Economic Impacts of Residential Property Abandonment and the

56 Pages·2007·1.88 MB·English

by  Nigel G. Griswold

Economic Impacts of
Residential Property Abandonment
and the Genesee County
Land Bank in Flint, Michigan
Report # 2007-05
Before
Shaping the Future from the Ground Up
After

!
!
!
!
!
!
!
!
"#$%$&’#!(&)*#+,!$-!./,’0/%+’*1!23$)/3+4!56*%0$%&/%+!*%0!+7/!8/%/,//!
9$:%+4!;*%0!<*%=!’%!>1’%+?!@’#7’A*%!!!
!
!
!
!
!
!
!
!
!
5:+7$3,B!
C’A/1!8D!83’,E$10!
2*+3’#’*!"D!C$33’,!
!
!
!
!
!
!
5%!F36*%!./G’+*1’H*+’$%!./)$3+!
!
!
!
!
I7/!@JF!;*%0!2$1’#4!(%,+’+:+/!
./)$3+!KLMMNOMP!
!
!
!
!
!
5)3’1!LMMN!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
"#$%&’()*!+!,--.!/’0)’(12!3*1*4!52’64&7’*%!
!
!
!
!
!
5#=%$E1/0A/&/%+,!
!
9)’7!&4741&0)!:17!;<2=4=!>%!*)4!?12=!@#A’0%!B27*’*<*4!12=!@4#$A4!12=!?12=C!:’*)!1==’*’#21A!
7<$$#&*!;&#D!*)4!EA*#2!FG!3D’*)!E2=#:D42*!12=!*)4!H4$1&*D42*!#;!I(&’0<A*<&1A!E0#2#D’07!1*!
/’0)’(12!3*1*4!52’64&7’*%C!12=!*)4!J424744!B27*’*<*4!12=!")1&A47!3*4:1&*!/#**!K#<2=1*’#2G!9)4!
1<*)#&7!1A7#!:’7)!*#!*)12L!*)4!7*1;;!#;!*)4!J424744!"#<2*%!?12=!M12L!12=!*)4!"’*%!#;!KA’2*!
I77477#&N7!#;;’04!;#&!*)4’&!177’7*1204!:’*)!=1*1!0#AA40*’#2!12=!31&1)!I0D##=%!12=!F3OJB3!
P<*&410)!34&6’047!1*!/’0)’(12!3*1*4!52’64&7’*%!;#&!*)4’&!177’7*1204!:’*)!*)4!JB3!D4*)#=7!<74=!’2!
*)4!&4741&0)G!I==’*’#21AA%C!*)4!1<*)#&7!*)12L!H&G!K&12L!?<$’!12=!H&G!F#>4&*!/%4&7!’2!*)4!
H4$1&*D42*!#;!I(&’0<A*<&1A!E0#2#D’07!1*!/’0)’(12!3*1*4!52’64&7’*%!;#&!*)4’&!’2$<*!’2*#!*)4!
&4741&0)!$&#0477!12=!Q1D47!/<&$)%!’2!"#D$<*4&!34&6’047!1*!/’0)’(12!3*1*4!52’64&7’*%!;#&!)’7!
)4A$!:’*)!=1*1>174!D121(4D42*G!
! !
!
!
!
8!
56$:+!+7/!5:+7$3,!
!
!"#$%&’(&’)"*+,%-! !
R’(4A!J&’7:#A=!0#D$A4*4=!)’7!/G3G!=4(&44!’2!I(&’0<A*<&1A!E0#2#D’07!1*!
/’0)’(12!3*1*4!52’64&7’*%!S/35T!’2!*)4!;1AA!#;!,--UG!!5$#2!0#D$A4*’#2!#;!
)’7!=4(&44C!)4!:#&L4=!:’*)!*)4!/35!?12=!@#A’0%!B27*’*<*4!S?@BTC!:)4&4!)4!
0#2=<0*4=!&4741&0)!*#!)4A$!V<12*’;%!*)4!&4(’#21A!40#2#D’0!’D$10*7!#;!21*<&1A!
&47#<&047!12=!$<>A’0!A12=7G!H<&’2(!*)4!7<DD4&!#;!,--WC!R’(4A!$1&*’0’$1*4=!’2!
12!’2*4&27)’$!:’*)!F#>4&*!KG!X4224=%C!Q&GN7!F’64&L44$4&!#&(12’Y1*’#2!’2!
J1&&’7#2C!RZ!:)4&4!)4!:#&L4=!#2!*)4!47*’D1*’#2!#;!*’$$’2(!;447!;#&!*)4!
=’7$#71A!#;!*#[’0!:17*47!0#AA40*4=!;&#D!*)4!\<=7#2!F’64&!3<$4&;<2=!7’*4G!!
R’(4A!’7!0<&&42*A%!:#&L’2(!17!1!&4741&0)!177#0’1*4!’2!*)4!H4$1&*D42*!#;!
!
I(&’0<A*<&1A!12=!F47#<&04!E0#2#D’07!1*!"#A#&1=#!3*1*4!52’64&7’*%!S"35TC!
;#0<7’2(!1(1’2!#2!*)4!61A<1*’#2!12=!40#2#D’0!’D$10*7!#;!21*<&1A!&47#<&047!
12=!A12=!<74C!*#<&’7D!12=!&40&41*’#2G!!R’(4A!$A127!*#!$<&7<4!)’7!@)H!’2!
21*<&1A! &47#<&04! 12=! 426’&#2D42*1A! 40#2#D’07! 1*! "35G! ! I! 21*’64! #;!
/’0)’(12C!R’(4A!1A7#!&404’64=!)’7!MG3G!’2!E26’&#2D42*1A!E0#2#D’07!12=!
@#A’0%!;&#D!/35G!!H<&’2(!)’7!<2=4&(&1=<1*4!4[$4&’4204C!R’(4A!7$42*!241&A%!
1!%41&!’2!3#<*)417*!I7’1!:’*)!*:#!7*<=%!1>&#1=!4[$4&’42047C!;’&7*!’2!R4$1A!
12=!*)42!’2!*)4!@)’A’$$’247G!!!
!
./0)"1"/&2(&!,))"*! !
B2! Q12<1&%! ,--UC! H&G! @1*&’0’1! R#&&’7! >401D4! *)4! ;’&7*! J<%4&]34464&7!
E2=#:4=! ")1’&! ’2! R1*<&1A! F47#<&04! "#274&61*’#2! 1*! /’0)’(12! 3*1*4!
52’64&7’*%!S/35TG!H&G!R#&&’7!)17!>442!1*!/35!7’204!Q12<1&%!8^^U!:)42!
7)4!_#’24=!*)4!;10<A*’47!’2!*)4!H4$1&*D42*!#;!I(&’0<A*<&1A!E0#2#D’07!12=!*)4!
H4$1&*D42*!#;!F47#<&04!H464A#$D42*!S2#:!*)4!H4$1&*D42*!#;!"#DD<2’*%C!
I(&’0<A*<&4C!F40&41*’#2!12=!F47#<&047!3*<=’47TG!@&’#&!*#!D#6’2(!*#!/35C!
H&G!R#&&’7!:17!12!I77#0’1*4!@&#;477#&!’2!*)4!H4$1&*D42*!#;!I(&’0<A*<&1A!
E0#2#D’07!1*!PLA1)#D1!3*1*4!52’64&7’*%G!I!21*’64!#;!J4#&(’1C!7)4!)#A=7!
=4(&447!’2!I(&’0<A*<&1A!E0#2#D’07!;&#D!52’64&7’*%!#;!J4#&(’1!SMG3GT!12=!
‘’&(’2’1!940)!S/G3GC!@)GHGTG!H&G!R#&&’7!)17!0#2=<0*4=!&4741&0)!12=!#<*&410)!
!
$&#(&1D7! #2! D12%! A12=! 12=! :1*4&! &47#<&04! *#$’07C! ’20A<=’2(! 7#’A!
0#274&61*’#2C!:1*4&!V<1A’*%C!(&#<2=:1*4&!D121(4D42*C!:4*A12=!$#A’0%C!A12=!
D1&L4*7C!A12=!<74!0#2;A’0*7!12=!;1&DA12=!$&474&61*’#2G!B2!)4&!E[*427’#2!12=!
#<*&410)!:#&LC!7)4!)17!;#0<74=!A1&(4A%!<$#2!21*<&1A!&47#<&04!$#A’0%!’77<47C!
:#&L’2(!:’*)!$&’61*4!&47#<&04!#:24&7C!A#01A!(#64&2D42*7C!12=!7*1*4!12=!
;4=4&1A!1(420’47!17!*)4%!1==&477!*)4!244=7!;#&!12=!’D$10*7!#;!’27*’*<*’#21A!
0)12(4G!B2!1==’*’#2C!)4&!*410)’2(!&47$#27’>’A’*’47!)164!’20A<=4=!0#<&747!’2!
21*<&1A! &47#<&04! 40#2#D’07C! 426’&#2D42*1A! 40#2#D’07C! 40#A#(’01A!
40#2#D’07C!426’&#2D42*1A!70’4204C!12=!1(&’0<A*<&1A!$#A’0%G!!
!
!
,!
"#$%$&’#!(&)*#+,!$-!./,’0/%+’*1!23$)/3+4!56*%0$%&/%+!*%0!+7/!8/%/,//!
9$:%+4!;*%0!<*%=!’%!>1’%+?!@’#7’A*%!
!
"Q/#:+’G/!J:&&*34!
!
9)’7!7*<=%!=#0<D42*7!:#&L!>%!*)4!J424744!"#<2*%!?12=!M12L!SJ"?MT!*#!1AA46’1*4!*)4!><&=42!
#;!1>12=#24=!12=!*1[];#&40A#74=!$&#$4&*’47!’2!*)4!"’*%!#;!KA’2*C!/’0)’(12G!9)4!0#7*7!#;!$&#$4&*%!
1>12=#2D42*!12=!=’&40*!12=!’2=’&40*!4;;40*7!#;!J"?M!$&#(&1D7!1&4!47*’D1*4=G!F47<A*7!7<((47*!
*)1*!1>12=#24=!)#<7’2(!=#47!’2=44=!)164!1!24(1*’64!’D$10*!#2!*)4!61A<47!#;!)#<747!’2!0A#74!
$&#[’D’*%!12=!*)1*!J"?M!$&#(&1D7!1D4A’#&1*4!*)474!24(1*’64!’D$10*7G!!
!
/12%!0’*’47!10&#77!*)4!5G3G!1&4!(&1$$A’2(!:’*)!*)4!=40A’24!#;!*)4’&!<&>12!0#&47G!PA=4&!’2=<7*&’1A!
0’*’47!1&4!47$40’1AA%!)1&=!)’*C!:’*)!40#2#D’0!12=!D1&L4*!;#&047!&47<A*’2(!’2!_#>!A#7747!12=!
$#$<A1*’#2!=40A’24G!E642!’2!(&#:’2(!D4*&#$#A’*12!1&417C!<&>12!0#&47!1&4!4&#=4=!>%!7<><&>12!12=!
4[<&>12!&47’=42*’1A!12=!0#DD4&0’1A!(&#:*)G!M401<74!#;!$#$<A1*’#2!7)’;*7C!)’()!<24D$A#%D42*!
&1*47!12=!:41L!&41A!47*1*4!D1&L4*!0#2=’*’#27C!D12%!#;!*)474!0’*’47!0#2*1’2!A1&(4!*&10L7!#;!
<2#00<$’4=C!1>12=#24=!&47’=42*’1A!7*&<0*<&47!12=!61012*!A#*7G!9)474!$&#$4&*’47!1**&10*!0&’D4C!
7*&1’2!*)4!&47#<&047!#;!A#01A!$#A’04!12=!;’&4!=4$1&*D42*7C!=4$&40’1*4!$&#$4&*%!61A<47C!12=!=4(&1=4!
*)4!V<1A’*%!#;!7<&&#<2=’2(!24’()>#&)##=7G!
!
H40A’2’2(!V<1A’*%!#;!24’()>#&)##=7!=’D’2’7)47!=4D12=!;#&!<&>12!$&#$4&*%!12=!0#274V<42*A%!
=40&41747!D1&L4*!61A<47!#;!&47’=42*’1A!$&#$4&*’47!b!0#D$#<2=’2(!*)4!$&#>A4D!#;!=40&4174=!*1[!
&4642<47!;<&*)4&G!B2!D12%!0’*’47C!*)4!A1:7!12=!&4(<A1*’#27!*)1*!=4;’24!#$*’#27!;#&!D121(’2(!*)474!
$&#$4&*’47!)164!>442!D1=4!#>7#A4*4!>%!*)4!7)44&!6#A<D4!#;!’20#D’2(!*1[!;#&40A#74=!$&#$4&*’47!
410)!%41&!SIA4[12=4&!,--WTG!I0&#77!*)4!0#<2*&%C!$&#(&477’64!0#DD<2’*%!A41=4&7!1&4!<7’2(!24:!
1$$&#10)47!*#!;’()*!>A’()*!12=!1>12=#2D42*!’2!12!1**4D$*!*#!&4=’70#64&!61A<4!’2!;#&(#**42!<&>12!
A12=7G!P24!7<0)!1$$&#10)!’7!*)4!0&41*’#2!#;!0#2*4D$#&1&%!A12=!>12L7G!
!
9)4!J424744!"#<2*%!?12=!M12L!SJ"?MT!’7!*)4!D#7*!&4042*A%!0&41*4=!A12=!>12L!=47’(24=!*#!
1==&477!*)4!*1[!=4A’2V<420%!12=!1>12=#2D42*!$&#>A4DG!J424744!"#<2*%!’7!)#D4!*#!*)4!"’*%!#;!
KA’2*C!:)4&4!*)4!0’*%N7!&4A’1204!#2!1!:12’2(!ID4&’012!1<*#D#*’64!’2=<7*&%!)17!0#D>’24=!:’*)!
#*)4&!40#2#D’0!12=!7#0’1A!;10*#&7!*#!01<74!7464&4!$#$<A1*’#2!12=!_#>!A#77C!$&#$4&*%!
1>12=#2D42*C!12=!=40A’24!’2!*)4!V<1A’*%!#;!24’()>#&)##=!426’&#2D42*7G!9)4!,---!5G3G!"427<7!
47*’D1*47!*)1*!#64&!8,c!#;!KA’2*N7!)#<7’2(!7*#0L!’7!4D$*%G!d’*)!#64&!eeC---!&47’=42*’1A!
$&#$4&*’47!’2!*)4!"’*%!#;!KA’2*C!*)’7!4V<1*47!*#!#64&!WC---!&47’=42*’1A!)#<7’2(!<2’*7!*)1*!1&4!
0<&&42*A%!61012*!#&!1>12=#24=G!!
!
K#&!*)’7!7*<=%C!1!)4=#2’0!$&’04!;<20*’#2!;#&!&47’=42*’1A!$&#$4&*’47!’2!KA’2*!:17!47*’D1*4=!*#!
=4*4&D’24!*)4!’D$10*!#;!1>12=#24=!&47’=42047!12=!61012*!A#*7!#2!7<&&#<2=’2(!$&#$4&*%!61A<47G!
9)4!)4=#2’0!$&’04!;<20*’#2!:17!7$40’;’4=!7#!*)1*!*)4!71A4!$&’04!#;!1!$1&*’0<A1&!)#<74!’7!4[$A1’24=!
17!1!;<20*’#2!#;f!!
!! *)4!2<D>4&!#;!1>12=#24=!7’2(A4]!12=!D<A*’];1D’A%!&47’=42*’1A!7*&<0*<&47!:’*)’2!*)4!
$&#[’D’*’47!#;!-]W--!;44*C!W-8]8---!;44*C!12=!8--8]8W--!;44*!*#!*)4!)#<74g!
!! *)4!2<D>4&!#;!61012*!&47’=42*’1A!A#*7!:’*)’2!*)4!$&#[’D’*’47!#;!-]W--!;44*C!W-8]8---!;44*C!
12=!8--8]8W--!;44*!*#!*)4!)#<74g!
!! *)4!$)%7’01A!1**&’><*47!#;!*)4!)#<74g!
a!
!! *)4!%41&!12=!V<1&*4&!’2!:)’0)!*)4!)#<74!7#A=!S4G(G!;’&7*!V<1&*4&!#;!,--,Tg!12=!
!! *)4!0427<7!*&10*!’2!:)’0)!*)4!)#<74!’7!A#01*4=G!
!
F47<A*7!;&#D!*)4!)4=#2’0!D#=4A!’2=’01*4!*)1*!12!1==’*’#21A!1>12=#24=!7*&<0*<&4!:’*)’2!W--!;44*!
:’AA!&4=<04!*)4!71A4!$&’04!#;!1!&47’=4204!>%!,G,.cg!12!1==’*’#21A!1>12=#24=!7*&<0*<&4!:’*)’2!W-8]
8---!;44*!:’AA!=40&4174!71A4!$&’04!>%!8G^,cg!12=!12!1==’*’#21A!1>12=#24=!7*&<0*<&4!>4*:442!
8--8]8W--!;44*!:’AA!=40&4174!71A4!$&’04!>%!8G88cG!‘1012*!A#*!0#4;;’0’42*7!7<((47*!1!=40&4174!’2!
)#<7’2(!$&’047!>%!8GWc!:)42!*)4!A#*!’7!:’*)’2!W--!;44*!#;!1!)#D4G!R#!7’(2’;’012*!)#<7’2(!61A<4!
4;;40*!&47<A*7!;&#D!1==’*’#21A!61012*!A#*7!>4*:442!W-8!12=!8---!;44*!;&#D!)#D47C!:)’A4!1!
7’(2’;’012*!$#7’*’64!)#<7’2(!61A<4!4;;40*!#;!-GWc!’7!;#<2=!;#&!12!1==’*’#21A!61012*!A#*!>4*:442!
8--8!12=!8W--!;44*G!9)474!&47<A*7!1&4!0#27’7*42*!:’*)!*)#74!;#<2=!>%!&4741&0)4&7!’2!#*)4&!7*1*47G!!
!
3464&1A!J"?M!$&#$4&*%!D121(4D42*!$&#(&1D7!1&4!:#&L’2(!’2!<2’7#2!*#!&47*&<0*<&4C!&4=464A#$C!
7*1>’A’Y4!12=!&40&41*4!61A<4!’2!=40A’2’2(!24’()>#&)##=!426’&#2D42*7!10&#77!*)4!0’*%G!H<&’2(!*)4!
,--,],--W!$4&’#=C!*)4!A12=!>12L!1<*)#&’*%!S#&’(’21AA%!*)4!?12=!F4<*’A’Y1*’#2!"#<20’AT!’2!J424744!
"#<2*%!10V<’&4=!&#<()A%!,C---!1>12=#24=!A#*7!12=!8C---!1>12=#24=!7*&<0*<&47!*)&#<()!
A4(’7A1*4=!h;17*!*&10L!V<’4*!*’*A’2(i!#;!*1[!;#&40A#74=!$&#$4&*’47G!IAA!$&#$4&*%!1A*4&1*’#27!12=!
*&12710*’#27!)164!>442!=#0<D42*4=!’2!1!J"?M!=1*1>174!7%7*4DC!#;;4&’2(!1!&’0)!#$$#&*<2’*%!*#!
’2647*’(1*4!*)4!4;;40*’642477!#;!J"?M!$&#(&1D7C!’20A<=’2(!=4D#A’*’#2!#;!<271A61(41>A4!
7*&<0*<&47C!&4)1>’A’*1*’#27!12=!&42#61*’#27C!$&#$4&*%!D121(4D42*C!$&#$4&*%!71A47C!12=!1!
;#&40A#7<&4!$&4642*’#2!12=!;’2120’1A!0#<274A’2(!$&#(&1DG!
!
I7!#;!*)4!42=!#;!,--WC!eaW!7*&<0*<&4!=4D#A’*’#27!)164!>442!0#D$A4*4=!>%!*)4!J"?MG!9)4!J"?M!
)17!$4&;#&D4=!#64&!*)’&*%!0#D$A4*4!&4)1>’A’*1*’#27!S17!#;!7<DD4&N7!42=!,--UT!12=!)17!7464&1A!
D#&4!<2=4&:1%G!"1$’*1A!’2647*D42*!’2!*)4!&4)1>’A’*1*’#2!$&#(&1D!&410)4=!&#<()A%!j.--C---!’2!
,--WG!H<&’2(!*)4!,--,],--W!$4&’#=C!,.W!J"?M!$&#$4&*’47!:4&4!7#A=!17!7’=4A#*7!S61012*!A#*7!7#A=!
;#&!j8!*#!1=_1042*!)#D4#:24&7TG!B2!1==’*’#2C!*)4!J"?M!;#&40A#7<&4!$&4642*’#2!12=!;’2120’1A!
0#<274A’2(!$&#(&1D!)17!)4A$4=!#64&!8CaW-!)#D4#:24&7!L44$!*)4’&!)#D47G!9)4!J"?M!’7!=’&40*A%!
$<**’2(!$&#$4&*’47!>10L!’2*#!*)4!$&#$4&*%!*1[!7%7*4D!*)&#<()!’*7!7464&1A!71A47!$&#(&1D7G!B2!,--WC!
J"?M!&4642<47!;&#D!$&#$4&*%!71A47!4[044=4=!j8!D’AA’#2!0#<2*%]:’=4C!12=!J"?M!&41A’Y4=!#64&!
j8--C---!’20#D4!;&#D!’*7!&42*1A!$&#$4&*’47G!d)42!7’=4A#*!71A47!1&4!’20A<=4=C!*)4!J"?M!$&#(&1D7!
)164!(424&1*4=!#64&!j8--C---!’2!$&#$4&*%!*1[!&4642<47!;#&!KA’2*!12=!J424744!"#<2*%G!B2!,--U!
1A#24C!*)4!1==’*’#21A!$&#$4&*%!*1[!&4642<47!;&#D!J"?M!71A47!4[044=4=!jUkC---C!12=!*)’7!1D#<2*!
’7!4[$40*4=!*#!&40<&!122<1AA%G!9)474!1&4!=’&40*C!V<12*’;’1>A4!4;;40*7!#;!J"?M!$&#(&1D7G!
!
9)4!’D$10*!#;!J"?M!$&#(&1D7!#2!*)4!61A<4!#;!24’()>#&’2(!$&#$4&*’47!’7!12!1==’*’#21AC!’2=’&40*!
’D$10*G!9)4!J"?M!=1*1!#2!7*&<0*<&4!=4D#A’*’#27!$&#6’=47!12!#$$#&*<2’*%!*#!47*’D1*4!*)’7!’2=’&40*!
4;;40*!#;!J"?M!’2647*D42*7!’2!7*&<0*<&4!=4D#A’*’#27G!9)4!=4D#A’*’#2!$&#(&1D!0&41*47!61012*!A#*7!
12=!&4=<047!*)4!2<D>4&!#;!1>12=#24=!7*&<0*<&47C!12=!*)4!)4=#2’0!121A%7’7!$&#6’=47!47*’D1*47!#;!
*)4!’D$10*7!#;!*)474!7*&<0*<&47!12=!A#*7!#2!241&>%!$&#$4&*%!61A<47G!9)474!47*’D1*47!:4&4!<74=!*#!
01A0<A1*4!*)4!61A<4!#;!$&#$4&*’47!’2!$&#[’D’*%!*#!=4D#A’*’#2!7’*47!12=!*#!01A0<A1*4!*)4!61A<47!#;!
*)474!$&#$4&*’47!’2!1!0#<2*4&;10*<1A!70421&’#!’2!:)’0)!*)4!=4D#A’*’#27!=’=!2#*!#00<&G!
!
9)4!*#*1A!$#7’*’64!’D$10*7!#;!*)4!J"?M!=4D#A’*’#2!$&#(&1D!’2!KA’2*C!17!#;!*)4!42=!#;!,--WC!1&4!
47*’D1*4=!1*!D#&4!*)12!j88,!D’AA’#2G!J’642!*)4!&#<()A%!jaGW!D’AA’#2!7$42*!#2!=4D#A’*’#27!=<&’2(!
*)4!,--,],--W!$4&’#=C!*)’7!7<((47*7!1!24*!>424;’*!#;!*)4!=4D#A’*’#2!$&#(&1D!’2!4[0477!#;!j8-^!
e!
D’AA’#2G!9)4!)4=#2’0!D#=4A!47*’D1*47!7<((47*!*)1*!*)4!=4D#A’*’#2!$&#(&1D!$#7’*’64A%!1;;40*7!*)4!
61A<47!#;!D#&4!*)12!,UC---!&47’=42*’1A!$&#$4&*’47!’2!KA’2*G!!
!
9)’7!&4741&0)!012!)4A$!24:!A12=!>12L7!10&#77!*)4!3*1*4!#;!/’0)’(12!D417<&4!*)4!4;;40*7!#;!*)4’&!
$&#(&1D7!*#!47*’D1*4!*)4!&4*<&2!*#!$<>A’0!;<2=7!’2647*4=!’2!*)4’&!$&#(&1D7G!9)’7!7*<=%!7)#:7!*)1*!
:)42!<&>12!1&417!1&4!A#7’2(!*)4’&!$#$<A1*’#2C!’2=<7*&%C!12=!=47’&1>A4!24’()>#&)##=7C!*)4%!012!
$&#*40*!*)4’&!$&#$4&*%!61A<47!:’*)!=4D#A’*’#2!#;!1>12=#24=!7*&<0*<&47!12=!#*)4&!$&#(&1D7!D1=4!
$#77’>A4!>%!*)4!/’0)’(12!?12=!M12L!K17*!9&10L!I0*G!!!
!
W!
"#$%$&’#!(&)*#+,!$-!./,’0/%+’*1!23$)/3+4!56*%0$%&/%+!*%0!+7/!8/%/,//!
9$:%+4!;*%0!<*%=!’%!>1’%+?!@’#7’A*%!
!
I*61/!$-!9$%+/%+,!
!
8G-!B2*&#=<0*’#2GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG^!
8G8!9)4!@&#>A4DGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG^!
8G,!?12=!M12L7GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG^!
8Ga!9)4!J424744!"#<2*%!?12=!M12L!12=!KA’2*C!/’0)’(12GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG8-!
8Ge!P64&6’4:!#;!*)4!F4$#&*GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG8-!
,G-!9)4!@&#$4&*%!I>12=#2D42*!@&#>A4DGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG88!
,G8!5&>12!\#<7’2(!E0#2#D’07!12=!@#A’0%GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG88!
,G,!")12(47!’2!*)4!I<*#D#>’A4!B2=<7*&%GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG8,!
,Ga!KA’2*!’2!9&127’*’#2GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG8a!
aG-!9)4!J424744!"#<2*%!F47$#274!*#!91[!H4A’2V<420%!12=!@&#$4&*%!I>12=#2D42*GGGGGGGGGGGGGGGGG8W!
aG8!/’0)’(12N7!B27*’*<*’#21A!3*&<0*<&4!;#&!I==&477’2(!@&#$4&*%!I>12=#2D42*GGGGGGGGGGGGGGGGGGGGGGG8W!
aG8G8!@&#$4&*%!91[!?1:!ID42=D42*7!’2!8^^^GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG8U!
aG8G,!/’0)’(12N7!?12=!M12L!K17*!9&10L!I0*!#;!,--eGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG8U!
aG,!J424744!"#<2*%!?12=!M12L!K’2120’2(!12=!P$4&1*’#27GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG8.!
eG-!E;;40*7!#;!@&#$4&*%!I>12=#2D42*!#2!@&#$4&*%!‘1A<47!’2!KA’2*GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG,a!
eG8!/417<&’2(!H’71D42’*%!E;;40*7!#2!@&#$4&*%!‘1A<47GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG,e!
eG,!I&41!#;!3*<=%GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG,U!
eGa!H1*1!"#AA40*’#2GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG,.!
WG-!@&#$4&*%!‘1A<4!BD$10*7!#;!*)4!J"?M!3*&<0*<&4!H4D#A’*’#2!@&#(&1DGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGa,!
WG8!/4*)#=!;#&!E7*’D1*’2(!@&#$4&*%!‘1A<4!BD$10*7GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGa,!
WG,!@&#$4&*%!‘1A<4!BD$10*!E7*’D1*47GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGaa!
UG-!"#20A<7’#27GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGaW!
UG8!@#A’0%!BD$A’01*’#27GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGaW!
UG,!?’D’*1*’#27!#;!9)’7!3*<=%GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGaW!
UGa!P$$#&*<2’*’47!;#&!K<*<&4!F4741&0)GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGaU!
.G-!F4;4&42047GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGa.!
I$$42=’[!IG!I==’*’#21A!B2;#&D1*’#2!#2!E0#2#D4*&’0!/4*)#=7!12=!\4=#2’0!I21A%7’7GGGGGGGGGGGGGGe8!
I$$42=’[!MG!JB3!3*&<0*<&4!"#<2*’2(!H’1(&1DGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGee!
I$$42=’[!"G!F47’=42*’1A!31A4!@&’047!’2!KA’2*GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGeW!
I$$42=’[!HG!"427<7!9&10*!‘1&’1>A47GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGeU!
I$$42=’[!EG!"1A0<A1*’#2!#;!\#<7’2(!@&’047!:’*)!12=!:’*)#<*!R41&>%!J"?M!H4D#A’*’#27GGGGGGGGe.!
I$$42=’[!KG!52’*!@&’04!H’;;4&4204!:’*)!12=!:’*)#<*!H4D#A’*’#2GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGek!
U!