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07.10.13 OSBT ertl-complete AGENDA ITEM 6 PAGE 1 CITY OF BOULDER OPEN SPACE BOARD OF TRUSTEES AGENDA ITEM MEETING DATE: July 10, 2013 AGENDA TITLE: Consideration of a motion to approve the purchase of the ERTL property consisting of 685 acres of land, the oil and gas mineral estate and water rights located at 8323 Valmont Road, Boulder, CO from ERTL, Inc. for $7,500,000 for Open Space and Mountain Parks purposes. PRESENTER/S Michael Patton, Director, Open Space and Mountain Parks James Schmidt, Property Agent Heather Swanson, Wildlife Ecologist EXECUTIVE SUMMARY The ERTL, Inc. (Energy Resource Technology Land) property is a large holding in eastern Boulder County on which the city acquired conservation easements/developments rights in 1982 and 1984. These agreements essentially stripped the land of its former development potential and sought to preserve and protect the natural resources found on the property, but did not prohibit the drilling of new oil and gas wells. The ERTL property borders four other Open Space lands and its acquisition would give the city fee ownership of the entire two and a half mile reach of Boulder Creek between 75th Street and 95th Street, forming a land assemblage of over 2,700 contiguous acres. Unfortunately, these old conservation easement/development rights agreements were drafted at what was the “dawn” of the conservation easement era and the language employed in these early documents leave much to be desired when viewed from a 2013 perspective; e.g. the agreements do not directly acknowledge the existence of the extensive water rights appurtenant to the property, much less specify if the water is forever tied to the land or if it could be sold off separate from the ground. Compounding matters, during the years immediately succeeding these agreements, a number of informal “side-agreements” (for lack of a better phrase) were entered into between the City Open Space Department and ERTL representatives which modified, interpreted and/or elaborated on how different issues concerning usage of the property would be handled. Some of these side agreements were reduced to written correspondence but many of these were simply verbal “understandings.” Beginning in 2009, Open Space and AGENDA ITEM 6 PAGE 2 Mountain Parks (OSMP) staff attempted to consolidate all of these old agreements – the conservation easements, the development rights agreement, together with the written and verbal “side agreements” into one new all-inclusive conservation easement agreement that would utilize a modern-era format and its attendant language so that restrictions on the property could be readily understandable by future staff and the fee owners. This attempt was unsuccessful; the owners subsequently listed the property for sale with a local realtor and sold off some of the extensive water rights on the land (entering into a dry-up covenant on some 29 acres of its irrigated fields along Valmont Road) – an action that caused the city a great deal of consternation. Realizing that the existing agreements and arrangements vis-à- vis the city and the fee owner were not sustainable into the future, staff had ERTL holdings (land, water rights and oil and gas mineral estate) appraised to assist both parties in negotiations for a possible acquisition by Open Space. The subsequent appraisal indicated that the land value, exclusive of the water rights, is $1,113,000; the water rights are valued at $4,693,500; and the oil and gas mineral estate (royalty interest only) at $2,164,000, for a total valuation of $7,970,500. The negotiated purchase price, based upon this appraisal information, is $7,500,000. The location, topography and geology of the ERTL property create a variety of different habitats that support an exceptionally diverse suite of wildlife and plant communities including rare and protected species. Many of these features are shared with the adjoining Windhover Ranch property immediately to the west. Restoration potential and ecological value is very high in this area. Two of the rarest species OSMP manages breed on or near the ERTL property. A pair of bald eagles has nested just west of ERTL since 2002 and northern leopard frogs have bred on the property for at least the last several years. Bald eagles are very sensitive to disturbance during the nesting season and will rarely initiate nesting in an area where they experience disturbance. The extensive riparian and wetland complexes on ERTL provide ideal breeding, foraging and over-wintering habitat for northern leopard frogs, a species in decline in Colorado and throughout the western U.S. Crevices on the cliff face of the White Rocks harbor the black spleenwort fern which is one of the rarest ferns in North America, and wet meadows provide habitat for the federally-listed Ute ladies’-tresses orchid. In recognition of these and other significant resource values, staff is proposing the ERTL property be managed similar to the Windhover Ranch property. If approved, the city will be acquiring: 1) Approximately 685 acres on which it currently holds either a conservation easement or a development rights agreement; 2) Extinguishing ERTL’s leasehold interest on the city’s 325 acres acquired back in1982; 3) All water rights used to irrigated the land being acquired in this transaction; and 4) All the oil and gas mineral estate owned by ERTL except for the royalty interest in the five currently producing wells on the property (which ERTL will continue to own). AGENDA ITEM 6 PAGE 3 STAFF RECOMMENDATION Staff recommends that the Open Space Board of Trustees approve a motion recommending that the Boulder City Council approve the purchase of 685 acres of land, the oil and gas mineral estate and water rights located at 8323 Valmont Road, Boulder, CO from ERTL, Inc. for $7,500,000 for Open Space and Mountain Parks purposes. COMMUNITY SUSTAINABILITY ASSESSMENTS AND IMPACTS • Environmental: Open Space and Mountain Parks is a significant community- supported program that is recognized worldwide as a leader in preservation of open space lands contributing to the environmental sustainability goal of the City Council. The department's land acquisition, land and resource management and visitor service programs help preserve and protect the Open Space values of the surrounding publicly-owned lands. • Economic: Open Space and Mountain Parks contributes to the economic vitality goal of the city as it provides the context for the diverse and vibrant economic system that sustains services for residents. The land system and the quality of life it represents attract visitors and help businesses to recruit and retain quality employees. • Social: Because Open Space and Mountain Parks lands, facilities and programs are equally accessible to all members of the community, they help to support the city's community sustainability goal because all residents "who live in Boulder can feel a part of and thrive in" this aspect of their community. OTHER IMPACTS • Fiscal: the purchase price for the ERTL property being acquired is $7,500,000 payable as follows: $2,500,000 at closing (scheduled for Oct. 31, 2013), the balance of $5,000,000 is payable over 10 years at 3.25% interest with yearly payments of $593,655.37. There are sufficient monies in the Open Space Fund for this acquisition; a Cash Flow Projection is included as Attachment C. • Staff time – This acquisition is part of the normal work plan for the OSMP real estate property agents. PUBLIC COMMENT AND PROCESS This item is being heard as part of this public meeting advertised in the Daily Camera on July 7, 2013. ANALYSIS The ERTL property is a large holding in eastern Boulder County along Boulder Creek bordered roughly by Valmont Road on the south, the Boulder Valley Farm Open Space on the east, Heatherwood subdivision on the north and the Weiser (Windhover Ranch) Open Space property on the west. In the early 1980s, the OSMP Department acquired interests in this property to preserve its unique ecological habitats and the rare species of flora and fauna found thereon. A series of acquisitions resulted in Open Space acquiring a conservation easement on the northerly 195.5 acres (which included the White Rocks area) in 1982 along AGENDA ITEM 6 PAGE 4 with a fee purchase of 325 acres (which fee land was leased back to the Ertls for the life of Mrs. Ertl plus 20 years); another conservation easement was acquired in 1984 on the 230 acres in the lakes area; and also in 1984 a “Development Rights Agreement” was placed on the 221 acres lying south of the railroad right-of-way. The total purchase price for the three acquisitions came to $1,488,000 (in today’s dollars that would equate to $3,378,000). These agreements reserved for ERTL the right to explore, drill and produce oil and gas on the property; there are thirteen more potential and yet undeveloped well sites on the property. These agreements were drafted at the dawn of the conservation easement era and the language employed in these primitive documents leave much to be desired when viewed from a 2013 perspective, e.g. the agreements do not acknowledge or enumerate the existence of water rights being appurtenant to the property. During the years immediately succeeding this series of acquisitions, a number of informal “side-agreements” (for lack of a better phrase) were entered into between the City Open Space Department and the ERTL representatives which modified, interpreted and/ or elaborated on how different issues that had arisen concerning usage of the property would be handled. Some of these side agreements were reduced to written correspondence – usually unilaterally by only one of the parties – but many of these were simply verbal “understandings.” As the years went by and the people who actually made and knew of all these “side agreements” were no longer present or involved in the day to day operations of their respective organizations, the context of the agreements began to take on an “oral history” flavor. The Open Space Real Estate group approached the ERTL management team in 2010 to attempt to consolidate all of the old agreements – the conservation easements, the development rights agreement, and the written and verbal “side agreements” into one all- encompassing conservation easement using a modern-era format that would be readily understandable by future staff for both organizations. This consolidation attempt proved ultimately futile as the two sides could not reach agreement on the current status on a number of very substantive issues, each believing that the other was seeking to change the agreements to benefit their organization and to the detriment of the other side. The ERTL organization ultimately proposed that the city buy its interests out but for a price which the city found to be out of line with the property’s actual market value. When the city rejected the price demanded, the ERTL organization listed the property for sale with a local realtor and sold off some of its extensive water rights on the land (entering into a dry-up covenant on some 29 acres of its irrigated fields along Valmont Road). Open Space staff realized that the existing agreements and arrangements vis-à-vis the city and the ERTL organization (or a new purchaser) were not sustainable into the future and had ERTL holdings (land, water rights and oil and gas mineral estate) appraised to assist both parties in negotiations for acquisition by Open Space. The appraisal of the property being acquired indicated that the land value, exclusive of the water rights, is $1,113,000; the water rights are appraised at$4,693,500; and the oil and gas mineral estate (royalty interest only) is $2,164,000, for a total valuation of $7,970,500. The negotiated purchase price, based upon this appraisal information, is $7,500,000. AGENDA ITEM 6 PAGE 5 In this transaction the city will be acquiring: 1) approximately 685 acres on which it already holds either a conservation easement or a development rights agreement; 2) all water rights used to irrigated the land being acquired in this transaction; 3) all the oil and gas mineral estate owned by ERTL except for the royalty interest in the five currently producing wells on the property (which ERTL will continue to own); and extinguishing ERTL’s leasehold interest on the city’s 325 acres acquired back in 1982. There is a farmstead on the property consisting of a two story home, a smaller auxiliary home, a mobile home, an equipment shed, corrals, loafing sheds and workshop which are occupied by the extended family of Drake and Brene Sullivan pursuant to a life estate which ERTL had given to the Sullivans (their predecessor in title). This life estate runs for the life of Brene Sullivan, who is in her mid-eighties. Ecological Significance The ERTL property contains an unusual outcropping of Fox Hills Sandstone, a unique geologic formation known locally as the White Rocks. It is a continuation of the formation found on the Windhover Ranch property to the west. In addition, one of the largest relatively undeveloped remnants of the Boulder Creek floodplain sets the stage for the extremely rich diversity of plant and animal life found there. This property is one of the last remaining private parcels in the Boulder Creek floodplain and its acquisition will create nearly seven miles of publicly owned and protected riparian habitat from 75th Street to the confluence of Boulder and Coal Creeks. Rare Plants and Plant Communities Sandstone cliffs: At the top of the White Rocks cliffs where soil has collected between rocks, habitat for the forktip three-awn grass (listed by the Colorado Natural Heritage Program as critically imperiled in Colorado) occurs along with an unusual mix of tallgrass prairie and sand prairie plant species. Crevices on the cliff face harbor the black spleenwort fern which is one of the rarest ferns in North America. Seeps in the White Rocks cliff face provide habitat for moisture-loving Great Plains species including great blue lobelia and American groundnut, as well as an uncommon liverwort (Phaeoceros laevis). Sandy soils at the base of the cliffs support some of the farthest western occurrences in Colorado of sand prairie species like sand sage, narrowleaf four o’clock, silky sophora, lemon scurfpea and the plains black nightshade. Native shrub stands and a large grove of western hackberry add to the plant diversity and provide important structure and food for birds and other wildlife species. Floodplain wet meadows and agricultural vegetation: The Boulder Creek floodplain portion of the property is a mosaic of riparian forest, native wet meadow vegetation in old stream channels, artificial lakes and fields dominated by European pasture grasses. The plains cottonwood was historically the dominant canopy species along plains streams in the Boulder Valley and still occurs in remnant stands along Boulder Creek. Nonnative Russian olive and crack willow trees now occupy much of the floodplain. The Ute ladies’-tresses orchid, a federally protected wetland species, occurs on the ERTL property in an area that has not been gravel mined. Additional habitat for the rare orchid and other native wetland species could be restored on the ERTL property through prescriptive cattle grazing, AGENDA ITEM 6 PAGE 6 irrigation water management and nonnative tree removal. Gravel mining has created artificial aquatic habitat in two large lakes and approximately seven smaller ponds in the floodplain. While these are not natural features in the landscape, they provide open water habitat with aquatic vegetation and marsh-like wetland habitat along their shorelines. Wetland communities dominated by native species support the prairie gentian, an uncommon species in Colorado with declining habitat across the Great Plains. The prairie gentian habitat is concentrated in wet meadows south of the railroad tracks. The Weiser and ERTL prairie gentian population represents the farthest western occurrence of this species in Colorado. Wildlife Resources Bald eagles have nested on the adjacent Weiser property since 2002. Because the currently- occupied eastern nest is very close to the ERTL/Windhover Ranch property line, a large portion of the area directly surrounding the nest lies on ERTL. The eagles have experienced nest failures twice during the last nine years, making it important to manage the property in a way most likely to support successful nesting. The cliffs of the White Rocks support multiple uncommon species including four rare ants, one of which (Aphaenogaster huachucana) is considered globally imperiled; a species of solitary bee that burrows into the soft sandstone of the rocks and feeds on prickly pear pollen; tiny fairy shrimp and crawling water beetles both of which live in ephemeral pools in depressions on top of the cliffs; and six-lined racerunner lizards, found locally only on the White Rocks, that live in the saltbush at the base of the cliffs. The White Rocks cliffs on ERTL have also provided one of the county’s only natural nesting sites for barn owls and have been the center of recent prairie falcon activity during the nesting season. The extensive wetland and aquatic habitat on ERTL provide ideal breeding, foraging and over- wintering habitat for northern leopard frogs, a species in decline in Colorado and throughout the western U.S. Boulder Creek provides habitat for uncommon species like the American dipper and wood duck and may support extremely rare species like the northern river otter. The artificial lakes and ponds on the property provide open water habitat for waterfowl and shorebirds and shoreline emergent marshes for wading birds such as little blue and great blue herons and great egrets. The diversity of habitats on the property supports a wide variety of bird communities during summer and winter. According to the annual Boulder Christmas Bird Count, one of the highest species richness and total bird counts is consistently recorded on the survey route that includes ERTL. In the summer, American bitterns, Virginia rails, marsh wrens and yellow-headed blackbirds are some of the rare/ uncommon species that have been seen on the property. Because of this, the Colorado Office of the National Audubon Society is in the process of officially designating the lower Boulder Creek area, including ERTL as an “Important Bird Area.” The exact location and extent of prairie dogs on the property, although known to be limited is not certain. If acquired, prairie dog colonies will be mapped and assigned a management designation according to the criteria in the OSMP Grassland Ecosystem Management Plan. AGENDA ITEM 6 PAGE 7 Threats and Sensitivity of Resources Previous intensive grazing on the property has likely had a negative impact on grassland- and shrub-nesting birds. Habitat for these species can be improved through initiating prescriptive grazing techniques and removing nonnative species. Improving habitat conditions, along with minimizing human disturbance, can increase bird community diversity and lead to higher nesting success. Organisms such as the boring bees, fairy shrimp and six-lined racerunner occupy small, restricted and fragile habitats that could be impacted by extensive use of the area. In addition, the presence of New Zealand mudsnails in Boulder Creek requires restricted access to the creek in an effort to avoid further spread of the snails to other waterways. Bald eagles can be very sensitive to disturbance during nesting. The pair nesting at Weiser has been accustomed to an area with minimal human presence, making them more likely to respond negatively to even low levels of disturbance. Protection under the Federal Eagle Protection Act prohibits disturbance to birds that could result in nest abandonment or negative impact to their reproductive success. U.S. Fish and Wildlife Service recommendations to protect nesting eagles in open landscapes such as those on the ERTL property are based on Colorado Division of Wildlife buffers for protecting nesting raptors. These recommendations include no surface occupation within ¼ mile of nest sites at any time and no human presence within ½ mile of the nest seasonally during the nesting season (November - July). White Rocks in the Grassland Ecosystem Management Plan In recognition of the unique ecological importance of the White Rocks cliffs, staff included the White Rocks (on both the ERTL conservation easement and the Windhover Ranch property to the west) as one of eight conservation targets in the Grassland Ecosystem Management Plan approved by OSBT and City Council. Within the Grassland Plan framework, issues, threats, management considerations and strategies were identified for each conservation target. Agricultural Values There is a long history of agricultural activity on the ERTL property. The Sullivan family farmed and ranched the property for more than 60 years before the current agricultural tenants began farming the property. The Sullivans generally operated a traditional family farming and ranching operation. They grew various grain crops, hay and forage crops and had a small cow herd to utilize the grazing land. The Schwartz family has been leasing the irrigated agricultural land on the ERTL property for approximately 10 years and have recently taken over the grazing land as well. The Schwartz family also leases the OSMP Manchester and King Hodgson properties located in the same vicinity as the ERTL property. Their agricultural operation primarily focuses on grass and alfalfa hay production, although they have recently added cattle to their operation. The soils underlying the irrigated land of the ERTL property are primarily sandy loam in texture with gentle slopes and are well suited for agricultural production. The irrigated lands AGENDA ITEM 6 PAGE 8 are considered to be of high quality when evaluating the soil texture and the water rights associated with the property. OSMP will be acquiring water rights from the Green, Jones and Donnelly, Cottonwood No. 2, and the Andrews-Farwell Ditches. The Jones and Donnelly Ditch has the longest average operational season of 174 days. The Andrews- Farwell Ditch has the shortest operational season of 52 days. OSMP will be acquiring 199 acres of irrigated land, much of which will be most suited to livestock grazing because of previous mining activities. There are about 65 acres of productive cropland suitable for a wide variety of agricultural activities, including the production of organic vegetables for local sale. Restoration and Weed Management Historic land management, including disturbance related to mining, site hydrology and presence of invasive species on adjacent lands, lead to known and likely populations of various invasive species on the ERTL property. Russian olive currently occupies over 60 acres of the property. Purple loosestrife, a Colorado List – A noxious weed, occupies 15 acres of the property, but was managed by the landowner in 2010 and 2011. Eurasian watermilfoil is common in Boulder Creek, the Green Ditch and likely some of the ponds that receive water from the Green Ditch. Other species likely present on the property include common teasel, perennial pepperweed, perennial sowthistle, whitetop, crack willow, Canada thistle, musk thistle, yellow toadflax (mandatory eradication), garlic mustard, diffuse knapweed, houndstongue, reed canarygrass, yellow iris and tamarisk. Additional mapping and monitoring of the property to obtain estimates of cover and occupied area for the above and other invasive species is required. Given past mining operations, it is likely that planting and seeding of native plants species is needed in areas following invasive species management. Cultural Resources While no professional cultural resource inventories have been conducted on this property, it is adjacent to the White Rocks/Weiser property where numerous Native American and historical archaeological sites are located. It is expected that similar resources would be located on the ERTL property. Visitor Use As with all OSMP property acquisitions not previously open to the public, the ERTL property will be closed until a property inventory and site management plan are developed. This plan will recommend how to provide appropriate visitor infrastructure and services while protecting the natural and cultural resources on the site. OSMP intends to complete this plan over the next 12 months, and the acquisition budget will fund the development of this plan. Given what staff knows about the property, actions to protect resources will be especially important. Staff recommends that the property be designated as a Habitat Conservation Area similar to adjoining Windhover Ranch. This designation recognizes the known resource values of the property and is consistent with the Habitat Conservation Area designation of the surrounding and nearby lands in the Boulder Creek floodplain. Given the seasonality of nesting bald eagles, the property has been, and will be recommended to be closed to the public and most staff from November 1 to July 31. However, with OSMP’s purchase of this property a new opportunity for the public would exist in the seasonal AGENDA ITEM 6 PAGE 10 This page intentionally left blank. AGENDA ITEM#_____PAGE_____ E:\Mapfiles\Property\ \vicinity- .mxd Approximate property boundaries from Boulder County Assessor’s data. VICINITY MAP - ERTL Property ATTACHMENT A - City of Boulder Open Space & Mountain Parks BoulderBoulder LouisvilleLouisville LongmontLongmont I 0123450.5 Miles !( !( City of Boulder OSMP Proposed Purchase Leasehold Termination Area SUBJECT This page is intentionally left blank. Valmont D r . Valmont Dr.95th St.Bo u l d e r C r e e k Document Path: E:\MapFiles\Property\ERTL\ERTLLocationMap10.mxd AGENDA ITEM#_____PAGE_____ ERTL Purposed Purchase ERTL Leasehold Termination Area ERTL Irrigation Dry-Up Area Seasonal Bald Eagle Closure - Nov 1 - July 31 Bald Eagle Nest 1/2 Mile Buffer OSMP Managed Multi-Use Trail OSMP Fee Property OSMP Conservation Easement 0 0.25 0.50.125 Miles ATTACHMENT B - City of Boulder Open Space & Mountain Parks LOCATION MAP - ERTL Property This page is intentionally left blank. ATTACHMENT C Projected Open Space Cashflow 2013-2019 ERTL 7/10/2013 7/2/2013 - 4:39 PM PROJECTED SALES TAX GROWTH 1 2010-2017 Sales Tax forecast 06/06/2011 2 2011-2018 Sales Tax forecast 05/08/2012 3 2013-2019 Sales Tax forecast 04/05/2013 4 BEGINNING CASH BALANCE SOURCES OF FUNDS 5 OS Sales Tax Revenue 6 OS Fund - Investments/Leases/Misc. 7 Proceeds from RE sale 8 Funds from CDOT for Granite acquisition 9 General Fund Transfer for Mountain Parks: 10 General Fund Appropriation for Real Estate Services: 11 Lottery Fund Appropriation for CIP Purposes: 12 Unexpended Lottery Funds Carried Over from Previous Year 13 Grants 14 Total Annual Sources of Funds: 15 Total Sources of Funds Available: USES OF FUNDS 16 Total Debt Service for Bonds & Notes: 17 BMPA Payment ERTL (2014-2023) 18 Capital Available for Land Acquisitions & Preservation 19 Unexpended Acquisition Funds Carried Over from Previous Year 20 Capital Available for Land Acquisitions & Preservation: 21 RE Acquisition 2013 22 ERTL 23 Dagle property and water acquisition by 8/14/2014 24 Remaining Land Acquisition Capital Available: 25 Capital for Visitor Infrastructure: 26 Unexpended Visitor Infrastructure Funds Carried Over from Previous Year 27 Highway 93 Underpass 28 Capital for Water Rights Acquisition: 29 Unexpended Water Rights Funds Carried Over from Previous Year 30 South Boulder Creek Flow In Stream Flow: 31 Capital for Mineral Rights Acquistion: 32 Unexpended Mineral Rights Funds Carried Over from Previous Year 33 Lottery Capital for MP Restoration: 34 Unexpended Lottery Funds Carried Over from Previous Year 35 Total CIP Expenditures: 36 Management Operating Expenditures - OSMP Program: 37 Operating Supplemental and Carryover 38 Management Operating Expenditures - RE Services: 39 Sub Total Management Operating Expenditures: 40 Administrative Budget Transfer - Cost Allocation: 41 Total Management Operating Expenditures: 42 Total Uses of Funds: 43 ENDING CASH BALANCE: 44 Less Reserves: 45 Less Reserve for 27th Pay Period 46 Sick/Vacation/Bonus Reserve 47 Property and Casualty Reserve 48 South Boulder Creek Flow Reserve 49 ERTL BMPA Post Sales Taxes Sunsetting Reserve 50 Vehicle Acquisition Reserve 51 Facility Maintenance Reserve 52 UNRESTRICTED CASH BALANCE AFTER RESERVES: 2013 2014 2015 2016 2017 2018 2019 4.22%3.42%3.30%3.30%3.14% 3.90%3.48%3.28%3.29%3.20%3.15%3.15% 2.27%3.50%3.35%3.35%3.25%3.20%3.20% $18,917,725 $13,034,089 $13,244,713 $15,971,741 $17,565,600 $22,061,257 $27,187,569 $25,406,420 $26,295,672 $27,176,894 $28,088,010 $29,000,132 $29,928,588 $30,887,634 $810,909 $810,909 $810,909 $810,909 $650,000 $650,000 $650,000 $1,300,000 $1,072,174 $1,103,480 $1,114,515 $1,125,660 $1,136,917 $1,148,286 $1,159,769 $152,346 $156,062 $157,623 $159,199 $160,791 $162,399 $164,023 $343,000 $343,000 $355,300 $355,300 $355,300 $355,300 $355,300 $144,094 $25,500 $29,254,443 $28,709,123 $29,615,241 $30,539,078 $31,303,139 $32,244,573 $33,216,725 $48,172,168 $41,743,212 $42,859,953 $46,510,819 $48,868,739 $54,305,829 $60,404,295 $8,667,232 $6,722,082 $4,907,955 $4,786,103 $4,188,804 $3,975,045 $2,094,597 $593,655 $593,655 $593,655 $593,655 $593,655 $593,655 $3,400,000 $5,400,000 $5,400,000 $5,400,000 $5,400,000 $5,400,000 $5,400,000 $5,571,422 $0 $0 $0 $0 $0 $0 $8,971,422 $5,400,000 $5,400,000 $5,400,000 $5,400,000 $5,400,000 $5,400,000 $6,825,000 $2,500,000 $525,000 ($878,578)$5,400,000 $5,400,000 $5,400,000 $5,400,000 $5,400,000 $5,400,000 $850,000 $1,210,000 $900,000 $900,000 $900,000 $950,000 $800,000 $803,712 $1,100,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $200,000 $187,817 $100,000 $100,000 $150,000 $2,000,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $261,184 $343,000 $343,000 $355,300 $355,300 $355,300 $355,300 $355,300 $144,094 $13,061,229 $7,353,000 $7,105,300 $8,955,300 $6,955,300 $7,005,300 $6,855,300 $11,930,231 $12,565,300 $12,959,859 $13,228,951 $13,625,820 $14,034,594 $14,455,632 $260,087 $152,346 $156,062 $157,623 $159,199 $160,791 $162,399 $164,023 $12,342,664 $12,721,362 $13,117,482 $13,388,150 $13,786,611 $14,196,993 $14,619,655 $1,066,954 $1,108,400 $1,163,820 $1,222,011 $1,283,112 $1,347,267 $1,414,630 $13,409,618 $13,829,762 $14,281,302 $14,610,161 $15,069,723 $15,544,260 $16,034,285 $35,138,079 $28,498,499 $26,888,212 $28,945,219 $26,807,482 $27,118,260 $25,577,837 $13,034,089 $13,244,713 $15,971,741 $17,565,600 $22,061,257 $27,187,569 $34,826,457 $5,475,000 $3,500,000 $2,500,000 $2,400,000 $2,000,000 $2,000,000 $1,100,000 $0 $45,000 $95,000 $145,000 $195,000 $0 $0 $490,000 $490,000 $490,000 $490,000 $490,000 $490,000 $490,000 $400,000 $400,000 $400,000 $400,000 $400,000 $400,000 $400,000 $1,450,000 $1,750,000 $2,000,000 $0 $0 $0 $0 $593,655 $1,187,310 $1,780,965 $2,374,620 $150,000 $300,000 $300,000 $300,000 $300,000 $300,000 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $5,219,089 $6,809,713 $9,986,741 $12,936,945 $17,088,947 $21,716,604 $29,561,837