HomeMy WebLinkAbout2024-10-28 PKS PacketStillwater Parks and Recreation Commission meetings are streamed live on the city
website and available to view on Channel 16. Public can participate in the meeting by
attending in person at City Hall.
AGENDA
PARKS AND RECREATION COMMISSION
October 28, 2024 @ 7 PM
,CALL TO ORDER
,,ROLL CALL
,,,APPROVAL OF MINUTES
August 26, 2024 Parks and Recreation Commission Meeting Minutes
September 23, 2024 Parks and Recreation Commission Meeting Minutes
,9OPEN FORUM – the open forum allows the public to address the commission
on subjects which are not a part of the meeting. Commission may take action,
reply, or give direction to staff. Please limit your comments to 5 minutes or
less.
9NEW BUSINESS
Introduction of New Members – Mark Maniaci & Jessica Wright
Event Policy Changes – Alcohol Server Training
9,UNFINISHED BUSINESS
Playground Replacement – Community Feedback
9,,DISCUSSION ITEMS
Staff Updates (no packet materials unless noted)
DSkate Park/ Graffiti Park
ETrail Maintenance- Boutwell, Eagle Ridge, Benson Park
FEvents - Rivertown Art Festival, Harvest Fest, Trolley Tours
GNorthland Dugouts/ New Fence (photos)
HPickleball Letter (Included)
Commission Member Updates
Other Business
DPublic Works “Trunk or Treat” Open House, October 29, 3-6pm
9,,,ADJOURNMENT
Next Meeting is on November 25, 2024 at 7 p.m.
216 4th Street N, Stillwater, MN 55082
651-430-8800
www.stillwatermn.gov
PARKS AND RECREATION COMMISSION MEETING MINUTES
August 26, 2024
REGULAR MEETING 7:00 P.M.
Chairman Macswain called the meeting to order at 7:00 p.m.
Present: Chairman Macswain, Commissioners Haveles, Larson, Lehmann, Quie,
Councilmember Polehna
Absent: Commissioner Hanson
Staff: Parks Superintendent Rogness
APPROVAL OF MINUTES
Possible approval of minutes of June 24, 2024 meeting
Motion by Commissioner Quie, seconded by Commissioner Larson, to approve the June 24, 2024
meeting minutes. All in favor.
OPEN FORUM
There were no public comments.
NEW BUSINESS
There was no new business.
UNFINISHED BUSINESS
There was no unfinished business.
DISCUSSION ITEMS
Staff Updates
Superintendent Rogness reviewed the 2025-2034 Capital Improvement Plan (CIP).
Commissioner Quie asked about the Pioneer Park bandshell, and Mr. Rogness answered the
repairs slated for 2025 will include blocks, possibly the ceiling and floor, adding more
electrical power, and landscaping.
Commissioner Haveles noted the sunken portion of Pioneer Park in the center could be
improved; he would like to see a more cohesive integrated approach to this area.
Councilmember Polehna stated the sunken portion is a foundation of an original house which
was left for historical purposes.
Mr. Rogness stated that portion is difficult to maintain, and Commissioner Quie said either the
home foundation should be made “historic”, or the area should be improved.
Councilmember Polehna noted that the City Council voted to move ahead on a half percent
sales tax which will finish the upgrade of Aiple house at Lumberjack Landing, riverbank
stabilization, Bridgeview Park, and renovation of the gazebo downtown.
Parks and Recreation Commission Meeting August 26, 2024
Page 2 of 2
Commissioner Haveles suggested relocating the gazebo where it won’t be impacted by
flooding, and Councilmember Polehna replied the State Historic Preservation Office (SHPO) is
very restrictive on what is allowed on nationally-registered structures.
Commission Member Updates
Commissioner Quie asked about concerns brought up by pickleball players.
Mr. Rogness said some pickleball groups or individuals have complained that the City has so
many hours available to one particular pickleball group at the new pickleball courts at
Northland. They are not part of that group and just want to play pickleball with friends. The
courts are heavily used, as the sport is very popular.
Commissioner Lehmann asked if the CIP should include more pickleball courts.
Motion by Commissioner Quie, seconded by Commissioner Lehmann to bring this topic up in
March 2025. All in favor.
Chair Macswain asked about Friends of Lily Lake inviting the Commission or the Council to a
meeting, and Mr. Rogness said he told them the Commission would be happy to meet.
ADJOURNMENT
Motion by Commissioner Lehmann, seconded by Commissioner Haveles to adjourn. All in favor.
The meeting was adjourned at 7:32 p.m. After adjournment, the Commission toured Bridgeview
Park, Lot 15 (Skatepark Location) and Sunrise Park.
___________________________________________
Dan Macswain, Chair
ATTEST:
________________________________________________
Chad Rogness, Parks Superintendent
216 4th Street N, Stillwater, MN 55082
651-430-8800
www.stillwatermn.gov
PARKS AND RECREATION COMMISSION MEETING MINUTES
September 23, 2024
REGULAR MEETING 7:00 P.M.
Public Works Director Sanders called the meeting to order at 7:00 p.m.
Present:
Absent:
Staff:
Commissioners Haveles, Lehmann, Quie, Councilmember Polehna
Chairman Macswain, Commissioner Larson
Public Works Director Sanders
APPROVAL OF MINUTES
Possible approval of minutes of August 26, 2024 meeting - postponed
OPEN FORUM
Peggy Gora, 3495 87th Street, asked why the City Parks and Rec Department gives preferential
privileges on Northland pickleball courts to the Stillwater Pickleball Group, when City money
was used to build the courts. She believes all City courts should be available to all City
residents any time of the day. Currently the majority of City residents are prevented from
using these courts Monday through Saturday 8 a.m. -12 p.m. and Monday through Thursday 6-
9 p.m. She asked that the City remove the signs and allow free, open play for all.
Paul Gora added there aren’t enough pickleball courts in the City because this group has taken
over Northland to the exclusion of everyone else, including kids and families who want to play.
Public Works Director Sanders said he understands the group has such large numbers that
they’re continuously rotating so everybody in the group can play.
Councilmember Polehna asked why not go to other courts, and Mr. Gora replied the other
courts are all packed. The club is not paying for the privilege of reserving the courts.
Councilmember Polehna commented they gave the City a $10,000 donation to redo the courts.
Commissioner Quie remarked someone needs to organize the rotation because so many people
want to play, and Ms. Gora responded that is what happens at a club so that’s where they need
to go. City courts should be open to families and non-organized play.
Commissioner Quie thanked the Goras and said the Commission will revisit this concern when
the season is over.
NEW BUSINESS
Riverfront Renewal Presentation - Shawn Sanders
Public Works Director Sanders reviewed a $13.5 million plan to expand and enhance riverfront
access, called “Riverfront Renewal.” The plan includes transforming Lumberjack Landing and
Bridgeview Park through State funding, private donations, grants and City contributions. He
showed proposed design plans for each project and the design timelines. $6 million funding
from the State Legislature, and $1.1 million in grants and donations, has already been secured.
Parks and Recreation Commission Meeting September 23, 2024
Page 2 of 2
In the November election, Stillwater voters will decide whether to accept a half percent sales
tax to cover $6.2 million of project costs. The tax would end after years or when the $6.2
million is secured, whichever comes first.
Commissioner Haveles remarked that educating the public will be important so they see how
they can use the river even if they don’t own a boat. Accessibility of walkways and other areas,
and programming for all users will be important.
Commissioner Lehmann commented it would be nice to add a swimming area at Lumberjack
Landing.
UNFINISHED BUSINESS
There was no unfinished business.
DISCUSSION ITEMS
Staff Updates - Skateboard Park, Playground Design Options
Mr. Sanders reported that the City Council favored the idea of using the parking lot area across
from Teddy Bear Park for a skateboard park. Access will likely come from Nelson and Second
Streets. Some trees have been cleared and there is an existing 80 ft diameter concrete pad.
Parks Superintendent Rogness will contact professional skateboarder Nicole Hause to get her
ideas for the park. There also is the possibility for an organized graffiti wall there. The City has
about $140,000 budgeted.
Mr. Sanders showed three options for proposed playground designs for Heritage Square Park
and Sunrise Park and asked for Commission input.
Commission Member Updates
There were no Commission Member updates.
Other Business
There was no other business.
ADJOURNMENT
The meeting was adjourned at 7:53 p.m.
___________________________________________
Dan Macswain, Chair
ATTEST:
________________________________________________
Chad Rogness, Parks Superintendent
DATE:October 28, 2024
TO:Parks and Recreation Commission
FROM:Chad Rogness, Parks Superintendent
SUBJECT:Event Policy Changes
BACKGROUND
City Council recently approved ordinance changes which directly affect our current
Event Policy. The attached, red-lined copy of our current Event Policy, highlights the
verbiage being affected by these ordinance changes. The main change to the ordinance
is giving proper training to all parties involved with the serving of alcohol at events in
Stillwater.
DISCUSSION
Staff would like the Parks and Recreation Commission to review the proposed policy
changes and discuss any additional modifications they would like to see in the current
Event Policy. Please provide input and recommendations to staff regarding these
changes, along with the reasons for them.
ACTION REQUESTED
The Parks and Recreation Commission should review and discuss the current Event
Policy and make recommendations to staff.
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EƵŵďĞƌŽĨƉĞŽƉůĞŝŶĂƉĂƌŬŽƌ
ŝƚLJĨĂĐŝůŝƚLJ
ϮϱϬϬŽƌŵŽƌĞƉĞŽƉůĞŝŶĐůƵĚŝŶŐ
ƐƉĞĐƚĂƚŽƌƐ͕ǀĞŶĚŽƌƐ͕
ƉĞƌĨŽƌŵĞƌƐĂŶĚǀŽůƵŶƚĞĞƌƐĂƌĞ
ĞdžƉĞĐƚĞĚŝŶĂƉƵďůŝĐƉĂƌŬ͘ϭ
^ĞůůŝŶŐĂůĐŽŚŽůĚƵƌŝŶŐƚŚĞ
ĞǀĞŶƚŽŶ;ƉƵďůŝĐŽƌ
ƉƌŝǀĂƚĞƉƌŽƉĞƌƚLJͿ
dŚĞĞǀĞŶƚŽĐĐƵƌƐŽŶŵƵůƚŝƉůĞ
ĚĂLJƐ͕KZĞdžƚƌĂͲŽƌĚŝŶĂƌLJĐŝƚLJ
ĞŵƉůŽLJĞĞƐƵƉƉŽƌƚŽƌĐŝƚLJ
ŵĂƚĞƌŝĂůƐĂƌĞŶĞĐĞƐƐĂƌLJ͕KZ
ĂŶLJŽƵƚͲŽĨͲƉŽĐŬĞƚ
ĞdžƉĞŶƐĞƐϮĂƌĞŝŶĐƵƌƌĞĚďLJƚŚĞ
ĐŝƚLJ͕KZĐŽƐƚŽĨŝƚLJ^ĞƌǀŝĐĞƐŝƐ
ŽǀĞƌΨϭ͕ϬϬϬ͘
ϭŶLJŽƌŐĂŶŝnjĞĚĂƚŚůĞƚŝĐĞǀĞŶƚƚŚĂƚŚĂƐĂƉĂƌŬƌĞƐĞƌǀĂƚŝŽŶĂƉƉƌŽǀĞĚďLJƚŚĞŝƚLJ͛ƐƉĂƌŬƌĞƐĞƌǀĂƚŝŽŶƐƚĂĨĨŝƐŶŽƚ
ƐƵďũĞĐƚƚŽƚŚŝƐƚŚƌĞƐŚŽůĚ͘ŝƚLJƉĂƌŬƐŝŶĐůƵĚĞ͗&ƵƚƵƌĞŝƉůĞ͕&ƵƚƵƌĞƌŝĚŐĞǀŝĞǁ͕ƌŽǁŶ͛ƐƌĞĞŬ͕ĨƵƚƵƌĞŚĞƐƚŶƵƚ
^ƚƌĞĞƚWĞĚĞƐƚƌŝĂŶDĂůů͕>ŝďĞƌƚLJ^ƋƵĂƌĞ͕>ŝůLJ>ĂŬĞ͕>ŝůLJ>ĂŬĞ/ĐĞZŝŶŬ͕>ŽǁĞůů͕EŽƌƚŚůĂŶĚ͕WĂƌŬŝŶŐZĂŵƉ͕WŝŽŶĞĞƌ͕
^ƚ͘ƌŽŝdžZĞĐƌĞĂƚŝŽŶĞŶƚĞƌ͕^ƵŶƌŝƐĞĂŶĚtĂƐŚŝŶŐƚŽŶ^ƋƵĂƌĞ͘
ϮKƵƚͲŽĨͲƉŽĐŬĞƚĞdžƉĞŶƐĞƐŝŶĐůƵĚĞƐƵĐŚƚŚŝŶŐƐĂƐŽǀĞƌƚŝŵĞƉĂLJĨŽƌĐŝƚLJĞŵƉůŽLJĞĞƐ͕ĞƋƵŝƉŵĞŶƚƚŚĂƚƚŚĞĐŝƚLJǁŽƵůĚ
ŶĞĞĚƚŽƌĞŶƚĨŽƌƚŚĞĞǀĞŶƚ͕ŽĨĨŝĐĞƐƵƉƉůŝĞƐ͕ďŝůůĂďůĞƐ;Ğ͘Ő͘ƉŽƐƚĂŐĞͿ͕ĂŶĚĂŶLJĐŽŶƚƌĂĐƚĞĚƐĞƌǀŝĐĞƐ͘
ϯ͘ϱǀĞŶƚŽŽƌĚŝŶĂƚŽƌʹdŚĞƉƌŝŵĂƌLJŝƚLJĐŽŶƚĂĐƚǁŝůůďĞƚŚĞŝƚLJĚŵŝŶŝƐƚƌĂƚŽƌŽƌƚŚĞƉĞƌƐŽŶ
ĚĞƐŝŐŶĂƚĞĚĂƐǀĞŶƚŽŽƌĚŝŶĂƚŽƌ͘
ϯ͘ϲǀĞŶƚKƌŐĂŶŝnjĞƌʹdŚĞŝŶĚŝǀŝĚƵĂůƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶĂƉƉůLJŝŶŐĨŽƌƚŚĞǀĞŶƚĂŶĚ
ŚĂǀŝŶŐƚŚĞĂƵƚŚŽƌŝƚLJƚŽďŝŶĚƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶƚŽĂŐƌĞĞŵĞŶƚƐŵĂĚĞǁŝƚŚƚŚĞŝƚLJ͘dŚĞĞŵĂŝů
ĂĚĚƌĞƐƐ͕ĐĞůůƉŚŽŶĞŶƵŵďĞƌĂŶĚŵĂŝůŝŶŐĂĚĚƌĞƐƐŽĨƚŚŝƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞŵƵƐƚďĞƉƌŽǀŝĚĞĚ
ƚŽƚŚĞŝƚLJĂƚůĞĂƐƚϯϬĚĂLJƐƉƌŝŽƌƚŽƚŚĞĞǀĞŶƚ͘dŚĞǀĞŶƚKƌŐĂŶŝnjĞƌŵƵƐƚďĞŽŶƐŝƚĞĚƵƌŝŶŐ
ƚŚĞĞǀĞŶƚ͘
ϰ͘sEd^dEZ^
ϰ͘ϭĚǀĞƌƚŝƐŝŶŐʹ/ƚŝƐĂǀŝŽůĂƚŝŽŶŽĨƚŚŝƐƉŽůŝĐLJƚŽĂĚǀĞƌƚŝƐĞƚŚĞůŽĐĂƚŝŽŶŽĨĂŶLJĞǀĞŶƚƌĞƋƵŝƌŝŶŐ
ĂƌĞƐĞƌǀĂƚŝŽŶŽĨĐŝƚLJƉƌŽƉĞƌƚLJǁŚĞŶƚŚĞŽƌŐĂŶŝnjĞƌŚĂƐŶŽƚƌĞƋƵĞƐƚĞĚĂƌĞƐĞƌǀĂƚŝŽŶŽĨĐŝƚLJ
WĂŐĞϯŽĨϵ
ƉƌŽƉĞƌƚLJ͕ŚĂƐďĞĞŶŝŶĨŽƌŵĞĚƚŚĂƚƚŚĞƌĞƐĞƌǀĂƚŝŽŶŝƐŶŽƚĂǀĂŝůĂďůĞ͕ŽƌŚĂƐďĞĞŶĚĞŶŝĞĚ͘
WƌĞůŝŵŝŶĂƌLJĂƉƉƌŽǀĂůĂůůŽǁŝŶŐƚŚĞĂƉƉůŝĐĂŶƚƚŽĂĚǀĞƌƚŝƐĞƚŚĞĞǀĞŶƚŵĂLJďĞŐŝǀĞŶƵƉŽŶ
ƌĞƋƵĞƐƚ͕ǁŝƚŚĨŝŶĂůĚĞƚĂŝůƐƚŽďĞĚĞƚĞƌŵŝŶĞĚƵƉŽŶƐƵďŵŝƐƐŝŽŶŽĨĞǀĞŶƚĂƉƉůŝĐĂƚŝŽŶ͘
ϰ͘ϮůĐŽŚŽůʹůĐŽŚŽůƉĞƌŵŝƚ;ƐͿĂƌĞƌĞƋƵŝƌĞĚĨŽƌĂŶLJĞǀĞŶƚƐĂƚǁŚŝĐŚĂůĐŽŚŽůǁŝůůďĞĐŽŶƐƵŵĞĚ͘
ZĞĨĞƌƚŽƚŚĞĐƵƌƌĞŶƚĐŝƚLJĨĞĞƐĐŚĞĚƵůĞĨŽƌƉĞƌŵŝƚĐŽƐƚƐ͘
Ă͘ dĞŵƉŽƌĂƌLJ>ŝƋƵŽƌ>ŝĐĞŶƐĞŝƐƌĞƋƵŝƌĞĚŝĨƚŚĞĞǀĞŶƚŝƐŽŶĐŝƚLJƉƌŽƉĞƌƚLJŽƌŽŶƉƌŝǀĂƚĞ
ƉƌŽƉĞƌƚLJĂŶĚŝƐƐĞůůŝŶŐĂůĐŽŚŽůŝŶƚŚĞĐŽƵƌƐĞŽĨƚŚĞĞǀĞŶƚ͘dŽĂƉƉůLJĨŽƌĂdĞŵƉŽƌĂƌLJ
>ŝƋƵŽƌ>ŝĐĞŶƐĞĂŶĂƉƉůŝĐĂŶƚŵƵƐƚďĞĂŶŽŶͲƉƌŽĨŝƚ͕ƌĞůŝŐŝŽƵƐ͕Žƌ ĐŚĂƌŝƚĂďůĞŽƌŐĂŶŝnjĂƚŝŽŶ
ŽƌĐůƵďƚŚĂƚďĞĞŶŝŶĞdžŝƐƚĞŶĐĞĨŽƌĂƚůĞĂƐƚƚŚƌĞĞLJĞĂƌƐ͖ĂƉŽůŝƚŝĐĂůŽƌŐĂŶŝnjĂƚŝŽŶ
ƌĞŐŝƐƚĞƌĞĚƵŶĚĞƌƐƚĂƚĞůĂǁŽƌĂƐƚĂƚĞƵŶŝǀĞƌƐŝƚLJ͘dŚĞdĞŵƉŽƌĂƌLJ>ŝƋƵŽƌ>ŝĐĞŶƐĞ
ĂƉƉůŝĐĂƚŝŽŶĂŶĚĨĞĞŵƵƐƚďĞƐƵďŵŝƚƚĞĚϲϬĚĂLJƐďĞĨŽƌĞƚŚĞĚĂƚĞŽĨƚŚĞĞǀĞŶƚ͘ŽŶƚĂĐƚ
ƚŚĞŝƚLJůĞƌŬƚŽŽďƚĂŝŶĂ>ŝƋƵŽƌ>ŝĐĞŶƐĞĂƉƉůŝĐĂƚŝŽŶƉĂĐŬĞƚ͘dŚĞƌĞĂƌĞƚǁŽƚLJƉĞƐŽĨ
dĞŵƉŽƌĂƌLJ>ŝƋƵŽƌ>ŝĐĞŶƐĞƐ͗
ϯ͘ϮďĞĞƌdĞŵƉŽƌĂƌLJ>ŝƋƵŽƌ>ŝĐĞŶƐĞ͗ĐůƵďŽƌĐŚĂƌŝƚĂďůĞ͕ƌĞůŝŐŝŽƵƐŽƌŶŽŶͲƉƌŽĨŝƚ
ŽƌŐĂŶŝnjĂƚŝŽŶŵĂLJďĞŝƐƐƵĞĚĂƚĞŵƉŽƌĂƌLJϯ͘ϮďĞĞƌůŝĐĞŶƐĞƐƵďũĞĐƚƚŽƚŚĞdĞƌŵƐ
;ďĞůŽǁͿƐĞƚďLJƚŚĞŝƚLJ͘
KŶͲƐĂůĞƐƉŝƌŝƚƐ͕ǁŝŶĞĂŶĚďĞĞƌdĞŵƉŽƌĂƌLJ>ŝƋƵŽƌ>ŝĐĞŶƐĞ͗ĐůƵďŽƌĐŚĂƌŝƚĂďůĞ͕
ƌĞůŝŐŝŽƵƐŽƌŽƚŚĞƌŶŽŶͲƉƌŽĨŝƚŽƌŐĂŶŝnjĂƚŝŽŶŝŶĞdžŝƐƚĞŶĐĞĨŽƌĂƚůĞĂƐƚƚŚƌĞĞLJĞĂƌƐŵĂLJ
ďĞŝƐƐƵĞĚĂƚĞŵƉŽƌĂƌLJůŝĐĞŶƐĞĨŽƌƚŚĞŽŶͲƐĂůĞŽĨŝŶƚŽdžŝĐĂƚŝŶŐůŝƋƵŽƌŝŶĐŽŶŶĞĐƚŝŽŶ
ǁŝƚŚĂƐŽĐŝĂůĞǀĞŶƚǁŝƚŚŝŶƚŚĞĐŝƚLJͬĐŽƵŶƚLJƐƉŽŶƐŽƌĞĚďLJƚŚĞůŝĐĞŶƐĞĞ͘dŚĞůŝĐĞŶƐĞ
ŵĂLJŶŽƚďĞĨŽƌŵŽƌĞƚŚĂŶĨŽƵƌ;ϬϰͿĐŽŶƐĞĐƵƚŝǀĞĚĂLJƐ͘dŚŝƐƉĞƌŵŝƚŵƵƐƚďĞ
ĂƉƉƌŽǀĞĚďLJƚŚĞŝƚLJŽƵŶĐŝůϯϬĚĂLJƐďĞĨŽƌĞƚŚĞĞǀĞŶƚĂŶĚƐƚĂĨĨǁŝůůƐƵďŵŝƚƚŽƚŚĞ
DŝŶŶĞƐŽƚĂ'͘
ď͘ dĞƌŵƐ
ƚĞŵƉŽƌĂƌLJůŝƋƵŽƌůŝĐĞŶƐĞĂƉƉůŝĐĂƚŝŽŶŵƵƐƚďĞƐƵďŵŝƚƚĞĚϲϬĚĂLJƐƉƌŝŽƌƚŽĞǀĞŶƚ
ĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞŝƚLJŽƵŶĐŝůĂŶĚƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂůĐŽŚŽůΘ'ĂŵďůŝŶŐ
ŽŶƚƌŽůŝǀŝƐŝŽŶϯϬĚĂLJƐƉƌŝŽƌƚŽƚŚĞĞǀĞŶƚ͘
>ŝƋƵŽƌǁŝůůďĞĐŽŶĨŝŶĞĚƚŽƚŚĞĞǀĞŶƚǀĞŶƵĞĂƌĞĂĂŶĚƚŚĞKƌŐĂŶŝnjĞƌŵƵƐƚƉƌŽǀŝĚĞ
ĚĞůŝŶĞĂƚŝŽŶĂŶĚƐŝŐŶĂŐĞƐƚĂƚŝŶŐ͞EŽůĐŽŚŽůĞLJŽŶĚdŚŝƐWŽŝŶƚ͟ďĞƚǁĞĞŶƚŚĞĞǀĞŶƚ
ĂŶĚŶŽŶͲĞǀĞŶƚƐƉĂĐĞƚŽĚŝƐĐŽƵƌĂŐĞƚĂŬŝŶŐĂůĐŽŚŽůŽƵƚƐŝĚĞƚŚĞĞǀĞŶƚǀĞŶƵĞƐƉĂĐĞ͘
WŽůŝĐĞKĨĨŝĐĞƌ;ƐͿĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞWŽůŝĐĞĞƉĂƌƚŵĞŶƚǁŝůůŶĞĞĚƚŽďĞƉƌĞƐĞŶƚĂƚ
ƚŚĞĞǀĞŶƚĚƵƌŝŶŐƐĞƌǀŝĐĞŽĨĂůĐŽŚŽů͘ůůĞŶƚƌLJͬĞdžŝƚŐĂƚĞƐƚŽƚŚĞĚŝƐƉĞŶƐŝŶŐĂƌĞĂ͕Žƌ
ĞǀĞŶƚǀĞŶƵĞĂƌĞĂ͕ŵƵƐƚďĞĐŽŶƚƌŽůůĞĚďLJƐĞĐƵƌŝƚLJƉĞƌƐŽŶŶĞůǁŚŝůĞĂůĐŽŚŽůŝƐďĞŝŶŐ
ƐĞƌǀĞĚƚŽĞŶƐƵƌĞƚŚĂƚŶŽďĞĞƌŽƌůŝƋƵŽƌĞŶƚĞƌŽƌůĞĂǀĞƚŚĞĚŝƐƉĞŶƐŝŶŐŽƌĞǀĞŶƚ
ǀĞŶƵĞĂƌĞĂ͘
^ŝŐŶĂŐĞǁŝůůďĞƉƌŽŵŝŶĞŶƚůLJĚŝƐƉůĂLJĞĚĂƚĞĂĐŚĞŶƚƌLJͬĞdžŝƚƉŽŝŶƚƚŽŶŽƚŝĨLJŐƵĞƐƚƐƚŚĂƚŶŽ
ůŝƋƵŽƌŽƌďĞĞƌǁŝůůďĞĂůůŽǁĞĚŝŶŽƌŽƵƚŽĨƚŚĞĚŝƐƉĞŶƐŝŶŐĂƌĞĂ͕ŽƌĞǀĞŶƚǀĞŶƵĞĂƌĞĂ͘
dŚĞKƌŐĂŶŝnjĞƌǁŝůůƉƌŽǀŝĚĞĂƚŶŽĐŚĂƌŐĞůŝƋƵŽƌŝĚĞŶƚŝĨŝĐĂƚŝŽŶďƌĂĐĞůĞƚƐĂƚůŽĐĂƚŝŽŶ;ƐͿ
ĂƐƌĞƋƵŝƌĞĚďLJWƵďůŝĐ^ĂĨĞƚLJ^ƚĂĨĨ͘dŚĞKƌŐĂŶŝnjĞƌǁŝůůƉĞƌŵŝƚŶŽŽŶĞƚŽĐŽŶƐƵŵĞ
>ŝƋƵŽƌƵŶůĞƐƐƚŚĞLJĂƌĞǁĞĂƌŝŶŐĂŶŝĚĞŶƚŝĨŝĐĂƚŝŽŶďƌĂĐĞůĞƚĂŶĚǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌ
ƚŚĞŝƐƐƵĂŶĐĞŽĨďƌĂĐĞůĞƚƐĂŶĚƚŚĂƚƚŚĞďƌĂĐĞůĞƚƐĂƌĞŐŝǀĞŶŽŶůLJƚŽƚŚŽƐĞǁŚŽĂƌĞ
ůĞŐĂůůLJĞŶƚŝƚůĞĚƚŽĐŽŶƐƵŵĞůŝƋƵŽƌͬďĞĞƌ͘
WĂŐĞϰŽĨϵ
ŶLJƐĞƌǀŝĐĞŽĨůŝƋƵŽƌǁŝůůƌĞƋƵŝƌĞƐĞƌǀĞƌƚƌĂŝŶŝŶŐďLJĞŝƚŚĞƌƚŚĞ^ƚŝůůǁĂƚĞƌWŽůŝĐĞ
ĞƉĂƌƚŵĞŶƚŽƌĂŶĂĨĨŝůŝĂƚŝŽŶƌĞĐŽŵŵĞŶĚĞĚďLJƚŚĞ^ƚŝůůǁĂƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚ͘
ĞƌƚŝĨŝĐĂƚŝŽŶŽĨ^ĞƌǀĞƌdƌĂŝŶŝŶŐŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽƌĞĐĞŝǀŝŶŐƚŚĞƚĞŵƉŽƌĂƌLJůŝƋƵŽƌ
ůŝĐĞŶƐĞ;ϯ͘ϮŽƌŽŶͲƐĂůĞͿ͘
>ŝƋƵŽƌůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞĨŽƌƚŚĞĚĂLJŽĨƚŚĞĞǀĞŶƚĂƌĞƌĞƋƵŝƌĞĚ͘^ĞĞƐĞĐƚŝŽŶ
ƌĞŐĂƌĚŝŶŐ/ŶƐƵƌĂŶĐĞĨŽƌĨƵƌƚŚĞƌĚĞƚĂŝůƐ͘
dŚĞKƌŐĂŶŝnjĞƌĂĐŬŶŽǁůĞĚŐĞƐƚŚĂƚĂƐĂůŝƋƵŽƌůŝĐĞŶƐĞŚŽůĚĞƌĨŽƌƚŚĞǀĞŶƚ͕ŝƚŝƐ
ƐƵďũĞĐƚƚŽ^ƚŝůůǁĂƚĞƌŝƚLJŽĚĞΑϰϯʹϴ͕ǁŚŝĐŚĂƵƚŚŽƌŝnjĞƐƚŚĂƚĂůůƉƌĞŵŝƐĞƐĨƌŽŵ
ǁŚŝĐŚŝŶƚŽdžŝĐĂƚŝŶŐ>ŝƋƵŽƌŝƐŽĨĨĞƌĞĚĂƚŽŶʹƐĂůĞ͕ĂƌĞƐƵďũĞĐƚƚŽŝŶƐƉĞĐƚŝŽŶĨŽƌĂůĐŽŚŽů
ĐŽŵƉůŝĂŶĐĞďLJĂŶLJƉŽůŝĐĞŽĨĨŝĐĞƌ͕ŚĞĂůƚŚŽĨĨŝĐĞƌ͕ŽƌŽƚŚĞƌĚĞƐŝŐŶĂƚĞĚŽĨĨŝĐĞƌŽƌ
ĞŵƉůŽLJĞĞŽĨƚŚĞŝƚLJĚƵƌŝŶŐĂůůŚŽƵƌƐƚŚĞƌĞĂŝƐŽƉĞŶĨŽƌƚŚĞƐĞƌǀŝŶŐŽĨĂůĐŽŚŽů͘
ϰ͘ϯ ĂŶĐĞůůĂƚŝŽŶʹĂŶĐĞůůĂƚŝŽŶƐŽĨĞǀĞŶƚƐďLJƚŚĞĞǀĞŶƚŽƌŐĂŶŝnjĞƌƌĞĐĞŝǀĞĚŝŶǁƌŝƚŝŶŐǁŝůů
ƌĞĐĞŝǀĞĨƵůůƌĞĨƵŶĚŽĨĚĞƉŽƐŝƚƐĂŶĚƚŚĞĨŽůůŽǁŝŶŐƌĞĨƵŶĚŽĨĞǀĞŶƚĨĞĞƐ;ĞdžĐůƵĚŝŶŐ
ĂƉƉůŝĐĂƚŝŽŶĨĞĞͿ͗
ϮϬĚĂLJƐƉƌŝŽƌƚŽĞǀĞŶƚǁŝůůƌĞĐĞŝǀĞĂĨƵůůƌĞĨƵŶĚŽĨĞǀĞŶƚĨĞĞƐ͘
ϭϵƚŽϭϭĚĂLJƐƉƌŝŽƌƚŽĞǀĞŶƚǁŝůůĨŽƌĨĞŝƚϱϬйŽĨĞǀĞŶƚĨĞĞƐ͘
ϭϬĚĂLJƐŽƌůĞƐƐŽĨƚŚĞĞǀĞŶƚǁŝůůĨŽƌĨĞŝƚĂůůĞǀĞŶƚĨĞĞƐ͘
dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽĚĞŶLJĂŶĞǀĞŶƚƐŚŽƵůĚŽŶĞŽƌŵŽƌĞŽĨƚŚĞĨŽůůŽǁŝŶŐŽĐĐƵƌ͗
&ĂŝůƵƌĞƚŽƐƵďŵŝƚĂŶĂƉƉůŝĐĂƚŝŽŶǁŝƚŚŝŶƚŚĞƚŝŵĞƉĞƌŝŽĚƐĂƐŽƵƚůŝŶĞĚĂďŽǀĞ͘
ZĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞǀĞŶƚWŽůŝĐLJĂŶĚWƌŽĐĞĚƵƌĞƐĂƌĞŶŽƚŵĞƚ͘
dŚĞĂƉƉůŝĐĂŶƚŽǁĞƐƚŚĞŝƚLJŽĨ^ƚŝůůǁĂƚĞƌ͕ŵŽŶĞLJĨƌŽŵĂŶŽƚŚĞƌĞǀĞŶƚ͕ƐĞƌǀŝĐĞƐ
ƉƌŽǀŝĚĞĚŽƌĂƐĂƌĞƐƵůƚŽĨĚĂŵĂŐĞƐƚŽĐŝƚLJƉƌŽƉĞƌƚLJ͘
dŚĞƵƐĞŽƌƚŚĞĞǀĞŶƚǁŽƵůĚĐŽŶĨůŝĐƚǁŝƚŚƉƌĞǀŝŽƵƐůLJƉůĂŶŶĞĚƉƌŽŐƌĂŵƐŽƌŐĂŶŝnjĞĚ
ĂŶĚĐŽŶĚƵĐƚĞĚďLJƚŚĞĐŝƚLJŽƌŶŽŶͲŐŽǀĞƌŶŵĞŶƚĂůĂŐĞŶĐŝĞƐƉƌĞǀŝŽƵƐůLJƐĐŚĞĚƵůĞĚĨŽƌ
ƚŚĞƐĂŵĞƚŝŵĞĂŶĚͬŽƌƉůĂĐĞ͘
dŚĞĂƉƉůŝĐĂŶƚĚŽĞƐŶŽƚĐŽŵƉůLJǁŝƚŚĂůůĂƉƉůŝĐĂďůĞĐŝƚLJŽƌĚŝŶĂŶĐĞƐ͕ƚƌĂĨĨŝĐƌƵůĞƐ͕ƉĂƌŬ
ƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͕ƐƚĂƚĞŚĞĂůƚŚůĂǁƐ͕ĨŝƌĞĐŽĚĞƐĂŶĚͬŽƌůŝƋƵŽƌůŝĐĞŶƐŝŶŐƌĞŐƵůĂƚŝŽŶƐ͘
dŚĞƵƐĞŽƌĞǀĞŶƚƉƌŽƉŽƐĞĚďLJƚŚĞĂƉƉůŝĐĂŶƚǁŽƵůĚƉƌĞƐĞŶƚĂŶƵŶƌĞĂƐŽŶĂďůĞĚĂŶŐĞƌ
ƚŽƚŚĞŚĞĂůƚŚŽƌƐĂĨĞƚLJŽĨƚŚĞƉƵďůŝĐ͘
dŚĞĂƉƉůŝĐĂŶƚĐĂŶŶŽƚĐŽŵƉůLJǁŝƚŚĂƉƉůŝĐĂďůĞůŽĐĂů͕ƐƚĂƚĞĂŶĚĨĞĚĞƌĂůůŝĐĞŶƐĞ
ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂůůŽƌƉĂƌƚŽĨƚŚĞƉůĂŶŶĞĚĞǀĞŶƚ͘
dŚĞƵƐĞŽƌĞǀĞŶƚŝƐƉƌŽŚŝďŝƚĞĚďLJůĂǁ͘
dŚĞĂƉƉůŝĐĂƚŝŽŶĐŽŶƚĂŝŶƐŵĂƚĞƌŝĂůŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽƌĨƌĂƵĚƵůĞŶƚŝŶĨŽƌŵĂƚŝŽŶ͘
ϰ͘ϰ ŚĂŶŐĞƐƚŽǀĞŶƚʹDĂũŽƌĐŚĂŶŐĞƐŵĂĚĞƚŽĂŶĞǀĞŶƚĂĨƚĞƌďĞŝŶŐĂƉƉƌŽǀĞĚďLJĂŶLJŽŵŵŝƐƐŝŽŶ
ŽƌŝƚLJŽƵŶĐŝůĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚǁŝƚŚŽƵƚĂĚĚŝƚŝŽŶĂůĂƉƉƌŽǀĂů͘ŶLJĞǀĞŶƚƚŚĂƚŝƐŝŵƉĂĐƚĞĚǁŝƚŚ
ĂŶĞŵĞƌŐĞŶĐLJƐŝƚƵĂƚŝŽŶƐƵĐŚĂƐƌŝǀĞƌĨůŽŽĚŝŶŐ͕ǁĞĂƚŚĞƌŝƐƐƵĞƐ͕ĞƚĐ͘ǁŝůůďĞƌĞƐŽůǀĞĚďLJWƵďůŝĐ
^ĂĨĞƚLJĂŶĚWƵďůŝĐtŽƌŬƐƐƚĂĨĨĂƚƐƵĐŚƚŝŵĞĂŝƚLJŽƵŶĐŝůŵĞĞƚŝŶŐŝƐŶŽƚĂǀĂŝůĂďůĞ͘
ϰ͘ϱ ůĞĂŶƵƉŽĨǀĞŶƚʹKƌŐĂŶŝnjĞƌƐĂŐƌĞĞƐƚŽƌĞŵŽǀĞĂůůŝƚĞŵƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞĞǀĞŶƚĂƚƚŚĞ
ĐŽŶĐůƵƐŝŽŶŽĨƚŚĞĞǀĞŶƚƚŽƚŚĞƐĂƚŝƐĨĂĐƚŝŽŶŽĨƚŚĞŝƚLJ͘dŚĞŝƚLJŽĨ^ƚŝůůǁĂƚĞƌŝƐŶŽƚ
ƌĞƐƉŽŶƐŝďůĞĨŽƌĂŶLJŝƚĞŵƐďĞůŽŶŐŝŶŐƚŽƚŚĞKƌŐĂŶŝnjĞƌŽƌƉĂƚƌŽŶƐŽĨĞǀĞŶƚƚŚĂƚĂƌĞ
ƌĞŵĂŝŶŝŶŐĂĨƚĞƌƚŚĞĞǀĞŶƚ͘KƌŐĂŶŝnjĞƌƐǁŝůůƌĞŝŵďƵƌƐĞŝƚLJĨŽƌĂŶLJĐŽƐƚƐŝŶĐƵƌƌĞĚƐŚŽƵůĚƚŚĞ
ŝƚLJĨŝŶĚŝƚŶĞĐĞƐƐĂƌLJŝŶŝƚƐƐŽůĞŽƉŝŶŝŽŶƚŽĐŽŵƉůĞƚĞĨƵƌƚŚĞƌĐůĞĂŶƵƉ͕ƌĞŵŽǀĂůŽƌƌĞƉĂŝƌƐƚŽ
ŶLJƐĞƌǀŝĐĞŽĨůŝƋƵŽƌǁŝůůƌĞƋƵŝƌĞƐĞƌǀĞƌƚƌĂŝŶŝŶŐ
WĂŐĞϱŽĨϵ
ƌĞƚƵƌŶƚŚĞĂƌĞĂƚŽŝƚƐŽƌŝŐŝŶĂůĐŽŶĚŝƚŝŽŶŝĨƚŚĞƐŝƚĞŝƐŶŽƚƌĞƉĂŝƌĞĚǁŝƚŚŝŶϮϰŚŽƵƌƐŽĨĞǀĞŶƚ
ŽƌĂƐĂŐƌĞĞĚƵƉŽŶ͘ŝƚLJƐƚĂĨĨŵĂLJĐŚŽŽƐĞƚŽĚŽĂǁĂůŬͲƚŚƌŽƵŐŚŽĨǀĞŶƵĞǁŝƚŚKƌŐĂŶŝnjĞƌƚŽ
ŝĚĞŶƚŝĨLJĂŶĚĚŽĐƵŵĞŶƚĂŶLJĚĂŵĂŐĞďĞĨŽƌĞĞǀĞŶƚ͘ŽƚŚƉĂƌƚŝĞƐǁŝůůƐŝŐŶŽĨĨĂŶĚƌĞĞǀĂůƵĂƚĞ
ĂĨƚĞƌƚŚĞĞǀĞŶƚ͘
ϰ͘ϲƌŽǁĚDĂŶĂŐĞŵĞŶƚʹKƌŐĂŶŝnjĞƌƐǁŝůůƉƌŽǀŝĚĞ͕ĂƚŶŽĐŽƐƚƚŽƚŚĞĐŝƚLJ͕ƉƌŝǀĂƚĞůLJƉĂŝĚ
ƉƌŽĨĞƐƐŝŽŶĂůƵŶŝĨŽƌŵĞĚƐĞĐƵƌŝƚLJŽĨĨŝĐĞƌƐĞƋƵŝƉƉĞĚǁŝƚŚƌĂĚŝŽƐĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ
^ƚŝůůǁĂƚĞƌWŽůŝĐĞŚŝĞĨ͕ĂŶĚƉƌŝǀĂƚĞůLJƉĂŝĚƉƌŽĨĞƐƐŝŽŶĂůD^ƉĞƌƐŽŶŶĞůĞƋƵŝƉƉĞĚǁŝƚŚ
ƌĂĚŝŽƐĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ^ƚŝůůǁĂƚĞƌ&ŝƌĞŚŝĞĨ͘ůůƐĞĐƵƌŝƚLJŽĨĨŝĐĞƌƐĂŶĚD^ƉĞƌƐŽŶŶĞů
ǁŝůůďĞƐƵŝƚĂďůLJŝĚĞŶƚŝĨŝĂďůĞĂŶĚƚŚĞŶƵŵďĞƌĂŶĚĚĞƉůŽLJŵĞŶƚŽĨƚŚĞƐĞĐƵƌŝƚLJĨŽƌĐĞĂŶĚD^
ƉĞƌƐŽŶŶĞůŵƵƐƚďĞĂƉƉƌŽǀĞĚŝŶǁƌŝƚŝŶŐďLJƚŚĞ^ƚŝůůǁĂƚĞƌWŽůŝĐĞŚŝĞĨĂŶĚ&ŝƌĞŚŝĞĨ͘
ϰ͘ϳŵĞƌŐĞŶĐLJĐƚŝŽŶWůĂŶʹKƌŐĂŶŝnjĞƌŵƵƐƚƉƌŽǀŝĚĞĂƉůĂŶŽĨĂĐƚŝŽŶĨŽƌĞŵĞƌŐĞŶĐLJ
ƉƌĞƉĂƌĞĚŶĞƐƐĚƵƌŝŶŐĞǀĞŶƚ͕ŽŶͲƐŝƚĞĐŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶĂŶĚĂĐŽŵŵƵŶŝĐĂƚŝŽŶƉůĂŶĂƚƚŚĞ
ƚŝŵĞŽĨĂƉƉůŝĐĂƚŝŽŶ͘KƌŐĂŶŝnjĞƌŵƵƐƚŶŽƚŝĨLJD^ĂŶĚ&ŝƌĞĞƉĂƌƚŵĞŶƚĂďŽƵƚĞǀĞŶƚĂŶĚ
ĐŽŽƌĚŝŶĂƚĞĂƐĂĨĞƚLJƉůĂŶĨŽƌƚŚĞĞǀĞŶƚ͘
ϰ͘ϴ&ĞĞƐʹdŚĞŝƚLJŚĂƐĞƐƚĂďůŝƐŚĞĚĂŶĞǀĞŶƚƉĞƌŵŝƚĨĞĞƐĐŚĞĚƵůĞŝŶŽƌĚĞƌƚŽƌĞĐŽǀĞƌĐŽƐƚƐ
ŝŶĐƵƌƌĞĚďLJƚŚĞĐŝƚLJĨŽƌƚŚĞŽƉĞƌĂƚŝŽŶŽĨĞǀĞŶƚƐ͘ŚĂƌŐĞƐĨŽƌĞǀĞŶƚƉĞƌŵŝƚĨĞĞƐ͕ĐŝƚLJ
ŵĂƚĞƌŝĂůƐĐŽƐƚƐĂŶĚĐŝƚLJƐƚĂĨĨĐŽƐƚƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĐƵƌƌĞŶƚĐŝƚLJĨĞĞƐĐŚĞĚƵůĞ͘
ϰ͘ϵ/ŶƐƵƌĂŶĐĞʹdŚĞKƌŐĂŶŝnjĞƌŵƵƐƚƉƌŽǀŝĚĞƚŽƚŚĞŝƚLJƐĂƚŝƐĨĂĐƚŽƌLJƉƌŽŽĨƚŚĂƚŝƚŚĂƐŽďƚĂŝŶĞĚ
ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƚŚĂƚŶĂŵĞƐƚŚĞǀĞŶƚĂŶĚƚŚĞŝƚLJĂƐĂŶĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞĚ͕ĂƐůŽƐƐ
ƉĂLJĞĞƐ͕ŝŶĂŶĂŵŽƵŶƚŽĨĂƚůĞĂƐƚΨϭ͕ϱϬϬ͕ϬϬϬĐŽŵďŝŶĞĚƐŝŶŐůĞůŝŵŝƚ͕ĨŽƌůŽƐƐƐƵƐƚĂŝŶĞĚďLJ
ĞŝƚŚĞƌĂĐƚƐŽƌŽĐĐƵƌƌĞŶĐĞƐƚŚĂƚĂƌŝƐĞĨƌŽŵŽƌŐƌŽǁŽƵƚŽĨďŽƚŚǀĞŶƚĂŶĚ>ŝƋƵŽƌ>ŝĂďŝůŝƚLJ
ĐŽǀĞƌĂŐĞĂƐĚĞƐĐƌŝďĞĚŝŶDŝŶŶ͘^ƚĂƚ͘ΑϯϰϬ͘ϰϬϵ͕ĞǀŝĚĞŶĐĞĚĂƚĂŵŝŶŝŵƵŵ͕ƚŚĞĐŽǀĞƌĂŐĞ
ĚĞƐĐƌŝďĞĚŝŶDŝŶŶ͘^ƚĂƚ͘ΑϯϰϬ͘ϰϬϵ͕ƐƵďĚ͘ϭǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞǀĞŶƚ͘
>ŝƋƵŽƌ>ŝĂďŝůŝƚLJ/ŶƐƵƌĂŶĐĞʹ/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŝƚLJƌĞƋƵŝƌĞƐĂŶLJĨƵŶĐƚŝŽŶƚŚĂƚŝƐŽƉĞŶƚŽƚŚĞ
ƉƵďůŝĐĂŶĚƐĞůůƐͬƐĞƌǀĞĂůĐŽŚŽůƚŚƌŽƵŐŚĂƚĞŵƉŽƌĂƌLJůŝƋƵŽƌůŝĐĞŶƐĞŵƵƐƚƉƌŽǀŝĚĞůŝƋƵŽƌ
ůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞĨŽƌƚŚĞĚĂLJƐŽĨƚŚĞĞǀĞŶƚ͘dŚŝƐŝŶƐƵƌĂŶĐĞŝƐƌĞƋƵŝƌĞĚƚŽƉƌŽƚĞĐƚƚŚĞŝƚLJ͛Ɛ
ĂŶĚKƌŐĂŶŝnjĞƌ͛ƐŝŶƚĞƌĞƐƚ͘ĞƌƚŝĨŝĐĂƚĞŽĨ/ŶƐƵƌĂŶĐĞƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJŽĨ^ƚŝůůǁĂƚĞƌ
ǁŚŝĐŚŵƵƐƚŝŶĐůƵĚĞůŝƐƚŝŶŐƚŚĞŝƚLJŽĨ^ƚŝůůǁĂƚĞƌĂƐĂŶĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞƌŵƵƐƚƉƌŽǀŝĚĞƚŚĞ
ĨŽůůŽǁŝŶŐŵŝŶŝŵƵŵƐ͗
ΨϱϬ͕ϬϬϬŽĨĐŽǀĞƌĂŐĞďĞĐĂƵƐĞŽĨďŽĚŝůLJŝŶũƵƌLJƚŽĂŶLJŽŶĞƉĞƌƐŽŶŝŶĂŶLJŽŶĞŽĐĐƵƌƌĞŶĐĞ͕
ΨϭϬϬ͕ϬϬϬďĞĐĂƵƐĞŽĨďŽĚŝůLJŝŶũƵƌLJƚŽƚǁŽŽƌŵŽƌĞƉĞƌƐŽŶƐŝŶĂŶLJŽŶĞŽĐĐƵƌƌĞŶĐĞ͕
ΨϭϬ͕ϬϬϬďĞĐĂƵƐĞŽĨŝŶũƵƌLJƚŽŽƌĚĞƐƚƌƵĐƚŝŽŶŽĨƉƌŽƉĞƌƚLJŽĨŽƚŚĞƌƐŝŶĂŶLJŽŶĞŽĐĐƵƌƌĞŶĐĞ͕
ΨϱϬ͕ϬϬϬĨŽƌůŽƐƐŽĨŵĞĂŶƐŽĨƐƵƉƉŽƌƚŽĨĂŶLJŽŶĞƉĞƌƐŽŶŝŶĂŶLJŽŶĞŽĐĐƵƌƌĞŶĐĞ͕
ΨϭϬϬ͕ϬϬϬĨŽƌůŽƐƐŽĨŵĞĂŶƐŽĨƐƵƉƉŽƌƚŽĨƚǁŽŽƌŵŽƌĞƉĞƌƐŽŶƐŝŶĂŶLJŽŶĞŽĐĐƵƌƌĞŶĐĞ͕
ΨϱϬ͕ϬϬϬĨŽƌŽƚŚĞƌƉĞĐƵŶŝĂƌLJůŽƐƐŽĨĂŶLJŽŶĞƉĞƌƐŽŶŝŶĂŶLJŽŶĞŽĐĐƵƌƌĞŶĐĞ͕ĂŶĚ
ΨϭϬϬ͕ϬϬϬĨŽƌŽƚŚĞƌƉĞĐƵŶŝĂƌLJůŽƐƐŽĨƚǁŽŽƌŵŽƌĞƉĞƌƐŽŶƐŝŶĂŶLJŽŶĞŽĐĐƵƌƌĞŶĐĞ͘
ϰ͘ϭϬDĂƚĞƌŝĂůƐʹǀĞŶƚŽƌŐĂŶŝnjĞƌƐĂƌĞĞŶĐŽƵƌĂŐĞĚƚŽĐŽŶƚƌĂĐƚĨŽƌƐĞƌǀŝĐĞƐĂŶĚŵĂƚĞƌŝĂůƐĂƐůŽŶŐ
ĂƐƚŚĞĞƋƵŝƉŵĞŶƚĂŶĚƐĞƌǀŝĐĞƐĂƌĞĂƉƉƌŽƉƌŝĂƚĞĨŽƌƚŚĞĞǀĞŶƚĂŶĚƚŚĞĞǀĞŶƚĐĂŶďĞƌƵŶ
ƐĂĨĞůLJŝŶƚŚĞĞƐƚŝŵĂƚŝŽŶŽĨĐŝƚLJƐƚĂĨĨ͕ĂƐĞĚƵƉŽŶƌĞǀŝĞǁŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶ͕ĐŝƚLJƐƚĂĨĨǁŝůů
ĚĞƚĞƌŵŝŶĞǁŚĞƚŚĞƌĐŝƚLJĞƋƵŝƉŵĞŶƚĂŶĚŵĂƚĞƌŝĂůƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĞǀĞŶƚ͘
WĂŐĞϲŽĨϵ
Ă͘ůĞĐƚƌŝĐĂůʹWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚǁŝůůŽƉĞŶĞdžŝƐƚŝŶŐĞůĞĐƚƌŝĐĂůďŽdžĞƐŽŶĚĂLJŽĨ
ĞǀĞŶƚĂŶĚĂĐĐĞƐƐĂůůŽǁĞĚĂĐĐŽƌĚŝŶŐƚŽƚŚĞĐƵƌƌĞŶƚŝƚLJ&ĞĞ^ĐŚĞĚƵůĞ͘KƌŐĂŶŝnjĞƌŝƐ
ƌĞƐƉŽŶƐŝďůĞƚŽŚĂǀĞƚŚĞŝƌŽǁŶĞdžƚĞŶƐŝŽŶƐĐŽƌĚƐ͘ůůƚĞŵƉŽƌĂƌLJĞůĞĐƚƌŝĐĂůǁŝƌŝŶŐĨŽƌ
ĞǀĞŶƚƐŵƵƐƚďĞƉĞƌĨŽƌŵĞĚďLJĂůŝĐĞŶƐĞĚĞůĞĐƚƌŝĐĂůĐŽŶƚƌĂĐƚŽƌ͘dŚŝƐƌĞƋƵŝƌĞŵĞŶƚĂůƐŽ
ĂƉƉůŝĞƐƚŽƉŽƌƚĂďůĞŐĞŶĞƌĂƚŽƌƐ͘
ď͘WŽƌƚĂďůĞZĞƐƚƌŽŽŵƐĂŶĚ,ĂŶĚǁĂƐŚŝŶŐ^ƚĂƚŝŽŶƐʹdŚĞKƌŐĂŶŝnjĞƌŝƐƌĞƐƉŽŶƐŝďůĞƚŽ
ĨƵƌŶŝƐŚƉŽƌƚĂďůĞƌĞƐƚƌŽŽŵƐĂŶĚŚĂŶĚǁĂƐŚŝŶŐƐƚĂƚŝŽŶƐƚŽĨĂĐŝůŝƚĂƚĞĞdžƉĞĐƚĞĚĐƌŽǁĚƐ͘
dŚĞŶƵŵďĞƌŽĨƉŽƌƚĂďůĞƌĞƐƚƌŽŽŵƐĂŶĚŚĂŶĚǁĂƐŚŝŶŐƐƚĂƚŝŽŶƐƌĞƋƵŝƌĞĚŝƐƐŽůĞůLJ
ĚĞƚĞƌŵŝŶĞĚďLJƚŚĞWƵďůŝĐtŽƌŬƐ^ƵƉĞƌŝŶƚĞŶĚĞŶƚ͘/ĨĂƉƉůŝĐĂďůĞƚŽƚŚĞĞǀĞŶƚ͕ŝƚLJƉƵďůŝĐ
ƌĞƐƚƌŽŽŵƐǁŝůůƌĞŵĂŝŶŽƉĞŶĚƵƌŝŶŐƚŚĞǀĞŶƚĂŶĚƚŚĞŝƚLJǁŝůůƐƵƉƉůLJĂŶĚĞƋƵŝƉ
ƌĞƐƚƌŽŽŵƐ͕ŚŽǁĞǀĞƌ͕ƚŚĞKƌŐĂŶŝnjĞƌŵĂLJďĞƌĞƐƉŽŶƐŝďůĞĨŽƌŵĂŝŶƚĂŝŶŝŶŐ͕ĐůĞĂŶŝŶŐ͕
ƐƚĂĨĨŝŶŐĂŶĚƐĞĐƵƌŝƚLJĂŶĚƐƵƉĞƌǀŝƐŝŽŶĨŽƌƌĞƐƚƌŽŽŵƐ͘/ĨƚŚĞKƌŐĂŶŝnjĞƌĞůĞĐƚƐŶŽƚƚŽ
ƉƌŽǀŝĚĞƚŚĞƐĞƐĞƌǀŝĐĞƐŝƚŵƵƐƚŶŽƚŝĨLJƚŚĞŝƚLJĂƚůĞĂƐƚƚǁŽǁĞĞŬƐƉƌŝŽƌƚŽƚŚĞĞǀĞŶƚ͕ĂŶĚ
ŝŶƚŚĂƚĞǀĞŶƚ͕ƚŚĞKƌŐĂŶŝnjĞƌǁŝůůďĞĂƌƚŚĞŝƚLJĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚŝƐǁŽƌŬ͘
Đ͘dƌĂƐŚ^ĞƌǀŝĐĞʹƵŵƉƐƚĞƌƐŽƌƌŽůůʹŽĨĨďŽdžĞƐŵƵƐƚďĞĨƵƌŶŝƐŚĞĚĂĐĐŽƌĚŝŶŐƚŽĂƉůĂŶ
ĂƉƉƌŽǀĞĚďLJWƵďůŝĐtŽƌŬƐ^ƵƉĞƌŝŶƚĞŶĚĞŶƚŝŶƐƵĨĨŝĐŝĞŶƚƋƵĂŶƚŝƚLJƚŽĐŽŶƚĂŝŶƚŚĞ
ĂĐĐƵŵƵůĂƚŝŽŶŽĨƚƌĂƐŚŐĞŶĞƌĂƚĞĚďLJƚŚĞǀĞŶƚĂŶĚŵƵƐƚĞŶƐƵƌĞƚŚĂƚĂůůƚƌĂƐŚŽƌ
ŐĂƌďĂŐĞŝƐĐŽůůĞĐƚĞĚĂŶĚŚĂƵůĞĚĂǁĂLJĚĂŝůLJŝŶƚŚĞǀĞŶƚĂƌĞĂ;ƐͿ͘dŚĞǀĞŶƚŽŽƌĚŝŶĂƚŽƌ
ŵĂLJĂŵĞŶĚƚŚĞƉůĂŶĂŶĚƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůĚƵŵƉƐƚĞƌƐŽƌƚƌĂƐŚƌĞĐĞƉƚĂĐůĞƐŝĨƚŚĞŶĞĞĚ
ĂƌŝƐĞƐ͘dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƌĞƋƵŝƌĞĂĚĚŝƚŝŽŶĂůƌĞĐĞƉƚĂĐůĞƐƐŚŽƵůĚƚŚĞ
KƌŐĂŶŝnjĞƌŶŽƚƌĞŵŽǀĞĞdžĐĞƐƐŐĂƌďĂŐĞĨƌŽŵƚŚĞǀĞŶƚ͘/ĨƉŽƐƐŝďůĞ͕KƌŐĂŶŝnjĞƌǁŝůů
ƉƌŽǀŝĚĞƌĞĐLJĐůŝŶŐĂŶĚŽƌŐĂŶŝĐƐĐŽŶƚĂŝŶĞƌƐĨŽƌƚŚĞǀĞŶƚ͘
Ě͘dƌĂĨĨŝĐŽŶƚƌŽů^ŝŐŶƐĂŶĚͬŽƌĂƌƌŝĐĂĚĞƐʹdŽĞŶƐƵƌĞƚƌĂĨĨŝĐĂŶĚƉĞĚĞƐƚƌŝĂŶƐĂĨĞƚLJ
ĐŽŶƚƌŽůƚŚĞKƌŐĂŶŝnjĞƌŵƵƐƚƉůĂĐĞƐƚĂŶĚĂƌĚƌĞĨůĞĐƚŝǀĞďĂƌƌŝĐĂĚĞƐĂĐĐŽƌĚŝŶŐƚŽĂƉůĂŶ
ĂƉƉƌŽǀĞĚďLJƚŚĞWƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌ͕WŽůŝĐĞŚŝĞĨŽƌƚŚĞŝƌĚĞƐŝŐŶĞĞƐ͘dƌĂĨĨŝĐĐŽŶƚƌŽů
ŝƚĞŵƐŵĂLJďĞƐƵƉƉůŝĞĚďLJƚŚĞKƌŐĂŶŝnjĞƌ͕ŽƌďLJƚŚĞŝƚLJ͘dŚĞŝƚLJŵĂLJƉůĂĐĞĂĚĚŝƚŝŽŶĂů
ďĂƌƌŝĞƌƐƚŽƉƌŽƚĞĐƚƉƵďůŝĐƐĂĨĞƚLJĂƚŝƚLJĞdžƉĞŶƐĞďĂƐĞĚƵƉŽŶĂƉůĂŶĚĞǀĞůŽƉĞĚďLJƚŚĞ
WƵďůŝĐtŽƌŬƐŝƌĞĐƚŽƌĂŶĚWŽůŝĐĞŚŝĞĨŽƌƚŚĞŝƌĚĞƐŝŐŶĞĞƐ͘
Ğ͘tĂƚĞƌ;,LJĚƌĂŶƚƐͿʹ/ĨĂĐĐĞƐƐƚŽǁĂƚĞƌŵĂŝŶŽƌŚLJĚƌĂŶƚƐŝƐƌĞƋƵŝƌĞĚ͕ƚŚĞKƌŐĂŶŝnjĞƌŵƵƐƚ
ŵĂŬĞĂƌƌĂŶŐĞŵĞŶƚƐǁŝƚŚƚŚĞWƵďŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚĂŶĚƉĂLJƌĞůĂƚĞĚǁĂƚĞƌĨĞĞƐĂŶĚ
ǁĂƚĞƌƐŚƵƚŽĨĨŬĞLJĚĞƉŽƐŝƚ͘KƌŐĂŶŝnjĞƌŵƵƐƚĞŶƐƵƌĞĂůůƉŽƚĂďůĞǁĂƚĞƌƐŽƵƌĐĞƐĂƌĞĨƌŽŵ
ĂŶĂƉƉƌŽǀĞĚƐŽƵƌĐĞ;ƉƌŝǀĂƚĞǁĞůůǁĂƚĞƌŝƐŶŽƚĂŶĂƉƉƌŽǀĞĚƐŽƵƌĐĞͿ͘
ϰ͘ϭϭDƵƐŝĐĂůŶƚĞƌƚĂŝŶŵĞŶƚʹKƌŐĂŶŝnjĞƌŵƵƐƚƉƌŽǀŝĚĞƚŽƚŚĞŝƚLJĂĐŽŵƉůĞƚĞůŝƐƚŽĨĂůůŵƵƐŝĐĂů
ĂĐƚƐĂůŽŶŐǁŝƚŚĂŶĞƐƚŝŵĂƚĞĐƌŽǁĚƐŝnjĞĨŽƌĞĂĐŚĂĐƚ͘dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽ
ĚŝƐĂƉƉƌŽǀĞĂŶLJŵƵƐŝĐĂůĞŶƚĞƌƚĂŝŶŵĞŶƚƚŚĂƚŚĂƐĂŚŝƐƚŽƌLJŽĨƉƵďůŝĐƐĂĨĞƚLJƚŚƌĞĂƚƐŽƌ
ǀŝŽůĂƚŝŽŶƐŝŶŽƚŚĞƌǀĞŶƵĞƐ͘
ϰ͘ϭϮEĞŝŐŚďŽƌŚŽŽĚDĞĞƚŝŶŐʹŐĂƚŚĞƌŝŶŐƚŚĂƚŵĞĞƚƐƚŚĞƚŚƌĞƐŚŽůĚĨŽƌĂ͞^ƉĞĐŝĂůǀĞŶƚǁŝƚŚ
ŽŶƚƌĂĐƚ͟ĂŶĚŝƐĂŶĞǁƐƉĞĐŝĂůĞǀĞŶƚ͕ǁŝůůďĞƌĞƋƵŝƌĞĚƚŽŚŽůĚĂƉƵďůŝĐŵĞĞƚŝŶŐƚŽƌĞĐĞŝǀĞ
ŝŶƉƵƚĨƌŽŵƚŚĞƐƵƌƌŽƵŶĚŝŶŐŶĞŝŐŚďŽƌŚŽŽĚ͘dŚŝƐŵĞĞƚŝŶŐŵƵƐƚďĞŚĞůĚƚŚƌĞĞǁĞĞŬƐƉƌŝŽƌ
ƚŽƚŚĞĞǀĞŶƚ͘EŽƚŝĐĞƐĨŽƌƚŚĞŶĞŝŐŚďŽƌŚŽŽĚŵĞĞƚŝŶŐǁŝůůďĞƉƌĞƉĂƌĞĚĂŶĚŵĂŝůĞĚďLJƚŚĞ
WĂŐĞϳŽĨϵ
ŝƚLJƚŽƚŚĞŝŵŵĞĚŝĂƚĞůLJĂĚũĂĐĞŶƚƉƌŽƉĞƌƚLJŽǁŶĞƌƐĂƚƚŚĞŽƌŐĂŶŝnjĞƌ͛ƐĞdžƉĞŶƐĞ͘
ϰ͘ϭϯEŽŝƐĞŽŶƚƌŽůʹdŚĞKƌŐĂŶŝnjĞƌŝƐƌĞƐƉŽŶƐŝďůĞƚŽĐŽŶƚƌŽůƚŚĞŶŽŝƐĞĞŵĂŶĂƚŝŶŐĨƌŽŵƚŚĞ
ǀĞŶƚĂƚĂůĞǀĞůƚŚĂƚǁŝůůŶŽƚŝŶƚĞƌĨĞƌĞǁŝƚŚƚŚĞƉĞĂĐĞĂŶĚƌĞƉŽƐĞŽĨƚŚĞƌĞƐŝĚĞŶƚŝĂůĂƌĞĂ
ƐƵƌƌŽƵŶĚŝŶŐƚŚĞǀĞŶƚĂƌĞĂ͘EŽŝƐĞĐŽŶƚƌŽůĂŶĚƌĞŐƵůĂƚŝŽŶĚĞƐĐƌŝďĞĚŝŶŝƚLJŽƌĚŝŶĂŶĐĞ^ĞĐ͘
ϯϴͲϯƉƌŽŚŝďŝƚƐŶŽŝƐĞďĞƚǁĞĞŶƚŚĞŚŽƵƌƐŽĨϭϬ͗ϬϬƉŵĂŶĚϴ͗ϬϬĂŵ͘ŶLJǁĂŝǀĞƌƐƚŽƚŚĞƐĞ
ŚŽƵƌƐŵƵƐƚďĞƌĞǀŝĞǁĞĚĂŶĚĂƉƉƌŽǀĞĚďLJŝƚLJŽƵŶĐŝů͘
ϰ͘ϭϰEŽƚŝĨŝĐĂƚŝŽŶ&ůLJĞƌʹŐĂƚŚĞƌŝŶŐĚĞƚĞƌŵŝŶĞĚƚŽďĞĂ͞^ƉĞĐŝĂůǀĞŶƚ͟ƚŚĂƚĚŽĞƐŶŽƚŽĐĐƵƌ
ĐŽŵƉůĞƚĞůLJǁŝƚŚŝŶĂƉƵďůŝĐƉĂƌŬŽƌĂŐĂƚŚĞƌŝŶŐĚĞƚĞƌŵŝŶĞĚƚŽďĞĂ͞^ƉĞĐŝĂůǀĞŶƚǁŝƚŚ
ŽŶƚƌĂĐƚ͟ŵƵƐƚƐƵďŵŝƚĂĨůLJĞƌƚŽďĞĚŝƐƚƌŝďƵƚĞĚĂƐĂƉƵďůŝĐŶŽƚŝĨŝĐĂƚŝŽŶƚŽĂůůƉƌŽƉĞƌƚŝĞƐ
ŝŵŵĞĚŝĂƚĞůLJĂĚũĂĐĞŶƚƚŽƚŚĞĞǀĞŶƚůŽĐĂƚŝŽŶ͘dŚĞĨůLJĞƌŵƵƐƚďĞƐƵďŵŝƚƚĞĚǁŝƚŚƚŚĞǀĞŶƚ
ĂƉƉůŝĐĂƚŝŽŶ͘ŝƚLJƐƚĂĨĨǁŝůůƌĞǀŝĞǁĂŶĚĂƉƉƌŽǀĞƚŚĞĨůLJĞƌƐƵďŵŝƚƚĞĚǁŝƚŚƚŚĞĞǀĞŶƚ
ĂƉƉůŝĐĂƚŝŽŶ͘tŚĞŶĂƉƉƌŽǀĞĚďLJŝƚLJƐƚĂĨĨ͕ƚŚĞĞǀĞŶƚŽƌŐĂŶŝnjĞƌƐŚĂůůĚŝƐƚƌŝďƵƚĞƚŚĞĨůLJĞƌĂƚ
ůĞĂƐƚƐĞǀĞŶĚĂLJƐƉƌŝŽƌƚŽƚŚĞĞǀĞŶƚƚŽĂůůŚŽƵƐĞŚŽůĚƐĂŶĚďƵƐŝŶĞƐƐĞƐŝŵŵĞĚŝĂƚĞůLJĂĚũĂĐĞŶƚ
ƚŽƚŚĞĞǀĞŶƚǀĞŶƵĞĂƚƚŚĞŝƌŽǁŶĐŽƐƚ͘ dŚĞĞǀĞŶƚĨůLJĞƌƐŚŽƵůĚĐŽŶƚĂŝŶ͗ŶĂŵĞŽĨĞǀĞŶƚ͕
ůŽĐĂƚŝŽŶŽĨǀĞŶƵĞ͕ĚĂƚĞŽĨĞǀĞŶƚ͕ƚŝŵĞŽĨĞǀĞŶƚ͕ůŝƐƚĂŶLJĐůŽƐƵƌĞŽĨƐƚƌĞĞƚƐ;ŝŶĐůƵĚŝŶŐƚŝŵĞƐͿ
ĂŶĚĐŽŶƚĂĐƚŝŶĨŽƌŵĂƚŝŽŶĨŽƌƋƵĞƐƚŝŽŶƐ͘͘
ϰ͘ϭϱKƚŚĞƌŐĞŶĐŝĞƐʹKƌŐĂŶŝnjĞƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŽďƚĂŝŶŝŶŐĂůůĂŐƌĞĞŵĞŶƚƐĂŶĚƉĞƌŵŝƚƐǁŝƚŚ
ĂŐĞŶĐŝĞƐ;Ğ͘Ő͘DŶKd͕DE^ƚĂƚĞWĂƚƌŽů͕tĂƐŚŝŶŐƚŽŶŽƵŶƚLJWƵďůŝĐ,ĞĂůƚŚĂŶĚ
ŶǀŝƌŽŶŵĞŶƚ͕tĂƐŚŝŶŐƚŽŶŽƵŶƚLJ^ŚĞƌŝĨĨ͕DEĞƉĂƌƚŵĞŶƚŽĨEĂƚƵƌĂůZĞƐŽƵƌĐĞƐ͕>ĂŬĞǀŝĞǁ
D^͕ŽƚŚĞƌůŽĐĂůĐŽŵŵƵŶŝƚŝĞƐĂŶĚĂŶLJŽƚŚĞƌĂŐĞŶĐŝĞƐƌĞƋƵŝƌŝŶŐƉĞƌŵŝƚƐĨŽƌƚŚĞĞǀĞŶƚͿĂŶĚ
ŵƵƐƚƐƵďŵŝƚĐŽƉŝĞƐŽĨƉĞƌŵŝƚƐƚŽƚŚĞŝƚLJĨƌŽŵŽƚŚĞƌĂŐĞŶĐŝĞƐƉƌŝŽƌƚŽŽďƚĂŝŶŝŶŐĂŶĞǀĞŶƚ
ƉĞƌŵŝƚ͘
ϰ͘ϭϲKƵƚͲŽĨͲƉŽĐŬĞƚdžƉĞŶƐĞƐʹǀĞŶƚƉĞƌŵŝƚĨĞĞƐĨŽƌĐŝƚLJƐĞƌǀŝĐĞƐǁŝůůďĞůŝŵŝƚĞĚƚŽƚŚĞĐŝƚLJ͛Ɛ
ŽƵƚͲŽĨͲƉŽĐŬĞƚĞdžƉĞŶƐĞƐĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĞǀĞŶƚ͘KƵƚͲŽĨͲƉŽĐŬĞƚĞdžƉĞŶƐĞƐŝŶĐůƵĚĞƐƵĐŚ
ŝƚĞŵƐĂƐŽǀĞƌƚŝŵĞƉĂLJĨŽƌĐŝƚLJĞŵƉůŽLJĞĞƐ͕ĞƋƵŝƉŵĞŶƚƚŚĂƚƚŚĞĐŝƚLJǁŽƵůĚŶĞĞĚƚŽƌĞŶƚĨŽƌ
ƚŚĞĞǀĞŶƚ͕ŽĨĨŝĐĞƐƵƉƉůŝĞƐ͕ĂŶLJĐŽŶƚƌĂĐƚĞĚƐĞƌǀŝĐĞƐĂŶĚĞdžƚƌĂŽƌĚŝŶĂƌLJƵƐĞŽĨĐŝƚLJĞƋƵŝƉŵĞŶƚ
ĨŽƌƚŚĞĞǀĞŶƚ͘
ϰ͘ϭϳWĂƌŬhƐĂŐĞʹ^ƚĂŶĚĂƌĚƉĂƌŬƌĞƐĞƌǀĂƚŝŽŶĂŶĚĨĂĐŝůŝƚLJƵƐĞĨĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚ͘ůůŐƌŽƵƉƐ͕
ŝŶĐůƵĚŝŶŐŶŽƚͲĨŽƌͲƉƌŽĨŝƚŐƌŽƵƉƐĂŶĚĞĚƵĐĂƚŝŽŶĂůŝŶƐƚŝƚƵƚŝŽŶƐŵƵ ƐƚƉĂLJĚĞƉŽƐŝƚƐĂŶĚƌĞŶƚĂů
ŽĨĂŵĞŶŝƚŝĞƐǁŚĞŶŚŽůĚŝŶŐĂŶĞǀĞŶƚ͘ dŚĞKƌŐĂŶŝnjĞƌƐŚĂůůĞŶƐƵƌĞƚŚĂƚŶŽǀĞŚŝĐůĞƐĚƌŝǀĞŽŶ
ƚŚĞŝƚLJ͛ƐƉĂƌŬƉƌŽƉĞƌƚLJ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚĚĂŵĂŐĞƐŽĐĐƵƌƚŽƚŚĞŝƚLJ͛ƐƉƌŽƉĞƌƚLJ͕ƚŚĞ
KƌŐĂŶŝnjĞƌƐŚĂůůƉĂLJĨŽƌƌĞƐƚŽƌĂƚŝŽŶŽĨƚŚĞƉĂƌŬĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŝƚLJ͘dŚĞďŝĐLJĐůĞĂŶĚ
ƉĞĚĞƐƚƌŝĂŶƚƌĂŝůĨƌŽŵ>ĂƵƌĞů^ƚƌĞĞƚƚŽEĞůƐŽŶ^ƚƌĞĞƚŵƵƐƚƌĞŵĂŝŶŽƉĞŶĂŶĚƵŶŽďƐƚƌƵĐƚĞĚ
;ŶŽǀĞŚŝĐůĞƐ͕ƚƌĂŝůĞƌƐĞƚĐ͘ͿĨŽƌƚŚĞƉƵďůŝĐĚƵƌŝŶŐƚŚĞǀĞŶƚ͘dŚĞKƌŐĂŶŝnjĞƌƐŚĂůůƉĂLJĨŽƌĂŶLJ
ƌĞƐƚŽƌĂƚŝŽŶŽĨƚŚĞƚƌĂŝůĐĂƵƐĞĚďLJƚŚĞǀĞŶƚ͕ĂƐĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŝƚLJ͘EĞǁĞǀĞŶƚƐĂŶĚ
ǀĞŶƚƐǁŝƚŚŽŶƚƌĂĐƚƐǁŝůůďĞƌĞǀŝĞǁĞĚďLJƚŚĞŝƚLJŽƵŶĐŝů͘
ϰ͘ϭϴWĂƌŬŝŶŐ>ŽƚƐĂŶĚKŶͲ^ƚƌĞĞƚWĂƌŬŝŶŐʹhƐĞŽĨŝƚLJƉĂƌŬŝŶŐůŽƚƐŽƌŽŶͲƐƚƌĞĞƚƉĂƌŬŝŶŐƐƉĂĐĞƐ
ĨŽƌĂŶĞǀĞŶƚǁŝůůďĞƌĞǀŝĞǁĞĚďLJƚŚĞŝƚLJ͘hƐĞŽĨĚŽǁŶƚŽǁŶƉƵďůŝĐƉĂƌŬŝŶŐůŽƚƐǁŝůůďĞ
ĂƉƉƌŽǀĞĚŽŶůLJĂƐĂŶĂůƚĞƌŶĂƚĞŽƌŝĨƐƵĨĨŝĐŝĞŶƚƐƉĂĐĞĚŽĞƐŶŽƚĞdžŝƐƚŝŶ>ŽǁĞůůWĂƌŬƚŽ
ĂĐĐŽŵŵŽĚĂƚĞĞǀĞŶƚĂĐƚŝǀŝƚŝĞƐ͘/ĨŝŶƚŚĞŽƉŝŶŝŽŶŽĨƚŚĞŝƚLJ͕ƉƵďůŝĐƉĂƌŬŝŶŐůŽƚƐǁŝůůďĞ
WĂŐĞϴŽĨϵ
ŶĞĞĚĞĚ͕ƚŚĞŶƚŚĞƉƌĞĨĞƌƌĞĚůŽƚƐĨŽƌƵƐĞǁŽƵůĚďĞ>ŽƚƐϰ͕ϱ͕ϵ͕ϭϬĂŶĚϭϭ͘KŶůLJ^ƚŝůůǁĂƚĞƌ
WŽůŝĐĞĞƉĂƌƚŵĞŶƚĐĂŶƉŽƐƚƉĂƌŬŝŶŐůŽƚĐůŽƐƵƌĞƐĂŶĚĂŶLJŶŽͲƉĂƌŬŝŶŐƐŝŐŶƐ͘^ŝŐŶƐǁŝůůďĞ
ƉŽƐƚĞĚϮϰŚŽƵƌƐŝŶĂĚǀĂŶĐĞŽĨĐůŽƐƵƌĞ͘ŚĂƌŐĞƐƚŽƌĞƐĞƌǀĞͬƵƐĞĐŝƚLJƉĂƌŬŝŶŐůŽƚƐĂŶĚͬŽƌ
ƉĂƌŬŝŶŐƐƉĂĐĞƐĂƌĞƐĞƚĨŽƌƚŚŝŶƚŚĞĐƵƌƌĞŶƚĐŝƚLJĨĞĞƐĐŚĞĚƵůĞ͘
ϰ͘ϭϵWŽůŝĐĞ^ĞƌǀŝĐĞƐʹdŚĞ^ƚŝůůǁĂƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚǁŝůůĚĞƚĞƌŵŝŶĞƚŚĞŶƵŵďĞƌŽĨWŽůŝĐĞ
ĞƉĂƌƚŵĞŶƚĞŵƉůŽLJĞĞƐĂŶĚͬŽƌWŽůŝĐĞƌĞƐĞƌǀĞƐŶĞĞĚĞĚĨŽƌĂŶĞǀĞŶƚ͘tŝƚŚƌĞŐĂƌĚƚŽǀĞŶƚ͕
ƚŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽŽƌĚĞƌĂƐŚƵƚĚŽǁŶŽĨƚŚĞƌĞĂŝŶƚŚĞĞǀĞŶƚƚŚĞŚŝĞĨŽĨWŽůŝĐĞ
ĚĞƚĞƌŵŝŶĞƐ͕ŝŶŚŝƐƐŽůĞĚŝƐĐƌĞƚŝŽŶ͕ƚŚĂƚƚŚĞƉƵďůŝĐƐĂĨĞƚLJŝƐƚŚƌĞĂƚĞŶĞĚŽƌĂŶLJĐŽŶĚŝƚŝŽŶŽĨ
ƚŚĞƐĞWŽůŝĐŝĞƐŝƐǀŝŽůĂƚĞĚ͘/ŶƚŚĂƚĞǀĞŶƚ͕ƚŚĞKƌŐĂŶŝnjĞƌŵƵƐƚĂƐƐŝƐƚƚŚĞƉŽůŝĐĞŝŶƚŚĞĐůĞĂƌŝŶŐ
ŽĨƚŚĞǀĞŶƚ͘
ϰ͘ϮϬZŽƵƚĞǀĞŶƚƐʹKƌŐĂŶŝnjĞƌŵƵƐƚƉƌŽǀŝĚĞĂĚĞƚĂŝůĞĚŵĂƉŽĨƚŚĞƌŽƵƚĞĂŶĚĂƌĞĂĂĨĨĞĐƚĞĚďLJ
ƚŚĞĞǀĞŶƚ͘dƌĂĨĨŝĐĐĂŶŽŶůLJďĞƐƚŽƉƉĞĚďLJ>ĂǁŶĨŽƌĐĞŵĞŶƚ͘sŽůƵŶƚĞĞƌƐŵĂLJĂƐƐŝƐƚƚŽ
ŐƵŝĚĞƉĂƌƚŝĐŝƉĂŶƚƐƚŚƌŽƵŐŚƚŚĞƌŽƵƚĞďƵƚƐŚĂůůŶŽƚĚŝƌĞĐƚǀĞŚŝĐůĞƚƌĂĨĨŝĐ͘ůůĞǀĞŶƚ
ǀŽůƵŶƚĞĞƌƐǁŽƌŬŝŶŐŝŶƌŽĂĚǁĂLJƐŵƵƐƚǁĞĂƌĂΗůĂƐƐϮΗƐĂĨĞƚLJǀĞƐƚ͘>ŽĐĂƚŝŽŶŽĨĂŶLJ
ƌĞƋƵŝƌĞĚ>ĂǁŶĨŽƌĐĞŵĞŶƚǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞ^ƚŝůůǁĂƚĞƌWŽůŝĐĞĞƉĂƌƚŵĞŶƚƵƉŽŶ
ƌĞǀŝĞǁŽĨƌŽƵƚĞ͘dŚĞĐĂƚĞŐŽƌLJ͞ǀĞŶƚƐ͟ĂƌĞĞdžĞŵƉƚĨƌŽŵŚĂǀŝŶŐůĂǁĞŶĨŽƌĐĞŵĞŶƚƐŝŶĐĞƚŚĞ
ĞǀĞŶƚĚŽĞƐŶ͛ƚƌĞƋƵŝƌĞƚƌĂĨĨŝĐĐŽŶƚƌŽůĂŶĚƉĂƌƚŝĐŝƉĂŶƚƐŽďĞLJĂůůƚƌĂĨĨŝĐƌƵůĞƐ͘dŽĚĞĐƌĞĂƐĞ
ŝŵƉĂĐƚŽŶŶĞŝŐŚďŽƌŚŽŽĚƐ͕ĐŝƚLJƐĞƌǀŝĐĞƐĂŶĚĨĂĐŝůŝƚŝĞƐ͕ƚŚĞĐŝƚLJŚĂƐƐĞƚƉƌĞĨĞƌƌĞĚƌƵŶŶŝŶŐ
ĂŶĚďŝŬĞƌŽƵƚĞƐǁŝƚŚŝŶƚŚĞŝƚLJ͘WůĞĂƐĞƌĞĨĞƌƚŽŵĂƉĨŽƌƉŽƚĞŶƚŝĂůƉƌĞĨĞƌƌĞĚƌŽƵƚĞƐ͘ŶLJ
ƌŽƵƚĞƵƐŝŶŐ^ƚĂƚĞ,ŝŐŚǁĂLJŽƌtĂƐŚŝŶŐƚŽŶŽƵŶƚLJƌŽĂĚƐǁŝƚŚŝŶƚŚĞŝƚLJŽĨ^ƚŝůůǁĂƚĞƌŵƵƐƚ
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ĞǀĞŶƚ͘
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WĂŐĞϵŽĨϵ
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ĞŶƚĞƌͬĞdžŝƚŝŶŐ͕ĞƚĐ͘ŵƵƐƚďĞŝŶĐůƵĚĞĚŽŶƐŝƚĞƉůĂŶ͘
ϰ͘ϮϰdĞŶƚƐʹ^ĞǀĞƌĂůĐŝƚLJƉĂƌŬƐĂƌĞŵĂŝŶƚĂŝŶĞĚďLJĂďƵƌŝĞĚŝƌƌŝŐĂƚŝŽŶƐLJƐƚĞŵ͘dŚĞƌĞĨŽƌĞ͕ƐƚĂŬĞƐ
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ϰ͘ϮϱĂŵƉŝŶŐʹEŽĐĂŵƉŝŶŐŝŶƚĞŶƚƐ͕ƚƌĂŝůĞƌƐŽƌĐĂŵƉĞƌƐŝƐĂůůŽǁĞĚďLJǀĞŶĚŽƌƐĚƵƌŝŶŐƚŚĞ
ĞǀĞŶƚƐ͘KƌŐĂŶŝnjĞƌŵƵƐƚĂƌƌĂŶŐĞƚŽŚĂǀĞ^ƚŝůůǁĂƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚŝŶƐƉĞĐƚůĂƌŐĞƚĞŶƚƐ
ďĞĨŽƌĞƵƐĞ͘
ϰ͘ϮϲsĞŶĚŽƌƐʹdŚĞǀĞŶƚKƌŐĂŶŝnjĞƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŽǀĞƌƐĞĞŝŶŐƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨĂůů
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dŚĞKƌŐĂŶŝnjĞƌĂŐƌĞĞƐƚŽŝŶĨŽƌŵĂŶLJǀĞŶĚŽƌƐƚŚĂƚƚŚĞƌĞŝƐŶŽĐĂŵƉŝŶŐƉĞƌŵŝƚƚĞĚŝŶ
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dŚĞKƌŐĂŶŝnjĞƌĂŐƌĞĞƐƚŚĂƚĂŶLJǀĞŶĚŽƌƵƐŝŶŐĐŽŽŬŝŶŐĨĂĐŝůŝƚŝĞƐŝŶĐůƵĚŝŶŐƉƌŽƉĂŶĞ
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dŚĞKƌŐĂŶŝnjĞƌĂŐƌĞĞƐƚŽĞŶƐƵƌĞƚŚĂƚĂůůǀĞŶĚŽƌƐ͛ǁĂƐƚĞǁĂƚĞƌďĞĚŝƐĐŚĂƌŐĞĚŝŶƚŽĂ
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&ŽƌŶŽƌĞĂƐŽŶƐŚĂůůŐƌĞLJǁĂƚĞƌďĂƌƌĞůƐŽƌŚŽůĚŝŶŐƚĂŶŬƐďĞĚŝƐƉŽƐĞĚŝŶƚŽƚŚĞŝƚLJ͛Ɛ
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ŽƵŶƚLJƐƉĞĐŝĂůĞǀĞŶƚůŝĐĞŶƐĞ͘
KƌŐĂŶŝnjĞƌŵƵƐƚƐƵďŵŝƚĂůŝƐƚŽĨĨŽŽĚǀĞŶĚŽƌƐĂŶĚƐŝƚĞŵĂƉ͕ƐŚŽǁŝŶŐĚŝƐƚĂŶĐĞ
ďĞƚǁĞĞŶĨŽŽĚǀĞŶĚŽƌƐƚŽ^ƚŝůůǁĂƚĞƌ&ŝƌĞĞƉĂƌƚŵĞŶƚĂŶĚtĂƐŚŝŶŐƚŽŶŽƵŶƚLJ
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WƌŝǀĂƚĞƉĂƌƚŝĞƐŽŶŝƚLJƉƌŽƉĞƌƚLJŚĂǀŝŶŐĂĨŽŽĚƚƌƵĐŬŵƵƐƚďĞŝŶƐƉĞĐƚĞĚďLJ^ƚŝůůǁĂƚĞƌ
&ŝƌĞĞƉĂƌƚŵĞŶƚ͘
Playground Feedback
Sunrise Park
“I am a Croixwood resident with 4 children from ages 13 to 2.
Option 2 is not reasonably accessible for use by a wide age range of children, or those with differing
abilities. My kids felt that option 3 looked boring.
We all felt that based on these choices, option 1 was the best. But we all ask felt that it was not very
accessible to all people, and that the option were extremely limited for younger children.
Honestly, we feel that there could be better design options. That being said, we are so looking forward
to an updated playground we can actually use.”
“It would be great if the city replaced the sand with something that does not attract sand wasps at
Sunrise Park.”
“I live on Sunrise Avenue so I’m just a few feet from the entrance to the park. It would be great if you
used a rubber compound on the base and made it accessible for kids with disabilities. Also, please make
sure to have the park have amenities for all ranges of kids. A drinking fountain would be a big plus in the
summer. You have a lot of space in the area that is unused. It would be really nice if the overall
playground area was expanded and some use was made of the open spaces that are back there.
Especially in the area where they’re used to be a small ball field. Nobody uses that space now, except for
teenage kids, and they generally are not using that area constructively. I walk my dog through there
most every day.”
“It is so very exciting to hear that Sunrise Park is getting revamped.
What I look for in a local park are playground equipment structures that accommodate toddler ages as
well as older kiddos. This neighborhood is filled with younger families and it’s really important to me
that the structure separates the ages. It’s such a peace of mind. For example, Lions Park in Hugo has
a structure dedicated to older kids that my littlest can’t climb up on and I feel so comfortable with that.
Alongside that structure is a smaller option for my toddler. Lions Park is always our go-to because of the
comfort that I feel. Hope this helps! Happy to dive deeper into what provides peace of mind for all
ages!”
“I heard Sunrise Park is up for replacement. I’d love to see some nature play elements or pseudo nature
play like at Otto Berg Park. I’d also love to see a porta potty out there too but not sure you do those at
neighborhood parks.”
“We have lived in Croixwood for 14 years now and have 3 children. Sunrise Park is a park that we like to
bike too. Some suggestions we have are as follows:
1. No sand - the sand wasps take over every year and make it not safe to play.
2. Zipline
3. Taller plastic slides
3. More swings
4. Picnic tables
5. More climbing structures of ropes etc.
6. Porto-potty?
It would be nice to have a splash pad in town though too!!”
“I just saw that Sunrise park is getting updated. As a local family we are so excited to see this and to
have some input!
We would love to see something modeled after the Shoreview Commons park. Obviously that
playground is huge, so smoothing on a smaller scale. It offers so much and it is sand and bark free which
is so wonderful!
Please check out Shoreview and keep it in mind when designing Sunrise. We love our little local park and
can’t wait to have it updated.
The only other thing I would like to add is that we have always enjoyed when the swings and
playgrounds have some type of built in shade and a playground for older kids and a playground for
younger kids.
“Thank you so much for your consideration. Can’t wait to see what you decide to do.”
I use Sunrise Park with my 5 year old niece. She loves that there are monkey bars, swings and slides.
Please keep these. We loved the adaptive swing when she was little.
We like that this park has a good variety of equipment to use as she’s grown up. I would hope that
whatever the upgrades are would keep that variety.
It would be nice if the sand was treated or replaced with something that keeps the ground insects
controlled. There is a fly or something that bites.
Thank you for the opportunity to provide feedback on our experience.”
Heritage Park
“Our family likes option 1 the best. It is really important to us to have swings, especially an infant swing
for our youngest.”
“Thank you for the sign and the ability to comment on the designs for the Heritage Park redesign.
This park has not been updated in a long time and kids will go to the Legends neighborhood or
Rutherford to play even though ours is such an integral part of the neighborhood.
My kids and husband and I looked at the design and unanimously liked design three. We hope this is the
one implemented!”
“Thank you so much for outlining some options for the future Heritage Square Park. I really love Option
1 with the large clubhouse platform feature!
I have one request: would it be possible to add an additional smaller slide? (Attached a screen shot)
Also, could we remove the tunnel and perhaps replace it with a paneled bridge or catwalk? This would
help prevent bottle-necks when multiple children are using the park. I’ve attached a picture of the new
Evergreen Park in Woodbury, which has a fantastic bridge that I believe is manufactured by the same
company.
I also noticed a cool drive-up window on their website. That could be a great play feature on the edge of
the playground since there is a path surrounding the entire area. I also saw a treehouse at the bottom of
the play structure that would be a cool play feature too!”
“Something other than sand as the playground base. Maybe a small sandbox in one corner instead.
Baby swings (in addition to the current two swings) and some things for kids under 2 to play on.
More play apparatus in general.
Splash pad.”
“I am a resident of Liberty on the Lake and I saw that Heritage Park is up for some changes. One request
I’d love to make for that park is to add a baby/toddler swing. The closest one is in legends and there are
a lot of young families in the neighborhood - I believe it would get a lot of good use.”
“Hi! We’re so excited that Heritage Park playground is being updated. It would be great if the park had
a basketball hoop or other equipment that could be used by older kids. Also, the benches by the
playground are in dire need of being updated. The benches by the gazebo/stage area in the middle of
the park were updated a few months ago - but I’ve never seen anyone sit in them. The benches by the
playground are in the worst shape and are used daily. Please do those next.”
“I would love to see a basketball hoop!
I’d love the color scheme to be neutral, perhaps with cedar shake like the current equipment has.
I’d love to see equipment that appeals to older kids.”
My daughters and I have really enjoyed the parks made by the landscape structures company. Those
play structures have lots of engaging elements which encourage play for lots of different age groups and
physical ability. In particular we enjoy the two person swings for baby and parent and the larger towers
which are enclosed to encourage safe climbing up high and shaded interiors to get out of the sun.
“It would be great to see some of these elements along with natural elevation elements like small hills
incorporated into the design. Plus the park already lends itself to a good small loop of sidewalk adding
play/exercise elements along the perimeter like pull up bars and parallel bars would be great for older
kids and adults.”
Heritage Square Park
3380 Heritage Ct | Stillwater, MN 55082
St. Croix Recreation Fun Playgrounds Inc.
1826 Tower Dr W| Stillwater, MN 55082 | 651-430-1247
Proposal 100-188382-1 | 7/16/2024
Heritage Square Park
3380 Heritage Ct | Stillwater, MN 55082
St. Croix Recreation Fun Playgrounds Inc.
1826 Tower Dr W| Stillwater, MN 55082 | 651-430-1247
Proposal 100-188383-1 | 7/17/2024
Heritage Square Park
3380 Heritage Ct | Stillwater, MN 55082
St. Croix Recreation Fun Playgrounds Inc.
1826 Tower Dr W| Stillwater, MN 55082 | 651-430-1247
Proposal 100-188385-1 | 7/18/2024
Sunrise Park
801 Sunrise Ave | Stillwater, MN 55082
St. Croix Recreation Fun Playgrounds Inc.
1826 Tower Dr W| Stillwater, MN 55082 | 651-430-1247
Proposal 100-188395-1 | 7/18/2024
Sunrise Park
801 Sunrise Ave | Stillwater, MN 55082
St. Croix Recreation Fun Playgrounds Inc.
1826 Tower Dr W| Stillwater, MN 55082 | 651-430-1247
Proposal 100-188393-1 | 7/16/2024
Sunrise Park
801 Sunrise Ave | Stillwater, MN 55082
St. Croix Recreation Fun Playgrounds Inc.
1826 Tower Dr W| Stillwater, MN 55082 | 651-430-1247
Proposal 100-188394-1 | 7/16/2024
October 1, 2024
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