of of H i 00I OI y OI NI Q1I �j Oo M 1n N < W N O vj G D� .0-� N u) 3JII (V 'env; V m M M vi IOI w W V 1n • p 4 o1 S (OI 21 I, � $- $o0I° 8 � of 01 01 Ni 8 8 � M N � "� N co (D r� N 0. (6 O I • • 1"1 g� 01 OI M� 0 0 0 0 0 0101 00000101 01 01 01 4 • 0) ( O � 1)o OIOI 01010 N 00000010! .6000010; 01 01 01 • 7 V� 0 N N V O U N W W N W to . • Z N o m N W Z O O Z J 8 CO z g m D U. ZZO 2Z c J rog w MD S0 a .� `n_ r x zoi TLL$1� w :roe WWU N 0p P O N W O 2 01.-10 Y a . W Q LL Q o r W Z Q U w a cc W 0 6Z 03 :x 0WW Ul WO Z r W N LL 0.1--:w Z Z O •co W0N 9 N QQ LL W I -1 2 O 0 F � Z Z ~ Z. OZ ° U 0 .' m 1- O � Z ll U W K U -111/ R 0 N O f2 w a W. W . w w u" y ? p j m ¢ m 1 = U W 1 =. 0 0 J 1 Z a CE zaa'Q Nw KtL u.�0 Jzm u y ?I 4 w U ° < j ZWi)0 .7Z 00W1 - > a V U W ' O W 7 W ow 65<00.W ..1 o WzQ a. fll w o a az¢wa FL ww a a .� c *ow - w z ° Joao o�¢O °j -I ° 0W o g a 01).0z { O aon 20- C X w zz ��� w w W o o i1 WJJ ¢ � a 11 ° rr o u " 3 u LL ° r g � w ° w u N i 2g N w �t ¢ O w � p y z N z z ,;l o m u r J W 41 lA tq QUUO z J , W W u.WJWQ S F z l� O a vi 25w 1L as g L� F z la a x y z l oow o¢ti ��wo � QFr¢ F a o ` z z y O Q fA (0O yy O U �w Q� W aa,, ? ¢ x U U' o 1 16! ? U U. ¢Qr° °r ZUW U W W W m W g • r N M ,,, , m n. W O r N M 'd' N W n (O W O N N • • • • GI E°' E N )NO$1OI N l6 c ^' l0 ► I N°NO' l0itO le 01 01 01 CO N CV CO g E R § S� a 1 11 1111 8� I of �I C7 °i ► l I W O g C1 � ° W N ° ° � 01 01 01 il El I OI OI N QI g I OI E►gl EI f � O Q OI� § 7 � L O m 01 01 0I 1 N N m W N �O� O N El °- p g 4�y) 1 gl OI � 1 S 1 O �^p p'2 Q 01 01 01 O p O NI N c 88 ' e- M +n W tO a� W O �` OU f SO 8 CZ N C N 8 N g �� N NI 01 811 mI 01 0 S�9 I `iii . oOofCl V 0§1F:41, 01 01 01 O E c � N1p 01 01 01 I 01 ) C OI I '1) N � .G`'2 93 01 Spp 4 � i m O �f {4p1p C N N N N OS � W N § '3 g N f0 N cQopp2J1t1�� 40 ol 41818 °I N► 1 O (m N OD O gof � � O^+SC��nj Q of OI oI ui 1N f 01 10 00� ( p o j ] 1 � o1 ° a W s- ° m In °°8 01 of 01 n NI c nl N as v3' ` ts o ..0 01 �' N 0 N LI7 1 i 1) N� 1 8 m � OI g N I N I 411 01 N► QI ill a O. 0 O OI O W E 0 Sr OI 01 OI o ��pp 1 N N S � S � N N a S'4 � N SV a � N NN 1 I Q ' a '1 � y cQil`f3lt?l aN ► �Im�000lo $3 o$I�° 01 01 01 1°,03 N 0 g � attiiSS � N N : 1 1 4 w co M ii ✓ Z W z zg 8 0 U wz0 ❑ Z w Z W Z a o N g 03 5 K - m W 1 x z CC W M¢ v r a 0 0 w o a N V Z i S w Q LL 'Cu y .4 R K ° N 2 N ❑ O J ( C 1 :. R te ' ',2 a z 0 0 O 14 Ill o _,ZQg wNas a zz 0 N Z N Z J Z ❑ �+ CO O U. Z 6 z O i O ❑ z : >' M 1 .. u- re _�..{{ 12z QS3W 0w*-ZW 0 o S O i. 6 W () J w Q ¢ !A q O M S e � n. Off- 11.1 co W . W CC j mm LL W p O fa LU ee re 52 W W W qs KF- Z — ' u w . 00� 06 W 0.'. W Q W Z U 03zw 0 Z LL U. ZO V (7 ° Q 0. ( Z� w ° y¢ O 0. W 0 Z p° Z e `_ � t11 W Q n wU1- u, aw W W.f- z� o p0G 1 WN R' U ¢ ��¢[et> w a ¢U 0 J w s r ( ' ( .1 }� o z o w ¢ o w o w J ' owo J O W Bt " � w W 0 5(/) 0 z tu % U tL o Z 1n - >u51 —O0 W W M 0. 0)Z> o o0o LL 0 m 3 ; F- W .le O ui a z H ix 2 w Z Z 0 O u �S3c a¢°8 61 —F-02 0 � a aMYN_ 60 - - -- 6 m w e- csiM V'N wr 1b 01 O NM Zi" 1,2 O r O NN 1 1 1 11811"41 I N I �! O � OI �(1 �0 0 o N N 0I OI O1 X88' R ,�,�� d A. I . { of y 1 y No�f 1 of NI 1 71i ° $: of y . g m ° v o m of 01 01 N - W M 111 0 0 v� �7�5� ` M N � � °. M 0111 082-°R°1° 1 app ��p1 p OI 01 01 N In W MO�'Iv1 0'7.2 - o V V O 6i <0 NNI1 p {� o <- 0�v}} h .<0,- S. CV 8 g t0 N N CO Tr" O D fh p O OI 5{+pJ Vp1O M OI CI 01 1 O ag 0 § o � CO ,, O N �/ N N $ � DI O § °j § o SO p{{�� o1 ml§ pM �r O map O p p ` ��� l p + p� OI N m. (�t 0 N ' ' RI (p V N t� pVIO � � 01 N N W $2 I �C� � u� ;q 1 1 °1111'11 I el,om § 2uS 7ff 01 01 01 cno 28 N �U ,_ 11 p�j of 11 gl O1 NI �7i "pM F �§ CO [ mg p ° ".8. p M°§1 � �+ °1 0l of NI N� N NOm N vva N �I of ol°o��oi I 1 . Fil { 0001 � Nm� °O I 01 oI 01 0 O , O I OI N�t? I OI N N I� A O OI � § N 0 8 of OI OI 1 ~ OIA will of Nl �� RI2 , ° o ° ' °� o �SI� ° 1 OI 01 2� 111 N o`�{ c � v a v ct+N�l oM� L5 N N T U Q 0 ? - �w v 8 8 z • z co 0 a z w 0 Z� 3 z z8 w m0 W 2z w z w 2 w . so 400 - 0 K I- (( N Z 3E F- Ill 1. cem W o m N U p = 4 W Q u_ 00 1- wZ�' 0 .0 awl w p • A N w WO X 004 U ZI- WNIL LLw ZZ Ww w 1I *no - n o ? F W w o zz 1.- oz O. p ,zzz ?; M U J W a4m0 m8 a awm U U. 1�1 M XI egm powp row oo0 j Wi W . i- p Z m y WCK z~IL [ra ° W g 0 O �x( R w .�..11 O W O Z e O O p p 4 N U 2 U w ' m N �om 4 2 00 w2Q: o ., F' a , p W N l Ere tt2 Zt1 :--2 w waao� ° pwM m z m F 0 2 O O J O W 0 '23_1- = W 5 1 1 N 2 0 z .i UQ. cn'F> m v�o w `�w 2 = 0 0000 i / 1 a O W 2<-0@- w w[q W W.,.ZZ l -F-f•- 82 o m "a vere to O � ° J mJJ U��O p m yr -1-1- 2 i z M .1 inow2'`XXozp 0 11li w J g p da 1 O, O w w ymN���sw k mh p � ¢ � ¢ F dd ,~ u �i 1 (7 h owe ��"20 o k w O(9�(9. C7� ° S cnmOW9ZO - 0 - - -- ' m w - N o 7 N 0 0 0 se; tN.. V v P 0 O W O N N El 1 81 I§ - o pmp p 0 0001 ° `m 0wovIn 01 01 01 N y (�2 N U7t r NI (O N cr-N 5i g N " O NNN 1 a N "IOOI OOI O OI "I `0. O O 6 W 0 OO� 01 OI OI P M N, l �"J N O m NI d1 i 3 A NN 1 " 1 981 O I ONip 8 012 2 3 2 12 01 01 01 rmi NI 7 1 N .- r l+7 N C tr `ul R m r. m. Ni m �mF. co- Nm mN m u $ap N NI u ' �OIp OOOOI N�1A - NO3OIN g N O 0I Ol. 01 Kj N NN (V m 1m V w r '- m i 4 N N N�I NI n W, N h n n ryl 1`• n CO � O � � 0 0 0 111 taI f ' 7 0I 8 1 g y8� 01 1 g 2 p4 - I I: m h p 8 O. 8 o f N� � O N O � N OI OI OI gsj NI 10� N ` �' N O N ( 8 3 §. N " g • T M� f0 r r m OI O OI MO OIN l- r O N 01 01 01 MM VA t,2 i g " N MliR N O N g s N: N M M c Ir I cZ8 1g 8I oI IQ� I uS oQol .. N W � o8, 91 01 01 R e g x 111 OMB t 7�i 8 g . . g R r I l el II I °'H� I Rsc ;� R o of of OI R r ' qi RI p p�p OI 00 81 °I I � S� I ( XS `�8 ° °I �� H . !: 01 of 01 � f0 0 N MO 111111 N 2 , ° Ni ro ,, co `8 u c,: m M M Q x NI $ of 111°I I�� �I j O §ofg 48V4 01 01 01 C ` c a ' S ' to 1 :2- O N m1 lNf1 za ca • . N F.16 10 U N W 0 N $ ? dd m y W $ W U K Z Lu o z� 3 a w ti w 2 Z v� ? m �_ LL W T z° 2 w W W W 2 ¢ N °- • 0 awe MR 0, 0< _ y y ,....00 _ 0 W W !G N O 0 N o F Z Z 0 g S 0 0 w Z Q U . �9 0 W a 1 W O 5 r = z�az w a0 ZQ I- W O. F- u. Z O 1- U. $ U J Z. f,, W LL :W Jz O W. oy (jJ W QQo,0 ¢ a aul W CO . W U . I = ij 3 0 ed W E" FUw F O -ow OD dUwaW JWI"'m Z : z CO Z Q a 6 Z H w a a U I O O W W W w a w K0.' u_ U O �� a(( p, "? O W W - 0o..w J DO ec o o r l W n w y F W U F O O Q N Q O aaQaa 'L W > � w - , aa 0 0 W W W . Z W ac z ZX 0 -1 O J S � . � w m O , V U Ho o Y Q 4F-00I -?Ua U a Ill LJ m W 3 r N .m V N fD , m m °,- .N- .M..., r �r r, r- N N P �N N� O 1 0 0 OI N 01 O n R a fi3 r OI OI OI 1- n N n !- N M M 8 - ',91; - ; 8 i� 'ofm pp �N o f `NI # 1 � M y ( p�� �° e °I Si ^ g ( a^m y i O OI OI a 0 ] N M SSII r , .,- N O N O N N10� M r N N - . N = U U y 0 N 1n W z M m t m y @ 2 w . 8 gg a z ?Q 8 m W Z 0 O co 0 w z g� 50 z* h fi it .N a d' f 2 z � � N j0� ° a' 2 d2 W IL. O O OF K � J 1 7 w N IL. 0.. 1-* 0 Z LL f1� N Z n onz 0 O O u7.OZZ [ 7. M A - �0) re a W o w u -> w $ , ow. p �v 00 W. O O M1- O LL -I W FI- w 0 z [0 gF F_ LL .. W W W x x W 4 W co 14I 0 O MI w O N. O O 0 O z 0 0 . w z cE ,_ 0 - . W W W d c) �w wwt a¢ ° oo w y Q % F > i _ O (3 U k-0 3 d v z .. W ,,, y � O K E g z s, ..000.. Q W W 2 C.. EJ QQ W 1- I-1-O J . Z U O!0:0:0!W 0 0 t 2 � iLlrulwa S a 3 � ° 1-01- � ��iv�uww I. N U J F I ili i O CY w . W y � �tSr . 0 ozi L g� 1 KD°'a a ° i- w Q ¢ ¢ Xx p ¢ G1 a.amn:N _ t7 t9 W 3 U IL 0 z W W - '- N ) V' N f0 f- 00 W 0 r N M r1 10 0 1` W 0) O N N 0 000 00000 00 0 0 0 0101vg1 000000000000 og010 000101 0t 001010101 2N9 F c'S. S m 0000 00 0000 _01_1 �1 0o 00�om000�o 000 a 0000000 �g o� 0101 wN F7I o8 §.o M e:� RR 0 § " 0 $ 01 h . R PI NI El oimly� 000000000000ego10g gong wig o uago �� i31 g o ° 88 R n 3'i 31 gig n_ ``yy��I1' a F F n N R m $a "ISI V To a of n 'RR O O o o V O 0 0 N m--- ° O O O O e g ° p°° g O C O a- ~ P � g o $� o ��� 9�n�s ��N li a �° nfmafwrr gi - I o 0 0 0 a co a O to co .- r- r 0 R im 0 0 0 0 a p 0 o q O 0 0 0 O S O g O O tf1 1lV`h la I NN I Y�tV a S Hoag n m / p i,! NN 00 . P N ..,-I d of m' n R Y g g . N 0000000 ,0 .-.-0 21 o°$°aaogoegoogS01 . $g 8 § ea .oYi rvm " mo :-1 R N sg s i 08 RE alga `" xigg_ Q N c i d r g m m I ...........000-01N4 o80 §og0000q$o � g g � g MM. 1 ti ro m m a .�- ..""i{� __•^��--- •r ,,,o��� °�J o a 0 o a o v 11 C ' G 0 0 0 0l S o o g m m ,01 Ai 1 ° a p O O. q NI �1 e g O° O O Q p g° 9 a 1° . at 0 I ° `" ��o Nmm m 10, t 4 0 0 000000000 001 � - 0 00 g oo g o g o oo'0000i fit RRR on� o -o »m 1 QQ �$$$$��f' ofSmIof lel 0 E RR � 2S g r4 o a �r a 1Q. q o e p 3111 000°00000 00001 ald oo eop e oriel of of °I al 1 gog AA a g0 � g! � y I =` oo 000 000 00 00 0 010101 0o0000000000001010 .000101 010101 ' 0 0101 0 1 01 of ma �I R • c RURRRR`''uoa goo . ' 311 8� a • 3 ~ 4 1 N N r o N P r m r .N- : P n ro € fti §RggaB S ugggMA > 1 Q a - . O m N 0 O f € O FA ONr°1NNt7m %mammgMM c yy ' . a _N G G O G V. 3 51 — : 1 41 g ON l g i § Yu v rg 191 ill yy y7 aaF mm W d 3 § ; W ri N EE 3 y V g° N J'8 A2q d S Lvi 08 la $ 2 eez IWii 0$ WEai bg i o$ `ol ii 1 iT / 0 0 o g waim�3.h a � t � v a xx 8h< 9 m 1-a ] 3 ffi§ 3 ; a w EEE£II 8g8$$dss gggI"SeiLlgig S I > a a>» gvEg» > ..38 80 g R lu W FLE l R g it a a i= =Sg5. si 0 ~ > It " X10 § .° s v � � �� sc Sii� � m S 0 � w N � o GW o 50 � 333 o'oSMag 9 >" 3 ;3400sggiga4 3 >.. IQ Z . 1 gg 033 a 9 Q ao r �h U 3s m 0 9 •■ N n v n v r m . H. 4 ,. N .. 2 3 n n .. ry ry 2 n 2 2 2 n 2 2 n 2 2 n n n.. e f,.' . . e.. . 2 ++ 2 n n 2 g +. o 7 v 4 N eV v a , m A 0 4 0 °o_g$ R g Q $ o g c aol ri u� ala u� 6 Il. 75 ESvI2•Y25E�25E77id 1 E3 El 8 ai, M M 0000000000000O" 000000000 000 01010 000101 CIa. 5 0 0)01010) 4 g e M N +al 0000 000 00 0 0 0 01 01M 000 000000000001o1 00(.101 01 5 00,0,0,0, n RI m .....0.0 - .....07.4 00000000000000Jo)o 000101 74R 0010,0)0) . � E RE R IS N RI 000000000000001101 00000000000000101 000 1011 01 g. 0 0101 01 01) g o y_!7 1 . i 4 N ...0.0.0.0.00. 1 - .00.0.......... 0101 01 001010101 g § i i W 0000 00 0 00 0 0 0 00101 00000 000000000)0l 000,0! 0, y r ; 001010)0) H m hil E td tS n : 1 A 0 0.00.0.0.00.0.01 00000 0000 000*0)010 000101 of aaQQjj 001010101 yy ll y ., g ti 8 `. IT �1 n yyyy .tom o O o 0 0 0 o O o 0 O o 0 0, OI 0 0 0 O o O O o 0 o o O o o! 010' 0 O 0101 0l a _Q 4 0 01 01 0l 01 g a R 0 `� g 3S b N N g 0 0 0 0 0 0 0 0 0 0 0 0 01 O1 M 000000 0000 0 0 001 0 0 0 0 0101 " 00101.01 DA R rl 1�1 N 1 O V 0 .....0 0 0 0 0 0 0 0 0, 01 '"� E1 0 0 0 00000 0 00000101 0 0 0, 0, o) b� ( Q p � 7j � � 0 0) 0) 0 4 0) ��oo 51 OI rYi 1 250 oo$g8A8i'Sg8i5tf 2c g • F�` N g O 0 N 4 tJ 0' N N t1 N ! M > o 0 c > @� §PggS a il C N 4 � d N N 0 11 N g 0 0 D a n 0 H I yn g. g 0-z. C 8 y , F m i - i 1 E N 2 c i 4 1 E4 Yu 1!1 � 2 2 * N s m w i 7E ] I = Ug 3 g WI t S � Ng Ms ° e5m i`> ENT m o > 0 41 0 i q gil iM fii � g .iio ' .] � s I. : N 1 2tN E off+ EEE � €$ s , €��S.u n 'E g i, i l�g eg ~g s ° >>> � .. > it ee > > h g 5 0 �� °°g 'WHO @@ Ur z> »> > 6l a z -- � 1 f i g K K C 6 a a 0 p e ' 1 2 > IN > z tS r Ur 'u O-9 > I N . o F 2 Mg33;5gtE-aga °"- ggl' oog5 1f..a.a " y l ig °Q 47 3 ; 2 333 ffi 33 uozo M w arr I rrr r }$ 7 7 NI �I O .. OI m l ml nl Ol poi NI ON I� O OO a f0 � O O 0J (l of 01 0l . C nvaNO ((Or)�]]]•aiY`R{ OO II O� M n 'C v t∎er,o N C O , 1 N O M ',9- Q �N, ,"'. O O g • OO 1 -OI,-1OI ill p O ppNnOOpO OIO p{�� 00 N� ~1 Nll � JJ NI O . CM-QT.!' ! (O (Og0 03 OI OI S��NMn� p. • + { gl sl al a a gl �I � � I a 0 0 0I 2g1°11 of a of o � v,oui t ul o°' r `,.0 M 1 5 will cod oI g � 0 g gl g l a ri a g� 1 1 9 m °' 0 0 o Ol � of a of v �ci l o - Rg ono @ cc,- ° k of n ' wil o'l w] �I . - 1 8 g of q o . N M .. O 0I c, o> fo of of of of �1 u3 t�S� --(.1w`13. (0 O pO O,aO1a O tD 0N 000 OI m..-0011 N � n a a m <,-o E81 NINV I ANY N I0 gl 1 a OI0101 O11 of wI NCN g 00001 w o a 00 a 0 01 • 1 ofolgI8glo,aofao1slsI mg4goO ool J W001 �I of of of -I -� 4 c o � �7ill i F ` � 1 N v N cn g l of on {f 8 S g�obaO1O10181 40000000101 00000101 01 01 01 N 11 v�`V N I o1 ,,-.18.14 I 1 o1 01 of OI 01 §.10 cvi 000000 01 00000101 01 OI of • M Q . ta a CO W 4 N 11.1 MI l- z ?gg di g co . z 1 z .Z z coo CaP a N z 0 , g$ �' G E J w w vi C1 WI am r aCCh 0O r O m 0 fl 0 a W w C�i w cq Z N O r2 a Qv0 Q' --0 W a Q (j p JdU O .,W MMW� aF LL O z Z r W . " z JJ o U w a ,o6 o a o F J z. w > co 1{ A z g/ - wmw Od�pww4m �u, li? Ella Z < z � Q ci m ,,,,e �. Q Z 0 r w a. ZU g w WW m 3Z�C3yLLW OO Z So (3 L __ li' � 0 VO `�0woo S ' Ew w qo #wy : 6 1 i ° a u � z 1300,6 Q o a �' r • p O q p Q u. . u.� W Jo I x��Xz W � w M O c sw6 1LL-[ w o o m z a LL ��`�1Q'7 Q a J J SZ m. J o m ❑ I } - 11.. J Q �e� W W w w W w. m Z 2 . O] o s „ . g O C] L Z Z r ..A 1 - h - , 01; ,- J ... w z o hh wwm o z 1-'1- z z ° a U awm E 2 U . O s tow "" 2g � t '1 -` �w z z W LI0at1�s- � twnw ¢w0w»o2 t z oow. g w 0 1- (!vA a z C O Wa8V V»wO as w�Qr x UC�C7C!1 �o X m w • 0 $ q u. ¢ a r o a r? y ? o n� o tL µu41 44 . rNM 7,nc0nO m 0 > , . V.I O NN NN gI 1Qs- gI g Q - 19§.1 P o$q pnp. �g30 @ OI o • q F. N N N O N N �R �7i N D O c) O 5 p y N co N M lV N S O tl' N iN C j . ob O C " v NJ rf` 0 OO 01 hi O I 1 N O O ( r 8 o 1 to I� 0 01 01 01 NO 0., N l �i r� jt '� �� O 9 N O R (O OO M O M �0 .6. to s to .00m v N v $ N V M O pp pp� NI I O ED OI O O O1 nl OI O 6 O O O al § �� N O Q O 01 0! al OI 0 N 110n N� QQ� pp t�pv�� g r n $ l � N CI sl � (4 NI P7 tt 41 d O) V M N � O -V s N r Q( � O � ( O I 01 1 DI Q��� a6 Ip O O OI N O $ 0 OI 01 O1 O j� O `Uf t N N l�j ��{{ � { I I yy Opp S R a M 0 I.- $ 88 °Olniq o00 11 $ ugrg ce o 01 01 01 01 N$ 01 N Ni O V N I {ggI lc— DI Yl n b1q o M OO§OIN f0O 10.. $ nIi 17 (8 � - Ni § uNiO1 m � `r � � � 01 OI G t 11 0 0 011W Of roo0 Of . . oo I. Of 01 01 0 0 o of nl f §.1 Q o q agn of Of Of N1 44 g17] v o c (on oo o .IIf n Ed,' 9 1111 �i % N c M I ` t 0 71 • N $$ nl Ol F o 00gaI PO I 0l of 0I 1 !: 14,1 of Nb oI F . Q . g O O § pl o � NI q of of gI 1 N � �S 17i W P 0 M N 0 co 2 1;W in co N z co O WZ� a- O 2 LL LL1Z i Z mo W z W Q H W z q ON Fn0 �- - 0 W s Q Z m wu1 Z Z D W1 N x E G W m uF0 w w com F c4CC� a I- o o= 3 f5 CO' w aW o d g IX W Ce V7 Fit ce a J go W Zg 2 U V � � N u) SSSS.. W Q Q LL � N W 0 — co J '- a W W W 0 Q 0 m z 0 v O L O a$ -! Z W p O Q ` � Z eN.- U�1 W 0) • 0 �3 6-2z<3 a li'` Z? u, 41 of 3z- O O 0 0 0,.,_,00 cc •' - F X a � z a o ¢ 0)0W a a .W as po. e w 5 3 U W Uz yy � F- Wa t W w › m w IuF.. Z s = W to 1 W W a U) < F > Z�O l- u K O Z O �U- LL N $ O O1�j Z 0 W Z W 4 W tu O 0 O W W m z 0 fSo 9 F- 0 . IL. Z Di U LJ 0 0 Q U ti ® Zr) Z W O 0, s s ri w w w i- a a Z 0 o 0 Qk W UJ a 0 o � �/1 z z w � o o J w F 'w ar�ioo > �yp O� y 0q aa u x U 0¢ ,7 { , O Q r J QM2l!1 - � y � t9 W. w t4� Q u �'O w+ 2 Q O N O 4 W zZ 0.} 0020 20 0 w a W a 0 z 0) o Q J �J1-cr W oo 111 0 QQ O { K Q � lr a Z W Z � O N 1.• j j Q W <U W O J 3 ~F- s W � LLLLLL LLX LL! ° z w = k3 o u w ,� � �ZI 2 g Q C.), 1... re a } F co to v, La (u. 1 J. > o w `(r 8 y a L-, 13 o � g � g 5ZCe .4 u jW w6 WW Z I Fg t6i Z a Y 0 ax ¢ wW h - Ir O K »02 0 ww Z OOw in F p W z Z a � I� vmi l�i0`3a� o � � � » wo l'i a a u a i � r jN CC � Wx 0 w s Q F -001 -? U ?UU K U K s- N 0 a N W m m 4 N t r t ") s h - Fl O � °" N N N MMEMMEMMEMMEMMT . �} pN�I 0 0lM°I ppp O o 714M°°§.... ok r o o r o1 of of w N 1 � w 0 S� - N /'11 0� N� N i N N c'! 9 °3210 01r10t { 1 m � � �1� 00001 . --a 8, OI OI r `�j N 7 lj'1 8 O r h N Y IO ,fag N ,i- - c 17, S I OI x10 o141 Q�Q�. p1I� 00o o �°ti <rn O o t of 0 0 N I O N 1 ; �A iI I Yi of "FLi ` u� u °' I N S v N i 1 1 1 • V M O O p1 c o roo818.1 DI Mo100 - T m o000 .., of OI of ``jl �I pp M Y il �� ~ � � ) . M S P S OI O h M NM .0. N �F N- ,r CV V M q 1.� §,11 q NI- . - g.,.O.SoI � 8Q � � � I COI a dl �7� - S �j oIl N ��pp 111111 Nt . a} bj }� N [ 48 gi -� N 7 gg V r I N � °I S $ o1 n1 o1 Q � � 18;p"§-1 q a S2 0 of of of VI yQ� �7ii �rp II tt2?SS t a Iv ni • 11§1§14""4"19 ar g ri 14"°.°R1 Td 7i n o o � of of 01 co. ID a $ 7 'I 3 u� S 8 a Al of rl o o ° r o o o of p F N i*7 O O er N V. h O V N !!!!!! rN 0 ( f}p • N� ,��)OI O Ot rI OI �� 't m O OOOI �,t tPO §m OI. OI Of p O N _ O - M O - M O O 4 § 141o!rl OI8Sgq oo O $° I1»� HI 0) 0) " o uu��5 er ```` � ''''��II t ttpp ��7ii u�sr r o5 0 N M g 8 O N N 7 --" d W _ow . V Q "0„.., W 1- Z w IJ z g azo g w z K 6 z • m ,_z w 2 v W W ZN Z °�' �' E w oa 5c.) o . ww E w W m N U 0 2 0 o m U M M E 1 d d� Z > g w�'� wz� 0 n o • rd ? 0 Q i P = ; il p p O °- W�9° Z u - ▪ 1 = ° U° Q N O W W rn U -� � "Wd awW >m w a M IG W f= y ;1 00 w w4 LL �u+}.F 0 Z M • 1y7 • z>13.4 ¢ F ZC O -t-S� V (J LLI EL ., 0 . 0 W U O 0,02801 J� -J N r Z W L W w Q e° 1.7 0 1- ti W w ZOO W U00 g gJ� W W W W 22(9' 0 NN U O, x V" � S > a a p�a U 0 00w 00 Z z500�pzww O. "�.Jxp - a w O U U. Pa 0 z h > r t ; - 0 mcaT 000 0 ee�i 0 W Z5" w 7 `n' 1 m u` V a W ° ° x Wi a w N W ¢ 1' 0 3 jjW� �tu � g u z t; • boo m525 ° g aao- z x 07 � V S i • � Q W w �w3w'J OO `2 2 OO WVi� F~ OQQQQQQ U Z O ,�. 0 ¢- yco0gg0 V D U0 jw 0 Q w o�.a0 ,y0t.i? .U O C9 (7� C7 X • U 641- 0 °1- 00KU U K W m N w g ' .--NM KNW rN M. r N r rb N NN +� � $ 3 I. a`S ° ° g ofgi nm, n ° o g � . 0t of 01 ,Y I Vp�pp��7�I M M o m l o rn N !clig...11,1q Y H N r M a N 0 a N OI M gI ^ ` $I o o o l oI 01 Q 8 � g � of M o ° g of yp�� m m ' -s ��(rn{ff of of of N „oh., N N R g N 0,0 pa , cv . N� V' N - , E NO V M do 7 411`4m(1441 I W N p N� O O S Of 0 �i F n 0 8 OI OI OI Cl O c f0 (� O OI M1 11 N g O ' N O V I ;+,�I Q ��p 8l ! 01201,-401 l Q �I Q � ao rn- Y � o o r - N § � g o g m of of 0f N l fj 01 N E 1 1 SS 7 } F t i l ( chi .,, X. °S a M ° vcVi o �� c� V g S i o $Io) �Iof"o f 0 5Z� 1 1.1 o,,,�0080l mggo of of of Fi 1 1Ni }FTiIIvNig2'°iS y 2 � ��ffi F1I"{ImXn°,gI$�gI°IM018, c�°��I e m � c°�io 0Q01 � �040� 1 0) o1' 01 v . M A" �1 M 1 0 0 et N .123 V N1 05 I �18 � 11� P O0801,N g� a of a , ' N -7 1 n (9 0� - Q o j M Pr g ° c cif a' v d c c 0t 1 v M I� � B8I901 loi8l�� I "g� °08°14 .� (0 )NJ 01 0 01 N A� � N�� ! N 'tg q VV M M O • im °t8�o ,� °°gam P° 0 m O� M N N M eN} O m 1 8i at1 4 �� h 0 FI N 01 0 I 0f 1nIQ 1 Qt gI 01 n 10 1 8 8 � 8� . 1 N� V M N N00 8 01 W . V I� ° O W . 0I O I 01 O 0 1` O � Yj ' 0 - J I I h N n N N M O N M M ww r4 W� 2- a 3 U 8w a tu o a? 6 v4 g w o O ' 8 1 ' M y ?s 8 2 re w W Z g i Z m o 2 w a Z tam u . w 8 ..140., _ yC B£ il p ❑ 1J S r, w pS ULL J #li 1i- z onz, F az o ¢0f a v 1 � oQLL t--.1 - �8j 7 m t• 2 U 6 0 j a tL O0mZ Z-�o w W o D. U ZOO WO' OO 3 0 U �i 02'14%12(9;7i- $ U' ° #e '' U w0. U)--z f1r"� Z Z � o00 w waya a > 002 ai g90Q00WW .�i w - x v a 0 o 02.c". ow w_ O �N 2 -' N ? >m � ., w w cn F 0> � �wg1 1 Q - 1 >u { ax) &) 2. j 0 Owp w of y { a zu, 0 7 �KW U O W w co QKw o a Z aa�' ~KW w p 111 4 aay JJ U-,z . UK 00 y Z. 2 _ 2 . fi�tt!! yy ❑ pxx. Q fF.. g 0❑ w.4.1a6 U 0 1a- J� 3 1 - I -0 1 . . K pwwww LL Z F ° I - h tA W II••�' FFh W SZZa' Wtl)J Y. U' 0 u 1 MO U t LL y y N Q (j U �� W W w 11 z U w q 44h 2 ¢¢ Q~ Z O Y -w a - C u w i U�� f � . �g �f vo—i�L ' @ �a a 6 c�c9c �(7 1_ w � z 8 y 1M 4 Zog U CC aamKU N ? nU - - -- NW it. .- N. Q N. n N. O Y .l v v. r W F.f N N N . • P . • • co ntN8101 g5:2 8go § olN c-�tc § 0I of of Q u) 8 1 h�pp� W fq 1 : ul 1 aa • '� yy N8N p N N M 0 n 17 O Y � ` N,, m. J Q1 uQ �f� h of u o o cS .1 i a r i ul 1` 45 N ,M o 1 $ of nl of g� �{ � j l rl i t N U g o 0 0 °I giI g A o 1`1J 01 of of o� . iN o [� V N m 1.0 in y � g8 a Lu 0 �z p g F L o Zgn g 4 �y z LL Z 5I-•W m M 5 of O J q az i H L j =' W ° 2 a o O < V 9 0O F CD. 1-ce ZO � I 0 W W Wc u1 • ZO V)�li l W O° W M 7 a u. � W S Z Z +� m z ap < zu! 11 pp • W W a'a' ��-�" o o oZ�w� 111 a !11 n z U � co F �yv oOw.z (.�. r n X O. .' w O U' ° OU J J g g 1 1 . W W W g�0 o 4 co co a U ca, a tF O W j� 4I Z0Ci ' 0. 2 �' >a O' O Z� Ni 5 s ° O J K W W . J rt2� Z2 J W zwoo u�u,y�J� W S y O O m I-p a f Og4 ° gw� J J lo w o y FO> > yy > Jcw (olopC> 1020 . . 2 6 UOt�ttt1,6 2 16 11 W ° aa � Z '' g v ! HEhl 0 0 i'^ �an J J U� U l z u UK ° ° I-F � F.� . Itj W LL p ; : J ; ZFZ Fc g i O ; Z 1 Z a �1 W W q J W Ww 1L ?ark —O g H F 3 S o y R z� W m W no L]2. Z OO aw 1 Tj u , N M V W CO n W W 1 ;:: V V it r: 2 � 2 V 8 N N rvl °101 -1 00000000101j 00001 000000000§ 00010 . 01 0101014 e n N �yy 7 e ...m 0000 0 00 of 01 ...8 7 ......... 0010101 01 01001 w v 0 ���.g7 l t l ll �g � R� RI E m ° ° r 0011011-1 00.0.00.i.4. 001 00000000 o $ of g NMI '11g§.§ E N' 6 '�`'jf @1, 33 ,°J R I RR E N 0 0 0 01 0 0 0 0 0 0 0 01 " 01 a 0 0 0 0 0 0 0 0(0 0 01 01 w 1 11 il 9 R o 4g 44 1 00101, 00000000Ia 0001$ 000000000 00010 01Sjy' 0100( '' MM '- ;°_� 0 010101 0000000. Dad 000..00aot 0.1010, la' ".08a 010101$ Al 'f oHHH o S $°�8o$ � 0250 t5S o'S o K B o SpSp �gJI F{ worn ij R RRIR g& 1 IF w o W 00100 0000000000 001001 000 0000010101 S g 0 010101 l 1 r o 3 $ R wl R ,4i w1 0,010 000000001010 0010101 0000000010101 00010 cola 01000101 0l yyr N RR 1 00100 0000000010101 00010 00.0000000 00010 0010 010000 el wM R R n y a 1 Q `�1 001010 00000000101 0010101 000. 0010(01 0010101 010101 010 01001 01 $ w R .. RR r. 001 01 0 0 0 0 0 0 0 '' . a .fa .I o1 .1 o o ..10.1 00001 o) W a 000001 01 ... _ 1 •� NR 0 0 _ §§§ e3 g°sgg ° h '''',7 C> g Q N 5,75 `� 't E F `" 0 4 0 4 r g nil 0(q Q Ry1 E 1 gel w9M loll y _ L as rN.r ¢ $ g - `�.. .. 0 101 nl v 00 g c xLL gs.gg °sggg §a t mzt a 1 1 ~ ii 1 s ae Eg g y P z , �i _ 0 �q 7 � v E Ep y 'ill •• y v ,tee ,e E 1 a p 1 1 E 5 I. 4 .3 E '6 E m - •4 ! U 0 04-°' $ ] ^ m 0, O a g ( I g 55 5 " 5 V 1 > as geig 0 >:gio 4 i0 c Vw � € 7; =� 4- _ ¢m P € . � jg > V� . @�, o Q ;�Z t� m ,1 i.gg} 11 glE §d gI 9_ �� . s3 1 l >' ° ,, i if 2 $ �I 1 E E E 1 m E ' 1 E E E l l E $ N i a 'm 1 Om €�eo UC ~ 8c4 0,4 > n o c 0 1 _ $$ 114g YS II aAc - Il a `mm`m 1 2 1- �� Q, 3,g E l 1 " 8 3 3 g of 5 "- 3333 r g ,1E K Sw o 1 1 K = 0, > a S U B gu j ; Rrr 3d d Mil 4 4 Q i g MM7 . E • 1- va . 'INN $$$1Fi �/ u$$$ MA'AM! g ° 0101 W a o� d s . iIN1 F 880 § § §§ • 6 �1ct 1 1 � � N 0o101N .........§ 00101 0000 0010101 04 0l0101 R � a '� n 0 .9:.4 o I 0010- 00000000I0 o o 00 0000 ofa 00 01 I , ,,,,..4., 00101- 0 0 00 0 0 00l01 00101 0 0000000/01 0010101 0l o)qq Q y � �7� , q g +11¢ ;,.v. ci •°- ^e °I a 0 ICI 00101- $ 000...... 00101 g' 0000000 0101 0010101 0Qu9f 010101 Q E$ 0j7 p 0 �T ,! N N b F II 0 0101- 0 0 0 0 0101] 00101 00 0101 QQQ��� 001010 olg 0!0I0 Q 1 @R, 0 r o M I NI 0101- ........4.. � o aaQ .0.00...4. 07744 01 0101 of g gi u X11 1 0 01PIn1 0.0000... 00101 —0000., 0... o 0Ig olaol g� g q o ±+ 0101- 00 00 0 00 0101 ootol 000000001o1Q 0 010101 ol0 S oloIolg i N Fi 1 S S ° � ! F Z Q a a 1 o ad NNN ]]�j(( §1§§0E-§01 1 p P ? $ O 1`Y p� LL y Y .Y � N !di V 4I4 C $ 0 InIN $ c° dl E ( 0 K B 5; 1 0 M N ' O n O h N 1 8 gg ; S 5 - - 5 S S LI Ilk 44 1 1 Oil 4 m ; i Rag E i_ g . I a .. affil 3 9 pi m ii ` � il li k � 1> € lgi g ; ?;2 X1 4' 1 ' e 4 ,g 99��10 T� ° U 9! � Vii#' � E �6 E E gp6-wQ2 0,4 .:;_Q tc ° ,gf t- mggg 1 P 3 g - ii 111 till; ; p t e - E EE E i E l - E v 'b �, E o' tl .' 5� S $ L9 gg g g»> gggg ? 5 R 1, HH 3S3 c� 3 3_ U 3u ` e � 1 }0 0101 v�o a o o �• $ " W T ai i 3t 3 01 � ~ a11� � g o'� P I g i g li t �3 ? 0 pp8ss888a�sarr ~ 8 .e Mo iiiq Ens59 81 i 4150.12 4 '[ 4 4 5 53 K.`9 6 G y �> . cS �I�� 2if$giaM �?<3�5 0l of a a oS o a O PNROSoyMRI r�7 cPV �0 " ''4t6 C 0 O t3p1 01 01 01 p K M N N �r RN1114 ":Z us ��Nffiilll a 01 E � O �O 00 a3 a 1 I 3 °� OI OI a ° Io . n - on o ,.-� ool of oSggco)ml co 00 00l of 01 01 01 R 88n28 F o J0lf 1 8 Qtolol I �f21g001 o1 0l a 7 F , I cg , ` l Fi l N r7 c° a t v o6� ` Ql Ql g aol ml ' �o 0 oI r2c„,00I9 a of of qd81" RI 1 t l0 la 1x0101 uli y - I 00o IN ^ 5g �yoof 01 01 a � 11111 F A i �S N ` l � 5K r7S 1 U N V OIo0 O ol0 s} '- N 0001 N 0 h © 1�nS a o1 a a v m O ∎; ; AR( a015Z i .000000101 . 00000101 01 a 01 rc � ofj tl A 0 fOJ MA ol of Nlo 00000101 00000401 01 ol. 01 N R 111 " d ` a w v .--g . = v 0 O. w w i 4 U v g w § F n (0 h g w z R mp 0 N $ w LL K 0 z E wW twntzJ w — ap • F- p mmQ ?_ F w In O `_ zz 1M R ,,g› 6 w � wpy Ny �F X00 j0 0,-.W aF WZ ZZ O LL W y WV . 2M Z ooz ^ xre 4a 11.111-JZ v,1 -0”to ° g } wF ( mwwwwo �� i z zHw w„,0 w„,0 o w ww w re x e ag8 v zTcLe 7° 00(0„ biz gr., ? w t� >¢� �hh�-� Wr�wIFa roi owrn rc a O G OO��p n 82 w . m 2. p . U a 4. Ill< y¢40 ypw XX ��j �O�p J y J F a W Q. w Z 1 IH ai w¢vc ~i�"gz� w 1 � n iwr � i w � l a � v� Cw ° o T OOwgg O z: fgfgF �F �� co wmmwa �'F" �'o ¢�I1oO�.._ox mmwmN? c�__ - g m w z t-NM V N0h. W ,q,=V Pt - r W W covN 111=■■■■ 01 01 wrillIell§ . . ,,,, . . IRRE § q ko 4 01 g r . Mg -..6 A IINg " ssi . ,., - 7 lircrriq 21 gRrri s Orgg. c" a a • E, 4 gA4 '2?. M -91 4 i N 1 CqUI"§] N N 10,7*00. 01 01 0/ 8 2 i g cs' 4 RMg wg ✓ I i isi g2 oi IT gi Ei 8 °I 831 §1 1100i n*r§ig 01 01 01 • .„ , - oi goI iqg " " " lq Vq2 W v gl d4 OM lairliq pg0 § EVWq m 01 01 01 •@ qg 1 FffM N N O 0 * * 1 1 °1 1 11 a °15)15*I Pg10V 0101 ' g I' — 01 01 01 4 11 ,7 ,6 X . o ,Lov o r _ N o m v 1 01 §§188"1§ 0, . low§ g kg.§. 11 ., 01 oo ccilgig "--:. 0 o r.. - _ - ITUril 11§M§ RAg§g4 - " . iii @ ggggg g N qiifigq ; f:4 7 ggs 81 8J RI 21 §1 o - 01 0 " 01 01 POS§§ $ §@1§§1 Al -• ' . a 21 831 `- 1 1 ' 4 KF0 4 -V7 1 .1 115*1 , . 0 -7 w - (3 1 , g cow w- co, w g 6M -0 m Ill . O q § 0 O fr z gz n R 2s A • mo 2z w z ig 1112 0M :c w Sg z_ 1 4 ez w z ww w -tgT, 56 . ,m 0, i 1 Eig 3 F elfi eg> .7 §_ cel-6 h i° . N 0 m, ill i 0 A W.< , W ' .0 4v.. . . „,2 cL-o2 w0 or z w z • wilig owoil 0 Ig7f 2 L e `, 1 ; p-98r0 (S;qq 0 % 6tL4g 002 <Ow owv_ mwowwm liblv ato swp ,0i„ 0„0., Wce'="Wg0 O 3 3 4 R 2gg 6e§, zLL,L ' R wudi-tao 0.1000Nw ..1 Nost w4iW g 1 6 1 g ps2C2 W>Wr4z1_2 zZ., wz moP (“QqW3.21, . ffl Ogiagig RE-1-Poz , a 3 W2* onnw 1-zw- Zccgc2,t12 z Miq ipMLE 6 R 0 __ 5r gas,W LIEV,y. n3o Eqppy D 2 E - , 4 f, u'i,20-(0..56 ez , 2 0 oo. 1.11,(20 P 668gulg t= 8 1 g f. ,.. .., ..m. mulg_ t g__ _ . _. W52 V4legElc2186 z 6 0 6 . _ , , , ��tS °I p�°i'T1 I 6coRolo mv�o�o of 01 01 N ON (V (h U7 11 _ N' is rr cd � . i r � O i M S g+ m n a, Ri 11ff Q 3 in ;!2� N a R$8°1�IQ co dl coN 0 a o X1;5 F O a 01 of 01 of ai Ri `a,N l` ��OO ° M qg - �i N a 0 cn � 1 11111 " 1 Y l N � g o Q of t0 h 8 et• o v 01 01 01 M A � � NM I al idl a � $ o O O D N$ a° al a 01 N N O IO � u'1 N M N �O� V �� Q? Q q ? Q 1 q - Xr (il ,`I - Zl a bS °I o c 27 a OI 01 01 '4 7 ''' ccc o (g ol' ''— g m u� al � i ql of o of 01 01 n i 4 t S � 2 S aa al M � a 1 d S ' I `a`n ° bf � t S � t7 a 0l of of `Tl in 'In ; mpd31 o mil of Igga °I -8i 00I o 1al of . a • ct }a �' • v g U O (n = f9 . U ' Z wN r y z W U O N v w R 1 Z 1-- m z W'ZO coo w � � i � • w W v .s ' a 0 00...‹ W ° co 0 hg O> V 6 ZZ !7r wom IN Z = � z, Oaf- cOul w Q D E S z w re Q m � p - 0 32 W ��az � p > � LLl a LL z o ty W aLL M Z =K F - ° �l-U �LL2 Z S M • a oo �� w mm o zw v E a �d z di: no N �a a w w m ,, � q�q, z w W Z'. "1.1.j oz�� Z a w° zww DZ, o �� z� 001 � c� q o 7 ° w y Oaw z o zQ o .- a'.- w E w S-i zz N } 6 s� w l-I © m o l 0 k .. 5v'', zz oo _1w�°d E=o §�y w m 0 } m 0 m o g 0g W o aa WNW co � z I XOOO o E oo M } u��y u�u o Sk �w w -1-. w e 2 J w W h _ °�0- - -- X m 'w T' N l7 '7 N t , W m °" N O] :1 0 N n 0 0 ° F l (V aV MIIMMEMMEMMEMEMML, . , • • .. ,--01-8 .401q dt tag 5,,;15. 01 01 . 5....-. (1) g . • W 5 E -gi -g „, , • - , . . _ . H88 01 of • 1 liqg 8 E 82' EE - ia 5 2 qf vg - . . ii :.--. . 0 0- 0 01 0 0 N °' gg ap§. k Q§.§. 1 . - i§a? 12 fl Rvg P.2.g Nr111 WI'VN U . 01 01 - °88.' <-: k VI Ig g q sid 4 . ':-. v'' • • WrIIMI ;43V-3°V MO-11. 01 " o f a a , - Nr ill"Mq Alkk RA.r§,'E. of of ' g RIM V3 5 g. c 5 g cve: v- . 1111111"4 01 a 0 „.. Pre§ M 1, . fi0 - a NSE A . . • • Allalqra 0 0)0 n 0 0 01 01 01 „.... - .- 2 - g ' °.-1 • . , NI 010 11 -.. Mi'M § N Ofe.is. 1 01 . of . • 088 Mi 5 M 41 51 . c41 olga8 Rkkrolw kn 01 01 01 4 .01 Z-1 811g .J 4 igni 0,1 I _ , . I . CF g o o coM 4 . 1 itt . Z Wo W.-- reCO m O 00 g Z Z Z n 2z . . w 2 W" zz2 g • U ma, ww , • i h 1148 , re ,zz zwee ;g0 N w<DE wwx o a Wo< a D. aium c:3 La 612 LIE 01 DJ 0 01 W CPu- 0 w0 wRaz ZZ'''' Oz 0 •9) ww...lz 011.222 V j.: 1,7) ' ,06..rso 5, 2 P al po X.. WW inXte O W E ta . ' egi; ' P c ilti 4 1 i 1 . O w 5 2 26661 --i=1 00.1zV ggvil v0 w<po HaP c'cia . . 1 >ez gAl zz300 IAN 1- oo<u-u---JQw•-1 x .J.,,fga w al w 1 gRog PRVw mr-7PmRiT2 '..0..A1-gril0 co - g g000u- 0 II m 0 MW z m Lg. 1-1-,- 1 V2P, a , og (Mom ... 9 -, • i!q a»,A-0•m (7,0f.,22 DP 41444 gqppy 2 • LI 'I-9w 1 WWWYW eZ 4 . '6 1.0wz • cor4.3„.Q AAW w 0@g°0 i. . _ . . 0 IsF,' ,w(gi5WxR,l' ,....., macoWNZ .-, oggw 0 5 3 tig,o .(Do-vo-Im M t ol M . 0<-NOVOWN.c000,- "--0.10 . . ' . , . • . . . . . P • • - MA Wil f°£d W_§§1 a a a hdlg � N r� � 5�� !�2 Q 111 ai ;;;; 7S YS o as of o a ; 0 N 69 U 2 W v 8 � y Lu z S 0 z ° - g mo g Z E y ?j 54.0 , F y ^qOk K o 0 a S ~ a Z Z b ff]] W Wa U y 0. , , , W o 0. ' i O3 y _v 0 xmg u. 0� u. " 4 OA mriz O p( zc, _U W y 0 �ti• �.W q yw a n i m z ztw �� o o tf ZZ w 0 O a w 0= LL O O . f!; j 00 O F w a O0 w >Q00 i W � .Q t + ° l g o y V O 1 1 111 U 110 uN H I I!H ' z 3 °z LL z a mW W l0 V u1 0, W W ON EllIMMT M � 0 O0 CO NIoI 0 000000 0 00 0 0 N o pp I M N O O O O O� O' co co v N O 0.006 1t) V' l[j (.1 v Q t O 1 .� ai M o m V• .-I o 0 0 o Of 01 01 0 0 0 0 01 0101 8 Of 8 01 01 01 0 01 O e 0 a � 0 Z r 4 `°I 0000010101 0 0 0 0 01 0101 0 01 0101 01 01 01 0 . N 1 000 0 0110101 0000010101 0 01 01 01 01 of 01 0 0 y O 0 si 1. Q `' 0 0 0 0 01 o! of 0000010101 o of of 01 010101 C z 1- 5 `c; 0 0 0 0 010101 0 0 0 0 010101 O 01 0101 01 01 01 2 N 0 V iti CO p VI - 0 0 0 0 01 01 01 O O 0 0 OI 0101 0 01 01 01 01 01 01 N 7 a • 3 O O O b O _ N 1 O O O 10 ,2 2 eN- m Of O W 0 1 3 077 l+') 1n N o 4 N N T 7 O O O O Y I p O O 0 O *51 . , > O o o O ' c ca ° �� �� mlol a Z m _ c c Q 0 d a a m s E E c c o • n o IA w adcc., m >o to a 6 a O m C C? p g n a N y QW O 12: E N cc 2 0 EN Cl j y a g E y. >w> .o _� E 1-0 a) a) co N Z y YS p a N ,c O 0 = .e/) 12 a8 m m c rn y m Q w 3 Q 3 i 2 ci m O N ci) W ii cn c 0 X . c 9 13 c 0 X o o el. ' } g 7o .- a U W E Q e,� � > • w< 3 a a• 1 ce � a• -a• F z li p = 7 F- is a 0 . ° � o o � a o a I; w - 1 w R E E o E ' S 1- 1- id o E o E 3. A O 3 0 g I ai = al= e R = ° , A a m 0 x � 0 cc $ ,, o 0 o a °o 2/ a. u. ca z a a 4 s - 1 4 ' ei N N w^. a .1 N -1 N N ri N N rl M . N N N N N N N N N N N N N M M M M rP'1 NI o o o o of of co' o 0 0 0 0l of o o of of of of o F. col o m 1[7 w . 0 N 0 M N r N m N f 0 0 0 O 0l of 0�1 0 0 0 0 01 01 0 0 01 01 01 01 N a I E C0pp 1f;', 0 co N N M . - GI 0 0 0 0 O1 IOI O O 0 O OI O Q S OI I N N x`11 O o O O $ O ! O O O t 40 p 0 p 1 1 h N 40 O1 03 10 11) W 01 h N M s 0 � po t N I N I0 O O OI �1 .� O O Q O OI O 111 O ND lV �,••�a1 O o 0 O �0 V rn 8 0,m W M p p 4 4 14 M p pp oo 111 6 .. 211 O M N 0 a VI MI O o o O Ol O O O 0 0 N o o' O o S 0 0 0 1 0 10 0 o V '0 0 y N O 1". < N IO l 40 N l4) 111 M O M ID 10 t0 N p M o < p N N { 61 W e12 W OI 41 81 O 0 O O OI O O O 10 N � O N s - ° pp 2 o O N ..1 1n 00 sr V 1A t0 h 10 N �y V N M �0 N h co . cO Mm • c+ 1� M N (0 00 gl V' W 0001 �INI O Oo0 Og1�$ ON N 8 O o O p 1e 1 M N c0 t0 V q I0 3 0 F M N M in N M 0 ,t, 7 N M M N O M , M , 000 e 4 1 N ti 0 � � S � O N 07 N i O IO ( p H g s M M IO N h O 14 1 N A OO pp OO pp 0 C Q 1 0 0 0 0 0 0 l O t51 j T O 0 o O O M '� 00 0 n 0 0 7 Q 0. Q O M G a co O M 01 �) �� f O ti CC y 1 = 0. Z � O O N N W F X V ' u 0 D I — b - o e y. i o z m N Ems ° m Q R m U o m C v; Ego N I- 1.- 2 m R E V (p N I'- L E N Q to U' T E . 7+' ? N U 6 14 O J 0 ca E T g ? E � ).ro.. - l a � E ° U E C Q5., € o S0 .. � 0 E 7> cro c gc U -1 N n 2 d� �m A m i i V m w:y. va c c ?IX c c c 0, a < ,0 ,, m.< y a 3 ti co O o 0 w m n rn p a c E s ro 1 i v w R r, K . f11 y G inn i� oo N % rt. ro F- g aF- 12 g »? 4 N � V a - a - `" fe � a ,-a — o> ffl g $ i ili 1m ~ ILI S > a g ° �i d d a°i v x 4 R as m w a ¢ 4 1 -I-I- 4 a r■ N r-1 c v1 19 r m m 2 '~ N N : N N 2 2 4 N N N N ry m M m 2 ;'; N £ MI o 00 00101 al 000001010 0010101 0l m a 0 0 N v N n co to o O O a N N ■ M o 0000lof 000001 018 0010101 OI a OD N N N r N O CO In r r N sF N M 1 000001 01 @I 0 0 0 0 01 018 0 01 01 01 01 n 0 0 N O N N 2 R. r N V N N 1 000001011 0 00001018 0 01 01 01 - 01gNo O N 0 to N co 7 n V O o 0o 01ol WI 0 0001ol§ 0 01 01 01 of O ``+j to co N N 07 url N 0 0 0 0 01 01 �I 0 0 0 0 0101 0 010101 01 h r N <I ..... O O O O OI 0l W) O O 0 O 01 of 0 01 01 01 01 N N 2 t0 N N r N .y. m N r . l > N g 1 N ti O N� 2 co N V M o 0 N r N N iii a >. C N r a ro g v M re= A`olo22121 M re N G ° 9 o J 0 D . C m N yy Q 0 E g F w U b U W W .. C y (4 lil 2 ((//�� N O N td } z � ! G m e = V Z i0 EE-05 v o e • O . im m to N 2 m c Z 1 7 N a, re O m n c V � m d j 1 'cis r `n ' , N ii - 0 0 U >, E 7 T itl ; 40 'O C U F. 2 ta Q p E o f m a" m w U g > N Z c . (' 0 Q > E E U - LL E 5>v,_ c,52.-1 d 09 J S g. x ( ) 0 d u n <6 ca n m N 2i m 11 4 m 0 00, O o m X d c c O' S 5 X & < a 4 K w '° A t° H O. Z ai rO O N N P. D 0 o >' >; Z w n a g a €l y J Z L m ; N Fo >Z FO ` 2 " � $ 6) " l 'a • 0 N N h — - 2 6 � j N > a 4i (C�f J {- W F-' t0 N p N O O C C C/ ' {V T R ( I U C O E O r_ 1 1- 1 - ? O E O -- , � O l j Q a 2 g w U v aF n F mai =ai 313 xJOw .1 4 a FhF 1 o . • O 7 g o v 2 :1 2Ni r. mod .r-1 m 2 0~ N M N N M 4 N M .-i N '� V r m A .� C . N N N N N N N M M ' 1 k N O N ( T 1 N O Y �1 Q1 Of 88888 88 OOOI O1 r H V 8 re M ml oaf 0 0 0 0 0 0 0 O O 0 0 4 0 0 0 0 u; t N l + 0000000 p � 01 Of N s-N O � w h�i� M 8 2, 8 n N u) V-) N a a 0000 c , 0 $ c S � o �> 8880p0 t 4g, N. � N 7 I� O N t0 co 1- Q M 2 h 8 r n L. tV O pp I T o c O o O S � O E Q 4 o .it > K . 9 a o c2 E 3 �- c Z CV m , i 33 W z ° c 0 d m I D I e F. > v c-7.' c n a N 7, N B V a `3'$ o' d ....F. 2 N ❑ co -.la JU m >. E c ?.. m E � � cV E j S mLLm ro fij1 `° a 3 A m o ofc d X w c'E — m 3 2 > ° Q ° °-- c 0-� Q O N a m F- >> u 0 > } Ci Q4 n W Z O d a E o E F'- F- > d E z 0 O I- • 0 tr F a F c s n F a 1= Ti 1 S is #3 d uowc, cn3 m m .-t N -, c - - r w m 2 2 2 2 w 2 2 w ,-t ry M N ,n o M m a '-t ,� .� r N 2 N N N N N 7.,°, N N N M g � i MIII7 • ro 0 0 0 0 O O O O O 0 0 0 0 0 Q (� 0 OI R� o O O O °' df a 8 O R Q v M O �� 0000 r 0N00000 r W 0 V 0 0I71 o of o of a° 8 8 cg n N 0 CfI m Q Q h W c M r 1 O O O O Q O c7 O N Q r r O Q o N O col W Q o g OI 0! N vl § O n n O f4 N� <0 N 0 N 0 0 O O Q O Q O 0 N O O r 0 0 O O NI MI 8 OI co 0 OI OI o O N O 0 4f c Q N 0 0 d O CA O M W O W O N O r r O O O O O 01 M O Q 0I § l OI 01 �� in ii) (0 0 � 3 i4gi Q co O co Q O W a 0 000,000001g4 0 01 J 01 01 ■ 0 ! Y��9NJ /t� 1 ' .. N 0 t0 d Q O Q Q Q 0 0 O p O O O O 01 NI Q of Q� 07 07 � � ;i i .-, 3 H N O (0 O O N O Q 0 0 0 0 0 0 0 0 0 OI Ml f §. J OI b ObO��11 OI - OI Q� QI CH Q MI 0 s !�•`= `pVy!JI'1 dm)JII V C n W 000000000000000000101 0 0 0 § 01 01 01 0d 0 gi 00000000000000000 0 1 0 1 0 01 01 01 01 01 01 01 01 y, o p g p § S pp § S p § � p B § § N O § p ppo r g g 4oS� g B p. g N y O C`! O& �[l O p N p O CC�� O (V 1. O g. m N N W N N N Q N d v N .N- M s N r 4 o_ s §4 § § § §g §s §s ui Q d p d $ c N S O V N i N e g k3 W§ P § h r Ol r p 'p LI C E 0 Q. N W N N M .a M to Q co a Q p Or g 01 §1 . g rd M id c w PI w o 5 v u. 1 b C w a 9 N « N A 0 O 45 �' U Q j ,i y W W tn d to w F O W O m m Q w E l 1 I I! 1 0 w w g �,�,II ��c ga 5o a '6 .i w z - 2 ��x It Ta 5 - .S m N 8 I i a 0 s F w 't�j O [_Xj v y y � ¢'t; O R' N. a � i W ' LL lW. 2 ' N a ill o m C K I 1 1J I H Jfl H 9I il m o E o .. 9 m r o 'ai at � v 0 i 4 a g u U p ? o 0 0 0§ o o S ° VfaLL ,� K tiF- F b y I- h a d x .. r 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0l of 0 01 01 01 $ ° Si ra A co co a ri N N 0000000 00 00 0000000303 cc of 01 p '� N;1( � 1 1 00000000000 000000oIo1 00301 01 8 o 8 gi N m i GI I 000000 000000000000103 00101 0I Q g � g i 25 t - e '0 1:a I 000000000000000000301 0 01 01 03 0 4 / g N u{t 2 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CI 01 0 01 01 .01 S O z21 71 01 8 I o0 0000 . 000 000000000101 0 01 01 01 g � 1 f 2 1 ° y uS I N V1 000000000000000000101 0 01 of 01 QQ O1 § M 1 011 N YN 0 0 !g i�$1�{I !f� N N r N 4 0000000000o00oomoolgi $oIQ § °I 03 Qf o 0 25 ° p 'I ' o Q a of m s VI 00000000 0 0 0 0 0 0 0 000101 O 01 p G 03 O3 1 �p M S g $ Oo 1! n .8 N N Q 55�� Q QQ �JJ N S o o o o o a o$ o o o o 2. „. _ ''. "2; s Vs '' § § §sR Vi 88§ §4M88g8 1 0 a N N a N N N T V �0 v � 'P M 8 8 g' a a le . 2 Q o$ Q gy� 5�01q F» g g o go o n§ oo o $ gsq §g Q o o g g o 0 0 o S all &� og §grg § g �s co i E V N N W N N m co fl, 10 . co 1p 4 t+N9 O 3 §1 W 6 3 W N C N W u. 0 i y C b a g i R D ' + y� 7i j r� k w Q N 7 le g m . p T. h co V y d W N p „ 9 n a p a o a 8 is m E g c a 1L g E e o � N -8 11 W a z �1 a 51a 7 A,3�' a ey 2 ° 2 o m ?s x W W £ m 6 m m Tn ; rn 0 X V w (�i �r ao+ E o m A 2 � a A _w v ° v im L iii vYo o °q e c co i n 1. 88 8 ��F° � rng Z 3 3 r� LL a „° 4§ a `o o N ,��, w 3 0 3 0 0 '0 = o d t r G t K q K K c o o w ° �1 � $ 3r00S 1 <n 2u 4 if a °a�i o _ °qq ° f 12g. F 1i f 12 a a IIIMMMIOMMEIMMMMMIM x • • • V N r Of N N M m P. f0 N N m V �O P COI Q� li O l0 V (O tt m re)� 1 1 1 � 1 1 w 1 R v 00000000.000000000101 07101 of Q ��� M N N W o §8o §S8 §§5 § §8 §`§§1 4V O N 0 1 ( t w o 6 �§ 8 .. N S O O e- ! O W o Y N N 0 N N N st . 2 V V V 4 M S 2 N A N QQ qq QQ aa a c m q$§ 0 §§ 0 §§ o §§ o g g o$ VI ew> ,- a d a � =E0 V N p N N ;; . M f0 •Y m 0 Y M ,„1 . N N O. Z O E gil mew I C N1 U 1 F M W + 0 1 R.a 8 m a C E m is 0. a $ e . { 1 1� a' °' Q 1 (!: W !:. y �i .i W x O [ T _ (7 Il' {p a N �i a W O J z. a N C 3f W 126. Wxxi2.g mtY c'. u z 11 iu e w a Z` 4 i 4 4 a m N @.-0 ao a aoo o ` o s §: aaa .3 ix 1-121 r S 12 12 a c • • • EXHIBIT B LEGAL DESCRIPTIONS 100272787 .DOCX / 6) N DISTRICT 1 LEGAL DESCRIPTION \ That tract or parcel of land situate in Section 14, Township 4 South, Range 83 West of the sixth Principal Meridian, County of Eagle, State of Colorado, being a portion of the Parcel 8, according to ALTA/ASCM survey dated 2008 by PLC and more particularly described as follows. \ Beginning at a point; thence S 89 °59'56" W a distance of 27.14 feet; thence S 00°36'12" E a distance of 58.68 feet; thence S 89 °20'36" E a distance of 25.85 feet; thence N 00 °39'24" E a distance of 58.98 feet \ to the point of beginning containing 0.036 acres more or less. \ \ \ \ \ \ \ \ so, c i U1 BLM POINT OF \ ‹,.` VI' \ BEGINNING 58 27.11' `. \ r0 \ 27 f L.1 I 56.6B b ,41 a, co \ 4 4. 4 \ z 58970'41"E p 0 25.85' BLM . \ \ N a O b \ \ C] U 589''08 "E \ \ 584 \ DISTRICT 2 04-18 -2012 Archibeque Land Consulting, Ltd 0 50 100 NOTICE: Amonding to Colorado law you MUST Plrofessional Land Surveying & Mapping —1 commence any legal adorn based upon any defect in this survey within three years after you 145 Capital Street, Suite 5 - P.O. Box 3093 1 inch ° 100 feet first discovered such defect to na event; may Eagle, Colorado 81631 any action based upon any defect in this survey 5 0.328.6020 Office 970.328.$021 Fax BRAWN BY: JOB t: be commenced more than tan years from the 10133 33 - kglegat.dwg date of certification shown hereon. ■ DISTRICT 2 LEGAL DESCRIPTION SHEET I OF' 2 That tract or parcel of land situate in Section 14,15,22, & 23, Township 4 South, Range 83 West of the sixth Prindpal Meridian, County of Eagle, State of Colorado, being a portion of the Parcel B, Parcel A -5 & Right of way for Highway 6, all according to ALTA/ASCM survey dated 2008 by PLC, and more particularly described as follows. Beginning at a point; thence S 89 °30'08" E a distance of 584.96 feet; thence S 37 °10'24" E a distance of 270.80 feet; thence S 31 °00'28" E a distance of 1171.20 feet; thence S 17 °36'40" E a distance of 428.85 feet; thence S 24 °5829" E a distance of 426.07 feet; thence S 12 °59'90° W a distance of 564.92 feet; thence 5 05 °30'59" W a distance of 332.34 feet; thence S 13 °36'01" E a distance of 662.73 feet; thence S 10 °33'45" E a distance of 874.70 feet; thence S 70 °2210" W a distance of 530.56 feet; thence S 79 °0247" W a distance of 42,23 feet; thence N 00 °32'45" E a distance of 1947.42 feet; thence N 89 °31'39" W a distance of 443.73 feet thence N 20 °52'30" W a distance of 844.80 feet; thence N 22 °08'30" W a distance of 310.23 feet; thence 1202.06 feet along a non tangent curve to the lett with a radius of 2441.80 feet, having a central angle of 28 °12'21" the, chord of which • bears N 38 °4310" W, 1189.96 feet' thence N 55 °38'12" W a distance of 302.16 feet thence N 55 °38'12" W a distance of 112,83 feet; thence N 51 °19'04" W a distance of 166.49 feet; thence N 35 °019" E a distance of 410.14 feet; thence N 54 0 33'58" W a distance of 98.34 feet; thence N 57 °06'30" W a distance of 198.88 feet; thence N 33 °14'43" E a distance of 56,74 feet; thence N 56 °4848" W a distance of 470.71 feet; thence N 33 °24'30 E a distance of 238,63 feet; thence N 57 °29'14" W a distance of 255.91 feet; thence S 33 °25'39" W a distance of 347.13 feet; thence N 56 °35'30" W a distance of 492.60 feet; thence S 33 °00'21" W a distance of 199,49 feet; thence N 54°28'34" W a distance of 19.79 feet; thence N 33 °10'17" W a distance of 178.71 feet; thence N 24 ° 44'3V' W a distance of 127.55 feet; thence N 28 °15'44" W a distance of 222.82 feet; thence N 41 °06'06" W a distance of 212.51 feet; thence N 52 °32'00" E a distance of 101,81 feet; thence 463.67 feet along a non tangent curve to the left with a radius of 1587.10 feet, having a central angle of 16 °44'21" the chord of which bears 5 83°32'51" E, 462.03 feet; thence N 87°58'21" E a distance of 615.10 feet; thence 798.06 feet along a non tangent curve to the right with a radius of 1482,50 feet, having a central angle of 30 °50'37" the chord of which bears S 76 °36'21" E, 788.46 feet; thence 595.94 feet along a tangent curve to the right with a radius of 1482,50 feet, having a central angle of 23 °01'55" the chord of which bears S 49 °40'06" E, 591.94 feet; thence S 00 °26'59" W a distance of 170.61 feet; thence S 00 °39'24" W a distance of 349.45 feet; thence S 89 °59'56" W a distance of 27.14 feet; thence S 00 °36'12" E a distance of 58,68 feet; thence S 89 °20'36" E a distance of 25.85 feet; thence S 00 °39'24" W a distance of 180.41 feet to the point of beginning containing 123.956 acres more or less. 04-18 -2012 Archibeque Land Consulting, Ltd NOTICE: According to Colorado law you MUST - Professional Land Surveying & Mapping - commence any legal action based upon any defect In this survey within three years after you 105 Capitol Street, Suite 5 - P.O. Box 3893 flrst discovered suds detect In no evert, may Eagle, COlora. 81831 any action based upon any defect in this survey 970.328.8024 Office 970.328.6021 Fax DRAWN BY: iOa NUMBER: be commenced more than ten years from the CAP 10133- kgal.dmg date of certification shown hereon, POINT OF DISTRICT 2 BEGINNING - k''' L434 C402 - _____ \ - SHEET 2 OF 2 <' <Q �\ \ `y C403 � � 1 1 1 u .. / ti ' . -' ` / / / v MI M `� \ ` `��`� / co J __ SEE DISTRICT 1 \ j\ .` v 411 t. - '1.439 N.,, � ` P ig a L400 L, \ \ \ �, , .. \ *S.\ t . \3rj\ o \ C4D0 \ \ • \ � \\\\ ti \\ \\ LINE TABLE \ \ t LINE 1 BEARING DIS1AN::E_ 7 �1 \ \\ 0 L400 589 "E • 584.96 \L ' 44 `\ \t 5 1401 53710'24" 270.80 ' J \ f � 1 1 L422 53'•00'28 "E_ 1171.20 \ .. ; t ( )2. 4 L 03 517.36'40 428. 1 1 0 L404 524'58'29 "E 426,07__ \ I 1 t 4 05 S12•59'40 "W 1 564.92 J 1 _I L406 505'30'59 "W ..332.34 I l 1 I L407 S13'36'01 "E ' '662.73. 1ll r ' 1 1 N L408 510'33'45'E 874.70 V W I ! I L409 S7022'33 "W 530.56 1 1 j L L410 579 02'47'W_ 42.23 1 1 1 1411 1400'32 "45 "E 19477E1 \ 1 I I L412 1.189'31;39"W 4 \\ L412 I 1 L413 • 142052'30 "W 844.80 . \ o L4 1 "W 310,23 \ - i L415 N5538'12'W 1 _ 302.-6 1 1 L416 N55 38'12:' 1 112.03 1 L417 1451'19'04 "W 166.49 1 1 t 1418 1\35'03'19 • E 1 410.1 - � 5 ` r L 419 1454'33'58"W 98.34 ` 1 03 L420 I. N57 06 "W 198.88 1 1 L421. ,43314'.43 "E 56.74 /. 1 L422 1456'48 "48 "w 470.71 ! 1 • 1.423 , 1433'24'30 "E 1 238.63 Il L L424 1457'29'14 "W 255.91 ' 1 L425 533•25'39 "W _ 347.13 1 1 1 L426 '456 492.60 1 L 533'00'2: "w 1 159.49 i r 1 0 4 1428 1454'28'34 "w 9.79 ( 1 X429 1433'10 "17 "W 178.71 I . 1 L433 1424'44'31 "w ■ 127.55_ s. , t 1431 N28'15'44 "W 222.82 5 1 1432 N41'05'05 "w 212.51 \ L433_ . N52'32'00 "E 101.81 pg 1.434 1487'58'21 "€ ; 615.10 LA L435 So0'26'59 "W 170.61 _ L410 L436 S00•39'24 "W 349 45 CURVE. I ABLE _. _..._ L437 S89•59 "56 "Vi 27.14 L438 S00'36'12 "E 58.68 1 CURVE' RAD•US LENGTH TANGENT OELTA CNORD 1 43 8 584'2.0'36 "E, 25.85 _C400 2441.80 1202,06 613.47 28'12'21 N38•43'10 "W 1184.96_ L4 - 500'39'24 "W 180 4t C401 1587.10 463,67 23 16'44'21 "" ^ S83 462.03 C402 1482.50 798.06 40895 30'50'37' N76•36 "21 "W 788.46 • C403 1482.50 , 595.94 302.05 23'01'55" N49'40 "06 "W 591,94 04-p.8 -2012 Atichibeque Land Consulting, Ltd 0 300 600 NOTICE: According to Colorado law you MUST Orofessional Land Surveying do Mapping ^' fect 1r commence any legal action based upon any de fect in this survey wIthin three year after you 105 Capitol Street, Suite 5 - PD. Box 3893 1 inch = 600 feet first discovered such defect In no event, may Eagle, Colorado 81631 any action based upon any defect In this survey DRAWN BY JOB NUMBER: be commenced more than ten years from the 990.338.6020 Mc* 970.3286021 Fax CfiP I0133degal dwg date of certification shown hereon. LEGAL DESCRIPTION That tract or parcel of and situate in Section 15,22, & 23 Township 4 South, Range 83 West of the sixth Principal Meridian, County of Eagle, State of Colorado, being a portion of the Parcel C, according to ALTA/ASCM survey dated 2008 by PLC, and Book 409, Page 221, and more particularly. described as follows: Beginning at a point; thence S 06 °24'00" E a distance of 117.10 feet; thence S 56 °30'13" E a distance of 50.00 feet; thence N 73 °12'55" E a distance of 117.20 feet; thence S 63 °26'04" E a distance of 755.38 feet; thence S 56 °35'33" E a distance of 305.22 feet; thence S 55 °22'01" E a distance of 176.77 feet; thence S 04 °08'55" W a distance of 51.56 feet; thence S 19 °49'30" W a distance of 117.10 feet; thence S 47 °27'42" E a distance of 50.41 feet; thence 5 63 °10'00" E a distance of 266.20 feet; thence S 29 ° 36'46" E a distance of 268.45 feet; thence S 78 °23'33" W a distance of 68,82 feet; thence S 30 °48'20" W a distance of 258.36 feet; thence N 69 °28'41" W a distance of 101.84 feet; thence 176.80 feet along a non tangent curve to the left with a radius of 215.00 feet, having a central angle of 47 °06'58" the chord of which bears N 20 °26'44" W, 171.86 feet; thence N 44 °00'13" W a distance of 728.67 feet; thence 279.51 feet along a tangent curve to the left with a radius of 500.00 feet, having a central angle of 32 °01'45" the chord of which bears N.60 °01'06" W, 275.88 feet; thence 264.18 feet along a tangent curve to the right with a radius of 1500,00 feet, having a central angle of 10 °0578" the chord of which bears N 70 °59'15" W, 263.84 feet, thence N 65 °56'31" W a distance of 267.92 feet; thence 158.62 feet along a tangent curve to the right with a radius of 156.00 feet, having a central angle of 58 °15'33" the chord of which bears N 36 °48'44" W, 151.88 feet, thence 323.83 feet along a non tangent curve to the right with a radius of 200.00 feet, having a central angle of 92 °46'18" the chord of which bears N 55 °53'58" W, 289.60 feet' thence N 09 °30'49" W a distance of 165,37 feet; thence 89.48 feet along a tangent curve to the left with a radius of 120.00 feet, having a central angle of.42 °43'23" the chord of which bears N 30 °52'31" W, 87.42 feet, thence N 42 °22'49" E a distance of 191.55 feet; thence S 50 °26'42" E a distance of 339.27 feet to the point of beginning containing 18.204 acres more or less, POINT OF :2 4, 7 BEGINNING C305 DISTRICT S W SHEET 1 OF S 0 at & // st >0 .14 ,,, - C30• t I N 'JY� 0303 &3p ` �� 137 Oe • ......_ 4.1 ,y C302 \ \ ( 37 j co ,- J .S1' LINE TABLE lib \ / LINE BEARING DISTANCE \ o 7 ^3 . 045 1300 N09'30'49 "W 165.37 \ 1301 565'56'31 "E 267.92 � \ 1302 544'00'13 "E 728.67 \ <,,, 1303 _ N19'49'30 "E 117.10 \ a 1304 N47'27'42 "W 50.41 L305 N6310'00 "w 266.20 \ L306 N29'36'46 "W 268.45 4307 L307 N78'23'33 "E 68.82 1308 N30'48'20 "E 258.36 C300 \ ,,b 1309 S69'28'41 "E 101.84 i v L310 542'22'49 "w 191.55 4309 L311 N50'26'42 "W 339:27 L312 N0624'00 "W 117.10 1313 N56'30'13 "W 50.00 CURVE TAB LE 1314 S73'12'55 "W 117.20 CURVE RADIUS LENGTH TANGENT DELTA CHORD L315 N63'26'04 "W 755.38 7300 215,00 176.80 93.74 47'06'58" N20'26'44 "W 171.86 L316 N56'35'33 "W 305.22 C301 500.00 279.51 143.51 37'01'45" N60'01'06 "w 27588 1317 N55'22'01 "W 176.77 C302 1500.00 264.18 132.43 10'05'28" 570'59'15 "E 263.84 L318 N04'08'55 "E 51.56 C303 156.00 158.62 86.93 5815'33" S36'46'44 "E 151,4p C304 200.00 323.83 209.92 92'46'18" 555 "£ 289.60 04 - - 2012 C305 120.00 89.48 46.93 4 2'43'23" N30'52'31 "W 87.42 Archibeque Land Consulting, Ltd 0 150 300 NOTICE: According to Colorado law you MUST Professional Land Surveying & Mapping - commence any legal anion based upon any defect In this survey within three years after you 105 Capitol Street, Suite 5 - P.O. Box 3893 1 inch = 300 feet first discovered such defect to no event, may Eagle, Colorado $1631 _ any action based upon any defect In this survey 970.328.6020 Office 470.328.6021 Fax DRAWN BY: 308 NUMBER: be commenced more than ten years from the CAP 10133- Iegal.dn'g date of certification shown hereon. LEGAL DESCRIPTION That tract or parcel of and situate in Section 14,15,22 & 23 Township 4 South, Range 83 West of the sixth Principal Meridian, County of Eagle, State of Colorado, being a portion of the Parcel A•5, & Highway 6 Right of Way according to ALTAJASCM survey dated 2008 by PLC and more particularly described as follows. Beginning at a point; thence 222.36 feet along a tangent curve to the left with a radius of 1587.10 feet, having a centrai angle of 08 °01`38' the chord of which bears S 71 °09'51" E, 222.18 feet' thence S 52 °32'00" W a distance of 101.81 feet; thence S 41 °06'06" E a distance of 212 "51 feet; thence S 28 °15'44 E a distance of 222.82 feet; thence S 24 °44'31" E a distance of 127.55 feet; thence S 33 °10'17" E a distance of 178.71 feet; thence S 54 °28'34" E a distance of 19.79 feet; thence N 33 °00`21" E a distance of 199.49 feet; thence S 56 °35'30" E a distance of 492.60 feet; thence N 33 °25'39" E a distance of 347.13 feet; thence S57 °29'14" E a distance of 255.91 feet; thence S 33 °24'30" W a distance of 238:63 feet; thence S 56 °48'48" E a distance of 470.71 feet; thence S 33 °14'43" W a distance of 56.74 feet; thence S 57 °06'30" E a distance of 198.88 feet; thence S 54 0 33'58" E a distance of 98,34 feet; thence S 35 ° 03 "19" W a distance of 410.14 feet; thence N 51 °19'04" W a distance of 812.68 feet; thence N 56 °35'30 " W a distance of 150.00 feet; thence N 62 °40'49" W a distance of 377.13 feet; thence N 56 ° 35'30" W a distance of 800.00 feet; thence N 66 °21'17" W a distance of 211.00 feet; thence N 27 °32'04" E a distance of 13.39 feet; thence S 62 °2756" E a distance of 6.00 feet; thence N 27 °32'04" E a distance of 346.01 feet; thence N 18 °08'27" E a distance of 38.11 feet; thence N 18 °56'13" E a distance of 100.23 feet; thence S 67 °09'02" E a distance of 30.46 feet to the point of beginning containing 20.845 acres more or less. x.(22 N 0200 DISTRICT 3 ty 'Y POINT OF 1$ BEGINNING 4 .a oa ` ' 4.20 4. N 1 w 1 (? t A v .... 12 01 O';' J 12 4,1", / 4") / f / LINE TABLE / / o LINE BEARING DISTANCE � / ( ?,, L200 552'32'00 "W _ 101.81 ?7 8 / L201 541'06'06"E 212.51 ( i L202 52815'44 "E 222.82 / , L203 524'44'31 "E 127.55 - 1 ?Y + • `1 ' 1204 S33'10'17 "E 178.71 . `- , ., L205 5542834 "E 19.79 1206 N3300'21 "E 199.49 ( 2 jA 1207 556'35'30 "E 492.60 L208 N33'25'39 "E 347.13 L209 S5729'14 "E 255.91 L210 533'24'30 "W 238.63 ( d i d` L211 556'48'48'E 470.71 238.63 i C%‘ .... I L212 53314'43 "W 56.74 • L213 S57'06'30 "E 198.88 IAfi L214 554'33'58 "E 98.34 lti ,L215 S35'03 "W 410.14 �,j )� 6216 1 812.68� L217 N56'35'30 "W 150.00 \ L218 N62'40'49 "W 377.13 L219 N56 "W 800.00 L220 1266'21'17 "W 211.00 L221 N27'32'04'E 13.39 L222 56227'56 "6 6 CURVE TABLE L223 N27'32'04 "E 346.01 _ CURVE RADIUS LENGTH. TANGENT DELTA :CHORD L224 N18'08'27 "E 38.11 C200 1587.10 222.36 111.36 , 8•01'38" 571'09'51 "E 222. +6225 N18'86'13 "E 100.23 L226 567'09'02 "E 30.46 04 -18 -2012 Archibeque Land Consulting, Ltd 0 150 300 NOTICE: According to Colorado law you MUST "' Piofessional Land Surveying & Mapping commence any legai action based upon any Y $ PP ii " d efect in this survey within three years after you 105 Capitol Street, Suite 5 - P.O. BUx 3893 1 inch = 300 feet first discovered such defect In no event, may Eagle, Colorado $1631 any action based upon any defect In this survey 97�?.328.6020 Office 970.328.6021 Fax DRAWN BY; 7 08 NUMBER; be commenced more than ten years from the CAP I01334egal.drr R date of certification shown hereon. LEGAL. DESCRIPTION DISTRICT 3 SHEET 3 OF 3 That tract or parcel of and situate in Section 14, Township 4 South, Range 83 West of the sixth Principal • Meridian, County of Eagle, State of Colorado, being a portion of the Parcel B, ALTA/ASCM survey dated 2008 by PLC and more particularly described as follows. Beginning at a point; thence N 03 °57'15" E a distance of 566.93 feet; thence S 41 °31'58" E a distance of 253.89 feet; thence S 56 °08'31" E a distance of 300.22 feet; thence S 00 °32'15" W a distance of 562.33 feet; thence 5 00 °26'59" W a distance of 29.07 feet; thence 595.94 feet along a non tangent curve to the left with a radius of 1482.50 feet, having a central angle of 23 °01'55" the chord of which bears N 49 °40'06" W, 591.94 feet, containing 5.467 acres more or less. sr i: ct, BLM iJ °,� SssO. °' 3 p B 3 j „ in � to R= 1482.50 BL, L= 595.94 Ton= 302.05 A=23'01'55" CH= N49'40'06 "W 591.94 N • POINT OF a BEGINNING to O j SD0'26'59 ° W \ 29.07' 4 04 -18 -2012 Archibeque Land Consulting, Ltd o 100 200 NOTICE: According to Colorado law you MUST commence any legal action based upon any Professional Land Surveying & Mapping _ d efect in this survey within three years after you 105 Capitol Street, Suite 5 - P.U. Box 3893 1 inch = 200 feet first discovered such defect. In no event, may Eagle, Colorado 81631 _ any action based upon any defect in this survey 970.328.6020 Office 970.328.6021 Fax DRAWN BY JOB NUMBER: be commenced more than ten years from the CAP I0133•lrgal.du+g date of certification shown hereon. DISTRICT 4 LEGAL DESCRIPTION SHEET I OF 2 That tract or parcel of land situate in Section 22,23, & 15, Township 4 South, Range 83 West of the sixth Principal Meridian, County of Eagle, State of Colorado, being a portion of the Parcel C, according to'ALTA/ASCM survey dated 2008 by PLC, Book 409 Page 221, and also Book 93 Page 381 and more particularly described as follows. Beginning at a point; thence 5 42 °22'49" W a distance of 191.55 feet; thence 89.48 feet along a non tangent curve to the right with a radius of 120.00 feet, having a central angle of 42 °43'23" the chord of which bears S 30 °52'31" E, 87.42 feet, thence S 09 °30'49" E a distance of 16537 feet; thence 323.83 feet along a tangent curve to the left with a radius of 200.00 feet, having a central angle of 92 °46'18" the chord of which bears S 55°53'58" E, 289.60 feet, thence 158.62 feet along a non tangent curve to the left with a radius 0(156.00 feet, having a central angle of 58 °15'33" the chord of which bears S 36 °4844" E, 151,88 feet, thence S 65 °5631" E a distance of 267.92 feet; thence 264.18 feet along a tangent curve to the heft with a radius of 1500.00 feet, having a central angle of 10 °05'28" the chord of which bears S 70 0 59 1 15" E, 26184 feet, thence 279.51 feet along a tangent curve to the right with a radius of 500.00 feet, having a central angle of 32 °0145" the chord of whkh bears S 60 °01'06" E, 275.88 feet, thhetice S 44 °00'13" E a distance of 728.67 feet; thence 176.80 feet along a tangent curve to the right with a radius of 215.00 feet, having a central angle of 47 °06'58" the chord of which bears S 20°2644" E, 171.86 feet, thence 5 69 °28'41" E a distance of 101.84 feet; thence N 30 °48'20" E a distance of 258.36 feet; thence N 78 °23'33" E a distance of 68.82 feet; thence S 29 °36'46" E a distance of 460.99 feet; thence S 41 °38'26" E a distance of 298.45 feet; thence S 12 °19'35" E a distance of 269.09 feet; thence S 20 °52'30" E a distance of 650.11 feet; thence N 89 °1719" W a distance of 1147.49 feet; thence S` 00 °40'22" W a distance of 64439 feet; thence N 88 °02'25" W a distance of 869.04 feet; thence N 30 °48'20" E a distance of 623:24 feet; thence N 51 °15'55" W a distance of 58432 feet; thence N 38 °19'02" W a distance of 539.28 feet; thence N 62 °48'35" W a distance of 588.51 feet; thence S 78 °50'58" W a distance of 316.60 feet; thence N 18 °20'01" W a distance of 90.61 feet thence N 56 °58'41" W a distance of 697.09 feet; thence N 16 °23'57" W a distance of 757.58 feet; thence N 57 °48'19" W a distance of 365.60 feet; thence N 00 0 39'08" E a distance of 398.54 feet thence N 00 °55'25" E a distance of 180,55 feet; thence N 00 42'48" E a distance of 963.68 feet; thence 5 87 °32'30" E a distance of 348.18 feet; thence N 17 °57'00" E a distance of 75.00 feet thence S 62 °02'58" E a "distance of 721.87 feet; thence S 56 °35'30" E a distance of 731.70 feet; thence S 50 °26'42" E a distance of 314A9 feet to the Point of Beginning containing 195.460 acres more or less. 04-18-2012 Archibeque Land Consulting, Ltd NOTICE: Accong to Colorado law you MUST Pic feasional Land Surveying & Mapping commence any legal action based upon any defect In this survey Wtthtn three years after you 1DB Capitol Street, Suite 5 - P.O. Box 3893 Post dismvcred such defect. In no event, may Eagle, Colorado 81631 any action based upon any defect in this survey 970028.8020 Office 970.328.6D21 Fax DRAWN BY: 30B NUMBER: be commenced more than ten years from the GAP 10133- iegal.dwg date of certification shown hereon. • ... ... LINE TABLE LINE BEARING DIS1AN a DISTRICT 4 i 1 00 887'32'30"w 348 18 L101 517'57'00"W 75.00 L102 N62'02'58"W 72 SHEET 2 OF 2 L 1 G3 1456'35'30'V 131.70 L104 145026'42"W 314.49 L105 N4222‘49"E 191.55 L106 N09'30'49"W 165.37 1 N65'56'31"W 267 92 L108 N4400'13"W 728.67 L109 N69'28'41"W 1 101:84 1110 S.30 48'7()"4 25& 36 L111 57823'33"W 68.82 • . ''. L112 829 /160.99 .., L100 L113 N41 298.45 , 47 0,) 114 ' 1%11219'' 26 9 35W 9.0 _ 1 _ .._ --./ L115 N20'52'30"W 650.11 L1 S891739'1 1147.49 00 L117 80040 544.79 .7.-J Oa • BEGRVNTNG 1.118 S304820W 6224 L S511 1 5.553 • 584.32 \ 5 L120 S38 39.28 ...____ . '57 1121 S5235E 558.51 ..# .. , \to L122 N78'50'58"E 316.60 r-.. L123 S1820'011 90.61 73 r: 11 S56 1 "E 69 /. 09 0 6 L125 S1623'57"E 757.58 • to 0) I 'it 1125 S5748 365.60 C.101 1127 s00 180.55 . 02 C102---,42j2. L128 50012 96'3.6 6 ,....____. L129 . S88'02'25"E 569.04 0103 L130 S00'39 398.54 C104 . '-:1:•.) \ \ (2. t. DISTRICT 4 (.105V; < 4...., ;I 122 r. \ r. ..<, • .....- \ 11;, \ N. \ , :-. c P L129 _______ __ _ / r. 73 L116 _ L CURVE TABLE ' CURVE RADIUS 1 ENGIF: TANGENT DEL TA C FIORD C100 120.00 89.48 46.9 42'43'23" N30'52'31"W 87.42 ___. ...._ _ . ____... C101 200.00 323.83 209.92 92 555'53'587 289.60 C102 156.0 158.62 86.93 581533" S.36'48'44"E 151.88 . C103 1500.00 . i 264.18 132.43 i3'05'28" SZO'59 263.84 C101 500.00 2/9.51 143.51 32'01'45" 1 460'61'06"W 775.88 . C105 2 5.00 176.80 9.3.74 _ 47'06'58" , N20*25 171.85 04-18-2012 Archibeque Land Consulting, Ltd 0 300 600 NOTICE: According to Colorado law you MUST • commence any legal action based upon any - Professional Land Surveying & Mapping - 14!!!!!!'lli( defect In this survey within three years after you 103 Capital Street, Suite 5 - P.O. Box 3893 1 inch = 600 feet first discovered such defect. In no event, may E any acton based upon any defect In this survey agle Col d , orao 81631 DRAWN BY: JOB NUMBER: be commenced more than ten years from the 970.328.6020 Office 970.328.6021 Fax shown date or ten/tic:allot) hereon. CAP 10133-legaldwg EXHIBIT C BOUNDARY MAP {00272781.DOCX /6) ,-- .17 , Ng* ,.. ..., ,, geettw,t,,,: 14,4 4 11,1s ... % 1/4*%koist.,......,,,,,,,g.:44 vi __,,..,.....,,,,,..„.. ,,,, „ _ ,_ _ .,..,-.4 ,„,, xv ......---- sii*-7.76-47‘ 1 is 44 ''.- ' •:sik. 0 Nttili■ 4' '4•J W 4 ' 4464,41V NV xii,lttit h ..c -. tittopk, "gt% 1 x U.1 a, 1 .02,14„ -0 M 4•■• \ Ni k,) 41.4,;,-4'db‘"' 4.414;s41444:41:A*VV***+ ttot,N, NI' . Sy 4 !L ;,^1//0. k ,,!' • ' .4,-4 nAS. irity".4W, \ j'ik i;kt k ...-prga.v . . vtizvik,* givi‘ A ;IN ?,,,\* 4— <1.) / \ \ t 4 ru Nt. Ni441. **\44404:344. 1 %-"/ / \ \ i I EXHIBIT D VICINITY MAP (002727E17.DOCX / 6) , . i IA1 --",' . " x s ly , - • F s 1 1 t .. 4. mmit . . _ ^ ■ 3 t r,p o . dial t 0 ..:N • EXHIBIT E SITE PLAN {00272781.DOCX / 6) y y i< € ;r� ' iri T t k C '# ., 4 V, L� C e ,. x fry^ 3 { fie ;fi , EXHIBIT F COST SUMMARIES OF IMPROVEMENTS {00272781.DDCX/ 6} O ice. o a i-- M LO of LB Sr or o o 0 a o a o 01 rn . to m 0 0 0 0 0 CO o sn o 0 O 1 .0 O o m M cr ■ 01 0 0 I. o 0 o O .o O (-I u') N o N. 0 0 0 0 0 et (.0 N CD t m s o t0 6 O 6 c» M a) t+ r t` M O 0 0 0 0 0 ui lV a1 r, ct O o 0 6 O N v1 r.: ri o0 a 0 00 0 0 N. tD N O u1 M CO 0 0 0 0 0 0 o 4 .0 m 1D .-t tin 0 N O or o N r-1 N. N. lit 00 1.0 0 0 01 N e-1 01 m et t0 P+ 0 0 1..0 0 0 0 00 tt N In N 0 N. 0 CO 0 N. N N m M C m a) o o N. CO n M CO 1` a) m o o t0 N. v) o 0 o 1-4 CO h Ni v (4 re';' o N. m a1 CO LD N O O CO 0 N U1 h V' tD C1' 0 CO a1 O N ul et N. a-I tt U} 00 00 t . [t V) M d' V} s-I c-I rI M t0 H tD O 00 d' If) .--I V) V) to N V) N r1 V} ei V} V} trf in 00 0 N u1 th. (/} VL 111 V} Ili V} V) V} VF O 'N O O C M ct ri N 01 0) 10 0 0 0 0 0 0 01 al rich). M 0000000011100 O 1!) 0 0 n M 01 M ri In u1 01 0 0 0 0 0 0 c-i ul N 0 N. 0 0 0 0 0 et to N tD et m m 0 0 N. N c O 0 O 0 M ai M M t~ t m 0 O o 0 0 0 (.0 M L -1.1 . V et 0 O O O N. (--1 -I h n uu") �. 0/ - La 1/1 0 0 1 e-1 M t0 to 1/ V} t/} 0 0 M In 0 0 . d' N to N .-s V} ul N r. N^ t V} o o v} V} in V) V} o t-i 4 t 00 o o r- ai r; 11 ) m tp o r` . h ro ai of = C 0 0 0 VI v) N to tf l•-• r1 V V1 i/1 V} u1 M a V) e 1 L-4 V} V t i t V) V} V). I11 V) V} V} if} In V} ei V) VI , C LL W 4 t/) W LL LL -.. .. 1L U_. W t(. 1/) u.I W W J J J J J J J W 1 J J t � J - .2 C J J W J _1 J J J J J J ....1 J D O a N c-1 0 O 0 o O 0 0 O + o N t0 t-N ri rI c-I ri 1-1 c-I O O to e-1 rf a-I ri r1 c-I 1-1 O 0 00 e-I 0 c-I 00 t0 .-I I/1 00 N 'et 0 t0 et 01 V - • 1 4^ M M N ri N h a1 u'1 N N N M M L O M W lU t0 or N tt N ,4'. ,-.1. tjj (-4' c1 N 3 N W V NL N 03 .x ea csi 00 00 a. _� v an. AA p) c71 L C 00 7 17 N O 0 r1 in 17 i- I- 0 t.-1 u 7 c +� +� L Y) pp c Nor 0 Ili c 0 (O +� to N 7-- D '0 7 -0 o > T 0 tu 70 to 'v) a' a0 v G Q 0) nA yr I 5 �' ro CC . 0 G . G 0 4 ii ¢ w c G as G (13 v1 c ev o2! t) ro h0 c>7f +1 o O ca u d C3 1-- E - ri . a 2 - a ) ` 41 2 c " G m y G 02S w. a 17 c 0 m a .0 }. ( a) a) a) a) al ( t o o ro LL U n u ? u) "0 11 V p A V �S M c 5 .. v- > � j ° - v C 0 a, t ? +✓ ,' 4, .4;e w V) c a a L. " ?J L ii P1 G • > 7 CJ N Q '5c L3 a) Q1 H C h y �- O + � + G h h ro to w o m b (v o in a s v' m " O 0 0= 'o -. c N a ro L- 0 0= 'o `~ v' ± Z F-- N N M CO M N N N m Z to Vt U o U d N _ _. H O0 ti o U Cl M G G 00 in M o to O 0 0 to 1 a 0 it M co I-4 . R V} 1 L 7 0 tt Q) L H 0 W 4- Ili 0. 0) VI 3 =1111■M■ 0000 'tt` 0 0 0 <-1 0000000000m000Ln US r r-tr■ 0 0 0 0 0 oo tr) oo N CI 0 0 0 0 0 0 co 0 co os 01 Cil Cr! 0 . . . . . . . . . . . 0 . . . . . r . u . c . a . . 0 ci ci d ' LA oo tr) uo oo to 0 0 c) cs 0 0 r-- tn co co g -- -) o ) 0 0 oo co 0 Lrl tp 0 Ln NI 0 0 0 0 0 0 0 0 r-- r-1 0 0 0 0 r, 04 00INI 0000ln000r-sr■000mirloNo 06 e p: , ' r4 6 ni c5 (45 ci 6 4 o6 r: e5 ci ci ci 6 <6 0 Ornr-t <-4 CO N r•-. to v.) t.--; rt) *I th vi" <-4 0 0 CO LID ii) o o o co ul o r. N St 01 M CD r.) in- in. Tr in- nst <-1 t-i rst ,-1 to to r-- rri r, in t4 .04 in. in tn. in t4 0000 .7'000 0 0 0 0 0 0 0 0 0 0 0 0 to r... ,--1 r.. 0 0 0 0 0 oo Lr) oo (NI q c? o o o o, o ca cr .4: o o■ ci o) o) o) m cs (NI Ti 0 c5 ' tri oci vi to c 0 0 6. tri co 0 0 ni r•J § 0 to : v rri cri 0 00 tC) 0 0 Lf) CO 0 U1 N en. en- 0 tt 0 0 N.. 1` ct' 0 0 01 4.4 4/1 0 0 0 tn. 01 .., 0 0 01 01 0 N 0 0 0 0 u5 ni g m -4 0 c 6 cr) 6 4.15 6 <2 6 6 c5 0 N in c' .er -in- .4t. , 0 in At ko Tr T1- Tr in. ril t-i to to r--- ( v) tn. in LL. u - < < vs in vs (4 ( n L I/ L±J _L S L!. 1 t!. _I 1 S. U. n LP_ , L.0 1'3 `!3 - - W (L) .,...1 -1 ...-I ....) .....J 00 1.0 (.0 v-4 r4 <-1 <-1 <-1 ,-.1 r-i r-( 000 r-i <-4 <-1 0 ‘zt• <-1 <-1 <-I <-1 r-i ri 00 0 0 Ln trt C1't r-1 rri 0 t•-• Ill 00 vs Tr' ‘--"Is N t'll 1- 1- CD 0 2 a? 2 L.: c to o bA 4-. 0. 01) .9 w vi c C c I.) sii c 0 0 1:-I c 5 Ja Q tr, L' '&' -71 ._ a 1 'as .e ou . .r., . 7 4 Di; 06 -4- 8 › . „, (u _ E .2 •-“, v u r a ..a c > To Q) 1.- a) . 5 , 2 I-- 2 1 .-- 1-. .i.- c f i .4g to V oi .,?., -- n , t .. 4-4 .. 4. 1 6 06 2 ... > ra. ti. u > i co; 15 ,ed ' .1 v d - 0 4-- -0 0 5 D o- - sl > c0 a) -- co ,-. 00 -r4 a) o .8 VT et i-i 01 H m 01 .. .. o0 00 N US k0 IAL 1.4 tn. 01 1.. C Z 4., 0 LI 1 2 a) 0) 44 1 0) 4... CC C oz 41 0 0) O C. I 0 0 0 0 0 0 Cr 0 0 o e-t 00C/000003 ri co rn 0 0 0 0 c i p 0 r-i oo tri to tri 0 0 0 0 0 0 . -I v h. 0 h m N tt) O O O r` . ci tr) 00' in izr 01 h� 00 1.11 .t.- I N V? Cr) V? ,t V? ttt N V? tr? V? V> N V? t) C 0 0 0 0 0 0 d' 0 O O c-I aoo000 -tcoorn 1 - to tri O tn O O co 0 in M . N o ir? CI' 0 1/1 tr? 0 e-I ct N 00 r, .0 V) ' in` et O ' e-t` ri tr)' 00' D Vr tn. try c-t N in (t') V? h -o. tr? in N N i. ' t0 v c D LL < Q d >- to to V) tr ` v D - I W tL lL! V --t -1 CO a .0 N 0 01 0 0 ri 1 e-4 -4 e-I c-I -p 141 o e-t tD h ri ri 0 r�i .4 ca. L3 1 o. . pp C O W U C t1 D 0 — 4-4 ty N Y t1 Qi < LL cD C E v) t bq co ..E,-, U , o 'D L a) c 0) -t t t h c 4 c a) 5 c 2 LL ( n u t4. 3- U t (..) E C o .- ; � w u (0 . . D O a C y v 2 y N N ti7 N CC t„? u CI t E c r4 co 40 vt. co al ce N. a Tr , ct 4.1). M in 03 Q C 1- .� O L. F- E Z L ` Q' oC V1 y EXHIBIT G MAP OF LOCATION OF IMPROVEMENTS {002727871DOCX / 6} THE WOLCOTT METROPOLITAN DISTRICTS NOS. 1 THRU 4 CONSOLIDATED SERVICE PLAN Eagle County April 201 z WOLCOTT METROPOLITAN DISTRICTS 1 THRU 4 EAGLE COUNTY COLORADO PREPARED BY COMMUNITY CONCEPTS COLORADO, LLC BOUNDARIES UNLIMITED INC. STAN BERNSTEIN & ASSOCIATES, INC. COLLINS COCKREL & COLE i {00272787.DOCX / 6) TABLE OF CONTENTS 1. INTRODUCTION 1 2. PURPOSES OF DISTRICTS 2 3. PROPOSED DISTRICT BOUNDARIES /SERVICE AREA 4. 4. PERMITTED LAND USES / POPULATION PROJECTIONS / ASSESSED VALUATION 4 5. DESCRIPTION OF DISTRICT POWERS, SERVICES AND IMPROVEMENTS 4 (a) Services and Improvements. 5 (b) Other Powers. 9 6. ESTIMATED COSTS OF IMPROVEMENTS 10 7. ESTIMATED COSTS OF OPERATIONS AND MAINTENANCE 11 8. FINANCIAL PLAN / PROPOSED INDEBTEDNESS 11 (a) Financial Plan. 1 1 (b) Bond Issuance and Developer Advances 12 (c) Debt Authorization. 13 (d) Parameters for Debt Issuance. 14 (e) Revenue Source 15 (0 Operations, Maintenance and Administration 15 9. INCLUSIONS / EXCLUSIONS 15 10. DISSOLUTION / CONSOLIDATION / INACTIVE STATUS 16 11. CONCLUSION 16 {00272787.DOCX / "6) i LIST OF EXHIBITS E BIT A Financial Plan E BIT B Legal Descriptions EXHIBIT C Boundary Map EXHORT D Vicinity Map EXHIBIT E Site Plan EXHIBIT F Cost Summaries of Improvements EXHIBIT G Map of Location of Improvements EXHIBIT H Form of Mill Levy Disclosure Statement {OO272787 DOCX / 6) 11 1. INTRODUCTION The Wolcott Development is a mixed use "new town" development (the "Development ") located at Wolcott, Colorado in Eagle County (the "County "), consisting of 373 acres proposed to be developed into approximately 431 residential units (which may be developed into a maximum of 679 residential "unit counts" including accessory dwelling units) and up to 150,000 square feet of commercial space. The development will occur in phases, thus making appropriate the establishment of multiple metropolitan districts to handle the various stages and types of development. Wolcott Metropolitan District No 1 (the "Service District ") will be responsible for oversight of the construction and financing, ownership and operation of the public infrastructure. District No. 2 and District No. 4 will consist of residential neighborhoods to be developed as the market allows, with District No 3 consisting of the commercial development as well as associated residential units (collectively, District Nos. 2 through 4 comprise the "Financing Districts" and together with the Service District they comprise the "Districts "). Commercial property is assessed for taxation purposes at nearly four times that of residential property, thus warranting a lower property tax levy in the commercial area, able to be achieved through placing the commercial property in a separate District. It is possible that a District No 5 could be requested to be formed at a later date in order to adjust the phasing of development. The Wolcott Development is currently owned by three separate parties. Community Concepts Colorado is the applicant of the Planned Unit Development (the "PUD ") for the Wolcott Development. References in this Service Plan to a "Developer" apply to Community Concepts Colorado, LLC and any affiliated or related entity, and any successor developer or an affiliated or related entity thereof. The Wolcott Development PUD has received Sketch Plan Approval from the Eagle County (the "County ") Board of County Commissioners. The Developer is preparing the PUD Preliminary Plan for submittal to the County. The concurrent submittal of PUD and Service Plan applications is necessary because the Service District is to execute one or more intergovernmental agreements with the Colorado Department of Transportation ( "CDOT ") before the end of 2012, which in turn requires that the Districts' organizational elections be held on November 7, 2012. Although the PUD and the Service Plan both relate to the same project, the Board of County Commissioners retains the authority to consider each application separately. In particular, the approval of this Service Plan shall bestow no vested rights upon the subject property. As further described in Section 10, if the Final PUD is not approved by May 1, 2013, the Districts shall either be put on inactive status or be dissolved. This Service Plan gives an overview of the services and functions that the Districts are expected to provide and it also sets forth the parameters of the Districts' authority. (00272787.DOCX / 6) 1 Howe ri er, the projections contained in this Service Plan (including the Financial Plan and a desc iption of the public and private improvements in the Wolcott Development) repres nt the best.current information and estimates of the parties but are not intended to create imitations on the Districts. The Districts will have all the powers and authorities available to metropolitan distric under Title 32, Article 1, C.R.S. (as amended from time to time, the "Special District Act "), although all may not be utilized. As related below, water and sewer will be provided by the Eagle River Water and Sanitation District; fire protection by either the Eagle River Fire Protection District or Greater Eagle Fire Protection District; and emerg$ncy medical services by the Eagle County Health Service District. The Districts' boundaries will overlap with Western Eagle County Metropolitan Recreation District. The Fire Districts and the Health Service District (Ambulance District) will develop facilities as the need arises. The Water and Sanitation District has agreed to . establish a Water and Sanitation Subdistrict (the "Water and Sanitation Subdistrict ") for wader and wastewater purposes; and with security provided by the Developer, has agreed Pto arrange for financing, construction, ownership and operation of the water and sewer cilities. Those costs may be assisted by the Districts as is required and /or able to be acc mplished. The Water and Sanitation District shall also determine the adequacy of the wa r rights being conveyed to it by the Developer for the Development. 11 other infrastructure, including but not limited to streets, drainage, traffic signali ation, transportation, parks and recreation, and mosquito control, may be provided throug the Districts, as discussed in Sections 5 and 6 below. it is estimated that less than one -half of the actual costs of the infrastructure will be able o be financed through municipal bonds. The rest will be donated by the Develo ter. The Financial Plan is set forth in Exhibit A. 2. 1 URPOSES OF DISTRICTS s the management and control district, the Service District will be responsible for managing, implementing and coordinating the financing, acquisition, construction, completion and operation of certain public infrastructure (all of which public improvements are referred to herein generally as the "Improvements ") and services throughout the Development (referred to herein generally as the "Services "). The Improvements and Services are more particularly described in Sections 5 and 6 below. The Improvements will be completed for the collective use and benefit of the property owners nd residents of the Districts, as well as for all citizens of the County and Colorad (the "State "). Upon completion, it is anticipated that the Service District will dedicate and transfer certain of the Improvements to other governmental entities and /or one or ore owners associations (the "Owners' Associations ") as described in Section 5. {00272787.DbCX / 6} 2 The Service District is expected to operate and maintain all other Improvements within the Development. It is anticipated that the Developer will make advances to the Service District as necessary to fund the costs of acquisition, construction and completion of the Improvements until such time as the Service District can issue bonds. Alternatively, any of the Districts may, if feasible, issue bonds immediately to fund the costs of the Improvements and to pay back any developer advances. It is expected that the Financing Districts will pay all tax collections and other revenue to the Service District, which revenue will be applied to the payment of debt service on bonds and the costs of administration, operation and maintenance of the Improvements which are not transferred to other parties and to the costs of providing the Services. The Service District shall also administer the Arts and Entertainment Trust Fund and the Wolcott Environmental Trust Fund (discussed in Section 5(a)). The arrangements for financing, acquiring, constructing, completing, operating and maintaining the Improvements and providing the Services will be set forth in an intergovernmental agreement among the Districts (the "Inter- District IGA "). Because of the lengthy build -out period of the Development, the use of the Service. District as the management district in cooperation with the Financing Districts will ensure that the Improvements are financed and constructed in coordination with the various phases of the Development and not sooner. This phased financing approach will also ensure that property owners within the Districts are not taxed unnecessarily for Improvements before they are needed and will reduce.the costs of financing generally. The Development is not presently served with the facilities or services to be provided by the Districts, nor does the County or any other special district have any plans to provide such facilities or services within a reasonable time and on a comparable basis. The Water and Sanitation District has agreed to establish the Water and Sanitation Subdistrict for water and wastewater purposes; and with security provided by the Developer, has agreed to arrange for financing, construction, ownership and operation of the water and sewer facilities. The Water and Sanitation District has purchased land suitable for water and wastewater treatment facilities to serve the developable areas. Alternatively, the Water and Sanitation District and Developer may locate the water and sewer facilities to a different site, to be dedicated by the Developer. The Water and Sanitation District and Developer are in the process of negotiating a reimbursement agreement by which the Developer will make advances to the Water and Sanitation District for the costs of the water and sewer capital improvements, with the intent that such costs will ultimately be borne by either the Water and Sanitation Subdistrict or the Districts. The Districts may enter into an intergovernmental agreement with the County with respect to the provision of services and facilities within the Development. The Service District is expected to enter multiple intergovernmental agreements with CDOT (the {00272787.DOCx / 6} 3 "CDOT IGAs ") related to highway improvements, including the relocation of High ay 6 and the modification of the interchanges to 1 -70. The use of the Districts to finance, acquire, construct, complete, operate and maint in the Improvements, which are not transferred to other parties, will assure the provis on of requisite public infrastructure and other attractive public amenities within the De elopment and the vicinity and will generally promote the public welfare of the Count Thus, the organization of the Districts will promote both the interests of present and future residents, property owners and taxpayers within the Districts as, well as the general interests of the County. 3. PROPOSED DISTRICT BOUNDARIES /SERVICE AREA The Service District will be organized to manage, implement and coordinate the financing, acquisition, construction, completion, operation and maintenance of the Improvements and provision of the Services for the Development. It is anticipated that there Will be no residential or commercial buildings within the Service District.. The gener composition of the Financing Districts is described in Section 9. The boundaries of the istricts are located entirely within the County, as more particularly described in the leg 1 description of the initial expected boundaries of the Districts attached hereto and incorp rated herein as Exhibit B, and are also shown on the boundary map attached hereto nd incorporated herein as Exhibit C. A vicinity map and site plan are attached as Exhibi D and Exhibit E. The service area of the Districts will consist of all property that is chided into their collective boundaries, as well as any areas in which off -site Impro ments will be completed (together, the "Service Area "). 4. ERMITTED LAND USES / POPULATION PROJECTIONS / ASSESSED ALUATION he Development is planned to offer a mix of residential, mixed -use commercial (retail d service), municipal and community uses and private active and passive open space. he expected permanent combined population of the Districts is 1,800 at full build -o t. The current assessed value of all property within the boundaries of the S is approximately $129,510 and is projected to be approximately $50,100,000 at full build- out. 5. 11 ESCRWTION OF DISTRICT POWERS, SERVICES AND 0 !' ROVEMENTS I he Service District will manage, implement and coordinate the financing, acquisiton, construction, completion, operation and maintenance of the Improvements and the rovision of the Services within and without the boundaries of the Districts in accorda ce with the terms of the Inter - District IGA. The Districts will possess all the powers nd authorities available to metropolitan districts under the Special District Act, {00272787.t$DCx / 6} 4 although all may not be utilized. Without limiting the foregoing, the following is a general description of the Districts' powers and authorities, the Services that they are expected to provide, and the Improvements that they are expected to acquire or construct. (a) Services and Improvements. (i) Park and Recreation Improvements. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of parks and recreation improvements and programs as authorized by the Special District Act, including without limitation a canoe and kayak club, nature center, river parks, swimming pools, playgrounds and playfields, pocket parks, meditation lawns, park shelters and facilities, hiking trails, common areas, open space areas, landscaping, hardscape, wildlife preservation and mitigation, signage, entry and architectural features, a community center, recreational facilities, irrigation, art and cultural activities, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without.the boundaries of the Districts. All park and recreation improvements will be designed and constructed in accordance with any applicable specifications of the County. It is expected that the Districts or the Owners' Associations will own, operate and maintain the park and recreation improvements. The Districts' boundaries will overlap with Western Eagle County Metropolitan Recreation District; it is not anticipated that the Improvements will be conveyed or maintained by the recreation district. (n) Drainage Improvements. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of a stormwater management system, including without limitation stormwater, sewer, flood and surface drainage facilities and systems, detention/retention ponds and associated drainage facilities, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. It is expected that the Districts or the Owners' Associations will own, operate and maintain the drainage improvements. All drainage improvements will be designed and constructed in accordance with the standards and specifications of the County and any other applicable. State or federal agencies. (iii) Street Improvements. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of street, roadway and related landscaping improvements, including curbs, gutters, culverts, and other drainage facilities, pedestrian ways, bridges, alleys, parking facilities, paving, lighting, grading, landscaping, irrigation, and structures; and street - related electric, telephone, and gas; together with all necessary, incidental, and appurtenant facilities, land and easements, and all extensions of and improvements to said facilities within and without the boundaries of the Districts. Improvements related to the relocation of Highway 6 and modification of the interchanges to 1-70 will be constructed {00272787.DOCx /6} 5 to CDOT standards and may be conveyed to CDOT for ownership and maintenance pursuant to the CDOT IGAs. All other street improvements will be constructed to Coun y standards and will be conveyed and transferred to the County, subject to accep ance, or maybe retained by the Districts or conveyed to the Owners' Associations for p etual ownership and maintenance. The Districts will retain the authority to suppl ment maintenance of roads conveyed to other entities. (iv) Water Improvements. It is expected thatwater improvements will' be en irely financed, constructed, owned and operated by the Water and Sanitation District through use of the Water and Sanitation Subdistrict and Developer financing. To provide maximum flexibility for financing improvements, the Districts shall also have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of a complete potable water system and irrigation water system for the Development, including but not limited to, water rights, water supply, treatment, storage, transmission and distribution systems for public or private purposes, together with all necessary and proper reservoirs, treatment works and facilities, wells, water rights, equipment and appurtenances incident thereto which may inclu , but shall not be limited to, transmission lines, distribution mains and laterals, stora facilities, land and easements, together with extensions of and improvements to said f cilities or systems within and without the boundaries of the Districts. Upon comp tion and acceptance by the Water and Sanitation District, all such improvements shall e transferred to the Water and Sanitation District for ownership, maintenance and opera on, except for supplemental maintenance as may be determined by the Water and Sanit ion District by intergovernmental agreement. (v) Sewer Improvements. It is expected that sewer improvements will be entirely financed, constructed, owned and operated by the Water and Sanitation Distri t through use of the Water and Sanitation Subdistrict and Developer financing. To provi maximum flexibility for financing improvements, the Districts shall also have the powe and authority to provide for the ` design, acquisition, construction, installation, compl tion, operation and maintenance of sanitary sewers, wastewater treatment and dispos' works and facilities, water quality facilities, equipment and appurtenances incident thereto, together with all necessary, incidental and appurtenant facilities, land and easements, and all necessary extensions of and improvements to said facilities or systems within and without the boundaries of the Districts. Upon completion and acceptance by the Water and Sanitation District, all such improvements shall be transf ed to the Water and Sanitation District for ownership, maintenance and operat n, except for supplemental maintenance as may be determined by the Water and Sanita on District by intergovernmental agreement. (vi) Transportation Improvements. The Districts shall have the power and au hority to provide for the design, acquisition, construction, installation, completion, operati n and maintenance of a system to transport the public by bus, rail, or any other (002727$71DOCX/ 6) 6 I means of conveyance, or any combination thereof, including transit bus stops and park -n- ride facilities, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts, provided that such services are provided within the County. It is expected that the Districts or the Owners' Associations will own, operate and maintain the transportation improvements. (vii) Traffic and Safety Controls. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of traffic and safety controls and devices on streets and highways and at railroad crossings, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. The Districts shall have the authority to enter into agreements with the County, CDOT, or railroad companies for the erection of such safety controls and devices and for the construction of underpasses or overpasses at railroad crossings. It is expected that the Districts or the Owners' Associations will own, operate and maintain the traffic and safety controls. (viii) Mosquito Control. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of improvements to provide for the elimination and control of mosquitoes, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. (ix) Fire Protection. The Districts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, and (on a supplemental basis, as needed) operation and maintenance of improvements to provide for fire protection, together with all necessary, incidental and appurtenant facilities, land and easements, and all extensions of and improvements to such facilities within and without the boundaries of the Districts. Actual fire protection service would be provided by the Fire Districts. Upon completion and acceptance by the respective Fire Districts, all such improvements shall be transferred to the Water and Sanitation District for ownership, maintenance and operation, except for supplemental maintenance as may be determined by the Fire Districts by intergovernmental agreement. (x) Security Services. Subject to the provisions of Section 32 -1- 1004(7), C.R.S., the Districts shall have the power to furnish security services within the Districts. (xi) Covenant Enforcement. The Districts shall have the power to furnish covenant enforcement and design review services within the Districts pursuant to the provisions of Section 32- 1- 1004(8), C.R.S. (00272787.DOCX / 6} 7 INIIMI=7 , (xii) Telephone. The Districts shall have the power to finance line exten ion charges for new telephone construction for the purpose of furnishing telephone servi exclusively in any District which has no property zoned or valued for assessment as res dential. (xiii) Street Lighting. The Districts shall have the power to enter into contr cts with public utilities, cooperative electric associations, and municipalities for the purpobe of furnishing street lighting service. (xiv) Television. The Districts shall have the power to establish and maintain television relay, and translator facilities, and to enter into contracts with cable television service providers. (xv) Solid Waste. To the extent authorized by the Special District Act, the D stricts shall have the power and authority to provide for the design, acquisition, construction, installation, completion, operation and maintenance of improvements to provide for solid waste disposal or collection and transportation of solid waste, including a community recycling collection area facility, together with all necessary, incidental and app enant facilities, land and easements, and all extensions of and improvements to such cilities within and without the boundaries of the Districts. (xvi) Administration of Trust Funds. The Development contemplates the establ shment of two trust funds to be financed by a transfer fee to be imposed on all sales y the, Developer to unaffiliated parties by covenant against all properties within the Development in the amount of 1% of the value of the property. The trust funds will be administered by the Service District. It is anticipated that 75% of such funds will be dedicated to the Arts and Entertainment Trust Fund to fund community art and to provide unique art, entertainment, educational, recreational, and social programming and services year round, including weekend fairs and musical performances; and the remaining 25% of such funds will be dedicated to the Wolcott Environmental Trust Fund to fund wildlife conse ation efforts, including educational activities, such as tours to owners and visitors, sustaiiability and conservation lectures and field trips, as well as to provide and maintain parks and recreational improvements, including a nature center, hiking trails, and wildlife conservation measures coordinated with the Colorado Division of Wildlife. Each Trust Fund is anticipated to be administered by separate committees appointed from community residents and owners by the Service District's Board of Directors. The foregoing description provides the current expectations of the Improvements and the Services to be provided by the Districts, and of how the Districts will coordinate their efforts among themselves and with other entities. The actual provision of the Improvements and the Services may differ from such descriptions.' The various activities of the Districts shall be subject to County zoning, subdi ,/ }The building codes, land use regulations, and other applicable laws, rules, and {0027278 .DOCX / 6} 8 regulations, so that the facility and service standards of the Districts will be compatible with those of the County, the Water and Sanitation District and the Fire Districts. The Developer will provide all permit and other applications and/or submissions to the County, the Water and Sanitation District and the Fire Districts as are required for each particular phase of development. The County shall not be responsible for assuming the costs of any of the Improvements. The Developer will be responsible for any costs of the Improvements needed for the Development that exceed the amount of bonds issued or other revenues available to the Districts for such purposes. The ownership of the Improvements and provision of the Services shall be coordinated among the Districts and the Owners' Associations. The Districts are expected to have lower costs than the Owners' Associations for a variety of reasons, including because property owned by the Districts is not subject to taxation and the fact that the Districts have the benefit of governmental immunity. It is also beneficial for property owners to pay for as much of the Improvements and Services as possible through the Districts because property taxes payable to the Districts are tax deductible whereas dues to the Owners' Associations are not. The Developer thus intends to minimize the use of Owners' Associations in the Development to the extent that the Districts are able to finance Improvements and Services. Land, easements and facilities proposed for conveyance to the County shall be free and clear of all liens, encumbrances and easements, unless otherwise approved by the County. All conveyances shall be by special warranty deed. (b) Other Powers. The Districts shall each have all powers and authorities granted to metropolitan districts under the Special District Act, which may be exercised to provide for the acquisition, construction, completion, operation and maintenance of the Improvements and the provision of the Services as authorized in and subject to the limitations set forth in this Service Plan and the Inter - District IGA. In addition to the enumerated powers and authorities, the Boards of Directors of the Districts shall also have the following authorities: (i) Service Plan Amendments. To amend this Service Plan as needed, subject to compliance with appropriate statutory procedures as set forth in this Service Plan and the Special District Act. (ii) Construction and Financing Phasing. Without having to amend this Service Plan, except as otherwise expressly required herein, to defer, delay, reschedule, rephase or restructure the financing and/or construction of the Improvements in order to better accommodate the pace of growth within the Wolcott Development, resource availability, and the funding capability of the Districts. {00272787.DOCX/ 6} 9 1 1 (iii) Additional Services. Except as specifically prohibited herein, to provi such additional services and exercise such powers and authorities as are expres ly or impliedly granted in the Special District Act or by State law. (iv) Creation of Subdistricts. The Districts may organize one or more subdis jets or areas as allowed by Section 32- 1- 1101(1)(f), C.R.S. Such organizations shall n t be material modifications to this Service Plan; provided, however, that any such subdistrict(s) or area(s) shall be subject to all limitations on debt and other provisions of the Service Plan. Neither the. Limited Mill Levies (defined in Section 8(a)) nor the aggregate debt limit set forth in Section 8(c) shall be increased as a result of creation of a subdistrict. In accordance with Section 32- 1- 1101(1)(f)(I), C.R.S., the District shall notify the County prior to establishing any such subdistrict(s) or area(s), and shall provide the Cotinty with details regarding the purpose, location, and relationship of the subdistrict(s) or area(s). (v) Special Improvement Districts. The Districts may establish one or more special improvement districts within their respective boundaries to finance all or part oflthe costs of any Improvements from assessments as provided in Section 32-1 - 1101.7 C.R.S. 6. ESTIMATED COSTS OF IMPROVEMENTS The present estimated (un- inflated) aggregate cost of the Improvements (including related soft costs) which may be financed, acquired, constructed and completed by the Districts, is approximately $38,500,000 as set forth in Exhibit F, which provides cost summaries by type of Improvement. A map of the anticipated location of the Improvements is attached hereto as Exhibit G. he design, phasing of construction, location and completion of the Improvements will be determined by the Service District to coincide with the phasing and development of the evelopment and the availability of funding sources. In accordance with the terms of the 1 ter - District IGA, the Service District may, in its discretion, phase the constru Lion, completion, operation and maintenance of the Improvements or defer, delay, schedule, rephase, restructure or determine not to proceed with the construction, completion, operation and maintenance of the Improvements based upon the best interest$ of the present and future residents, property owners and taxpayers of the District, and such actions or determinations shall not constitute material modifications of this Serlvice Plan. The estimated cost of organization of the Districts is expected to be $75,000 or more {00272787.IDOCX / 6} 1 1 7. ESTIMATED COSTS OF OPERATIONS AND MAINTENANCE The budgets adopted by the Districts will authorize expenditures for administration and the operation and maintenance of Improvements that have not been transferred to the County, the Water and Sanitation District or another entity for ownership and maintenance, and the provision of the Services. The Financial Plan sets forth estimated sources and uses of the Districts' operating funds. Tolls, rates, penalties, Fees and charges may be imposed within or without the Service Area and collected by the Districts to the extent necessary to supplement other revenues available for such purpose, subject to the terms of the Inter- District IGA. 8. FINANCIAL PLAN / PROPOSED INDEBTEDNESS This part of the Service Plan describes the expected nature, basis, method of funding and financing limitations associated with the acquisition, construction, completion, operation and maintenance of the Improvements. The Financial Plan will be coordinated and implemented by the Service District in accordance with the terms of the Inter - District IGA, subject to all express limitations set forth herein. (a) Financial Plan. The Financial Plan, which is attached as Exhibit A and incorporated herein, is the consolidated Financial Plan for the Districts and includes the estimated property tax revenue of the Districts, sales tax revenue of the Districts, revenue available from specific ownership taxes, a development fee expected to be up to $7,000 per residential unit (excluding accessory dwelling units) and each 1,500 square feet of commercial space (the "Development Fee ") and other sources, and amounts available for payment of debt service on District bonds and for operations and maintenance expenses. Tap fees may also be imposed with the consent of the Water and Sanitation District. The Financial Plan projects the issuance of the Service District's bonds and anticipated debt repayment based on the development assumptions and absorptions for property within the Districts as prepared by the Developer and its economic and planning consultants. The Financial Plan anticipates that in accordance with the terms of the Inter - District IGA, the Service District will act as the management district issuing all bonds and completing all Improvements within the Service Area, including repaying any Developer advances, while the Financing Districts will tax all property within their respective boundaries. The maximum mill levy imposed on property within the Districts for debt service will be 35 mills (the "Debt Service Mill Levy ") and the maximum mill levy imposed on property within the Districts for operations will be 20 mills (the "Operating Mill Levy" and together with the Debt Service Mill Levy, the "Limited Mill Levies"). Each of the Mill Levies may be adjusted to take into account legislative or constitutionally imposed adjustments in assessed values or the method of their calculation (as of the date of this Service Plan), so that to the extent possible, the actual revenues generated by the Limited {00272787.DOCX / 6} 11 1 i Mill Levies are neither diminished nor enhanced as a result of such changes. Among other a justments, a change in the ratio of actual valuation of assessable property shall be deeme a change in the method of calculating assessed valuation. The Limited Mill Levies may differ between the Districts. The current expectation is that District No 2 and Di trict No 4 will each have a Debt Service Mill -Levy of 35 mills and an Operating Mill L vy of 20 mills, and District No 3 will have a Debt Service Mill Levy of 10 mills and an Aerating Mill Levy of 5 mills. It is expected that the Water and Sanitation Subdistrict will impose a mill levy of 20 milli to pay for the water and sewer improvements for the Development. The Limited Mill Levies have been established with this additional property tax in mind and are intended to subject property within the Development to an aggregate mill levy that is comparable to those of other developments in the region. The Districts are also expected to impose a tax on all transactions subject to sales tax by the State to pay for street improvements, safety protection and transportation facilities; and services. The sales tax will allow the Districts to broaden and diversify the tax base to include the visitors who benefit from the Improvements and Services. It is anticipated that the sales tax will be 2.0% throughout all Districts, with the maximum rate to be determined by the Districts' voters and the actual rate imposed by the Districts' Boards of Directors. . A11 Financing District collections of taxes, fees and other revenues will be remitted to the Service District to repay bonds, developer advances and other obligations in accordance with the terms of the Inter - District IGA; provided,, however, that the actual bond Fihancial'Plan of the Districts will be determined by the Service District as required by the phasing and build -out of the Development itself. Alternatively, the Financing District may, at the direction of the Service District pursuant to the Inter - District IGA, issue bo ds directly as discussed below. The Financial Plan demonstrates that, at various projeete levels of development, the Districts have the ability to finance the Improvements and will have the financial ability to discharge all debt on a reasonable basis. (b) Bond Issuance and Developer Advances. The Developer may make advances to the Service District as necessary to fund all or a portion of the costs of the Improvements and the provision of Services, and the Service istrict in turn May issue revenue notes or bonds to the Developer, which will be repaid fr m bond proceeds received when bonds are issued after adequate revenues of the Districts are available to repay such bonds. Alternatively, the Districts may issue bonds to an inv stor, with or without security provided by the Developer, with the proceeds of such bon s being used to fund the Improvements. {00272787,D CX / 6} 12 The Financial Plan sets forth one bond issuance scenario. Without having to amend this Service Plan, alternate financial plans may also be implemented by the Districts, including without limitation having the Financing Districts issue bonds directly in accordance with the terms of the Inter- District IGA and paying the proceeds thereof to the Service District for purposes of discharging Developer advances and /or funding the f costs of the Improvements. The Districts may enter into multiple -fiscal year financial obligations of any nature, including without limitation intergovernmental agreements and acquisition, reimbursement and funding agreements with the Developer to accomplish any of the various purposes authorized in this Service Plan. Refunding bonds may be issued by the Districts to defease original issue bonds in compliance with applicable law. It is anticipated that initially the Developer will advance funds to the Service District to pay operating as well as capital costs, which advances will be repaid from bond proceeds or revenues collected by the Financing Districts as development progresses. Interest on Developer advances will be set at competitive market rates but will be capped at 8% per annum, unless a higher interest rate is approved in writing by the County Manager. Interest on developer advances will be compounded no more than annually. Net effective interest rates on bonds are projected at 7.0% and assume no credit enhancement, from the Developer. (c) Debt Authorization. At the organizational election, each of the Districts shall seek authority to issue revenue or general obligation indebtedness, including bonds and other multiple- fiscal year financial obligations such as intergovernmental agreements (including the CDOT IGAs) and acquisition, reimbursement and funding agreements, in the amount of $30,000,000 in each debt category. Because each District must vote its own debt authorization for each of the categories of Improvements to be constructed within the Service Area, each District must by law have the full debt authorization available to it in the event that any one of the other Districts finances, acquires, constructs and completes the Improvements and /or the other Districts enter into intergovernmental agreements to repay the costs thereof. However, the aggregate debt of the Districts for funding the capital costs of the Improvements shall not exceed $30,000,000, unless otherwise approved in writing by the County Manager. The total principal amount of debt authorization to be voted by each of the Districts exceeds the projected capital costs of corresponding Improvements to allow for unforeseen contingencies and increases in construction costs due to inflation and to cover all organizational and bond issuance costs, including capitalized interest, reserve funds, credit enhancement, discounts, legal and other consulting fees, and other incidental costs of issuance. The Service District may utilize its debt authorization to issue revenue bonds and /or notes to the Developer. The Financing Districts are expected to use their debt authorization to enter into intergovernmental agreements with the Service District to pay {00272787.DOCX / 6) 13 over their property tax, sales tax and other revenues in support of the repayment of such notes and bonds (or to issue general obligation bonds directly for such purposes). (d) Parameters for Debt Issuance. Unless otherwise approved in writing by the County Manager, all bonds or notes issue or obligations incurred by each of the Districts shall be subject to the following restri Lions and any limitations in the Inter- District IGA: (i) For any bonds other than those sold to the Developer, the maximum voted interest rate will be 18% and the maximum discount will be 5 %. The exact interest rates and discounts will be determined at the time that bonds are sold and will reflect market conditions at the time of sale. Such bonds will be structured to obtain competitive rates. (ii) All bonds will contain adequate call provisions to allow for the prior redemption or refinancing of such bonds. Bonds sold to the Developer shall be callable after 5 years and have maturity dates of 30 years or less. (iii) No uninsured or non- credit enhanced bonds shall be issued which contain provisions permitting acceleration of the bonds upon default. (iv) Interest rates on bonds or notes sold to the Developer shall be subject to an opinion as to the reasonableness of the interest rate and terms, which opinion shall be prepared by a local Red Book investment bank or bond counsel and provided to the County. The total of all annual debt service payments on the bonds (including scheduled compounding interest, if applicable) shall not exceed the Limited Mill L vies. (v) The Districts may issue bonds secured by any legally available revenu s, including any combination of Development Fees, sales taxes, specific • owner hip taxes and the Debt Service Mill Levy. (vi) Any special improvement district created by the Districts may impose assessments and issue bonds secured by such assessments, as provided in Section 32 -1- 1101.7, C.R.S. (vii) No bonds or other multiple - fiscal year financial obligations shall be executed until the County has approved the Final PUD, except that the Districts may enter into the CDOT IGAs provided that any multiple -fiscal year financial obligation of the Districts be contingent upon the approval of the Final PUD and be terminable if the Final PJD:has not been approved by the date set forth in Section 10. {00272787.DOCX / 6} 14 (viii) The Districts shall provide written and recorded notice of the tax burden, including the Limited Mill Levies, in the form set forth in Exhibit H attached hereto. The notice shall be recorded against all property within the Districts. (e) Revenue Sources. The primary anticipated revenue sources of the Districts will be the Limited Mill Levies and sales taxes levied . by the Financing Districts, specific ownership taxes and Development Fees (described in Section 8(a)) for capital improvements. The Districts will also be authorized to impose special assessments through special improvement districts established under the Special District Act and to collect fees, rates, tolls, penalties or charges in order to generate additional revenue for the payment of debt service and operating costs as needed. The Service District will also collect transfer fees for purposes of administering the Arts and Entertainment Trust Fund and the Wolcott Environmental Trust Fund. The anticipated revenue sources are sufficient to retire the Districts' proposed indebtedness if growth occurs as projected. Variations in assessed valuation projections or in the phasing of private improvements may affect taxes or the level of fees, rates and charges upward or downward from those set forth in the Financial Plan. (f) Operations, Maintenance and Administration. The Service District will, pursuant to the Inter - District IGA, coordinate and manage all operations and maintenance functions for all Improvements and the provision of the Services, the costs of which will increase as property within the Service Area is developed. The Districts will need sufficient funds to operate and maintain all Improvements and to provide the Services. In addition, the Districts will incur costs for various administrative functions, including legal, engineering, accounting and compliance. At full build -out, an Operating Mill Levy of 20 mills, together with other legally available revenues, is anticipated to be sufficient to operate the Districts and to maintain the Improvements and provide the Services. Sales tax revenues may also be applied to pay operating and maintenance expenses related to street, safety protection and transportation Improvements and Services. 9. INCLUSIONS / EXCLUSIONS The Districts' boundaries may be adjusted to accomplish the objectives set forth herein, and the inclusion or exclusion of property will not constitute a material modification of this Service Plan. The Districts may include or exclude any property within the Development into or from one of the other Districts without the prior consent of the County. It is anticipated that all single family residential property north of I -70 will comprise District No. 2, all single family residential property south of I -70 will (00272787.DOCx / 6) 15 MiliMI comprise District No. 4 and all other property (all of the commercial development and sever 1 associated residential units) will comprise District No 3. No property in the Deve opment will be included into more than one District, except that the Service: Distr is boundaries may overlap with the boundaries of one or more Financing Distr ts. 10. DISSOLUTION / CONSOLIDATION / INACTIVE' STATUS The Districts may pursue consolidation of their boundaries or dissolution in accordance with Parts 6 or 7 respectively of the Special District Act. The approval of the County Commissioners will be required prior to the consolidation of any one of the Districts with any special district other than a consolidation between or among the Districts. If the Final PUD has not been approved by the County by May 1, 2013, the Districts shall either be put on inactive status pursuant to Section 32 -1 -104, C.R.S., or be dissolved, with such determination made at the discretion of the Districts' Boards of Directors. The foregoing Final PUD application deadline may be extended by the County Mana er. The Petitions for Organization of the Districts (the "Petitions ") shall be filed with the E gle County District Court with the following condition: the Orders declaring the Distri ts organized shall provide that the Districts shall be dissolved if G. Jouflas Ranc es LLC and CJC Properties Limited Partnership (together, the "Sellers ") have not both s ld their properties within the Development to the Developer by the Dissolution Date. { For purposes of this Service Plan and the Petitions, the "Dissolution Date" is May 1 2013, provided that such date may be extended by the unanimous written consent of the eveloper and both Sellers in their sole and absolute discretion.` Further, the Distri ts may be put on inactive status pursuant to Section 32 -1 -104, C.R.S., with the unani ous written consent of the Developer and both Sellers in their sole and absolute discretion, and by appropriate action of the Districts' Boards of Directors. 11. CONCLUSION This Service Plan establishes that: 1. There is sufficient existing and projected need for organized service in the area to be served by the Districts; 2. The existing service in the area to be served by the Districts is inadequate for present and projected needs within the Development; {002727871DOCX /6} 16 . 3. The Districts are capable of providing economical and sufficient service to the area within their proposed boundaries; 4. The area to be included in the Districts does have, and will have, the financial ability to discharge the proposed indebtedness on a reasonable basis; 5. Adequate service is not, and will not be, available to the area through the County or other existing municipal or quasi- municipal corporations, including existing special districts, within a reasonable time and on a comparable basis; 6. The facility and service standards of the Districts are compatible with the facility and service standards of the County; 7. The proposal is in substantial compliance with the County Comprehensive Plan and the Wolcott Area Community Plan; 8. The proposal is in compliance with any duly adopted County, regional, or state long -range water quality management plan for the area; and 9. ' The organization of the Districts is in the best interests of the area proposed to be served. . • {00272787.DOCX/ 6} 17