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HomeMy WebLinkAboutMAPLE HILL REPLAT - Filed OA-OTHER AGREEMENTS - 2012-11-29REIMBURSEMENT AGREEMENT THIS REIMBURSEMENT AGREEMENT ("Agreement") is made and entered into this j `1 day of )�CvejYl err, 2012, by and between GILLESPIE FARM DEVELOPMENT COMPANY, a Colorado corporation, (the "Developer"), and the CITY OF FORT COLLINS, COLORADO, a municipal corporation (the "City"). WHEREAS, Section 3.3.2(F)(2) of the Fort Collins Land Use Code ("Land Use Code") allows for the reimbursement of certain costs for the construction of public street improvements which specially benefit other property which is adjacent to such street improvements; and WHEREAS, the Developer was the original developer of the Maple Hill Subdivision in the City ("Maple Hill"); and WHEREAS, the south half of Maple Hill was purchased by a third party (the "Third Party Purchaser") and the Developer retained ownership of the north half of Maple Hill; and WHEREAS, the Third Party Purchaser and the Developer, pursuant to the Maple Hill Development Agreement dated August 19, 2003, and the Maple Hill Amendment Agreement #1 dated July 7, 2006, were obligated to pay for public street improvements to Turnberry Road adjacent to Maple Hill; and WHEREAS, the required Turnberry Road improvements are adjacent to and benefit both the south half and the north half of Maple Hill; and WHEREAS, the Third Party Purchaser has benefitted from the required Turnberrry Road improvements, but has failed to pay its one-half share of the cost of the required Turnberry Road improvements adjacent to the south half of Maple Hill; and WHEREAS, the Developer has paid to the City the entire fixed cost of the required Turnberry Road improvements, as hereinafter described in Exhibit `B", in the total amount of Three Hundred Sixty-seven Thousand Ninety-two Dollars and Seventeen Cents ($367,092.17); and WHEREAS, the Developer has made application to the City for reimbursement of the one-half share of its fixed cost payment for the required Turnberry Road improvements which specially benefit the property purchased by the Third Party Purchaser; and WHEREAS, the Developer has provided the City Engineer with the necessary information, including the legal descriptions of the benefitted property adjacent to the required Turnberry Road improvements ("Adjacent Property"), the name of the owner of the Adjacent Property (the `Benefitted Owner") and reimbursement amount owed by the Benefitted Owner, within the period of time required by the provisions of Section 3.3.2(F)(2) of the Land Use Code. J&f4rn -fo: Liley, Rogers & Martell, LLC&r 300 S. Howes Street Pt., Collins, CO 80521 RECEPTION#: 20120082127, 11/19/2012 at 10:56:01 AM, 1 OF 17, R $91.00 TD Pgs: 0 Scott Doyle, Larimer County, CO Reimbursable Costs Maple Hill Obligation Estimates have been prepared for the Maple Hill Subdivision Turnberry Road obligation and off - site improvement obligation for the Country Club Estates Subdivision Turnberry frontage improvements (driveway consolidation improvements). Right-of-way area has been calculated for the credit due to the developer. Turnberry Improvements Based on the Maple Hill development agreement and recent meetings between the developer and the City, an estimate was prepared for the cost to construct the local street portion of Turnberry Rd. This estimate includes all necessary removals of existing obstructions, new curb and gutter, 4.5 feet width of concrete sidewalk, corner access ramps, 13 feet width of asphalt roadway paving, 20% of the engineering costs and parkway landscape & irrigation improvements. It also included paving of the right turn lane onto County Road 52 and 50% of the cost for paving of the right turn lane on to Maple Hill Drive. The total estimated cost for the Turnberry improvements and the right turn lane is $339,701.64 Off -Site Country Club Estates Improvements An estimate was prepared for the cost to construct the driveway consolidation and frontage improvements for the Country Club Estates Subdivision on the west side of Turnberry Rd. Maple Hill shares a 1/3 obligation toward the cost of these improvements as outlined in the development agreement and shown on the Maple Hill design plans. The total cost of these improvements is estimated to be $82,171.59. Maple Hill's 1/3 obligation would be S27,390.53. Right -of -Way Credit Since Turnberry Road was realigned to the east, Maple Hill was required to dedicate additional right-of-way for Turnberry Road above and beyond its half section standard requirement. A credit is due to the developer for this additional right-of-way dedication. Using CAD drawings from the Maple Hill Plat, the area of right-of-way was calculated to be 67718.33 SF. This is the area along the entire Turnbenry frontage including the area of the right trim lane on to County Rd 52. The area of the right turn lane on to Maple Hill Drive is 3519.17 SF. The City proposes that the developer be credited for 50% of right-of-way for this turn lane or 1759.58 SF. Combining the two areas the total area to be credited is 69,477.91 SF. Based on evaluations of the property and recent appraisals, the City proposes that the property be valued at $2.00/SF for a total credit due of $138,955.82 Design -En ineerinQ Credit The design for the east side of Turnberry Road along the Maple Hill frontage was completed by TST in the approved Maple Hill Development Plans. A letter from TST was provided to the City stating that the cost for this design work totaled $35,750. Based on the Street Oversizing programs project split policy of 60/40 (60% of design costs to the City, 40% to the Developer), the Developer is due a credit of $21,450, or 60% of the actual design cost incurred. Maple Hill Nei Obligation Turnberry Improvements -f $339.701.64 Right Turn Lane Off -Site Improvements $27.390.53 S367,092.17 Less Right -of -Way Credit $138.95J.82 Less Engineering (60/40) S21,450.00 TOTAL NET OBLIGATION $206,686 35 CITY OF FORT COLLINS Proiect: Maple Hill Turnberry Obligation Estimate Construction Coats Subtotal Roadway Construction Costs Subtotal Misc. Costs & Quantities: Construction Project Contingency 0.15 r S g 263,066.92 26 676.40 43.296.50 2011 Estimated Project Cast $ 331,939.82 CITY OF FORT COLLINS Manlp Hill Trirnhnrnt rlhli-4i.,.. 1: 4:....a ITEM NUMBER DESCRIPTION QUANTITY UNIT En inners I Estimate Engineers Estimate Unit Price ITOTAL Removals and Earthwork Quentltles 201-01 201-01 202-02 202-03 202-04 202-06 07 202.08 202-13 202-14 307-01 Clear & Grub 1.49ac Removal of Pie RCP PVC CMP Removal of Curb b Gutter (Turnberry at Coun Club NE CoL Removal of Sidewalk _ Removal of Asphalt Pavement 4"-8") at Intersections Removal of Abandoned Concrete Irrigation Structure Removal of Abandoned irti anon Vent Pie Removal of Abandoned Irri alion Valve Removal of Tree 36" ma !e Removal of Tree 24" Cottonwood FlyAsh Sub rade Stabilization RecondiGon Under Sidewalk 6700 51 200 270 192.E 1 1 1 1 1 4 391 8483 SY LF LF SF SY EA FA EA EA EA SY SF 0.25 $ 14.64 $ 4.55 $ 1.33 $ 2.68 390.00 $ 100.00 $ 250.00 $ 1 675.D0 S 746.64 S 910.00 S 359.10 $ 516.17 390.00 $ 100.00 S 250.00 $1,500.00 $1 500.00 21 428.08306-01 10 688.58Concrete W4M - d As halt Pavi QuOtitles' 10 Inches bass + 6'Inches SG + 2 Inches 8304-01 A re ateBaseCourse - Class 5 or6 -10"De th_(CiP 2 440 TON1 720.00403-02 Hot Mix As halt Gradin SG 5" De th 100 PG64-22 1 036 TON .2 160.00 403-01 Hot Bituminous Pavement - Grading S 2" Depth) PG 64-2-§1 415 TON $ 70.00 $ 29 050.00 609-01 Vertical Curb 8 Gutter 30' 2,497 1 LF $ 9.90 $ 24 720.30 608.01 Concrete Sidewalk fi" 8 483 SF $ 2.60 $ 22 055.60 608-03 Concrete Access Ram 8" w/ Truncated Domes 520 SF $ 8.10 S 4,212.00 Landsca a Quantities 2810.04 2810 2810.03 2810.01 Sod Amended T Soil 2 inches de Deciduous Street Trees Irrigation futilizing E)dsfing Maple Hill irr. Tap) 22,763 842 59 22,753 SF CY EA SF 0.40 $ 7.00 S 250.00 S 0.85 $ 9 101.20 S 5 101.20 S 14 750.00 $ 19 340.05 Subtotal Mlsc Coats 8. QuanUtles ttN40b 11 20!4'for one atde of roadwa Totes Project Misc. Cost Total Project Cost Per Lineal Foot Maple Hill Frontage0. S 206,250.00 $ 5 15 25500. LF Ma le HIII Misc. Coat 061 anon 20Yo Totaf -Construction Cost Contingency (15%) Grand Total $ < 331,939.82 CITY OF FORT COLLINS Project: Maple Hill- Country Club Frontage Obligation Estimate Construction Costs Subtotal Roadway Construction Costs Subtotal Misc. Costs & Quantities: Construction Project Contingency 0.15 Pr ectTotal plusContingency 5 10,718.0 _2010 Estimated Project Cost Estimate Date: P CITY OF FORT COLLINS Maple Hill-Country Club Frontaqe Obliqation ITEM E ng ir2mors En (nears NUMBER DESCRIPTION QUANTITY UNIT Estimato Estimate Unit Price TOTAL Removals and Earthwork Quantities 202 Saw Cut Asphalt Full Depth 2612 LF $ 1.75 $ 4,571.00 202-04 Rotomill Asphalt Pavement 4"-8" Full Depth) 3773 SY 4.11 $ 15 507.03 203-01 Excavate & Compact Subgrade New Driveway Connections 278 SY $ 3.75 $ 1,042.50 203-06 Topsoil Grading 6" Depth) Between PVT Drive & Sidewalk 400 Cy $ 5.28 $ 2,112.00 Concrete and As halt Paving`Quantities 304-01 A-qqre ate Base Course - Class 5 or 6 - 6" Depth - CIP 150 TON $ 13.00 $ 1,950.00 412 Concrete Pavement 8 inch(Driveway & A rons 178 SY $ 26.00 $ 4,628.00 403-03 Asphalt Patching - Gradin_S (6" Deplh) - (PG 64-28) 24 TON $ 98.00 $ 2,303.00 a uantl►es Sod 20,416 SF $ 0.40 $ 8.166.40 Ornamental Trees 20 EA $ 225.00 $ 4,500.00 r Irzi ation(utilizing Country Club Irr. Tap) 20,416 SF $ 0.85 $ 17,353.60 Subtotal S- 64133.63 Misc. Costs &Quantities MOB 1 LS $ 3,106.68 $ 3,106.68 Admin & Inspection 1 LS $ 1,242.67 $ 1,242.67 Erosion Control 1 LS $ 621.34 $ 621.34 Survey 1 LS $ 4,349.35 $ 4,349.35 Subtotal $ 9,320.03 Total ConstructionCost 71,453.56 Contingency (15%) E 10, 18.03 Grand Total $ 82,171.59 CITY OF FORT COLLINS Project: Maple Hill Rt Turn Lane Obligation Estimate Construction Costa Subtotal Roadway Construction Costs Subtotal Misc. Costs & Quantities: Construction Project Contingency 0.15 Project Total plus Contingency S C$ 13,498.82 2,024.82 2010 Estimated Project Cost $ 15,523.64 50% Obligation $ 7761.92J CITY OF FORT COLLINS Mantle Hill Rt Turn Lane Obligation Estimate ITEM Engineers Engineers NUMBER DESCRIPTION QUANTITY UNIT Estimate Estimate _ Unit Price TOTAL Removals and Earthwork uantities 201-01 Clear & Grub 1.49ac 194 SY 0.25 $ 48.50 307-01 1 Fly Ash Subgrade Stabilization 194 SY $ 4.88 $ 946.72 Concrete and Asphalt Pavl ` Quantities 10 inches base+ 6 Inches 80 + 2 inches S 304-01 Aggregate Base Course - Class 5 or 6 - 10" DePlh - (C�_ 217 TON $ 13.00 *� 2,823.60 403-02 Nat Mix Asphalt(Grading SG 5" De th 100 PG64-22 110 TON S 60.00 $ 6,600.00 _ _ 403-01 Not Bituminous Pavement - Grading S 2" -Depth - PG 64-28 44 TON $ 70.00 $ 3,080.00 Total ConstnTotion,Cost $ 13,498.82 Contingency (M) $ 2,024.82 Grand Total $ 16,623.64 50% Reduction $ 7,761.82 NOW, THEREFORE, it is hereby agreed, upon the exchange of mutual consideration, the adequacy and receipt of which is hereby acknowledged by the parties hereto, as follows: 1. The required Turnberry Road improvements for which the Developer has paid to the City the entire fixed cost are being installed by the City. 2. The name of the Benefitted Owner and the legal descriptions of the Adjacent Property are set forth on Exhibit "A" attached hereto and incorporated herein by this reference. 3. The City Engineer compiled documentation to establish the description of the required Turnberry Road improvements and the total cost obligation therefor and such description and costs are set forth on Exhibit `B" attached hereto and incorporated herein by the description and reference ("Reimbursable Costs"). 4. The share of the Reimbursable Costs attributable to the Adjacent Property is equal to one-half of the Developer's fixed -cost payment to the City in the amount of One Hundred Eighty-three Thousand Five Hundred Forty-six Dollars and Nine Cents ($183,546.09) ("Reimbursement Amount"); such amount is subject to the reimbursement provisions of Section 3.3.2(F)(2) of the Land Use Code. 5. Prior to the issuance of any building permit within the Adjacent Property or within any replat of any portion of the Adjacent Property, the City shall, in good faith and at the City's cost, attempt to collect the Reimbursement Amount, plus an adjustment for inflation, from the date of the City's approval of the Reimbursable Costs to the date of collection (i.e. October 2, 2012), based on the construction cost index for Denver, Colorado, as published monthly by "Engineering News Record," from the Benefitted Owner for reimbursement to the Developer. 6. The amount assessed and collected by the City under the provisions of this Agreement, less a service charge of three percent (3%) to cover the City's administrative costs, shall be paid to the Developer within thirty (30) days after collection. The City shall be responsible for maintaining a record of the amounts collected and paid to the Developer. 7. The term of this Agreement shall not extend beyond a period of ten (10) years from the acceptance by the City of the street improvements, unless an extension of the term is approved by the City Council. 8. The services of the City in attempting to effect the reimbursement of costs described herein are offered solely as an accommodation to the Developer. Accordingly, the City shall not be liable for its failure to collect the monies specified herein and shall have no obligation to commerce litigation for the purpose of attempting to make such collection. In the event that the City's attempt to collect such charge and/or the City's withholding of building permits results in the filing of any claims against the City and/or the commencement of litigation against the City, the Developer agrees to pay all costs and fees incurred by the City in defense of the same, including, but without limitation, attorney's fees; provided, however, that upon notice from the Developer that it is waiving any right to the monies the City was attempting to collect which resulted in the litigation, the City shall use its best efforts to settle or seek dismissal of such action. The Developer further agrees to indemnify and hold harmless the City from any damages or awards arising from or relation to any such claim or civil action. 9. This Agreement shall not be assigned by the Developer to any other party unless written notice of such assignment is first given to the City. Such notice shall be deemed delivered if given personally to the City Clerk, or if mailed to the City, to the following address: City of Fort Collins, c/o City Clerk, P.O. Box 580, Fort Collins CO 80522. 10. The provisions of this Agreement and the promises and covenants contained herein shall constitute a covenant running with the Adjacent Property and with any replat of any portion thereof and shall be binding upon the Benefitted Owner and all future owners of the Adjacent Property, including, but not limited to its assigns and successors in interest. Either party shall be entitled to record this Agreement with the Clerk and Recorder of Larimer County, Colorado, so as to provide notice of the terms hereof to the Benefitted Owner and future owners of the Adjacent Property. CITY: CITY OF FORT COLLINS, COLORADO, a municipal corporation By: .., Darin Atteberry City M , age ATTEST: «� 't } '•. <, 4 !! N Wanda Nelson, City Clerkt�••!!„!!.•! ` APPRO'V D AS TO FORM: Paul Eckman, Deputy City Attorney DEVELOPER: GILLESPIE FARM DEVELOPMENT COMPANY, a Colorado corporation r" Printed Name: ,�hrc.:�`� «,,,•�, Title: t s a±•`' STATE OF COLORADO ) ss. COUNTY OF LARIMER ) The foregoing instrument was acknowledged before me this day of �¢ 2012, by H .S'.hAk -jV., i�bkffAf' as t 1 w �� �. _ of Gillespie Farm Development Company, a Colorado corporation. Witness my hand and official seal My commission expires: j t• q' X b U Notary Public w.�. Maple Hill South of Maple Hill Drive Information Current as of 9/19/12 Exhibit "A" To Reimbursement Agreement Benefitted Owner and Description of Adjacent Property Benefitted Owner: Horsetooth Development, LLC, a Colorado limited liability company Adiacent Property: Maple Hill Subdivision, Fort Collins, Colorado Block lot Parcel Number Property Address 18 1 88322-27-001 2302 Marshfield Lane 18 2 88322-27-002 2308 Marshfield Lane 18 3 88322-27-003 2314 Marshfield Lane 18 4 88322-27-004 2320 Marshfield Lane 18 5 88322-27-005 2326 Marshfield Lane 18 6 88322-27-006 2332 Marshfield Lane 18 7 88322-27-007 2402 Marshfield Lane 18 8 88322-27-008 2408 Marshfield Lane 18 9 88322-27-009 2414 Marshfield Lane 18 10 88322-27-010 2420 Marshfield Lane 18 11 88322-27-011 2426 Marshfield Lane 18 12 88322-27-012 2427 Forecastle Drive 18 13 88322-27-013 2421 Forecastle Drive 18 14 88322-27-014 2415 Forecastle Drive 18 15 88322-27-015 2409 Forecastle Drive 18 16 88322-27-016 2403 Forecastle Drive 18 17 88322-27-017 2333 Forecastle Drive 18 18 88322-27-018 2327 Forecastle Drive 18 19 88322-27-019 2321 Forecastle Drive Page 1 of 5 18 20 88322-27-020 2315 Forecastle Drive 18 21 88322-27-021 2309 Forecastle Drive 18 22 88322-27-022 2303 Forecastle Drive 19 1 88322-28-001 2302 Forecastle Drive 19 2 88322-28-002 2308 Forecastle Drive 19 3 88322-28-003 2314 Forecastle Drive 19 4 88322-28-004 2320 Forecastle Drive 19 5 88322-28-005 2326 Forecastle Drive 19 6 88322-28-006 2332 Forecastle Drive 19 7 88322-28-007 2402 Forecastle Drive 19 8 88322-28-008 2408 Forecastle Drive 19 9 88322-28-009 2414 Forecastle Drive 19 10 88322-28-010 2420 Forecastle Drive 19 11 88322-28-011 2426 Forecastle Drive 19 23 88322-28-023 Summerpark Lane 19 24 88322-28-024 2326 Summerpark Lane 20 1 88322-29-001 2414 Bar Harbor Drive 20 2 88322-29-002 2420 Bar Harbor Drive 20 3 88322-29-003 2426 Bar Harbor Drive 20 22 88322-29-022 2557 Maple Hill Drive 20 23 88322-29-023 2415 Thoreau Drive 20 24 88322-29-024 2409 Thoreau Drive 20 25 88322-29-025 2403 Thoreau Drive 20 26 88322-29-026 2339 Thoreau Drive 20 27 88322-29-027 2333 Thoreau Drive 20 28 88322-29-028 2327 Thoreau Drive 20 29 88322-29-029 2321 Thoreau Drive 20 30 88322-29-030 2315 Thoreau Drive 20 31 88322-29-031 2309 Thoreau Drive 20 32 88322-29-032 2303 Thoreau Drive 20 33 88322-29-033 2263 Thoreau Drive 20 34 88322-29-034 2257 Thoreau Drive Page 2 of 5 20 35 88322-29-035 2251 Thoreau Drive 20 36 88322-29-036 2245 Thoreau Drive 21 1 88322-30-001 2202 Thoreau Drive 21 2 88322-30-002 2208 Thoreau Drive 21 3 88322-30-003 2238 Thoreau Drive 21 4 88322-30-004 2244 Thoreau Drive 21 5 88322-30-005 2250 Thoreau Drive 21 6 88322-30-006 2256 Thoreau Drive 21 7 88322-30-007 2262 Thoreau Drive 21 8 88322-30-008 2302 Thoreau Drive 21 9 88322-30-009 2308 Thoreau Drive 21 10 88322-30-010 2314 Thoreau Drive 21 11 88322-30-011 2320 Thoreau Drive 21 12 88322-30-012 2326 Thoreau Drive 21 13 88322-30-013 2332 Thoreau Drive 21 14 88322-30-014 2338 Thoreau Drive 21 15 88322-30-015 2402 Thoreau Drive 21 16 88322-30-016 2408 Thoreau Drive 21 17 88322-30-017 2414 Thoreau Drive 21 18 88322-30-018 2420 Thoreau Drive 21 19 88322-30-019 2426 Thoreau Drive 23 5 88322-32-005 2244 Marshfield Lane 26 9 88322-35-009 2263 Bar Harbor Drive 26 10 88322-35-010 2257 Bar Harbor Drive 26 11 88322-35-011 2251 Bar Harbor Drive 26 12 88322-35-012 2245 Bar Harbor Drive 26 13 88322-35-013 Bar Harbor Drive 26 14 88322-35-014 2233 Bar Harbor Drive 26 15 88322-35-015 2227 Bar Harbor Drive 26 16 88322-35-016 2221 Bar Harbor Drive 27 1 88322-36-001 2220 Bar Harbor Drive 2 2 88322-36-002 2226 Bar Harbor Drive Page 3 of 5 27 3 88322-36-003 2232 Bar Harbor Drive 27 4 88322-36-004 2238 Bar Harbor Drive 27 5 88322-36-005 2244 Bar Harbor Drive 27 6 j 88322-36-006 2250 Bar Harbor Drive 27 7 88322-36-007 2256 Bar Harbor Drive 27 8 88322-36-008 2262 Bar Harbor Drive 27 9 88322-36-009 2263 Milton Lane 27 10 88322-36-010 2257 Milton Lane 27 11 88322-36-011 2251 Milton Lane 27 12 88322-36-012 2245 Milton Lane 27 13 88322-36-013 Milton Lane 27 14 88322-36-014 2233 Milton Lane 27 15 88322-36-01S 2227 Milton Lane 27 16 88322-36-016 2221 Milton Lane 30 1 88322-39-001 2403 Sunbury Lane 30 2 88322-39-002 2409 Sunbury Lane 30 3 88322-39-003 2415 Sunbury Lane 30 4 88322-39-004 2421 Sunbury Lane 30 5 88322-39-005 2427 Sunbury Lane 30 6 88322-39-006 2433 Sunbury Lane 30 7 88322-39-007 2439 Sunbury Lane 30 8 88322-39-008 2445 Sunbury Lane 30 9 88322-39-009 2451 Sunbury Lane 31 1 88322-40-001 2503 Sunbury Lane 31 2 88322-40-002 2509 Sunbury Lane 31 3 88322-40-003 2515 Sunbury Lane 31 4 88322-40-004 2521 Sunbury Lane 31 5 88322-40-005 2527 Sunbury Lane 31 6 88322-40-006 2533 Sunbury Lane 31 7 88322-40-007 2539 Sunbury Lane 31 8 88322-40-008 2545 Sunbury Lane 31 1 9 88322-40-009 2551 Sunbury Lane Page 4 of 5 Maple Hill Subdivision, First Replat, Fort Collins, Colorado Block Lot Parcel Number Property Address 1 1 88322-43-001 2303 Marshfield Lane 1 2 88322-43-002 2309 Marshfield Lane 1 3 88322-43-003 2315 Marshfield Lane 1 4 88322-43-004 2321 Marshfield Lane 1 5 88322-43-005 2327 Marshfield Lane 1 6 88322-43-006 2333 Marshfield Lane 1 7 88322-43-007 2403 Marshfield Lane 1 8 88322-43-008 2409 Marshfield Lane 1 9 88322-43-009 2415 Marshfield Lane 1 10 88322-43-010 2421 Marshfield Lane 1 11 88322-43-011 2427 Marshfield Lane 2 9 88322-44-009 2251 Marshfield Lane 2 10 88322-44-010 2257 Marshfield Lane 2 11 88322-44-011 2263 Marshfield Lane 2 12 88322-44-012 2269 Marshfield Lane 3 2 88322-45-002 2239 Country Club Road 3 3 88322-45-003 2245 Country Club Road 3 4 88322-45-004 2251 Country Club Road 3 5 88322-45-005 2303 Country Club Road 3 6 88322-45-006 2309 Country Club Road 3 7 88322-45-007 2315 Country Club Road 3 8 88322-45-008 2321 Country Club Road 3 9 88322-45-009 2327 Country Club Road Page 5 of 5