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Home My WebLink About961805.tiff o L'r 9: 16 1996 Weld County PROPERTY ASSESSMENT STUDY Prepared for Colorado Legislative Council Thos. Y. Pickett & Company, Inc. Denver, Colorado e - bit fls ;c� 0611r�I�� 961805 THOS.Y. Valuation Engineers PICKETT Oil&Gas-Minerals Tax Consultants Industrial&Commercial Public Utilities Ratio Studies & COMPANY, INC. Real Estate Appraisals Data Processing Services September 15, 1996 Mr. Charles S. Brown Director of Research Colorado Legislative Council State Capitol Building -- Room 029 Denver, Colorado 80203 Dear Mr. Brown: Thos. Y. Pickett & Company, Inc., has completed the statistical analysis and procedural verification of the applicable classes and subclasses of property in Weld County. This final report documents the results and associated recommendations of the analysis. The statistical analysis has been conducted in complete accordance with the following procedures: the Request for Credentials and Proposals to Conduct a Colorado Property Assessment Study, dated July 18, 1994; the contract dated November 15, 1995; the Standards on Ratio Studies approved and published by the International Association of Assessing Officers in July 1990. Respectfully submitted, THOS. Y. PICKETT & COMPANY, INC. Abe David Pennington 4155 East Jewell Avenue,Suite 809 Denver,Colorado 80222•(303)691.9986•FAX(303)757-4898 1996 Report Weld County Table of Contents PROPERTY ASSESSMENT STUDY 1 Summary Results Of Sold Parcels Analysis 2 Summary Results Of Sold Parcels By Economic Area 2 AGRICULTURAL LAND STUDY 3 AGRICULTURAL OUTBUILDING AND RESIDENCE STUDY 4 PERSONAL PROPERTY STUDY 5 SALES VERIFICATION 6 ECONOMIC AREA EVALUATION 6 SUBDIVISION DISCOUNTING 6 NATURAL RESOURCE STUDY 7 Earth Or Stone 7 Producing Gas 7 Producing Oil 8 Non Producing Patented Mining Claims 8 NOTICES OF VALUATION 8 APPENDICES 9 1996 Property Assessment Study Weld County Thos. Y. Pickett & Company, Inc., (The Company) has concluded a property assessment study for each of the 63 counties within the State of Colorado. The study was conducted pursuant to the provisions decreed in the Constitution of Colorado and the Colorado Revised Statutes [CRS] Sections 39-1-104, governing valuation for assessment. The fundamental objective of the 1996 study was to ascertain that each county assessor complied with Colorado's mandated guidelines in valuing all applicable classes of property. By addressing the research through a ratio study and the associated statistical analysis, assessed values were compared to qualified sales transactions within Weld County. When qualified sales did not meet sample size requirements, appraisal ratios were calculated. The prevailing level of ratio (or global level of assessment), measured by its median value, and the variability of the ratio, measured by the coefficient of dispersion (COD), were then compared to the benchmarks established by the Colorado State Board of Equalization. When individual parcel ratios for a particular property class are arrayed by numerical value, the value of the ratio that lies in the middle of the array is defined as the median ratio, a measure of central tendency (half of the ratios are greater than the median ratio and half are less). Any parcel appraised at its market value will have a ratio value of 1.00. The coefficient of dispersion is the measure of an individual parcel ratio deviation from the median, and thus indicates how uniformly the assessor is valuing parcels. The Colorado State Board of Equalization has established the following standards that all county assessors are required to achieve: PROPERTY CLASS MEDIAN COD Vacant Land 0.95 to 1.05 20.99 Residential 0.95 to 1.05 15.99 Commercial/Industrial 0.95 to 1.05 20.99 This report presents the analysis and associated conclusions with regard to property valuations within Weld County for the 1996 tax year. By law, these valuations are based on the tax status date of June 30, 1994. Results of the analysis are summarized in the following table. The complete analysis, including frequency distributions of ratios by class, plots of 1996 assessed value verses the sales price, complete ratio results and stratification of results in single-family class has been appended to this report. 1 F96-62 SUMMARY RESULTS OF SOLD PARCELS ANALYSIS NUMBER OF UNWEIGNTED 1'. LOWER 95% UPPER 95% COEFFICIENT PROPERTY QUALIFIED MEDIAN CONFIDENCE CONFIDENCE OF CLASS SALES RATIO LIMIT LIMIT DISPERSION COMMERCIAL 132 100.00 98.24 100.09 12.27 AND INDUSTRIAL N/A N/A N/A N/A N/A CONDOMINIUM 2557 99.07 98.73 99.47 8.74 SINGLE FAMILY 755 98.75 97.66 99.47 8.10 VACANT LAND SUMMARY RESULTS OF SOLD PARCELS BY ECONOMIC AREA LOWER 95% UPPER 95% COEFFICIENT ECONOMIC QUALIFIED MEDIAN CONFIDENCE CONFIDENCE OF AREA SALES RATIO LIMIT LIMIT DISPERSION 000001 145 97.37 95.42 98.58 9.49 000002 198 97.86 95.69 99.10 8.58 000003 266 99.63 98.91 100.55 6.03 000005 92 99.55 97.96 100.75 7.27 000006 158 100.75 99.77 101.83 6.31 000008 104 99.80 98.25 102.33 9.73 000015 239 96.66 95.37 98.20 8.01 000016 109 107.25 104.46 111.33 9.02 000017 99 96.17 94.83 99.38 11.21 000019 129 99.51 97.14 100.89 9.08 000021 102 99.09 97.93 101.57 7.46 000022 205 102.59 101.20 103.93 7.31 000023 255 100.56 99.46 101.42 8.03 000028 90 100.18 97.73 101.42 8.62 000029 89 97.73 93.75 98.92 11.34 000030 31 89.01 80.19 95.12 12.00 000043 J 126 94.56 92.60 96.79 10.70 000045 112 96.01 93.71 97.67 9.80 2 F96-62 CONCLUSIONS The sales ratio analysis for the property classes analyzed in Weld County indicates that the median ratios and their associated coefficients of dispersion are within the benchmarks established by the SBOE. No significant differences between the change in assessed value for sold parcels and the change in assessed value for comparable unsold parcels in any classes were identified. RECOMMENDATIONS None. Agricultural Land Study LAND GLASS ACRES TOTAL ACTUAL VALUE PER RATIO VALUE ACRE Irrigated Farm 408,340 $156,607,264 $383.52 0.99 Dry Farm 588,175 $38,764,400 $65.90 1.00 Meadow Hay 19,472 $2,374,165 $121.93 1.01 Gniting 1,397,803 $18,536,965 $13.26 1.00 waste 17,554 $105,324 $6.00 N/A TOTAL 2,431,344 $216,388,118 FINDINGS Soil data and soil maps in the SCS Soil Survey for the County were the basic tools in the land classification. The County has aerial photos to verify cropland acres. With the aid of SCS Range Site Maps and Range Site Descriptions, grazing land is classified appropriately by carrying capacity . The crop rotations and lease terms used accurately reflect land use in the County. Production areas are established within the County. Crop yields as a percentage of the ten-year County average reported by the Colorado Agricultural Statistics Service are: irrigated corn 100%, irrigated hay 98%, dryland wheat 100%. 3 F96-62 Commodity prices, expense items, capitalization rate, and the pumping cost formula specified by the DPT were used. A ten-year average of local figures documents the crop yields and expenses. Some irrigated land was found under Abstract Code 4107 that should be Abstract Code 4117. RECOMMENDATIONS None. Agricultural Outbuilding and Residence Study Thos. Y. Pickett & Company, Inc., conducted an agricultural outbuilding procedural verification. Each county was expected to complete physical inspections, utilize appropriate cost measures, apply correct local multipliers, and verify that the assessors have correlated values along county lines. With this in mind; five sample benchmark properties were studied in all counties. Each county provided their average unit cost, life expectancy and RCN of a 2000 square foot barn, a 2500 square foot utility shed, a 300 square foot cattle shed, a 1500 square foot equipment shed, and a 400 square foot hay shed. Using the Marshall & Swift Cost Analysis Program, Weld County's sample buildings were compared to the Marshall & Swift standard cost of each building. The county was then compared and ranked to its surrounding counties. The following local multipliers are being used: Class C .95 Class D .95 Class S .95 Weld County has established a regular rotation for inspection of agricultural properties. There are facsimiles or photographs available that represent the more common agricultural outbuildings which assist an appraiser in identifying the building types when in the field. Agricultural Outbuildings Inspected: • Calendar year 1995: 12% Calendar year 1994: 25% Calendar year 1993: 12% RECOMMENDATIONS None. 4 F96-62 SUGGESTIONS While the calculated values on agricultural outbuildings are in compliance with the standards established by the SBOE, Weld County is employing unit cost or life expectancy figures that do not follow the procedures established by the Division of Property Taxation. In order to establish consistency with surrounding counties, Weld County should review and consider adjusting cost and/or life expectancies on the following agricultural outbuilding type or types: Utility sheds Cattle sheds Equipment sheds Personal Property Study Thos. Y. Pickett & Company, Inc., conducted a procedural study on the overall approach to personal property in Weld County. The study was executed in compliance with the provisions of Article X, Section 3(2)(a) of the Colorado Constitution and CRS Section 39-1-104(16). PROCEDURAL VERIFICATION In accordance with ARL Volume 5, Weld County has an established discovery process for personal property. The time frame employed for the 1996 audit was June, 1995 through May, 1996. Schedules were selected for audit based on the following criteria: 1. Non-filing or 'Best Information Available' assessments. 2. Incomplete or inconsistent declarations. 3. Accounts with discrepancies from prior audits. 4. Geographic area. A random selection of schedules was identified for statistical analysis. Present worth established by Weld County was compared to present worth developed by the Company. Specific items valued by techniques other than cost trending and depreciation were excluded from ratio analysis. Weld County used the indices, depreciation schedules, economic life and level of value adjustment factors recommended in ARL Volume 5. Further adjustments for any additional functional or economic obsolescence were utilized, if warranted. F96-62 5 ANALYSIS RESULTS The ratio study on the randomly selected parcels indicated a median appraisal ratio of 1.000%. Therefore, the overall level of appraisal was in compliance with the current standards adopted by the State Board of Equalization. In accordance with the policy defined by the Division of Property Taxation, Weld County has a plan in place that meets or exceeds the requirements of auditing the appropriate number of personal property schedules each year. RECOMMENDATIONS None. Sales Verification Weld County maintains master sales, verified sales and qualified sales lists. Lists are maintained on a continuous basis. The verification process of all sales is supplemented with a letter or phone call when TD 1000's are incomplete. The sales list development evaluation includes a random sample of qualified and unqualified sales pursuant to State requirements. Vacant land, single family and commercial sales fall within accepted requirements. Economic Area Evaluation Weld County has identified the variables which influence property values of specific neighborhoods and has adequately documented the conclusions reached. The County has also mapped the economic areas and can readily identify the economic area for each property. Subdivision Discounting Weld County has developed marketing areas for vacant land parcels and has defined these areas by : 1. Divisions and filings. 2. Lot size and similarities. 6 F96-62 3. Analyzing the competitive environment. Questionnaires were mailed by the County to subdividers to gather information necessary for discounting. The County has documented its discounting procedures on each subdivision as well as the development of its discount rate of 11.5%. Subdivided land with improvements and market ub vacant subdivisions where at least 80% of the lots have been sold were appraised Natural Resource Study EARTH OR STONE PROCEDURESprovide The Colorado Revised Statutes, Article 39, Section 6, and ile all R thre Volume er3, hes to the guidelines in appraising natural resource property. value should be considered, the income approach is the most widely used in the valuation of earth or stone. Production and life of the leases were provided by the operator. There are to the gross tonno s available extracted sources to nto determine the landlord's t production. The economic location factor was applied ed by a tor theaactual value. The landlord's Hosko d Factor wascalculated using the efe of the Hoskold find t CONCLUSIONS The guidelines set forth by the natural resource valuation procedures were followed in determining these values. PRODUCING GAS PROCEDURESprovide The Colorado Revised Statutes, Article 39, The tonal and d the of gas Volume e the guidelines in appraising gas property. current average field price. All government royalty is deducted from the gross value sold to determine actual value. CONCLUSIONS The correct appraisal procedures were used in valuing gas production. 7 F96-62 PRODUCING OIL PROCEDURES The Colorado Revised Statutes, Article 39, Section 7, and the ARL, Volume 3, provide the guidelines in appraising oil property. The total barrels of oil are multiplied by the current average field price. All government royalty is deducted from the gross value sold to determine actual value. CONCLUSIONS The correct appraisal procedures were used in valuing oil production. NON PRODUCING PATENTED MINING CLAIMS PROCEDURES In accordance with the guidelines established in ARL, Volume 3, the market and income approaches to value were considered. The primary use of property established the parameters used in the valuation process. CONCLUSIONS The correct appraisal procedures were used in valuing non producing patented mining claims. Notices of Valuation PROCEDURES According to CRS 39-5-121 (1.5), the deadline for mailing notices of valuation of Natural Resorce and Personal Property is June 20th of each year. Records indicate. that accyrate NOV's were not mailed as of the required date. RECOMMENDATIONS Comply with CRS 39-5-121 (1.5) by mailing notices of valuation in a timely manner. 8 F96-62 Appendices Documentation of Statistical Analysis F96-62 9 Appendix A Sales Ratio Analysis 0 0 to •• • rn 0 0 In m 0 0 I al r • * 0 O in • • to 0 0 to to 0 O to a N 0 a. 5 U O L • • i N Y el 0 W O a.O • • 0 0 d N C Y •• • N Op -- V L O7 (.11O --1 W 0 CI J co • to O w O .-c O N H O m J O44, C i r •e o m t- o o m O O c a Y O O I RI J U O ccl H LLf CI- O L dCC o v z o w O to O a Z O O O to o I.- 0 N m c a Cr • • o e o to u O • ♦ !O 7 a Y C41 U O w O E O O Ul N ~ W er O O a O O N O 0 N N O 0 in O O a, cm A N d I- , t U _i___-_-- c... O o o LL) t. 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W LL 6 LL F. 01 N CO n 0 CO 0 0 N 0 F 01 .- O F 2 2 0 0 CO A 0 CO 01 0 V 0 01 0 0 F 0 .- .- 0 ¢ l < q 0 0 — (00010N01000011.- 011. 001 D. CD 0 0 Q ¢ .- F O Z dP h w 0 3 10 0 0 0 CO A A 0 A N N CI N 0 — m 0 0 2 0 .0 0 •- N m 01 0 CO CO0 N 0 A 0 N 0 N 2 J O en 0 n ' O CO 01 V O CO 0 CO 0 0 001 W W O q O O O O g 0 m 0 .- 0 0 0 .- 01 N O 0 q 1 6 a- LL € < U 0 H i z O 2 J Q 8 F W W 0 2 N Y q v.. 0 A O 0 q 0 N 0 0 CO .- N V 0 I 01 2 ON O N 00 0 0 0 0 0 U1 CO CO 0 m r- V A N a W ID CC J W 0 O CO O a g q q 0 V g CO 0 0 0 0 0 0 0 0 0 0 00 N m g m lq. OA1 I. LL 3 LL ¢ 0 O U 00 Q 0 L Y a. 0 0 q 0 O f a N C O nO O 0 A O N O 0 ' o CO N g 0 A .- m CO 0 0 UW'111 Q F O CO 0 0 0 0 n 0 0 0 0 CO 0 0 c- CO N O C 0 0 MID a 0 0 O N N O 0 O N O N O CO 0 CO 0 0' 0 ""1 Z O g m 6' 0 0 0 O ^ CO 0 0 n 0 0 0 O 0 O 0 N o 0 4-•L 0 0 < Co r r0 3 ¢ 2 L OU= J Z O W 0 is 2 Y 0 0 NN A O P O m O Y NO O m m 0 C a o W CO m 0 0 A 0 0 O NI O CO 0 0 CO 0 O Y .. O m o J CL E 2 W LL co a 0 0 N 0 O N O m 0 0 0 0 A N O N g N 0 W O F N F F N CO m .- h ... 0 11.4 o LL 0 U 0 o 0 co W m a 5- N 2 3 O 0 00 •-• 8r a� Co, J Y 0 2 2 0 N N , 00 p O O CO Y U J ¢ J 2 0 0 0 00 CO O O 0 W J W 6 0 0 0 . 0 ti O O d Z. O - , - n LL_ _P. J p W 0 i 0 0 .— c., 0 JP 0 LO LL 2 0 Ca 0 0 `m in ar f f 1a 0 a O aen q N ¢ In 0 0 N . N N N F. O 2 J 2 0 N O 0 0 0 m 0 Z W a q 0 0 0 0 0 0 a Co J 2 W m 0 0 LL 0 F o 2 F Q 2 Z O O 0 0 0 N 0 0 N N 0 0 0 . . 00 Q O 0 0 0 V N CO N 0 0 . 0 0 0 N 1- . O O � 0 A O 0 0 0 CO N A q ON O N O 0 0 00 C 0 001011- 0 0 0 0 0 O O O o N 0 A O O 0 H CO O W m N D. O 0 A V CO CI Y m .- n .- N 01 0 11 V J N m m O - N I F 11 O 1 0 O 2 c, C.) 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A < ; IF N 14 0 0 0 f- 0 CI 0 1 0 O V A 0 0 0 LL a W0 •E.I - J N < F 0 CO r2 W 0 0 O CO W W 0 < in ,- (O ,- u) co O Q 0 6• N 0 0 ,- 0 0 o 00 w J �d CO 00 0 0 0 0 0 a • .- ..- ..- 0 IL W L LL O 0 a r 0 ' € IL a 0 0 CC C illi n O 0 E wr 0 O _ 0 rFi I- 0 O 0 'l K 0 0 - 0 0 It CO < W a < 0 0 001 00 00i a CC E O 3 LL 0 F O F a 2 W < 0 2 CC 0 2 < WCO N h 0 N (0O 3 p F I- 0 0 0 0 S < 0 0 0 0 0 LL LL CO II 0 1-1 IL N 0 CO I- II A • < < 0 0 N N 0 1 0 20 0 0 II N W < " W J ` .- N N V 1a • >1 .-• .-i F- 4 1 M _E .E 'N0 E E 0 0 I• 0 A 0: f- w w w w V- W a.0 00000 CC O O~Co 0~Co~rn 0. a a c c -I CO CO N N N a J < O r N W W Z O O O O O ¢ w 0. W LL ¢ LL or • O 0 0 0 F• Z 0 O 0 N 0 01 .* <w r 04 0 •0 ' CO ¢< a o - o g If) 04 0 S i CO 0 N N a CC W J W . 0 •- 0 0- - ¢ O. LL 0 O 0 < 0 0 i- 5 Z J O Z Ill 0 r W Z 0 S i 00 0 0 7 0 I' ••••• O o ¢ J W O O O O O O m Z al o J U < Y w .0 0 0 H 6 I- a ZZ ¢ U' Z 0 < N 0 0 0 a C < O IN ¢ ' O 0 '- O CO U 't O < m IT z S U Z p •C So M co C 0 0 J O W 0 001 0 0 0 E V LL N •- 0 0 0. 0 J LL N Z. 0 0 ca v o N O O It a J N CO < IT CO i 0 O i a O ✓ es W w CO 2 C CO 0 N T N 4_, N 2 < ¢ J 2 0 CO 0 0 0 m W J W < 0 0 0 0 0 a 0 o a u. o o a W J 2 � 0 F- 0 0 r 0 -- ¢ N LL C O Z m E 0 O O 0 I- a r r m - N Q 0 0 0 t h 0 S LL' a - 0 �- 0 . 0 2 A W cr J 6 0 01 0 0 0 m a w LL O f- a J W • S C 0 0 Z A 0 0 O 6_ 0 N 0 N 0 h 0 t0 W S 0 r 0 A CO 00 0 4 LL Lit Gu) 1 O Ol 0 Y N 1 co O N J J • < < N in 1A a in 1 N Z0 J CO ; N ¢ > r J a or .- N C a 0 LL J W 0 T T T ti ti'1 .-1 ti ..i > ESINEE C• O 4- 4- 4- : 4- w ID ID O 0 m .m1 -m-1 ti •4i ¢ C 0 0 0 0 6 0 0 0 0 0 I J < LJ W 2 0 0 0 0 0 Q 6 ¢ J (Si 1 W LL ¢ Li. fa • d N O d CO F 22 0 in o N 00 FI W f d 0 0 0 Q 2 - 0 0 0 O dP F w 2 '. N. N m m 01 3 a 6 J 0 0 N CO 0 CO W W 0 0 0 6 a. 0 = =0 < N F = J 2 O 2 ILI o w J F WO 0 a 2 N d m m N L J LL w W N O 0. N 0 0 - - Oa ,. a LLcc 0 L o J 2 0 d 00 < a N m J N 0 N S <W .. 2 06a• W 2 w Ip m CO CI 01 m C < o ¢ w m• 2 0 0 8 _ 0 0 0 0 t 0 ii 2 I _ .O w 0 0 0z J ¢ d CO N 0 a < w2 4-4 0.w .- t41. 0, 01 ✓y 0- 0 .- CO A N 0 2 LL ti S o m 0 CO 0 U- Ill 0 0 J E CO < F CO - ma 2 O 2 0 CO W O J Li. 8 F F L W 4. N O. < 0 < 0 2 Z2 0 N N N CO 0 O O W la M CC J Q 0 0 0 0 0 ti ¢ 0 0 0 O 0 .0 0- W ¢ IL O J O F J O 2 0 0 0 0 8 O N LL C 0 0 2 E N 0 0 N F 0 aP F F J N 0 N I- N r 9^ O m M 0 N r CO o CO 0 QLO 1!I CC J < 0 0 0 01 01 0 CO E .N F J Z W F ¢ 0 2 O 2 0 0 0 0 0 LLJ < O 0 d 0 0 0 O F 0 0 0 0 0 LLI2 2 0 0 0 0 0 LL ti (0 O w 0 n n P O IIII n J J - O O - 11 N • < < N N N N N II N 20 0 0 CO 11 N II CO W F W 0 W J .- N I7 d N 2 < ¢ V! O. N F N CO CO N NE m W C/3 F V- 4F F 4 te 05 0 0 0 .0i -. ¢ 0 0- - - 0 O a CCCCC (0 (000 (0 Appendix B Sold / Unsold Analysis O W J 0 O O N 0 2 O O h 0 0 N . O CO 0 0 2 N N - < 0. 0 .. J O N O {Al CO Z 2 0 O 0 0 00 B F . . N 0 N O O N N O 0 0 J O inc., W 0 O N 0- J N .- 0. LL O N N = O 2 N 0 0 ,- 5 J• z U., 0 0 0 0 00 O 8 F Z N A. < 0 N 0 w 0 2 S N 0 < O O 0 O N 0 J LL < W 0 0 0 26 c • J N 00 J J 2 22 h tot e 0 0 0 in O - N F_ H_ 0 A. 2c 2 0, O O N Z0 0 < 0 a M CO N J 0 • � 0 N W Ch 0 CO CO 3 0 > N N N .- 2 CO • 0 N 0 0 I- < I- m• CC m CO z - 0 O O O O a J a r- cJ O O O CC 0 0 2 < N CI W Y. 0 Z O < < ¢ J O • LL 0 d • 0 N N J 0 0. LL J N > =0 0 CO CO 0 O a w 0 0 O 0 W 2 2 N < 0 0 0 0 < 0 e I- 0 OOO 2 0 0 1 < N N N 1-. 0 r t 0 0 2 J 0 W 6 W 0 < $ $ 0- 0 LL O N • N < Z X O co 0 0 z O W Z W < 0 0 0 1 < 0 0) 0 0 0 z 0 0<< •-• A- 0 0 W N O A- Z 0 . O 0 0 N O - 0 . N J > 0 N N < 0 N 0 LL W O N 0 CO 0 • MW O 0 0 J r) N Z J < N G OJ 0 0a 0 (00 > N C a r ea o 0) O 0 0 0 3 O 0 0 CO 0 0 N a 0 0 CO in or O 0 a a m m a a 0 0 0 0 ii II 0 N M A U a A o a n 0 ` > 0 0) CO a O 2 10 10 o a a co N V 0 0 N +aa rr N C I- 1` J N N CC < 1 J Z O r+ J CO O U 5 LL y 0 F 0 ID 2 a 0 0 o co 0 0 — a I a s 0 U C- N N II C a a 0 0 0 a C LL ~ W 0 W J II '.'I a 3 W 3 a - 0 CO ^ N CO O - ¢ > 1 F p E J 0 Y J 0 4 0 O A 0 a W a 0 4- E a 0 01Qa 0 C '0 0 0 4 W 0 0 0 J• 6 00 a U 0 n 0 a >` a CO a . .al 0 0 0 CC▪ 0 0. W F O 0 > 3 0 00 00 H Y 0 L > 0 E ~ W 0 a a CO n 0 0 cn 0 F.2 Le a a 0 a 0 Q C 3 Z O .4 0 0 CO N P.- CO V ti to co - < LL ! a M 0 0 CO N 0 0 >. cc 0 to = u r CO CO F W J L 0 CO N 0 0 0 CO 2• Y a 0 —1 0 CO CO n 0 ^I < O Q U¢ a. N 0 N co m Q E 0 CT T CO 0 0 r U O N a 3 t") N 0 II 0 M CO co a O W▪ 0 2 J "i . 4 CO O a II o a 0 z 5 2 3 co m U F 0 Z 0 O 2 Q F N 0 W -1 F 0 N 2 0 0 a a W 0- 0 >- J F O 0 CO J N CO 0 2 0 0 0 co c a m 03 n A- N S 0 m 0 0 CO CO 4- N N CA CO N A- in V O O n n O O O 0 0 0 II II O N W A U a A O a n o a 2 in LO d VO 0 m m m CO V a) 0 0 M V m m m C N N J A N O O0 J < i 0 rl J m 0 U m O - LL > n F- CO m 2 10O 0 0 a m J 0 0 S 0 O m O U C V L 0 0 0 0 0 0 m m CO FL O 3 W W J N m a II V IAI 0 Of a- F a —N a m 2 m 0 W 4-I C E > d f o .I Co < « J co < CO 0 0 OL CC lal LL D LL W 0 0 0 4- E n < I C IO 0 0 0 <WU J n CO 0 0 0 .0 J 0. L d us a co > < J 6 0 -.-I a < = U 0 .0 0 L L Cr a .4 CO O C d W F Y 0 > ; 0 CO J C > 0 L T 0 L L XI co 2 U n < 0 > 0 Z CO .. 0 a 0 < ¢ C 2 L a w 0 O O U 0 O d 0 _N 0 0 - m Y -N Z2 F F n m0 < ON E O d CO 0 0 T CC 0 0 J 0 N 4- OI I- Fi IX J L in CO m r.-0 < < 0 0 a a C m a UQ d co U < Eo. O T CO• 2 2 2 a F. N • ; ▪ U O 2 C N C H LU J 0 0 0 3 o 0 II a W CO 2 ZF J 3 CO i U O 2 F < L. O W J F- O m z n n CD 0 CO n N N W d 0 T J F- 0 0 m J CO CO O 2 O CO J a C a N CO A L F N O 0 - W 2 0 0 Y 0 0 a 0 n O 0 O - 04 F. O O O O O 0 O 0 0 0 IIii - 0 Ni- N r A 0 o A 0 • a CL 0 L > 0 0 0 a. O S 0 ID O 0 0 CO 0 a L0 CO n « a 0 0 CO C 0 0 0 n o S0 F.2 O N J 0 0 0 6 O - LL 0 IV 2 13 0 m D a r a o o 0) 0 — M n W L d Y 0 II v C 0 is 0 0 — — — — O C LL W 0 W J II ..-I a 3 W 3 0 —N 0 M C 0- ca J 0 .0 0 0 0 C a w a O 'F Na LL ¢ a0 W ✓ Ch a x W• < > 0 C 0 O 0 L0 0 J CO C J CO 0 0- U CO 0. 0 wo CC F U 6 O o0 > 3 0 co IJJW o 6 n to n 0 0 0 2 Z• 0 u 3 S 0 .L CD 0 0 Y 0 0 n N • a 0 ..I 0 0 CO 0 0 0 > 6 0 0 0 0 N 0) F' F. O < < 0 n N CO eV 0 C O N < O 0 6 N U a Q a O >.n O w 2 c ca z cc co O 3 O < O a 0 • U S d II O l W O CO 03 0 ..1 N0 o a II a W co 2 CO3 2 0 W F J 2 0 O 2 < F CO 0 W J I-- o to 2 0 0 a a N N W O. 0 J F 0 0 CO J 0 0 0 2 O 0 J W O 1 m 8 w ho be cr2 A U ES R 0. 4ga En g 2 � o U nt 0, y A , as PT46 $ W I be � wz 4 i I a rt 0,.., , , T s ., c , © n ; I ' * ■ U ad t C 1 s 1.y� g) F A C4). Q I 9 `" n 4 $ e. WgU LT N Yi CO G.T4 § 5 [ ii •s r d 47 n L r 34 o :m) U) U9 • O 5 g o be bed C 11 U 1 U �l 8 w U ate, II1 te Z• ra � ° o 5 g C-)way 2 al 7 A § 5 e g W 2 E Appendix C Unit Cost Graph o � � 1 � �� o o , o , ;, o � % q �' � � ��5 � � j �p � � � � � 5 �7 � ' I i a W � Y � � �� : � � � � I � � � ,' Y � i�i W � � ' � U r� N � C < m o o � w 1� � �� '� � � _i__�__._ m � I -�.. c+� . cr � � � � � �V V � � �..,,.�, v �, �� ' ��, � � ' � �`� � �� W � � � � � �� N �..,\� V � � �� .... � � �� O � � � � � �R�'p ' � � \ 0 � � CV � N � � �� ' �� N [ � \ � a � � � � � � � � � �. \ i. � � _ �^ � � � � � rn � � I � N �.\ � O � � � �.y � '6 �'I� � � , � � 7 U'�V �i a8 � �O � \\T � N F�l \ �>y��/yy, � � � � � �/5 J � C� C CO I \ Q U � � g F m � � � � � m d _ � m m �, � v Q � � c � � m I _ — Hello