1HEUDVND+LVWRULF%XLOGLQJV6XUYH\ :HEVWHU&RXQW\
3UHSDUHGIRU
1HEUDVND6WDWH+LVWRULFDO6RFLHW\
3UHSDUHGE\
0HDG +XQW,QF :DWWV5RDG 0DGLVRQ:, SUHVHUYDWLRQ#PHDGKXQWFRP
$XJXVW
([HFXWLYH6XPPDU\
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
6XUYH\HGSURSHUWLHVZHUHHYDOXDWHGIRUWKHLUSRWHQWLDOWREHHOLJLEOHIRUWKH1DWLRQDO5HJLVWHURI+LVWRULF3ODFHV 1DWLRQDO5HJLVWHU 7ZHQW\LQGLYLGXDOSURSHUWLHVLQ:HEVWHU&RXQW\DUHUHFRPPHQGHGDVSRWHQWLDOO\HOLJLEOHIRU WKH1DWLRQDO5HJLVWHU
:LWKLQWKHUHSRUWZKHQDVXUYH\HGEXLOGLQJLVPHQWLRQHGLWV1H+%6VLWHQXPEHUIROORZVLWVUHIHUHQFHLQWKHWH[W :7IRUH[DPSOH 7KHVHVLWHQXPEHUVEHJLQZLWKDQDEEUHYLDWLRQRIWKHFRXQW\:7IRU:HEVWHUDQGDWZR GLJLWQXPEHUUHIHUULQJWRLWVORFDWLRQZLWKLQWKHFRXQW\(DFKFRPPXQLW\KDVDQXPEHUIRUH[DPSOH$PER\LV ´µDQGUXUDOVLWHVDUHQXPEHUHG´µ7KHODVWWKUHHQXPEHUVUHIHUWRWKHVSHFLILFEXLOGLQJRUVWUXFWXUHZLWKLQ WKH1H+%6LQYHQWRU\
0HDG +XQWZRXOGOLNHWRWKDQNWKHIROORZLQJVWDWHDQGORFDORUJDQL]DWLRQVDQGLQGLYLGXDOVIRUDVVLVWLQJXVZLWK WKLVVWXG\ +HOHQ0DWKHZRIWKH:HEVWHU&RXQW\+LVWRULFDO0XVHXP %LOO&DOODKDQ-LOO(EHUV%RE3XVFKHQGRUI DQG 6WDF\ 6WXSND%XUGD RI WKH 1HEUDVND 6WDWH +LVWRULF 3UHVHUYDWLRQ 2IILFH 1H6+32 DQG WKH VWDII RI WKH 1HEUDVND6WDWH+LVWRULFDO6RFLHW\$UFKLYHVDQG/LEUDU\
0HDG +XQWSUHSDUHGWKLVUHSRUWXQGHUFRQWUDFWWRWKH16+6$UFKLWHFWXUDOKLVWRULDQVIURP0HDG +XQWZKR FRQWULEXWHGWRWKHVXUYH\DQGUHSRUWLQFOXGH(PLO\6FKLOODQG&KULVWLQD6ODWWHU\
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
7KH SDSHU XVHG LQ WKLV SXEOLFDWLRQ PHHWV WKH PLQLPXP UHTXLUHPHQWV RI WKH $PHULFDQ 1DWLRQDO 6WDQGDUG IRU ,QIRUPDWLRQ6FLHQFHVSHUPDQHQFHRISDSHUIRUSULQWHG/LEUDU\0DWHULDOV $16,
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
LLL
&RQWHQWV
([HFXWLYH6XPPDU\ LLL
&KDSWHU+LVWRULF2YHUYLHZ /DQGVFDSHDQG(QYLURQPHQWRI6RXWK&HQWUDO1HEUDVND :HEVWHU&RXQW\ &RPPXQLW\'HYHORSPHQW 1RWHV
&KDSWHU6XUYH\5HVXOWV 5HVHDUFK'HVLJQ 6XUYH\5HVXOWV 1XPHULFDO6XPPDU\RI6XUYH\5HVXOWV
&KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV :LOOD&DWKHUDQGWKH3LRQHHU6SLULW :LOOD&DWKHU7KHPDWLF*URXS1RPLQDWLRQ 6XUYH\0HWKRGRORJ\ 6XUYH\5HVXOWV &RQFOXVLRQ 1RWHV
&KDSWHU5HFRPPHQGDWLRQV 1DWLRQDO5HJLVWHURI+LVWRULF3ODFHV5HFRPPHQGDWLRQV 6XUYH\DQG5HVHDUFK1HHGV
&KDSWHU3UHVHUYDWLRQ2UGLQDQFHVLQ:HEVWHU&RXQW\ ,QWURGXFWLRQ %HVW3UDFWLFHV %DFNJURXQG 5HG&ORXG
&KDSWHU3UHVHUYDWLRQLQ1HEUDVND 1HEUDVND+LVWRULF%XLOGLQJV6XUYH\ 1DWLRQDO5HJLVWHURI+LVWRULF3ODFHV &HUWLILHG/RFDO*RYHUQPHQWV 3UHVHUYDWLRQ7D[,QFHQWLYHV )HGHUDO3URMHFW5HYLHZ 3XEOLF2XWUHDFKDQG(GXFDWLRQ 1HEUDVND6WDWH+LVWRULF3UHVHUYDWLRQ2IILFH&RQWDFWV
Y &RQWHQWV
,QYHQWRU\RI6XUYH\HG3URSHUWLHV
%LEOLRJUDSK\
*ORVVDU\RI$UFKLWHFWXUDO6W\OHVDQG6XUYH\7HUPV
YL 7DEOHVDQG)LJXUHV
7DEOHV 7DEOH1XPHULFDO6XPPDU\RI5HFRQQDLVVDQFH6XUYH\5HVXOWV 7DEOH1XPHULFDO6XPPDU\RI5HFRQQDLVVDQFH6XUYH\E\+LVWRULF&RQWH[W 7DEOH1XPHULFDO6XPPDU\RI5HFRQQDLVVDQFH6XUYH\E\/RFDWLRQ 7DEOH,QGLYLGXDO3URSHUWLHVLQWKH:LOOD&DWKHU7KHPDWLF*URXS 7DEOH5HHYDOXDWLRQRI3URSHUWLHVZLWKLQWKH(OP6WUHHW+LVWRULF'LVWULFW 7DEOH3URSHUWLHVZLWKLQWKH(OP6WUHHW+LVWRULF'LVWULFW 7DEOH5HHYDOXDWLRQRI3URSHUWLHVZLWKLQWKH0DLQ6WUHHW+LVWRULF'LVWULFW 7DEOH3URSHUWLHVZLWKLQWKH0DLQ6WUHHW+LVWRULF'LVWULFW 7DEOH 5HHYDOXDWLRQRI3URSHUWLHVZLWKLQWKH5DLOURDG$GGLWLRQ+LVWRULF'LVWULFW 7DEOH3URSHUWLHVZLWKLQWKH5DLOURDG$GGLWLRQ+LVWRULF'LVWULFW 7DEOH5HHYDOXDWLRQRI3URSHUWLHVZLWKLQWKH6HZDUG6WUHHW+LVWRULF'LVWULFW 7DEOH3URSHUWLHVZLWKLQWKH6HZDUG6WUHHW+LVWRULF'LVWULFW 7DEOH,QGLYLGXDO3URSHUWLHV5HFRPPHQGHG3RWHQWLDOO\(OLJLEOHIRU WKH1DWLRQDO5HJLVWHURI+LVWRULF3ODFHV
YLL
&KDSWHU +LVWRULF2YHUYLHZ
/DQGVFDSH DQG (QYLURQPHQW RI 6RXWK &HQWUDO1HEUDVND
´$V,ORRNHGDERXWPH,IHOWWKHJUDVVZDVWKHFRXQWU\DV WKHH[SDQGLQJUDLOOLQHV7KH5HSXEOLFDQ5LYHUZLWK WKHZDWHULVWKHVHD7KHUHGRIWKHJUDVVPDGHDOOWKHJUHDW LWV VXSSO\ RI ZDWHU DQG WUHHOLQHG EDQNV DOVR SUDLULH WKH FRORU RI ZLQHVWDLQV RU RI FHUWDLQ VHDZHHGV DWWUDFWHGHDUO\VHWWOHUVWR:HEVWHU&RXQW\ ZKHQ WKH\ DUH ILUVW ZDVKHG XS $QG WKHUH ZDV VR PXFK PRWLRQLQLW WKHZKROHVHHPHGVRPHKRZWREHUXQQLQJµ :LOOD&DWKHU0\$QWRQLD
:HEVWHU&RXQW\LVORFDWHGLQVRXWKFHQWUDO1HEUDVND ERUGHULQJ .DQVDV 7KH UHJLRQDO ODQGVFDSH RI VRXWK FHQWUDO 1HEUDVND LV FKDUDFWHUL]HG E\ D VHULHV RI UROOLQJ SODLQV DQG SUDLULHV 7KH /LWWOH %OXH 5LYHU LV ORFDWHG LQ WKH QRUWKHUQ SDUW RI WKH FRXQW\ DQG WKH 5HSXEOLFDQ 5LYHU LV ORFDWHG LQ WKH VRXWKHUQ SDUW RI WKHFRXQW\$ VHULHVRILUUHJXODUO\VKDSHGSODLQVDQG ORZO\LQJ DUHDV RI GUDLQDJH FRPPRQO\ NQRZQ DV ´WKH 'LYLGHµ FKDUDFWHUL]H WKH DUHD EHWZHHQ WKH ULYHUV DQG WKH PDMRULW\ RI :HEVWHU &RXQW\ LV :HEVWHU&RXQW\0DS LQFOXGHGLQWKLVUHJLRQ :HEVWHU&RXQW\ 7KH H[SDQVLRQ RI WKH UDLOURDG LQGXVWU\ LQ WKH ODWH ´7KHUHZDVQRWKLQJEXWODQG QRWDFRXQWU\DWDOOEXWWKH VIXHOHGVHWWOHPHQWDQGDJULFXOWXUDOHQWHUSULVHLQ PDWHULDORXWRIZKLFKFRXQWULHVDUHPDGHµ VRXWK FHQWUDO 1HEUDVND $V QHZ UDLO OLQHV EHJDQ WR :LOOD&DWKHU0\$QWRQLD PRYH ZHVWZDUG PDQ\ VHWWOHUV ZHUH OXUHG E\ WKH SURVSHFW RI FKHDS ODQG DQG DJULFXOWXUDO RSSRUWXQL 1DWLYH$PHULFDQ WULEHV LQKDELWHG WKH 5HSXEOLFDQ WLHV 6HYHUDO :HEVWHU &RXQW\ FRPPXQLWLHV 5LYHU YDOOH\ IRU FHQWXULHV SULRU WR 1HEUDVND LQFOXGLQJ %ODGHQ DQG %OXH +LOO ZHUH SODWWHG DORQJ VWDWHKRRG7KH3DZQHH,QGLDQVHVWDEOLVKHGDYLOODJH
&KDSWHU+,VWRULF2YHUYLHZ
VLWH QHDU SUHVHQWGD\ *XLGH 5RFN LQ WKH V ,Q SOHQWLIXO VXSSO\ RI XQGHUJURXQG ZDWHU 7KH V &DSWDLQ =HEXORQ 3LNH YLVLWHG WKH 3DZQHH SURYHG WR EH D GLIILFXOW WLPH IRU IDUPHUV DFURVV YLOODJHLQDQHIIRUWWRSHUVXDGHWKHFKLHIWRUHSODFHWKH 1HEUDVND DQG :HEVWHU &RXQW\ ZDV QR H[FHSWLRQ 6SDQLVKIODJZLWKWKH$PHULFDQIODJ3LNH·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·V SRSXODWLRQ GHFUHDVHG E\ PRUH WKDQ SHUFHQW EHWZHHQ DQG
*XLGH5RFNORFDWHGDORQJWKH5HSXEOLFDQ5LYHUF :7 :&+0
7KH 1HEUDVND JRYHUQPHQW RSHQHG :HEVWHU &RXQW\ &XWWHU·V/LYHVWRFN $JULFXOWXUH KDV VHUYHG DV WKH HFRQRPLF EDVH IRU ,Q :HEVWHU &RXQW\·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´%XW WKH JUHDW IDFW ZDV WKH ODQG LWVHOI ZKLFK VHHPHG WR 6WDUNH5RXQG%DUQ RYHUZKHOP WKH OLWWOH EHJLQQLQJV RI KXPDQ VRFLHW\ WKDW VWUXJJOHGLQLWVVRPEUHZDVWHVµ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·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·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·VSRSXODWLRQJUHZVWHDGLO\LQWKH ODWHQLQHWHHQWKFHQWXU\DQGLQ SHDNHGDW ,W ZDV GXULQJ WKLV SHULRG RI JURZWK DQG SURVSHULW\ WKDW PDQ\ RI WKH ODUJH FRPPHUFLDO EXLOGLQJV ZHUH &KDSWHU+,VWRULF2YHUYLHZ FRQVWUXFWHG WR VHUYLFH WKH FRPPXQLW\·V JURZLQJ ODUJHUFLW\%OXH+LOO·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·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· SURVSHULW\ ,Q &RZOHVSRSXODWLRQVWRRGDW :HVWVLGHRI0DLQ6WUHHWORRNLQJVRXWKLQ%ODGHQ F :&+0 *XLGH5RFN *XLGH 5RFN LV ORFDWHG LQ WKH VRXWKHDVW FRUQHU RI :HEVWHU&RXQW\QRUWKRIWKH5HSXEOLFDQ5LYHU7KH %OXH+LOO FRPPXQLW\WRRNLWVQDPHIURPWKH5HSXEOLFDQ5LYHU %OXH +LOO ZDV SODWWHG E\ DQ DJHQW RI WKH %XUOLQJWRQ EOXII NQRZQ DV ´*XLGH 5RFNµ :7 ZKLFK DQG0LVVRXUL5LYHU5DLOURDGLQ&RQVWUXFWLRQRI VHUYHG DV D QDYLJDWLRQ JXLGH WR 1DWLYH $PHULFDQV WKHWRZQVLWHEHJDQLPPHGLDWHO\DIWHUWKHVXUYH\ZDV DQG HDUO\ VHWWOHUV *XLGH 5RFN ZDV SODWWHG LQ FRPSOHWHG DQG D GHSRW ZDV HUHFWHG EHIRUH WKH \HDU EXW UHPDLQHG D VPDOO VHWWOHPHQW XQWLO ZKHQ LW ZDV RYHU 7KH PDMRULW\ RI %OXH +LOO·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·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´%ODFN+DZNWKHQHZZRUOGLQZKLFKZHKDGFRPHWROLYH V EXW LW ZDV QRW VXUYH\HG DQG ODLG RXW XQWLO ZDV D FOHDQ ZHOOSODQWHG OLWWOH SUDLULH WRZQ ZLWK ZKLWH 2QH RI WKH ILUVW FRPPHUFLDO HQWHUSULVHV D IHQFHV DQG JRRG JUHHQ \DUGV DERXW WKH GZHOOLQJV ZLGH FKHHVHIDFWRU\ZDVHVWDEOLVKHGLQ7KHIDFWRU\ GXVW\ VWUHHWV DQG VKDSHO\ OLWWOH WUHHV JURZLQJ DORQJ WKH RSHUDWHGWKURXJKWKHHDUO\ VVKLSSLQJSURGXFWV ZRRGHQVLGHZDONV,QWKHFHQWUHRIWKHWRZQWKHUHZHUHWZR WR 2PDKD DQG 'HQYHU %\ WKH YLOODJH·V URZVRIQHZEULFN¶VWRUH· EXLOGLQJVDEULFNVFKRROKRXVHWKH SRSXODWLRQ RI VXSSRUWHG D OXPEHU\DUG FRXUWKRXVHDQGIRXUZKLWHFKXUFKHVµ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·V $ /RVW /DG\ 7KH VLWH RI *DUEHU·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·V PRVW IDPRXV GDXJKWHU WKH V +XQGUHGV RI IUDPH DQG EULFN UHVLGHQFHV DQGRQHRI1HEUDVND·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·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·VUHFHQWDFWLYLWLHVKDYH /LNH WKH UHVW RI :HEVWHU &RXQW\ 5HG &ORXG LQFOXGHG WKH UHVWRUDWLRQ RI WKH KLVWRULF 2SHUD H[SHULHQFHG VHWEDFNV GXULQJ WKH V 'URXJKW +RXVHRQ:HEVWHU$YHQXH ZLQGVWRUPV DQG KHDY\ IORRGLQJ ZHUH FRPPRQ GXULQJ WKH GHFDGH (FRQRPLF WURXEOHV FDXVHG WKH &KDSWHU+LVWRULF2YHUYLHZ 5HG &ORXG·VSRSXODWLRQ LQ ZDV DSSUR[L 5HG&ORXG'HSRW PDWHO\IRUW\SHUFHQWOHVVWKDQWKHSHDNSRSXODWLRQRI LQ 7KH PRGHVW SRSXODWLRQ VXSSRUWV 7KH 5HG &ORXG 'HSRW :7 ZDV FRQVWUXFWHG LQ VHYHUDO DJULFXOWXUDO DQG FRPPHUFLDO HQWHUSULVHV WRUHSODFHWKHRULJLQDOGHSRWZKLFKZDVGHVWUR\HG ORFDWHGLQWKHFRPPXQLW\$ PRWHORQWKHRXWVNLUWVRI E\ ILUH LQ 7KH GHSRW DQG UDLOURDG WUDFNV ZHUH WRZQLVVXSSRUWHGE\WKHPRGHVWWRXULVPLQGXVWU\ ORFDWHG DSSUR[LPDWHO\ RQH PLOH VRXWK RI WKH WRZQ FHQWHUDQXQFRPPRQGLVWDQFHDWWKHWLPH7KHGLVWDQFH 5RVHPRQW EHWZHHQ WKH GHSRW DQG GRZQWRZQ GLG QRW KLQGHU UDLO 7KHFRPPXQLW\RI5RVHPRQWZDVHVWDEOLVKHGLQ WUDQVSRUWDWLRQ +RWHOV DQG HDWHULHV ZHUH FRQVWUXFWHG WRVHUYHDVDJUDLQDQGOLYHVWRFNVKLSSLQJSRLQWDORQJ QHDU WKH GHSRW DQG D KRUVHGUDZQ VWUHHWFDU OLQH ZDV WKH%XUOLQJWRQDQG0LVVRXUL 5LYHU5DLOURDGDVZHOO HVWDEOLVKHG LQ WR WUDQVSRUW WUDYHOHUV EHWZHHQ WKH DVDPHUFKDQGLVLQJFHQWHUIRUWKH*HUPDQSRSXODWLRQ WRZQFHQWHUDQGWKHGHSRW5HG&ORXGZDVRQWKHPDLQ RIQRUWKHDVW:HEVWHU&RXQW\&ODDV5RVHD*HUPDQ OLQH RI WKH %XUOLQJWRQ DQG 0LVVRXUL 5LYHU 5DLOURDG LPPLJUDQW ZKR DUULYHG LQ :HEVWHU &RXQW\ LQ EHWZHHQ.DQVDV&LW\DQG'HQYHU'XULQJWKHSHDNRI ZRUNHG WR HVWDEOLVK WKH WRZQ DQG EXVLQHVVHV LQ WKH UDLOWUDYHOHLJKWSDVVHQJHUWUDLQVVWRSSHGLQ5HG&ORXG FRPPXQLW\ 5RVHPRQW SURVSHUHG GXULQJ WKH V GDLO\ DQG HDUO\ V DQG RIIHUHG PHUFKDQGLVH DQG VHUYLFHV WR WKH IDUPHUV LQ WKH DUHD LQFOXGLQJ D :KHQ WKH :LOOD &DWKHU 3LRQHHU 0HPRULDO DQG OXPEHU\DUG EDQN KRWHO SRVW RIILFH EDUEHU VKRS (GXFDWLRQDO )RXQGDWLRQ SXUFKDVHG WKH 5HG &ORXG IXUQLWXUHVWRUHDQGVDORRQ 'HSRW IURP WKH UDLOURDG LQ LW ZDV UHORFDWHG DSSUR[LPDWHO\ IHHW QRUWK RI WKH RULJLQDO VLWH DQG 7KH WRZQ RI 5RVHPRQW EHJDQ WR GHFOLQH RQFH 6WDWH UHQRYDWHG 7KH GHSRW ZDV OLVWHG LQ WKH 1DWLRQDO +LJKZD\ZDVFRQVWUXFWHGLQ 7KHJUDYHOHG 5HJLVWHU LQ DV SDUW RI WKH :LOOD &DWKHU 7KHPDWLF KLJKZD\ PDGH LW HDVLHU IRU RFFXSDQWV RI WKH *URXS VHH &KDSWHU IRU D GLVFXVVLRQ RI WKH :LOOD VXUURXQGLQJ DUHDV WR GULYH LQWR WKH ODUJHU &DWKHU 7KHPDWLF *URXS SURSHUWLHV DQG DVVRFLDWHG FRPPXQLWLHV RI %OXH +LOO DQG /DZUHQFH LQ GLVWULFWV 7R &DWKHU WUDLQV DQG WKH GHSRW V\PEROL]HG QHLJKERULQJ 1XFNROOV &RXQW\ IRU VKRSSLQJ DQG ERWK DQ HVFDSH WR WKH RXWVLGH ZRUOG DQG WKH GRRU LQ VHUYLFHV6RPHZHOOHVWDEOLVKHGEXVLQHVVHVVXUYLYHG ZKLFK WKH RXWVLGH ZRUOG HQWHUHG 5HG &ORXG 7UDLQV XQWLO WKH V EXW PDQ\ FORVHG HDUOLHU DQG WKH SOD\ DQ LPSRUWDQW UROH LQ KHU QRYHOV WUDQVSRUWLQJ EXLOGLQJV ZHUH UHORFDWHG 7KH PDMRULW\ RI WKH FHQWUDOFKDUDFWHUVEHWZHHQWKH1HEUDVNDSUDLULHDQGWKH RULJLQDO KRPHV FRQVWUXFWHG LQ 5RVHPRQW DUH QR ZRUOGEH\RQG ORQJHU VWDQGLQJ 7KH WZR FKXUFKHV UHPDLQLQJ LQ 5RVHPRQW :7DQG:7 ZHUHUHORFDWHG WRWKHFRPPXQLW\GXULQJWKH V 5HG&ORXG'HSRWF :7OLVWHGLQWKH 1DWLRQDO5HJLVWHU :&+0 &KDSWHU+,VWRULF2YHUYLHZ 1RWHV KWWS TXLFNIDFWVFHQVXVJRYTIGVWDWHV KWPO! -XO\ 95:LOFR[´$ +LVWRU\RI1XFNROOV&RXQW\ 1HEUDVNDµ 0DVWHURI$UWV&RORUDGR6WDWH&ROOHJH 3HUVLMLV.ROEHUJ´6WDUNH5RXQG%DUQµ1DWLRQDO RI(GXFDWLRQ ´)URP¶+RSSHUVWR 5HJLVWHURI+LVWRULF3ODFHV1RPLQDWLRQ ¶&RSWHUVµ 1S1G 1XFNROOV&RXQW\ &HQWHQQLDO,QF7KH:RQGHUIXO 0DEHO&RRSHU6NMHOYHU:HEVWHU&RXQW\ 9LVLRQVRI &RRSHU6NMHOYHU:HEVWHU&RXQW\ 9LVLRQVRIWKH WKH3DVW 1S1G 3DVW 1HEUDVND'HSDUWPHQWRI1DWXUDO 5HVRXUFHV´&HQVXV'DWD5HWULHYDO1HEUDVND &RRSHU6NMHOYHU:HEVWHU&RXQW\ 9LVLRQVRIWKH3DVW 3ODFHVµ KWWS QUFQWGQUVWDWHQHXV &HQVXV3ODFHVDVS! &RRSHU6NMHOYHU:HEVWHU&RXQW\ 9LVLRQVRIWKH3DVW 1HEUDVND6WDWH*HQHDORJLFDO6RFLHW\´$ 5HVHDUFK 'U(OPHU$7KRPDV &KDSWHU+LVWRULF2YHUYLHZ &RRSHU6NMHOYHU:HEVWHU&RXQW\ 9LVLRQVRIWKH 3DVW '0XUSK\$QQ%LOOHVEDFKDQG-RQL /LGROSK*LONHUVRQ´:LOOD&DWKHU7KHPDWLF*URXS 6LWHVDQG'LVWULFWVLQ:HEVWHU&RXQW\1HEUDVNDµ 1DWLRQDO5HJLVWHURI+LVWRULF3ODFHV1RPLQDWLRQ 0XUSK\$QQ%LOOHVEDFKDQG-RQL/LGROSK *LONHUVRQ´:LOOD&DWKHU7KHPDWLF*URXS 6LWHVDQG 'LVWULFWVLQ:HEVWHU&RXQW\1HEUDVNDµ $QQ(%LOOHVEDFK´5HG&ORXG:HEVWHU&RXQW\µ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³ )ROORZLQJ 1H+%6 7KH 1H+%6 DFNQRZOHGJHV WKDW WKH ILUVWIORRU JXLGHOLQHV 0HDG +XQW LQFOXGHG SURSHUWLHV WKDW VWRUHIURQWV RI FRPPHUFLDO EXLOGLQJV DUH RIWHQ IHOO D IHZ \HDUV RXWVLGH WKH ILIW\\HDU PDUN LI WKH\ PRGHUQL]HG ,I D FRPPHUFLDO EXLOGLQJ UHWDLQHG ZHUHVLJQLILFDQWRUXQXVXDOSURSHUW\W\SHV KLVWRULF ZDOO VXUIDFHV FRUQLFHV DQG VHFRQGOHYHO ZLQGRZ RSHQLQJV LW ZDV JHQHUDOO\ LQFOXGHG LQ WKH %H LQ LWV RULJLQDO ORFDWLRQ ³ *HQHUDOO\ KLVWRULFDO VXUYH\ DVVRFLDWLRQV DUH DEVHQW ZKHQ D SURSHUW\ LV PRYHG IURPLWVRULJLQDOORFDWLRQ $QLQWHQVLYHVXUYH\WKHPHIRUWKH1H+%6RI:HEVWHU &RXQW\ ZDV WKH HYDOXDWLRQ RI SURSHUWLHV DVVRFLDWHG 5HWDLQ LWV SK\VLFDO LQWHJULW\ ³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·V SURFHGXUHV DQG DQGVKHHWUROOVDQGDVEHVWRVVKLQJOHVWKDWKDYHEHHQ UHTXLUHPHQWV$UFKLWHFWXUDOKLVWRULDQVIURP0HDG DSSOLHGGXULQJWKHKLVWRULFSHULRGRIWKHSURSHUW\RU +XQWUHFRUGHGLQIRUPDWLRQJDWKHUHGLQWKHILHOGLQWR PRUHWKDQILIW\\HDUVDJR*HQHUDOO\DVSKDOWVLGLQJ WKH 1H+%6 GDWDEDVH 3KRWRJUDSKLF GRFXPHQWDWLRQ ZDVXVHG SULRU WR:RUOG :DU,, DQGDVEHVWRVVLGLQJ LQFOXGHGWZREODFNDQGZKLWHSKRWRJUDSKVIRUHDFK ZDV SRSXODUL]HG DIWHU :RUOG :DU ,, )RU IXUWKHU QHZO\ VXUYH\HG SURSHUW\ DQG FRORU DQG GLJLWDO GLVFXVVLRQ RI KLVWRULF VLGLQJ PDWHULDOV VHH *ORVVDU\ SLFWXUHV RI SRWHQWLDOO\ HOLJLEOH SURSHUWLHV DQG UHSUH RI$UFKLWHFWXUDO6W\OHVDQG6XUYH\7HUPV3URSHUWLHV VHQWDWLYH SURSHUWLHV 'XULQJ WKH HYDOXDWLRQ WKH WKDW GLVSOD\ WRR PDQ\ SK\VLFDO FKDQJHV ZHUH VXUYH\ WHDP UHODWHG SURSHUWLHV WR KLVWRULF FRQWH[WV H[FOXGHGIURPWKHVXUYH\%HFDXVHXUEDQUHVLGHQFHV DQG SURSHUW\ W\SHV GHYHORSHG E\ WKH 1H6+32 DQG DUH WKH PRVW FRPPRQ UHVRXUFH ZLWKLQ EXLOGLQJ RXWOLQHG LQ WKH 1H+%6 PDQXDO 3URSHUW\ ORFDWLRQV VXUYH\V HYDOXDWLRQ RI KRXVHV IROORZHG D VWULFW ZHUHUHFRUGHGRQDQ86*HRORJLFDO6XUYH\FRXQW\ LQWHJULW\VWDQGDUG URDG DQGRU FLW\ PDS DQG LQ WKH GDWDEDVH $OO VXUYH\HG SURSHUWLHV ZHUH HYDOXDWHG IRU SRWHQWLDO *HQHUDOO\WKHVXUYH\WHDPHYDOXDWHGIDUPVWHDGVDQG HOLJLELOLW\DFFRUGLQJWRWKH1DWLRQDO5HJLVWHUFULWHULD FRPSOH[HVRIDJULFXOWXUDOEXLOGLQJVDQGVWUXFWXUHVDV OLVWHGEHORZ DZKROH,IWKHSULPDU\EXLOGLQJ V RIWKHIDUPVWHDG RU FRPSOH[ GLG QRW UHWDLQ LQWHJULW\ WKH DVVRFLDWHG /LPLWDWLRQV DQG ELDVHV RI WKH VXUYH\ LQFOXGHG D EXLOGLQJV ZHUH QRW LQFOXGHG LQ WKH VXUYH\ 7KH UHYLHZRIRQO\WKRVHSURSHUWLHVDQGUHVRXUFHVLGHQWL VXUYH\ WHDP PDGH H[FHSWLRQV IRU RXWEXLOGLQJV RU ILDEOHIURPWKHSXEOLFULJKWRIZD\DQGQRWREVFXUHG VWUXFWXUHVWKDWKHOG VLJQLILFDQFHFROOHFWLYHO\RU LQGL E\ IROLDJH RU RWKHU REVWUXFWLRQV :HEVWHU &RXQW\ YLGXDOO\ HYHQ LI WKH UHVLGHQFH PDLQ EDUQ RU RWKHU LQFOXGHG D QXPEHU RI SUHYLRXVO\ XQGRFXPHQWHG RXWEXLOGLQJV GLG QRW UHWDLQ VXIILFLHQW LQWHJULW\ WR DJULFXOWXUDO SURSHUWLHV WKDW DUH VHWEDFN IURP WKH TXDOLI\WKHFROOHFWLRQRIEXLOGLQJVIRULQFOXVLRQLQWKH SXEOLF ULJKWRIZD\ DQG WKH VXUYH\ WHDP DWWHPSWHG VXUYH\ 7KH VXUYH\ LQFOXGHG DEDQGRQHG SURSHUWLHV WR YLHZ DQG DVVHVV WKHVH SURSHUWLHV +RZHYHU LQ WKDW SUHGDWH UHSUHVHQW D UDUH RU XQXVXDO FHUWDLQFDVHVWKHVXUYH\WHDPZDVXQDEOHWRHYDOXDWH &KDSWHU6XUYH\5HVXOWV D SURSHUW\ IURP WKH SXEOLF ULJKWRIZD\ ZKLFK 5HOLJLRXV SURSHUWLHV GHULYLQJ VLJQLILFDQFH IURP SUHFOXGHGLWIURPLQFOXVLRQLQWKHVXUYH\7KHVXUYH\ DUFKLWHFWXUDO RU DUWLVWLF GLVWLQFWLRQ RU KLVWRULFDO WHDP DOVR HQFRXQWHUHG VHYHUDO SUHYLRXVO\ VXUYH\HG LPSRUWDQFH IDUPKRXVHVZLWKDUFKLWHFWXUDOLQWHUHVWWKDWFRXOGQRW EHDVVHVVHGGXHWRWKHVHWEDFNIURPWKHURDG)XUWKHU 0RYHG SURSHUWLHV WKDW DUH VLJQLILFDQW IRU DUFKLWHF UHVHDUFK LV QHHGHG WR GHWHUPLQH LI WKHVH SURSHUWLHV WXUDOYDOXH DUHHOLJLEOHIRUWKH1DWLRQDO5HJLVWHU %LUWKSODFHV RU JUDYHVLWHV LI WKHUH LV QR RWKHU 1DWLRQDO5HJLVWHURI+LVWRULF3ODFHV DSSURSULDWHVLWHGLUHFWO\DVVRFLDWHGZLWKDVLJQLILFDQW 7KH 1DWLRQDO 5HJLVWHU LV WKH RIILFLDO IHGHUDO OLVW RI SHUVRQ·VSXEOLFOLIH GLVWULFWV VLWHV EXLOGLQJV VWUXFWXUHV DQG REMHFWV VLJQLILFDQW LQ $PHULFDQ KLVWRU\ DUFKLWHFWXUH &HPHWHULHV WKDW GHULYH SULPDU\ VLJQLILFDQFH IURP DUFKDHRORJ\ HQJLQHHULQJ DQG FXOWXUH $ SURSHUW\ JUDYHVRISHUVRQ·VRIWUDQVFHQGHQWLPSRUWDQFHIURP FDQEHVLJQLILFDQWDWWKHORFDOVWDWHRUQDWLRQDOOHYHO DJHRUGLVWLQFWLYHGHVLJQIHDWXUHV 7R TXDOLI\ DV HOLJLEOH IRU WKH 1DWLRQDO 5HJLVWHU SURSHUWLHV JHQHUDOO\ PXVW EH DW OHDVW ILIW\ \HDUV ROG 5HFRQVWUXFWHG EXLOGLQJV ZKHQ EXLOW LQ D VXLWDEOH DQG SRVVHVV KLVWRULF VLJQLILFDQFH DQG SK\VLFDO HQYLURQPHQW LQWHJULW\ &RPPHPRUDWLYHSURSHUWLHVZLWKVLJQLILFDQWGHVLJQ 7REHOLVWHGLQWKH1DWLRQDO5HJLVWHUDSURSHUW\·VVLJ DJHWUDGLWLRQRUV\PEROLFYDOXH QLILFDQFH PXVW EH GHPRQVWUDWHG E\ RQH RU PRUH RI WKH IROORZLQJ FULWHULD HVWDEOLVKHG E\ WKH 1DWLRQDO 3URSHUWLHV OHVV WKDQ ILIW\ \HDUV ROG WKDW DUH RI 3DUN6HUYLFH H[FHSWLRQDOLPSRUWDQFH &ULWHULRQ $ ² $VVRFLDWLRQ ZLWK HYHQWV RU DFWLYLWLHV ,PSRUWDQWLQGHWHUPLQLQJWKHHOLJLELOLW\RIDSURSHUW\ WKDW KDYH PDGH D VLJQLILFDQW FRQWULEXWLRQ WR WKH LV LQWHJULW\ ,QWHJULW\ LV GHILQHG DV WKH DELOLW\ RI D EURDGSDWWHUQVRIRXUKLVWRU\ SURSHUW\ WR FRQYH\ LWV VLJQLILFDQFH $ SURSHUW\·V LQWHJULW\ PXVW EH HYLGHQW WKURXJK KLVWRULF TXDOLWLHV &ULWHULRQ % ²$VVRFLDWLRQ ZLWK WKH OLYHV RI SHUVRQV LQFOXGLQJ VLJQLILFDQWLQRXUSDVW /RFDWLRQ &ULWHULRQ&²$VVRFLDWLRQZLWKWKHGLVWLQFWLYHFKDU 'HVLJQ DFWHULVWLFV RI D W\SH SHULRG RU PHWKRG RI FRQVWUXF 6HWWLQJ WLRQ RU UHSUHVHQWV WKH ZRUN RI D PDVWHU SRVVHVVHV 0DWHULDOV KLJK DUWLVWLF YDOXHV RU UHSUHVHQWV D VLJQLILFDQW DQG :RUNPDQVKLS GLVWLQJXLVKDEOH HQWLW\ ZKRVH FRPSRQHQWV PD\ ODFN )HHOLQJ LQGLYLGXDOGLVWLQFWLRQ $VVRFLDWLRQ &ULWHULRQ ' ²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·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able 1. Numerical Summary of 2002 Reconnaissance Survey Results Total number of historic properties evaluated 670 Previously identified historic properties 502 Previously identified historic properties that have lost historic integrity or are nonextant 284 Previously identified historic properties with historic integrity 218 Newly identified properties with historic integrity 168 Total number of properties identified and documented 386 &KDSWHU6XUYH\5HVXOWV Table 2. Numerical Summary of 2002 Reconnaissance Survey By Historical Context Historic Context Properties Surveyed Agriculture 39 Archaeology 4 Commerce 16 Diversion 1 Education 15 Literature 157 Natural Environment 1 (Guide Rock Site) Processing Industry 1 Religious 45 Services 1 Settlement/Architecture 85 Transportation 21 Total 386 Table 3. Numerical Summary of 2002 Reconnaissance Survey By Location Location Properties Surveyed Community, NeHBS prefix no. Amboy (WT01) 2 Bladen (WT02) 8 Blue Hill (WT03) 26 Cowles (WT04) 4 Guide Rock (WT05) 18 Inavale (WT06) 14 Red Cloud (WT07) 191 Rosemont (WT08) 1 Rural (WT00) 122 Total 386 &KDSWHU :LOOD&DWKHU7KHPDWLF *URXS3URSHUWLHV :LOOD&DWKHUDQGWKH3LRQHHU6SLULW ´7KH HDUO\ SRSXODWLRQ RI 1HEUDVND ZDV ODUJHO\ WUDQVDW :LOOD &DWKHU LV :HEVWHU &RXQW\·V PRVW IDPRXV ODQWLF 7KH FRXQW\ LQ ZKLFK , JUHZ XS LQ WKH VRXWK GDXJKWHU DQG RQH RI 1HEUDVND·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«&RORQLHV RI (XURSHDQ SHRSOH PRYHGWR 1HZ 5HRFFXUULQJWKHPHVLQ&DWKHU·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·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·V 5HG &ORXG PHUFKDQWV DQG WKHLU KRPH :7 ZULWLQJVORFDWLRQVDVVRFLDWHGZLWKWKHOLYHVRISHRSOH VHUYHG DV WKH SURWRW\SH IRU WKH +DUOLQJ )DPLO\ DQG ZKR VHUYHG DV SURWRW\SHV IRU KHU FKDUDFWHUV DQG UHVLGHQFHLQ0\$QWRQLD SODFHVDVVRFLDWHGZLWKWKHSHUVRQDOOLIHRI&DWKHURU KHU IULHQGV DQG DVVRFLDWHV 7KH VHWWLQJV DQG EXLOGLQJV RI :HEVWHU &RXQW\ HVVHQWLDOO\ VHUYH DV FKDUDFWHUVLQKHUZULWLQJV7KHLQGLYLGXDOUHVRXUFHV LQFOXGH HLJKWHHQ EXLOGLQJV WZR IDUPVWHDGV WZR DUFKHRORJLFDO VLWHV WKUHH ODQGVFDSHV DQG RQH JUDYHVLWH7KHPDMRULW\RIWKHLQGLYLGXDOSURSHUWLHV DQG DOO IRXU KLVWRULF GLVWULFWV DUH ORFDWHG LQ DQG DURXQGWKHFRPPXQLW\PRVWIDPLOLDUWR&DWKHU5HG &ORXG2WKHUSURSHUWLHVDUHVFDWWHUHGLQWKH:HEVWHU &RXQW\FRXQWU\VLGH 7DNHQ WRJHWKHU WKHVH UHVRXUFHV DUH D UHSUHVHQWDWLYH FURVVVHFWLRQRIWKH:HEVWHU&RXQW\HQYLURQPHQWDQG DUFKLWHFWXUDOFKDUDFWHU7KHSURSHUWLHVDUHVLJQLILFDQW 'U*LOEHUW0F.HHE\+RXVHLQ5HG&ORXG:7 IRUWKHLUDVVRFLDWLRQZLWKOLWHUDWXUHDQG:LOOD&DWKHU IRU VKH ZURWH DERXW WKH SHRSOH DQG SODFHV WKDW VKH ORYHG DQG EURXJKW WKHVH FKDUDFWHUV DQG WKH 5XUDO:HEVWHU&RXQW\DOVRSOD\VDQLPSRUWDQWUROHLQ FRPPXQLW\WROLIHLQKHUQRYHOV7KHHLJKWHHQLQGL KHUZULWLQJV7KHODQGVFDSHLWVHOILVGHVFULEHGPXFK YLGXDOO\ UHFRJQL]HG EXLOGLQJV DQG WKH SURSHUWLHV OLNHDFKDUDFWHUDQGLQVRPHVFHQHVRYHUVKDGRZVWKH ZLWKLQ WKH IRXU KLVWRULF GLVWULFWV DUH DOVR VLJQLILFDQW KHURHV DQG KHURLQHV LQ WKH VWRU\ 5XUDO SURSHUWLHV IRUWKHLUDUFKLWHFWXUHDQGKRZ&DWKHUGHVFULEHVWKHP YLVLWHG E\ WKH &DWKHU IDPLO\ DOVR KDYH UROHV LQ KHU LQKHUZULWLQJV ZRUN 7KH :LOOLDP &DWKHU +RPHVWHDG :7 ZKHUH &DWKHU OLYHG KHU ILUVW WZR \HDUV LQ :HEVWHU &RXQW\ ZDVWKHEDVLVIRUWKH%XUGHQ+RPHVWHDGLQ 0\ $QWRQLD 7KH *HRUJH &DWKHU )DUPVWHDG :7 KRPH RI &DWKHU·V XQFOH DQG DXQW ZDV WKH VHWWLQJIRUWKH:KHHOHU)DUPVWHDGLQ 2QHRI2XUV &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV :LOOD&DWKHU7KHPDWLF*URXS+LVWRULF'LVWULFWVLQ5HG&ORXG &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV 6XUYH\0HWKRGRORJ\ &DWKHUHUDUHVRXUFH 7KH SUHOLPLQDU\ VXUYH\ ZRUN IRU WKH :LOOD &DWKHU 3URSHUWLHV WKDW UHWDLQHG KLVWRULF LQWHJULW\ DQG ZHUH 7KHPDWLF *URXS EHJDQ ZLWK D UHYLHZ RI SUHYLRXV H[WDQWDWWKHWLPHRI&DWKHU·VUHVLGHQFHLQ5HG&ORXG ZRUNUHODWHGWR&DWKHUSURSHUWLHVLQ:HEVWHU&RXQW\ ZHUH LGHQWLILHG DV &DWKHUHUD UHVRXUFHV &DWKHU DQGDUHYLHZRI&DWKHU·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´:LOOD &DWKHU :7 DQG :LOOD &DWKHU 0HPRULDO 3UDLULH 7KHPDWLF *URXS ,QIRUPDWLRQµ GDWDEDVH VFUHHQ IRU :7 FRQWULEXWLQJKLVWRULFGLVWULFWSURSHUWLHVDQGLQGLYLGX DOO\ OLVWHG SURSHUWLHV WKDW KDG EHHQ SUHYLRXVO\ VXUYH\HG 7KH ´:LOOD &DWKHU 7KHPDWLF *URXS ,QIRUPDWLRQµ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able 4. Individual Properties in the Willa Cather Thematic Group NeHBS Property Address Comparison Site Number Name WT00-012 Garber Grove Near Red Cloud Appearance unchanged WT00-013 George Cather Farmstead Near Bladen Loss of outbuildings WT00-024 St. Stephenie Scandinavian Near Bladen Modern alterations Evangelical Lutheran Church WT00-104 Pavelka Farmstead Near Bladen Loss of outbuildings WT00-175 Chalk Cliffs and Republican River Near Red Cloud Physical deterioration WT00-176 Willa Cather Memorial Prairie Near Red Cloud Appearance unchanged WT00-177 Crossroads Grave Site Near Bladen Appearance unchanged WT00-178 Site of William Cather Homestead Near Inavale Appearance unchanged WT07-009 Jackson's Reserve Between Third and Division Appearance unchanged Streets, Seward and Cedar Streets, Red Cloud WT07-010 Burlington Depot Red Cloud, Railroad Addition Appearance unchanged Historic District WT07-011 St. Juliana Falconieri 425 West Third Street, Appearance unchanged Catholic Church Red Cloud WT07-016 Miner House Red Cloud, Seward Historic appearance Street Historic District improved WT07-018 Perkins-Wiener House Red Cloud, Seward Modern alterations Street Historic District WT07-026 Cather House Red Cloud, Seward Street Appearance unchanged Historic District WT07-027 Miner Brothers Store Red Cloud, Main Street Modern alterations Historic District WT07-031 Opera House Red Cloud, Main Street Historic appearance Historic District improved WT07-032 Moon Block Red Cloud, Main Street Historic appearance Historic District improved WT07-043 Matthew R. Bentley House Red Cloud, Seward Street Physical deterioration Historic District WT07-054 Warner-Cather House Red Cloud, Seward Street Historic appearance Historic District improved WT07-070 The City Pharmacy Red Cloud, Main Street Appearance unchanged Historic District WT07-072 Farmer's and Merchants Red Cloud, Main Street Appearance unchanged Bank Building Historic District WT07-078 First Baptist Church 442 North Seward Street, Appearance unchanged Red Cloud WT07-089 William Ducker House 821 Franklin Street, Modern alterations Red Cloud WT07-091 Dr. Gilbert McKeeby House 641 Cherry Street, Modern alterations Red Cloud WT07-100 Grace Protestant Episcopal Church 546 North Cedar Street, Appearance unchanged Red Cloud WT07-104 Webster County Courthouse Red Cloud, Seward Street Appearance unchanged Historic District &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV 'XULQJ WKH UHHYDOXDWLRQ RI :LOOD &DWKHU 7KHPDWLF *URXS HDFK RI WKH WZHQW\VL[ SURSHUWLHV ZDVLGHQWLILHGDVH[WDQW7KLUWHHQSURSHUWLHVRUILIW\ SHUFHQWDSSHDUHGDVWKH\GLGDWWKHWLPHRIWKH:LOOD &DWKHU 7KHPDWLF *URXS 1RPLQDWLRQ DQG ZHUH LGHQWLILHG DV ´DSSHDUDQFH XQFKDQJHGµ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´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µ :LOOD &DWKHU·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able 5. Reevaluation of Properties within the Elm Street Historic District Category Number of Properties Percent in Number of Percent in in 1979 1979 Properties in 2002 2002 Cather resources 0 0% 0 0% (individual listing) Cather-era resources 23 53% 16 37% Resources 14 33% 10 23% compatible with Cather-era Modern or intrusive 6 14% 6 14% Demolished 0 0% 11 26% &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Table 6. Properties within the Elm Street Historic District* NeHBS Property Address Comparison Site Number Name WT07-036 House East side of Locust Street Modern alterations between Ninth and Tenth Avenues WT07-039 House 934 North Elm Street Nonextant WT07-040 House 821 North Elm Street Modern alterations WT07-095 Grice House 925 North Elm Street Nonextant WT07-147 House 617 North Elm Street Appearance unchanged WT07-148 Martin S. Ballard House 625 North Elm Street Nonextant WT07-149 Hopper-Parkes House 637 North Elm Street Appearance unchanged WT07-150 Henry C. Cutter House West side of Elm Street Historic appearance between Seventh and improved Eighth Avenues WT07-151 House 728 North Elm Street Appearance unchanged WT07-152 House 741 North Elm Street Appearance unchanged WT07-153 House 745 North Elm Street Appearance unchanged WT07-154 Diodate C. Hungerford House 806 North Elm Street Nonextant WT07-155 House 842 North Elm Street Modern alterations WT07-160 House 805 Eighth Avenue Nonextant WT07-161 George C. Martindale House 902 North Locust Street Appearance unchanged WT07-162 Douglas J. Myers House 925 North Locust Street Modern alterations WT07-163 Leonard Aultz House 941 North Locust Street Modern alterations WT07-164 Tullys-Richardson House Northeast corner of Locust Appearance unchanged Street and Tenth Avenue WT07-190 House East side of Locust Street Nonextant between Eighth and Ninth Avenues WT07-206 House 805 North Locust Street Newly surveyed WT07-207 House 841 North Locust Street Newly surveyed WT07-208 House West side of Locust Street Newly surveyed between Eighth and Ninth Avenues WT07-209 House 810 North Locust Street Newly surveyed WT07-210 House 605 North Elm Street Newly surveyed WT07-211 House 714 North Elm Street Newly surveyed WT07-212 House 722 North Elm Street Newly surveyed WT07-213 House 734 North Elm Street Newly surveyed WT07-214 House 742 North Elm Street Newly surveyed WT07-215 House 805 North Elm Street Newly surveyed WT07-216 House 829 North Elm Street Newly surveyed WT07-217 House 814 North Elm Street Newly surveyed WT07-218 House 830 North Elm Street Newly surveyed * At the time of the Willa Cather Thematic Group Nomination, the district included five Cather-era or compatible with the Cather-era Resources that were not assigned site numbers that have been demolished. &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Elm Street Historic District 1979 Status of Properties Tenth Ave. 164 39 163 95 162 36 Webster St. Webster Elm St. Locust St. Ninth Ave. 161 155 190 40 154 160 Eighth Ave. 153 152 151 150 Seventh Ave. 149 148 147 Sixth Ave. Cather-era Resource / Resource Compatible with the Cather-era Modern / Intrusive Resource Undeveloped Lot Historic Boundary N Not to Scale &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Elm Street Historic District 2002 Status of Properties Tenth Ave. 164 X 163 X 162 36 206 Webster St. Webster Elm St. Locust St. Ninth Ave. 161 155 X 207 X X X 216 X 218 40 208 217 209 215 X X Eighth Ave. 153 214 152 213 X 151 150 212 211 Seventh Ave. 149 X 147 210 Sixth Ave. Cather-era Resource / Resource Compatible with the Cather-era Modern / Intrusive Resource Undeveloped Lot Historic Boundary X Demolished Resource N Not to Scale &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV 0DLQ6WUHHW+LVWRULF'LVWULFW ´7KH PDLQ VWUHHW ZDV D GHHSO\ UXWWHG URDG QRZ IUR]HQ FORVHO\ UHVHPEOHV WKH DSSHDUDQFH RI WKH GLVWULFW KDUGZKLFKUDQIURPWKHVTXDWUHGUDLOZD\VWDWLRQ«WRWKH VKRUWO\ EHIRUH &DWKHU OHIW WR DWWHQG FROOHJH 7KH OXPEHU\DUG«2QHLWKHUVLGHRIWKLVURDGVWUDJJOHGWZR GLVWULFW LV DOVR VLJQLILFDQW IRU LWV DUFKLWHFWXUH LW XQHYHQURZVRIZRRGHQEXLOGLQJV WKHJHQHUDOPHUFKDQGLVH FRQWDLQV D VROLG FROOHFWLRQ RI ODWH QLQHWHHQWK DQG VWRUHV WKH WZR EDQNV WKH GUXJ VWRUH WKH IHHG VWRUH WKH HDUO\WZHQWLHWKFHQWXU\FRPPHUFLDODUFKLWHFWXUH VDORRQWKHSRVWRIILFHµ :LOOD&DWKHU23LRQHHUV 0DLQ6WUHHW+LVWRULF'LVWULFW6WUHHWVFDSH 7KH 0DLQ 6WUHHW +LVWRULF 'LVWULFW FRQWDLQV WKH GRZQWRZQ 5HG &ORXG FRPPHUFLDO VWUXFWXUHV IURQWLQJ :HEVWHU $YHQXH EHWZHHQ 7KLUG DQG )LIWK )DUPHU·VDQG0HUFKDQWV%DQNLQ0DLQ6WUHHW+LVWRULF $YHQXHV1RUWK7KHGLVWULFWERXQGDULHVZHUHGUDZQ 'LVWULFW:7 WR HQFRPSDVV WKH FRQFHQWUDWLRQ RI FRPPHUFLDO EXLOGLQJV LQ WKH GRZQWRZQ DUHD 7KH 0DLQ 6WUHHW 7KH0DLQ6WUHHW+LVWRULF'LVWULFWFRQWDLQVWKLUW\RQH +LVWRULF'LVWULFWLVVLJQLILFDQWIRULWVDVVRFLDWLRQVZLWK SURSHUWLHV ,Q ILYH RI WKHVH SURSHUWLHV ZHUH &DWKHU·V ZULWLQJ 7KH FRPPHUFLDO GRZQWRZQ ZDV LGHQWLILHGDV&DWKHUUHVRXUFHVDQGOLVWHGLQGLYLGXDOO\ GHVFULEHG LQ GHWDLO LQ PDQ\ RI &DWKHU·V SUDLULH LQWKH1DWLRQDO5HJLVWHU WKH0LQHU%XLOGLQJ :7 QRYHOV,Q23LRQHHUV WKHGLVWULFWLVGHVFULEHGPXFK WKH 2SHUD +RXVH :7 WKH 0RRQ %ORFN OLNH LW DSSHDUHG ZKHQ &DWKHU DQG KHU IDPLO\ ILUVW :7 7KH&LW\3KDUPDF\ :7 DQGWKH DUULYHG LQ 5HG &ORXG 7KH GHVFULSWLRQ RI WKH )DUPHUV DQG 0HUFKDQWV 1DWLRQDO %DQN :7 GRZQWRZQ FRPPHUFLDO DUHD LQ 0\ $QWRQLD PRUH 6HYHQ DGGLWLRQDO SURSHUWLHV ZHUH LGHQWLILHG DV Table 7. Reevaluation of Properties within the Main Street Historic District Category Number of Properties Percent in Number of Percent in in 1979 1979 Properties in 2002 2002 Cather resources 5 16% 5 16% (individual listing) Cather-era resources 7 22% 7 23% Resources 16 52% 14 45% compatible with Cather-era Modern or intrusive 3 10% 5 16% Demolished 0 0% 0 0% &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Table 8. Properties within the Main Street Historic District* NeHBS Property Address Comparison Site Number Name WT07-008 Jones and Goble Building c.305 North Webster Street Modern alterations WT07-027 Miner Building 301 North Webster Street Modern alterations WT07-028 First National Bank Building 309 North Webster Street Historic appearance improved WT07-029 Cotting and Miller Building 333 North Webster Street Modern alterations WT07-030 State Bank Block 401 North Webster Street Historic appearance improved WT07-031 Opera House c.411 North Webster Street Historic appearance improved WT07-032 Moon Block West side of Webster between Historic appearance improved Fourth and Fifth Avenues WT07-033 Outwaite Building South side of Fourth Avenue Historic appearance improved between Webster and Cedar Streets WT07-069 Newhouse Jewelry and Clock Shop East side of Webster Street Decorative elements removed between Fourth and Fifth Avenues WT07-070 The City Pharmacy 410 North Webster Street Appearance unchanged WT07-071 Commercial Building Northeast corner of Fourth Appearance unchanged Avenue and Webster Street WT07-072 Farmers and Merchants Bank 338 North Webster Street Appearance unchanged WT07-073 Potter Building 346 North Webster Street Appearance unchanged WT07-115 Besse Auditorium Southwest corner of Webster Appearance unchanged Street and Fifth Avenue WT07-186 Commercial Building 317 North Webster Street Modern alterations WT07-187 Commercial Building c.335 North Webster Street Modern alterations WT07-188 Commercial Building 341 North Webster Street Appearance unchanged WT07-189 Commercial Building East side of Webster Street Appearance unchanged between Fourth and Fifth Avenues WT07-191 Commercial Building c.330 North Webster Street Significant modern alterations WT07-192 Commercial Building c.330 North Webster Street Significant modern alterations WT07-193 Commercial Building 326 North Webster Street Modern alterations WT07-194 Commercial Building 322 North Webster Street Appearance unchanged WT07-195 Red Cloud US Post Office 300 North Webster Street Appearance unchanged WT07-219 Commercial Building East side of Webster Street Newly surveyed between Fourth and Fifth Avenues WT07-220 Commercial Building East side of Webster Street Newly surveyed between Fourth and Fifth Avenues WT07-221 Commercial Building Southeast corner of Webster Newly surveyed Street and Fifth Avenue WT07-265 Commercial Building West side of Webster Street Newly surveyed between Third and Fourth Avenues WT07-266 Commercial Building 117 West Fourth Avenue Newly surveyed WT07-267 Commercial Building 20 West Fourth Avenue Newly surveyed * At the time of the Willa Cather Thematic Group Nomination, the district included five Cather-era or compatible with the Cather-era resources that were not assigned site numbers that have been demolished. &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Main Street Historic District 1979 Status of Properties Fifth Ave. 115 * 32 Cedar St. Ave. Webster Elm St. 189 31 * 69 30 70 71 * Fourth Ave. 33 188 73 187 72 * 2929 186 28 8 * 27 Third Ave. Cather-era Resource / Resource Compatible with the Cather-era Modern / Intrusive Resource Historic Boundary N * Cather Resource Individually Listed Not to Scale &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Main Street Historic District 2002 Status of Properties Fifth Ave. 221 115 220 * 32 219 Cedar St. Ave. Webster Elm St. 189 31 * 69 30 70 266 71 * Fourth Ave. 33 188 267 267 73 187 72 191* 29 192 265 193 194 186 28 195 8 * 27 Third Ave. Cather-era Resource / Resource Compatible with the Cather-era Modern / Intrusive Resource Historic Boundary N * Cather Resource Individually Listed Not to Scale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·VJURYH FDWHJRUL]HGDVPRGHUQRULQWUXVLYH7KH5HG&ORXG -DFNVRQ·V 5HVHUYH :7 WZHOYH WRZQ ORWV VHW RXW 8QLWHG 6WDWHV 3RVW 2IILFH :7 LV LQFOXGHG LQ LQ ILQH ZHOOJURZQ FRWWRQZRRG WUHHV GHOLJKWIXO WR ORRN WKH GLVWULFW DQG ZDV LQGLYLGXDOO\ OLVWHG LQ WKH XSRQ RU OLVWHQ WR DV WKH\ VZD\HG DQG ULSSOHG LQ WKH 1DWLRQDO 5HJLVWHU IRU LWV DVVRFLDWLRQ ZLWK WKH :RUNV ZLQG« %H\RQG WKLV JURYH WKH KRXVHV RI WKH GHSRW 3URJUHVV$VVRFLDWLRQ VHWWOHPHQWEHJDQDQGWKHQDNHGERDUGZDONWKDWKDGUXQ LQ RXW RI WKH VXQIORZHUV DJDLQ EHFDPH D OLQN EHWZHHQ KXPDQGZHOOLQJVµ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µ7KH ORQJ VWUHHW ZKLFK FRQQHFWHG 0RRQVWRQH ZLWK WKH GHSRW VHWWOHPHQW WUDYHUVHG LQ LWV FRXUVH D FRQVLGHUDEOH 7UDLQVSOD\HGDQLPSRUWDQWUROHLQ&DWKHU·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·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able 9. Reevaluation of Properties within the Railroad Addition Historic District Category Number of Properties Percent in Number of Percent in in 1979 1979 Properties in 2002 2002 Cather resources 1 4% 1 4% (individual listing) Cather-era resources 17 63% 11 39% Resources 3 11% 3 11% compatible with Cather-era Modern or intrusive 6 22% 7 25% Demolished 0 0% 6 21% &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Table 10. Properties within the Railroad Addition Historic District* NeHBS Property Address Comparison Site Number Name WT07-010 Burlington Depot Northwest corner of Seward Appearance unchanged and Welch Streets WT07-012 John Cox House West side of Seward Street Modern alterations between Division and Third Streets WT07-168 House 115 South Seward Street Modern alterations WT07-169 House 141 South Seward Street Nonextant WT07-170 House West side of Seward Street Modern alterations between Division and Third Streets WT07-171 House 129 South Seward Street Significant modern alterations WT07-172 Burton-Hyde House 202 South Seward Street Nonextant WT07-173 Eugene Costigan House 221 South Seward Street Appearance unchanged WT07-174 Vest-Reed House 229 South Seward Street Appearance unchanged WT07-175 House 234 South Seward Street Nonextant WT07-176 Cumings-Tomlinson Hosue 242 South Seward Street Nonextant WT07-177 Ernest Welch House Southwest corner of Seward Nonextant and First Streets WT07-178 House 341 South Walnut Street Modern alterations WT07-179 House 205 South Walnut Street Appearance unchanged WT07-180 George Clauson House 333 South Third Street Physical deterioration WT07-181 House 141 South Walnut Street Modern alterations WT07-199 House 105 South Seward Street Newly surveyed WT07-201 House West side of South Seward Newly surveyed Street between First and Second Streets WT07-202 House 337 South Second Street Newly surveyed WT07-203 House 133 South Walnut Street Newly surveyed WT07-204 House 125 South Walnut Street Newly surveyed WT07-205 House 334 Division Street Newly surveyed * This table does not include the six properties identified as modern or intrusive in 1979. &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Railroad Addition Historic District 1979 Status of Properties 12 171 181 170 180 169 3rd St. 172 179 173 Walnut St. Walnut 174 Seward St. 175 176 2nd St. 178 1st St. 177 * 10 Cather-era Resource / Undeveloped Lot Resource Compatible with the Cather-era Historic Boundary Modern / Intrusive Resource N * Cather Resource Individually Listed Not to Scale &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Railroad Addition Historic District 2002 Status of Properties 205 199 168 12 204 203 171 181 170 180 X 3rd St. X 179 173 Walnut St. Walnut Seward St. X 202 174 X 2nd St. 201 178 1st St. X * 10 Cather-era Resource / Undeveloped Lot Resource Compatible with the Cather-era X Demolished Resource Modern / Intrusive Resource Historic Boundary N * Cather Resource Individually Listed Not to Scale &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV 6HZDUG6WUHHW+LVWRULF'LVWULFW ´7KH PDLQ EXVLQHVV VWUHHW UDQ RI FRXUVH WKURXJK WKH DUFKLWHFWXUDO VW\OHV XQFRPPRQ LQ 5HG &ORXG FHQWHURIWKHWRZQ7RWKHZHVWRIWKLVVWUHHWOLYHGDOOWKH LQFOXGLQJ ,WDOLDQDWH )UHQFK 6HFRQG (PSLUH DQG SHRSOH ZKR ZHUH DV 7LOOLH .URQEHUJ VDLG ¶LQ VRFLHW\· 4XHHQ$QQH 6\OYHVWHU6WUHHWWKHWKLUGSDUDOOHOZLWK0DLQ6WUHHWRQWKH ZHVWZDVWKHORQJHVWLQWRZQDQGWKHEHVWGZHOOLQJVZHUH EXLOWDORQJLWµ :LOOD&DWKHU7KH6RQJRIWKH/DUN 7KH 6HZDUG 6WUHHW +LVWRULF 'LVWULFW LV D UHVLGHQWLDO GLVWULFW WKDW VSDQV RYHU QLQH EORFNV DQG FRQWDLQV D FROOHFWLRQ RI WKH EHVW UHVLGHQWLDO DUFKLWHFWXUH LQ 5HG &ORXG7KHGLVWULFWGLVWLQJXLVKHVLWVHOIIURPWKHWZR RWKHU 5HG &ORXG UHVLGHQWLDO KLVWRULF GLVWULFWV LQ WKH VL]H DQG DUFKLWHFWXUDO GHWDLO RI LWV UHVLGHQFHV 7KH 6HZDUG 6WUHHW +LVWRULF 'LVWULFW LQFOXGHV WKH FKLOGKRRG KRPH RI :LOOD &DWKHU DQG WKH UHVLGHQFHV RI PDQ\ RI WKH FRPPXQLW\·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·V FKLOGKRRG IULHQGV DQG SURWRW\SH IRU WKH +DUOLQJ IDPLO\DQGUHVLGHQFHLQ0\$QWRQLD 7KH3HUNLQV:LHQHU+RXVH :7 RFFXSLHGE\ IULHQGV RI &DWKHU ZKR LQWURGXFHG KHU WR )UHQFK OLWHUDWXUH 7KH :DUQHU&DWKHU +RXVH :7 ZKHUH WKH )LUVW%DSWLVW&KXUFKLQ6HZDUG6WUHHW+LVWRULF'LVWULFW &DWKHUIDPLO\PRYHGLQ DIWHU:LOOD·VGHSDUWXUH :7 WRFROOHJH 7KH )LUVW %DSWLVW &KXUFK :7 ZKLFK WKH &DWKHUIDPLO\DWWHQGHGIURPWKHWLPHWKH\DUULYHGLQ 7KH 6HZDUG 6WUHHW +LVWRULF 'LVWULFW LV VLJQLILFDQW DV 1HEUDVNDWKURXJK WKHSURWRW\SHIRU6\OYHVWHU6WUHHWLQ&DWKHU·V6RQJRI 7KH :HEVWHU &RXQW\ &RXUWKRXVH :7 WKH WKH/DUN6\OYHVWHU6WUHHWZDVGHVFULEHGDVWKHEHWWHU VLWHRIWKHLPPLJUDQWWUDLOVLQ2QHRI2XUV VHFWLRQ RI WRZQ ZLWK PRUH HOHJDQW GZHOOLQJV ,Q 7KH KRPH RI 0DWWKHZ 5 %HQWOH\ :7 DGGLWLRQ 1LQWK $YHQXH DW WKH QRUWK HQG RI WKH SURWRW\SH IRU :LFN &XWWHU DQG KLV UHVLGHQFH LQ 0\ GLVWULFWZDVXVHGDVWKH PRGHOIRU4XDOLW\6WUHHWLQ $QWRQLD &DWKHU·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eward Street Historic District Ninth Ave. 1979 Status of Properties 116 43 X 117 * 97 118 61 119 60 59 45 Eighth Ave. X 120 1 58 57 46 Seventh Ave. 47 121 104 55 * Sixth Ave. 54 56 * 53 122 Fifth Ave. 123 78 124 125* 126 103 52 51 Fourth Ave. 128 127 129 130 20 131 Third Ave. 16 26 *132 18 * 17 * 2 Cather-era Resource / Resource Compatible with the Cather-era Second Ave. 133 19 Modern / Intrusive Resource 134 Undeveloped Lot 135 Walnut St. Walnut Seward St. Cedar St. X Demolished Resource First Ave. Historic Boundary 140 136 Cather Resource Individually Listed 137 * 139 138 N Avenue A Not to Scale &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV 63 44 62 Seward Street Historic District Ninth Ave. 2002 Status of Properties 242 116 43 117 * 97 X 61 119 60 59 45 Eighth Ave. X 1 X 264 243 263 244 57 46 Seventh Ave. 245 47 246 121 104 55 * Sixth Ave. 54 56 * 53 122 247 249 248 Fifth Ave. 123 78 124 125* 126 103 X 51 183 Fourth Ave. 128 127 262 250 129 X 130 X 20 131 261 Third Ave. 16 26 *132 18 *X 251* 17 X X 252 260 Cather-era Resource / 253 X 200 Resource Compatible with the Cather-era Second Ave. X 254 19 Modern / Intrusive Resource 255 X Undeveloped Lot 197 256 135 Walnut St. Walnut Seward St. Cedar St. X Demolished Resource First Ave. Historic Boundary 257 258 140 X Cather Resource Individually Listed 259 137 * 139 138 N Avenue A Not to Scale &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Table 11. Reevaluation of Properties within the Seward Street Historic District Category Number of Properties Percent in Number of Percent in in 1979 1979 Properties in 2002 2002 Cather resources 7 7% 6 6% (individual listing) Cather-era resources 36 38% 25 26% Resources 41 43% 35 36% compatible with Cather-era Modern or intrusive 10 10% 17 18% Demolished 2 2% 13 14% Table 12. Properties within the Seward Street Historic District* NeHBS Property Address Comparison Site Number Name WT07-001 D.J. Myers House 741 North Cedar Street Appearance unchanged WT07-002 Woodbury House 217 North Cedar Street Nonextant WT07-016 Miner Houe 241 North Cedar Street Historic appearance improved WT07-017 Creighton House 225 North Seward Street Appearance unchanged WT07-018 Perkins-Wiener House 238 North Seward Street Significant modern alterations WT07-019 House 204 West Second Street Significant modern alterations WT07-020 Walter Sherwood House Northwest corner of Seward Appearance unchanged Street and Third Avenue WT07-026 Cather House Southwest corner of Cedar Appearance unchanged Street and Third Avenue WT07-043 Matthew R. Bentley House 845 North Cedar Street Physical deterioration WT07-044 House Northwest corner of Ninth Appearance unchanged Avenue and Cedar Street WT07-045 Frederick Turnure House 809 North Cedar Street Appearance unchanged WT07-046 House 705 North Cedar Street Modern alterations WT07-047 Webster County Jail 621 North Cedar Street Modern alterations WT07-051 Sacred Heart Catholic Church Northwest corner of Seward Appearance unchanged Street and Fourth Avenue WT07-052 House 421 North Seward Street Nonextant WT07-053 Frank Smith House 525 North Seward Street Modern alterations WT07-054 Warner-Cather House 541 North Seward Street Historic appearance improved WT07-055 Methodist Episcopal Church Northwest cortner of Seward Physical deterioration Street and Sixth Avenue WT07-056 McNeny House 544 North Seward Street Appearance unchanged WT07-057 Whitaker House Northeast corner of Seward Appearance unchanged Street and Seventh Avenue WT07-058 Smith-Gilham House 737 North Seward Street Nonextant WT07-059 J.W. Bogenrieff House 804 North Seward Street Appearance unchanged WT07-060 J.G. Myers House 809 North Seward Street Modern alterations WT07-061 C.D. Robinson House 820 North Seward Street Appearance unchanged &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Table 12. Properties within the Seward Street Historic District* NeHBS Property Address Comparison Site Number Name WTWT07-062 DJWinterMH W. Kaley House 2414 NWest hC Ninth d Street S AAppearance unchangedh d WT07-063 Charles W. Kaley House 909 North Seward Street Modern alterations WT07-078 First Baptist Church 442 North Seward Street Appearance unchanged WT07-097 House 825 North Cedar Street Appearance unchanged WT07-103 House 426 North Cedar Street Appearance unchanged WT07-104 Webster County Courthouse 225 West Sixth Street Appearance unchanged WT07-116 Temple House 842 North Seward Street Modern alterations WT07-117 House 830 North Seward Street Appearance unchanged WT07-118 Robert B. Fulton House West side Seward Street, Nonextant between Eighth and Ninth Avenues WT07-119 Jefferson G. Myers House 819 North Seward Street Appearance unchanged WT07-120 John R. Shirley House 742 North Seward Street Nonextant WT07-121 House 617 North Seward Street Modern alterations WT07-122 Parkes House 513 North Seward Street Modern alterations WT07-123 Carnelius S. Potter House 435 North Seward Street Appearance unchanged WT07-124 A.P. Hadel House West side of Seward Street Physical deterioration between Fourth and Fifth Avenues WT07-125 Howard House 434 North Seward Street Appearance unchanged WT07-126 House 421 North Seward Street Appearance unchanged WT07-127 DX Gasoline Station 242 West Fourth Avenue Appearance unchanged WT07-128 House 341 North Seward Street Appearance unchanged WT07-129 John C. Allen House East side of Seward Street Significant modern alterations between Fourth and Third Avenues WT07-130 Annie L. Mitchell House 310 North Seward Street Appearance unchanged WT07-131 House 302 North Seward Street Appearance unchanged WT07-132 House 235 North Seward Street Modern alterations WT07-133 House Southwest corner of Seward Nonextant Street and Second Avenue WT07-134 Samuel B. Lightfoot House 126 North Seward Street Nonextant WT07-135 Garber Rental Property 105 North Seward Street Modern alterations WT07-136 Edward J. Pulsipher House 55 North Seward Street Nonextant WT07-137 Samuel VanHorn House East side of Seward Street Appearance unchanged between First and A Avenues WT07-138 Jospeh S. Blair House 50 North Seward Street Significant modern alterations WT07-139 Peter Conover House 51 North Seward Street Significant modern alterations WT07-140 House 58 North Seward Street Appearance unchanged WT07-183 House North side of Fourth Avenue, Appearance unchanged west of alley, between Cedar and Seward Streets WT07-197 House 113 North Seward Street Newly surveyed WT07-200 House 205 North Cedar Street Newly surveyed WT07-242 House 841 North Seward Street Newly surveyed WT07-243 House 722 North Seward Street Newly surveyed WT07-244 House 705 North Seward Street Newly surveyed WT07-245 House Southwest corner of Seward Newly surveyed Street and Seventh Avenue &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV Table 12. Properties within the Seward Street Historic District* NeHBS Property Address Comparison Site Number Name WT07WT07-246001 DHouseJ Myers House 741629 NorthNorth CedarSeward Street Street ANewlyppearance surveyedunchanged WT07-247 House 522 North Seward Street Newly surveyed WT07-248 House 506 North Seward Street Newly surveyed WT07-249 House 501 North Seward Street Newly surveyed WT07-250 House 325 North Seward Street Newly surveyed WT07-251 House 230 North Seward Street Newly surveyed WT07-252 House 213 North Seward Street Newly surveyed WT07-253 House 205 North Seward Street Newly surveyed WT07-254 House 137 North Seward Street Newly surveyed WT07-255 House 125 North Seward Street Newly surveyed WT07-256 House 116 North Seward Street Newly surveyed WT07-257 House Southwest corner of Seward Newly surveyed Street and First Avenue WT07-258 House 62 North Seward Street Newly surveyed WT07-259 House 53 North Seward Street Newly surveyed WT07-260 House 213 North Cedar Street Newly surveyed WT07-261 House Northwest corner of Cedar Newly surveyed Street and Third Avenue WT07-262 House 329 North Cedar Street Newly surveyed WT07-263 House West side of North Cedar Newly surveyed Street between Seventh and Eighth Avenues WT07-264 House 733 North Cedar Street Newly surveyed *At the time of the Willa Cather Thematic Group Nomination, the district included five Cather-era or compatible with the Cather-era resources that were not assigned site numbers that have since been demolished. The table does not include the ten properties identified as modern or intrusive in 1979 that were not assigned site numbers. &KDSWHU:LOOD&DWKHU7KHPDWLF*URXS3URSHUWLHV &RQFOXVLRQ 1RWHV 7KH :LOOD &DWKHU 7KHPDWLF *URXS 1RPLQDWLRQ FRPSOHWHG LQ UHFRJQL]HG WKH KLVWRULFDO DQG ´+LVWRULF :HEVWHU &RXQW\ 7KHQ DQG 1RZµ DUFKLWHFWXUDO VLJQLILFDQFH RI WZHQW\VL[ LQGLYLGXDO 1HEUDVNDODQG QR -XO\ QS UHVRXUFHV DQG IRXU KLVWRULF GLVWULFWV ZLWKLQ 5HG &ORXGDQG:HEVWHU&RXQW\UHODWHGWR:LOOD&DWKHU·V &6SDQ ´$PHULFDQ :ULWHUV :LOOD &DWKHUµ &6SDQ OLIHDQGZULWLQJV6LQFHWKHOLVWLQJRIWKHVHUHVRXUFHV $PHULFDQ :ULWHUV 1G KWWS ZZZDPHULFDQ RYHUWZHQW\\HDUVDJRPDQ\RIWKHSURSHUWLHVKDYH ZULWHUVRUJZULWHUVFDWKHUDVS! $SULO EHHQ PDLQWDLQHG DQG UHWDLQ WKHLU KLVWRULF LQWHJULW\ 7KLV LV LPSRUWDQW EHFDXVH WKH UHWHQWLRQ RI WKH EXLOW 0XUSK\ $QQ %LOOHVEDFK DQG -RQL /LGROSK HQYLURQPHQW DOORZV WKH SURSHUWLHV DQG KLVWRULF *LONHUVRQ´:LOOD&DWKHU7KHPDWLF*URXS 6LWHVDQG GLVWULFWV WR SURYLGH D VHQVH RI WLPH DQG SODFH 'LVWULFWVLQ:HEVWHU&RXQW\1HEUDVNDµ UHIOHFWLQJ&DWKHU·VOLIHDQGZULWLQJV 8QIRUWXQDWHO\ WKLUW\ SURSHUWLHV RU WKLUWHHQ SHUFHQW RI WKH SURSHUWLHV LQ WKH :LOOD &DWKHU 7KHPDWLF *URXSKDYHEHHQGHPROLVKHG2WKHUSURSHUWLHVKDYH EHHQVLJQLILFDQWO\PRGHUQL]HGZKLFKGRHVQRWDOORZ WKHP WR UHIOHFW WKH KLVWRULF SHULRG DVVRFLDWHG ZLWK &DWKHU·V OLIH DQG ZULWLQJV IRU ZKLFK WKH\ ZHUH UHFRJQL]HG 6RPH RI WKH PRVW QRWLFHDEOH FKDQJHV KDYHRFFXUUHGZLWKLQWKHKLVWRULFGLVWULFWVLQFOXGLQJ WKHORVVRIKLVWRULFEXLOGLQJVFRQVWUXFWLRQRIPRGHUQ EXLOGLQJV DQG WKH DOWHUDWLRQ RI EXLOGLQJV 7KH GHPROLWLRQDQGDOWHUDWLRQVKDYHFDXVHGDVLJQLILFDQW HURVLRQ RI WKH SK\VLFDO FRQQHFWLRQ OHJDF\ DQG KHULWDJHDVVRFLDWHGZLWK:LOOD&DWKHU ,W LV LPSRUWDQW WKDW WKH KLVWRULF FKDUDFWHU DQG DSSHDUDQFH RI LQGLYLGXDO SURSHUWLHV DQG WKH SURSHUWLHVZLWKLQWKHKLVWRULFGLVWULFWVEHPDLQWDLQHG DQG UHWDLQHG LQ RUGHU IRU WKHP WR FRQWLQXH WR UHSUHVHQWWKHLUDVVRFLDWLRQZLWK:LOOD&DWKHUDQGKHU ZULWLQJV DQG UHIOHFW WKH SDVW RI :HEVWHU &RXQW\ )XUWKHUORVVHVZLOORQO\ZRUVHQWKHVWDWXVRIWKH:LOOD &DWKHU 7KHPDWLF *URXS SURSHUWLHV DQG WKH KHULWDJH RI 5HG &ORXG ,I WKH HURVLRQ GHPROLWLRQ DQG DOWHUDWLRQ LV QRW KDOWHG RU UHYHUVHG DQ LUUHSODFHDEOH DVVHWWR5HG&ORXG:HEVWHU&RXQW\DQGWKHVWDWHRI 1HEUDVNDZLOOEHLUUHWULHYDEO\ORVW &KDSWHU 5HFRPPHQGDWLRQV 1DWLRQDO 5HJLVWHU RI +LVWRULF 3ODFHV 5HFRPPHQGDWLRQV 2QHSXUSRVHRIWKH1HEUDVND+LVWRULF%XLOGLQJ $XOG3XEOLF/LEUDU\LQ5HG&ORXG:7 OLVWHG 6XUYH\ 1H+%6 RI :HEVWHU &RXQW\ LV WR LGHQWLI\ LQ SURSHUWLHV SRWHQWLDOO\ HOLJLEOH IRU WKH 1DWLRQDO 5HJLVWHU RI +LVWRULF 3ODFHV 1DWLRQDO 5HJLVWHU 5HG &ORXG 8QLWHG 6WDWHV 3RVW 2IILFH :7 1DWLRQDO5HJLVWHUOLVWLQJLVDQKRQRULILFVWDWXVJLYHQ OLVWHGLQ WRSURSHUWLHVWKDWSRVVHVVKLVWRULFRUDUFKLWHFWXUDOVLJ QLILFDQFHDWWKHORFDOVWDWHRUQDWLRQDOOHYHO 7ZR :HEVWHU &RXQW\ SURSHUWLHV KDYH EHHQ UHFRJQL]HGDV1DWLRQDO+LVWRULF/DQGPDUNV 7KLUW\WZR SURSHUWLHV DQG IRXU GLVWULFWV LQ :HEVWHU &RXQW\DUHFXUUHQWO\OLVWHGLQWKH1DWLRQDO5HJLVWHU 3LNH3DZQHH 9LOODJH 6LWH QHDU *XLGH 5RFN :7 7KLV LQFOXGHV WZHQW\VL[ SURSHUWLHV DQG WKH IRXU DQG:7GHVLJQDWHGLQ KLVWRULF GLVWULFWV LQFOXGHG LQ WKH :LOOD &DWKHU 7KHPDWLF *URXS 1RPLQDWLRQ VHH &KDSWHU IRU D :LOOD &DWKHU +RXVH LQ 5HG &ORXG :7 FRPSOHWH OLVW RI :LOOD &DWKHU 7KHPDWLF *URXS GHVLJQDWHGLQ SURSHUWLHV $GGLWLRQDO SURSHUWLHV OLVWHG LQ WKH 1DWLRQDO5HJLVWHULQFOXGHWKHIROORZLQJ $V D UHVXOW RI WKLV VXUYH\ WKH VXUYH\ WHDP UHFRPPHQGVWZHQW\DGGLWLRQDOLQGLYLGXDOSURSHUWLHV +LOO )DUP 6LWH 3LNH3DZQHH 9LOODJH QHDU *XLGH DV SRWHQWLDOO\ HOLJLEOH IRU WKH 1DWLRQDO 5HJLVWHU 5RFN:7DQG:7OLVWHGLQ 7KHVH SURSHUWLHV UHWDLQ JRRG LQWHJULW\ DQG SRVVHVV WKH FKDUDFWHULVWLFV DQG VLJQLILFDQFH WKDW PD\ DOORZ 6WDUNH5RXQG%DUQQHDU$PER\:7OLVWHGLQ WKHPWREHOLVWHGLQWKH1DWLRQDO5HJLVWHU'XULQJD UHFRQQDLVVDQFH OHYHO VXUYH\ UHVHDUFK HIIRUWV DUH OLPLWHG DQG PRVW SURSHUWLHV DUH LGHQWLILHG EDVHG RQ 5HG&ORXG%ULGJHQHDU5HG&ORXG:7OLVWHG WKHLU DUFKLWHFWXUDO VW\OH DQG KLVWRULF LQWHJULW\ $V D LQ UHVXOW PRVW SURSHUWLHV DUH UHFRPPHQGHG IRU OLVWLQJ XQGHU &ULWHULRQ & $UFKLWHFWXUH DQG GHPRQVWUDWH D ,22)+DOODQG2SHUD+RXVH:7OLVWHGLQ VLJQLILFDQWDUFKLWHFWXUDOW\SHRUPHWKRGRIFRQVWUXF WLRQ ,QGLYLGXDO SURSHUWLHV VXFK DV UHOLJLRXV SURSHUWLHVPD\DOVRQHHGWRPHHW1DWLRQDO5HJLVWHU &KDSWHU5HFRPPHQGDWLRQV (GXFDWLRQ &ULWHULD &RQVLGHUDWLRQV WR EH HOLJLEOH IRU OLVWLQJ $GGLWLRQDO LQWHQVLYHOHYHO UHVHDUFK DQG UHYLHZ E\ WKH 1HEUDVND 6WDWH +LVWRULF 3UHVHUYDWLRQ 2IILFH 1H6+32 LV QHFHVVDU\ EHIRUH D ILQDO GHFLVLRQ LV PDGH RQ HOLJLELOLW\ RU LQ RUGHU WR SXUVXH 1DWLRQDO 5HJLVWHUOLVWLQJ 3URSHUWLHV UHFRPPHQGHG DV SRWHQWLDOO\ HOLJLEOH IRU OLVWLQJ LQ WKH 1DWLRQDO 5HJLVWHU DUH LGHQWLILHG DQG LOOXVWUDWHG EHORZ XQGHU WKHLU SULPDU\ 1H+%6 KLVWRULFFRQWH[W)RUDGLVFXVVLRQRIKLVWRULFFRQWH[WV VHH&KDSWHU6XUYH\5HVXOWV $JULFXOWXUH 'LVWULFW6FKRROQHDU$PER\:7 )DUPVWHDGQHDU*XLGH5RFN:7 ´3RRU)DUPµ6FKRROQHDU5HG&ORXG:7 Table 13. Individual Properties Recommended Potentially Eligible for the National Register of Historic Places NeHBS Resource NeHBS National Register Site Number Name Historic Context Area of Significance WT00-008 District 30 School Education Architecture WT00-022 Poor Farm School Education Architecture WT00-030 New Virginia School District 65 Education Architecture WT00-055 Farmstead Agriculture Architecture WT00-189 Willow Creek Bridge Transportation Engineering WT01-001 Amboy Mill Processing Industry Architecture WT03-005 House Settlement/ Architecture Architecture WT03-017 House Settlement/ Architecture Architecture WT03-023 McBride House Settlement/ Architecture Architecture WT03-036 Blue Hill City Light and Water Station Services Architecture WT03-037 Blue Hill Public School Education Architecture WT03-038 Gas Station Transportation Architecture WT03-040 Gas Station Transportation Architecture WT05-027 House Settlement/ Architecture Architecture WT05-036 House Settlement/ Architecture Architecture WT06-016 School District No. 6 Gymnasium Education Architecture WT07-083 Pope House Settlement/ Architecture Architecture WT07-087 E.U. Overman House Settlement/ Architecture Architecture WT07-088 L.L. Boren House Settlement/ Architecture Architecture WT07-090 Dr. Damerell House Settlement/ Architecture Architecture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·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·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·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·V6HZDUG6WUHHW+LVWRULF'LVWULFWDFDQGLGDWH IRUORFDOGHVLJQDWLRQ 7KHIXQGDPHQWDOSXUSRVHRIDQRUGLQDQFHLVWRFUHDWH DQ HQYLURQPHQW ZKHUH KLVWRULF SUHVHUYDWLRQ LV D VKDUHG FRPPXQLW\ YDOXH DQG LV XVHG DV D WRRO IRU &KDSWHU3UHVHUYDWLRQ2UGLQDQFHVLQ:HEVWHU&RXQW\ FRPPXQLW\ SODQQLQJ HFRQRPLF GHYHORSPHQW DQG JXLGHOLQHV VHWWLQJ FRPSRVLWLRQ RI WKH FRPPLVVLRQ WRXULVP$ SUHVHUYDWLRQFRPPLVVLRQKROGVUHVSRQVL DQGOHQJWKRIPHPEHUV·WHUPV ELOLW\ IRU UHFRJQL]LQJ DQG SUHVHUYLQJ GLVWULFWV EXLOGLQJV VLWHV DQG VWUXFWXUHV WKDW FRQWULEXWH WR D SRZHUVDQGGXWLHVRIWKHFRPPLVVLRQ FRPPXQLW\·VGLVWLQFWLYHFKDUDFWHUDQGHQYLURQPHQW $ UHYLHZ RI WKH EHVW SUDFWLFHV LQGLFDWHV WKDW DQ FULWHULD DQG SURFHGXUHV IRU GHVLJQDWLQJ SURSHUWLHV RUGLQDQFHVKRXOGSURYLGHIRUWKHIROORZLQJ DQGKLVWRULFGLVWULFWV 7KHKLVWRULFSUHVHUYDWLRQFRPPLVVLRQVKRXOGKDYHD SURFHGXUHV IRU FRPPHQWLQJ RQ QRPLQDWLRQV WR WKH VL]DEOH PHPEHUVKLS ILYH PHPEHUV DUH VSHFLILHG LQ 1DWLRQDO5HJLVWHU 1HEUDVND·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·V 6WDQGDUGV IRU ,GHQWLILFDWLRQ DQG WLRQRUGLQDQFHVDOVRLQFOXGHDSURYLVLRQIRUJUDQWLQJ 5HJLVWUDWLRQ7KH6HFUHWDU\RIWKH,QWHULRU·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·VFRPSUHKHQVLYHSODQLQRUGHUIRUDORFDO DFXUDWRURUGLUHFWRURIDQDUWRURWKHUPXVHXP JRYHUQPHQW WR SDVV DQ KLVWRULF SUHVHUYDWLRQ RUGLQDQFH2UGLQDQFHVPXVWEHLQFRUSRUDWHGLQWRWKH DSURIHVVLRQDODUWLVWRUKLVWRULDQ FLW\·V]RQLQJFRGH WKUHH LQWHUHVWHG DQGTXDOLILHGSHUVRQVFKRVHQIURP &HUWLILHG/RFDO*RYHUQPHQW3URJUDP DQ\ H[LVWLQJ KLVWRULFDO VRFLHW\ SUHVHUYDWLRQ JURXS 7KH&HUWLILHG/RFDO*RYHUQPHQW3URJUDPRIIHUVUHF DUFKLWHFWXUDO ODQGVFDSH DUFKLWHFWXUDO LQWHULRU RPPHQGDWLRQV DQG JXLGHOLQHV IRU FRPPXQLWLHV WR GHVLJQRUSODQQLQJDVVRFLDWLRQ RUFXOWXUDORUJDQL]D IROORZ ZKHQ HQDFWLQJ D SUHVHUYDWLRQ RUGLQDQFH WLRQ 2QFH D FRPPXQLW\ KDV HQDFWHG D SUHVHUYDWLRQ RUGLQDQFHDQGPHWRWKHUUHTXLUHPHQWVWKHSURJUDP WZROD\SHUVRQV DOVR RIIHUV UHFRJQLWLRQ DQG EHQHILWV WR ORFDO JRYHUQPHQWV WKDW KDYH HVWDEOLVKHG ORFDO KLVWRULF DQ RZQHU RU RSHUDWRU RI D EXVLQHVV RU SURSHUW\ SUHVHUYDWLRQSURJUDPV5HG&ORXGLVUHFRJQL]HGE\ ZLWKLQDSUHVHUYDWLRQGLVWULFW WKH 1HEUDVND 6WDWH +LVWRULFDO 6RFLHW\ DQG WKH 1DWLRQDO 3DUN 6HUYLFH DV D &HUWLILHG /RFDO 7KHUH DUH SURYLVLRQV LQ WKH &HUWLILHG /RFDO *RYHUQPHQW 7R SDUWLFLSDWH LQ WKH &HUWLILHG /RFDO *RYHUQPHQW SURFHGXUHV IRU FRPPXQLWLHV ZKR *RYHUQPHQW 3URJUDP D FRPPXQLW\ PXVW KDYH LQ FDQQRW PHHW WKH UHTXLUHPHQWV RXWOLQHG LQ WKH SODFHDSUHVHUYDWLRQRUGLQDQFHWKDWSURYLGHVIRUWKH SURFHGXUHV7KH6+32PD\FHUWLI\D&HUWLILHG/RFDO SURWHFWLRQ RI KLVWRULF SURSHUWLHV DQG D SUHVHUYDWLRQ *RYHUQPHQW ZLWKRXW WKH PLQLPXP QXPEHU RI FRPPLVVLRQWKDWRYHUVHHVWKLVRUGLQDQFH7KHJRDORI PHPEHUV RU UHTXLUHG GLVFLSOLQHV LI WKH\ FDQ WKH SURJUDP LV WR LQFUHDVH ORFDO SUHVHUYDWLRQ GHPRQVWUDWHWKDWDJRRGIDLWKHIIRUWZDVPDGHWRILOO DFWLYLWLHVE\PDNLQJWKHORFDOFRPPXQLW\DSDUWQHURI WKHSRVLWLRQ V RUWKDWDQDOWHUQDWLYHFRPSRVLWLRQRI WKH 1HEUDVND 6WDWH +LVWRULFDO 6RFLHW\ 6WDWH +LVWRULF WKH &RPPLVVLRQ EHVW PHHWV WKH QHHGV RI WKH 3UHVHUYDWLRQ 2IILFH &HUWLILHG /RFDO *RYHUQPHQWV &RPPLVVLRQ DQG WKH ORFDO JRYHUQPHQW 7KH DUHHOLJLEOHIRUJUDQWVWRDVVLVWLQWKHLPSOHPHQWDWLRQ &RPPLVVLRQ PD\ EH UHTXLUHG WR VHHN H[SHUWLVH LQ RI ORFDO SUHVHUYDWLRQ SURJUDPV 7KHVH JUDQWV FDQ EH DUHDV WKDW DUH QRW UHSUHVHQWHG LQ WKHLU PHPEHUVKLS XVHG WR ILQDQFH D YDULHW\ RI SUHVHUYDWLRQ UHODWHG IRU 1DWLRQDO 5HJLVWHU QRPLQDWLRQV DQG RWKHU DFWLYLWLHVLQFOXGLQJVXUYH\ZRUNSUHSDULQJ1DWLRQDO GHFLVLRQVWKDWPD\DIIHFWSURSHUWLHV 5HJLVWHU QRPLQDWLRQV HGXFDWLRQ SURJUDPV SXEOLFD WLRQV VWDII VXSSRUW ZRUNVKRSV DQG SUHVHUYDWLRQ HYHQWV ,Q DGGLWLRQ &HUWLILHG /RFDO *RYHUQPHQWV &KDSWHU3UHVHUYDWLRQ2UGLQDQFHVLQ:HEVWHU&RXQW\ 7KH 1HEUDVND &HUWLILHG /RFDO *RYHUQPHQW RUGLQDQFHZDVSDVVHGRQ-XO\ 5HVLGHQWVWDNH 3URFHGXUHV RXWOLQHV WKDW ORFDO RUGLQDQFHV VKRXOG SULGH LQ WKHLU FLW\·V SRVLWLRQ DV WKH ´+RPH RI :LOOD LQFOXGHWKHIROORZLQJSURYLVLRQV &DWKHUµ 3ODQV WR ORFDOO\ GHVLJQDWH SURSHUWLHV DUH FXUUHQWO\XQGHUZD\ DXWKRUL]DWLRQ RI KLVWRULF SUHVHUYDWLRQ XQGHU 1HEUDVND6WDWXWHV DVWDWHPHQWRISXUSRVH HVWDEOLVKPHQW RI DQ KLVWRULF SUHVHUYDWLRQ FRPPLVVLRQ LQFOXGLQJ PHPEHUVKLS GXWLHV DQG WHUPVRIDSSRLQWPHQW &ULWHULDDQGSURFHGXUHVIRUWKHGHVLJQDWLRQRIORFDO ODQGPDUNV DQG GLVWULFWV ZKLFK DUH FRQVLVWHQW ZLWK WKH6HFUHWDU\RIWKH,QWHULRU·V6WDQGDUGVIRU,GHQWLILFDWLRQ DQG5HJLVWUDWLRQ 5HG&ORXG·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·V PLVVLRQ WR LQFOXGH FDQGLGDWHIRUORFDOGHVLJQDWLRQ HGXFDWLQJ WKH SXEOLF FRRSHUDWLQJ ZLWK 6+32 WR LQFOXGH SURSHUWLHV DQG GLVWULFWV LQ WKH 1DWLRQDO 5HJLVWHUDQGVROLFLWLQJIXQGVIRUSXUSRVHVRISUHVHU YDWLRQDVGHHPHGDGYLVDEOH 5HG&ORXG 7KHFLW\RI5HG&ORXGLVUHFRJQL]HGE\WKH1HEUDVND 7KHRUGLQDQFHGRHVQRW +LVWRULFDO6RFLHW\DQGWKH1DWLRQDO3DUN6HUYLFHDVD &HUWLILHG /RFDO *RYHUQPHQW DQG KDV DQ +LVWRULF FXUUHQWO\KDYHDQ\SURSHUWLHVGHVLJQDWHG 3UHVHUYDWLRQ &RPPLVVLRQ 7KH FLW\·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·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·VRUGLQDQFHFDQ 5HG&ORXGFRXOGVWUHQJWKHQLWVRUGLQDQFHE\PDNLQJ EH XVHG DV D PRGHO E\ FRPPXQLWLHV GHYHORSLQJ RU WKH SURSRVHG DOWHUDWLRQ RI GHVLJQDWHG KLVWRULF DPHQGLQJ D SUHVHUYDWLRQ RUGLQDQFH &RSLHV RI SURSHUWLHVDQGFRQWULEXWLQJEXLOGLQJVZLWKLQORFDOO\ 2PDKD·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·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·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·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·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·VREMHFWLRQ VLJQLILFDQFH7KHVXUYH\LVQRWLQWHQGHGWREHDFRP SUHKHQVLYH KLVWRU\ RI D FRXQW\ EXW D GHWDLOHG ´ILUVW $OORZ WKH OLVWLQJ RI DQ KLVWRULF GLVWULFW RYHU D ORRNµ DW KLVWRULF SURSHUWLHV $GGLWLRQDOO\ DV WKH PDMRULW\RISURSHUW\RZQHUV·REMHFWLRQV 1H+%6 LV LQ SDUW IHGHUDOO\ IXQGHG WKH 1H6+32 PXVW XVH IHGHUDO JXLGHOLQHV ZKHQ HYDOXDWLQJ DQG 5HTXLUHSXEOLFDFFHVVWRSULYDWHSURSHUW\ LGHQWLI\LQJKLVWRULFSURSHUWLHV,QVKRUWWKH1H+%6 LV QRW DQ HQG LQ LWVHOI EXW D EHJLQQLQJ IRU SXEOLF /LVWLQJDSURSHUW\LQWKH1DWLRQDO5HJLVWHUGRHV SODQQHUV DQG LQGLYLGXDOV WKDW YDOXH WKHLU FRPPXQLW\·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·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·V 6WDQGDUGV IRU 5HKDELOLWDWLRQ DQG *XLGHOLQHV IRU 5HKDELOLWDWLQJ $ &/*LVHOLJLEOHWRUHFHLYHPDWFKLQJIXQGVIURPWKH +LVWRULF %XLOGLQJV 7KH VWDQGDUGV DUH D FRPPRQ 1H6+32WKDWDUHXQDYDLODEOHWRQRQ&/*V VHQVH DSSURDFK WR WKH DGDSWLYH UHXVH RI KLVWRULF EXLOGLQJV ,W LV LPSRUWDQW WR UHPHPEHU WKDW WKLV &RQWULEXWLQJ EXLOGLQJV ZLWKLQ ORFDO ODQGPDUN SURJUDP SURPRWHV WKH UHKDELOLWDWLRQ RI KLVWRULF GLVWULFWV PD\ EH HOLJLEOH IRU SUHVHUYDWLRQ WD[ SURSHUWLHVVRWKDWWKH\PD\EHXVHGWRWKHEHQHILWDQG LQFHQWLYHV VHH EHORZ ZLWKRXW EHLQJ OLVWHG LQ WKH HQMR\PHQWRIWKHSURSHUW\RZQHUDQGDFRPPXQLW\ 1DWLRQDO5HJLVWHU 7KH SURJUDP LV QRW QHFHVVDULO\ LQWHQGHG WR UHFRQVWUXFWRUUHVWRUHKLVWRULFEXLOGLQJVWR H[DFWDV 7KURXJK WKH XVH RI WKHLU ODQGPDUNLQJ DQG VXUYH\ EXLOWVSHFLILFDWLRQV SURJUDPV &/*V KDYH DQ DGGLWLRQDO WRRO ZKHQ FRQVLGHULQJ SODQQLQJ ]RQLQJ DQG ODQGXVH LVVXHV 7KH WD[ LQFHQWLYH SURJUDP LQ 1HEUDVND KDV EHHQ UHODWLQJWRKLVWRULFSURSHUWLHV UHVSRQVLEOHIRU &/*V KDYH WKH DELOLW\ WR PRQLWRU DQG SUHVHUYH 5HLQYHVWLQJPLOOLRQVRIGROODUVIRUWKHSUHVHUYDWLRQ VWUXFWXUHVWKDWUHIOHFWWKHFRPPXQLW\·VKHULWDJH RIKLVWRULFEXLOGLQJV &/*V KDYH DFFHVV WR D QDWLRQZLGH LQIRUPDWLRQ (VWDEOLVKLQJ WKRXVDQGV RI ORZ DQG PRGHUDWH QHWZRUNRIORFDOVWDWHIHGHUDODQGSULYDWHSUHVHUYD LQFRPHKRXVLQJXQLWVDQGXSSHULQFRPHXQLWV WLRQLQVWLWXWLRQV (QFRXUDJLQJWKHDGDSWLYHUHXVHRISUHYLRXVO\XQGHU )LQDOO\ EXW QRW OHDVW D &/* WKURXJK LWV RUGLQDQFH RUXQXWLOL]HGKLVWRULFSURSHUWLHVLQROGHUGRZQWRZQ DQG FRPPLVVLRQ KDV D EXLOWLQ PHFKDQLVP WR FRPPHUFLDODUHDV SURPRWH SULGH LQ DQG XQGHUVWDQGLQJ RI D FRPPXQLW\·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·V JRDO LV WR DVVLVW ORFDO LQGLYLGXDOV )RUH[DPSOHLIWKH)HGHUDO+LJKZD\$GPLQLVWUDWLRQ JURXSVDQGJRYHUQPHQWVXQGHUVWDQGSURPRWHDQG )+:$ WKURXJK WKH 1HEUDVND 'HSDUWPHQW RI SUHVHUYHKLVWRULFSURSHUWLHV7KH1H6+32DGYRFDWHV 5RDGVFRQWHPSODWHVFRQVWUXFWLRQRIDQHZKLJKZD\ QRW RQO\ WKH VHOIHYLGHQW DHVWKHWLF DGYDQWDJHV RI )+:$ PXVW FRQWDFW WKH 1H6+32 IRU DVVLVWDQFH LQ KLVWRULF SUHVHUYDWLRQ EXW DOVR WKH SRWHQWLDO IRU GHWHUPLQLQJ ZKHWKHU DQ\ VLWHV RU VWUXFWXUHV ORFDWHG SUHVHUYDWLRQ WR KHOS SURPRWH HFRQRPLF LQWKHSURMHFWDUHDDUHOLVWHGLQRUHOLJLEOHIRUOLVWLQJ GHYHORSPHQW FRPPXQLW\ SODQQLQJ WRXULVP HQYL LQWKH1DWLRQDO5HJLVWHU,ISURSHUWLHVWKDWPHHWWKLV URQPHQWDOVHQVLWLYLW\DQGODQGXVHSODQQLQJ FULWHULDDUH IRXQGWKH)+:$ PXVWFRQVXOWZLWK WKH 1H6+32 WR DYRLGRU UHGXFHDQ\KDUPWKH KLJKZD\ 7KHDERYHVKRUWGHVFULSWLRQVDUHPHDQWWRRULHQWWKH PLJKWFDXVHWKHSURSHUW\1RWHWKDWDSURSHUW\QHHG UHDGHU WR WKH 1H6+32 SURJUDPV ZLWKLQ WKH ODUJHU QRW DFWXDOO\ EH OLVWHG LQ WKH 1DWLRQDO 5HJLVWHU WR EH PLVVLRQ RI WKH 16+6 $V DOO 1H6+32 SURJUDPV FRQVLGHUHG IRU SURWHFWLRQ RQO\ WR KDYH EHHQ RULJLQDWH IURP D FRPPRQ VRXUFH WKH 1DWLRQDO GHWHUPLQHGHOLJLEOHIRUOLVWLQJ7KLVSURFHVVLVWRWDNH +LVWRULF3UHVHUYDWLRQ$FWWKH\ZRUNEHVWZKHQWKH\ SODFHHDUO\HQRXJKLQWKHSODQQLQJSURFHVVWRDOORZ ZRUN WRJHWKHU HLWKHU LQ ZKROH RU LQ SDUW )RU WKH IRU DOWHUQDWLYHV WKDW ZRXOG DYRLG DGYHUVH HIIHFWV WR SURJUDPVWRIXQFWLRQDWDOOWKH\UHTXLUHWKHLQWHUHVW KLVWRULF SURSHUWLHV LH LQ WKH H[DPSOH DERYH WKH DQG SDUWLFLSDWLRQ RI WKH SHRSOH WKH\ DUH PHDQW WR PRGLILFDWLRQRIDQHZKLJKZD\·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²1RUWK3ODWWH %LOO&KDGD²*UDQG,VODQG 1DWLRQDO5HJLVWHURI+LVWRULF3ODFHV *ORULD&ODUN²$OOLDQFH 6WDF\6WXSND%XUGD1DWLRQDO5HJLVWHU&RRUGLQDWRU 0HOLVVD&RQQRU²/LQFROQ 7HOHSKRQH :DOWHU'XGD²2PDKD (PDLO VVWXSNDE#PDLOVWDWHQHXV %HYHUO\)OHPLQJ&KDLU²/LQFROQ *HRUJH+DHFNHU²2PDKD 1DQF\+DQH\²/\PDQ %LOO&DOODKDQ3URJUDP$VVRFLDWH -LP0F.HH²/LQFROQ 7HOHSKRQH -DFN3UHVWRQ²/\PDQ3UHVLGHQWRIWKH (PDLO &$//$+$1#QHEUDVNDKLVWRU\RUJ 1HEUDVND6WDWH+LVWRULFDO6RFLHW\%RDUG RI7UXVWHHV &DWKHULQH5HQVFKOHU²+DVWLQJV *UHJ0LOOHU+LVWRULDQ 0DULDQQH6LPPRQV²)UHPRQW 7HOHSKRQH /DZUHQFH6RPPHU6HFUHWDU\²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´5HG&ORXG:HEVWHU&RXQW\µ1G KWWS ZZZFDVGHXQOHGXKLVWRU\FRXQWLHVZHEVWHUUHGFORXGUHGFORXGKWP!$SULO %ODGHQ2SHUD+RXVH&HQWHQQLDO%RRN&RPPLWWHH%ODGHQ 7KH)LUVW %OXH+LOO%LFHQWHQQLDO+LVWRU\&RPPLWWHH7KH+HULWDJHRI%OXH+LOO%OXH+LOO1HEU 7KH%OXH+LOO%LFHQWHQQLDO +LVWRU\&RPPLWWHH &6SDQ´$PHULFDQ:ULWHUV :LOOD&DWKHUµ&6SDQ $PHULFDQ:ULWHUV 1G KWWS ZZZDPHULFDQZULWHUVRUJZULWHUVFDWKHUDVS!$SULO &RRSHU6NMHOYHU0DEHO:HEVWHU&RXQW\ 9LVLRQVRIWKH3DVW1SQG ´)URP¶+RSSHUVWR¶&RSWHUVµ1S 1G$YDLODEOHDW:LVFRQVLQ+LVWRULFDO6RFLHW\/LEUDU\0DGLVRQ:LVF ´+LVWRULF:HEVWHU&RXQW\ 7KHQDQG1RZµ1HEUDVNDODQG QR -XO\ .ROEHUJ3HUVLMLV´6WDUNH5RXQG%DUQµ1DWLRQDO5HJLVWHURI+LVWRULF3ODFHV1RPLQDWLRQ $YDLODEOHDWWKH 1HEUDVND6WDWH+LVWRULFDO6RFLHW\/LQFROQ1HEU 0XUSK\'$QQ%LOOHVEDFKDQG-RQL/LGROSK*LONHUVRQ´:LOOD&DWKHU7KHPDWLF*URXS 6LWHVDQG'LVWULFWVLQ :HEVWHU&RXQW\1HEUDVNDµ1DWLRQDO5HJLVWHURI+LVWRULF3ODFHV1RPLQDWLRQ $YDLODEOHDWWKH 1HEUDVND6WDWH+LVWRULFDO6RFLHW\/LQFROQ1HEU 1HEUDVND'HSDUWPHQWRI1DWXUDO5HVRXUFHV´&HQVXV'DWD5HWULHYDO1HEUDVND3ODFHVµ&HQVXV3ODFH 'DWD5HWULHYDO KWWS QUFQWGQUVWDWHQHXV&HQVXV3ODFHVDVS!)HEUXDU\ 1HEUDVND6WDWH*HQHDORJLFDO6RFLHW\´$ 5HVHDUFK*XLGHWR*HQHDORJLFDO'DWDLQ:HEVWHU&RXQW\1HEUDVNDµ 1HEUDVND6WDWH*HQHDORJLFDO6RFLHW\2FWREHU $YDLODEOHDWWKH1HEUDVND6WDWH+LVWRULFDO6RFLHW\ /LEUDU\/LQFROQ1HEU %LEOLRJUDSK\ 1HEUDVND6WDWH+LVWRULFDO6RFLHW\´1HEUDVND3ODQQLQJDQG'HYHORSPHQW5HJLRQ7KLUWHHQ $ +LVWRU\DQG +LVWRULF6LWHV6XUYH\RI$GDPV&OD\1XFNROOVDQG:HEVWHU&RXQWLHVµ/LQFROQ1HEU 1S $YDLODEOHDWWKH1HEUDVND6WDWH+LVWRULFDO6RFLHW\/LEUDU\/LQFROQ1HEU 1XFNROOV&RXQW\&HQWHQQLDO,QF7KH:RQGHUIXO 7KRPDV'U(OPHU$ 86%XUHDXRI&HQVXV´:HEVWHU&RXQW\1HEUDVNDµ86&HQVXV%XUHDX6WDWHDQG&RXQW\4XLFN)DFWV 0D\ KWWS TXLFNIDFWVFHQVXVJRYTIGVWDWHVKWPO!-XO\ :LOFR[95´$ +LVWRU\RI1XFNROOV&RXQW\1HEUDVNDµ0DVWHU·V7KHVLV&RORUDGR6WDWH&ROOHJHRI(GXFDWLRQ :LOOD&DWKHU3LRQHHU0HPRULDODQG(GXFDWLRQDO)RXQGDWLRQ´:KDWLV&DWKHUODQG"µ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´FRQWULEXWHµWRDSURSRVHG1DWLRQDO5HJLVWHUGLVWULFW &URVV*DEOH FLUFD $ YHUQDFXODUEXLOGLQJIRUPW\SLFDOO\WZRVWRULHVDQG VTXDUH LQ SODQ ZLWK WZR LGHQWLFDO URRIV ZKRVH ULGJHV LQWHUVHFW WR SURGXFH D FUXFLIRUP ([DPSOHRI&RPPHUFLDO 'HVLJQ 4XDOLW\RILQWHJULW\DSSO\LQJWRWKHHOHPHQWVWKDWFUHDWHWKHSK\VLFDOIRUP 9HUQDFXODU6W\OH SODQVSDFHVWUXFWXUHDQGVW\OHRIDSURSHUW\ 'RUPHU $ YHUWLFDO ZLQGRZ SURMHFWLQJ IURP WKH URRI 9DULDWLRQV RI GRUPHU W\SHVFDQEHEDVHGRQWKHGRUPHU·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´ERRPWRZQµ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´/µ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·VKLVWRULFLGHQWLW\HYLGHQFHGE\WKHVXUYLYDORISK\VLFDOFKDUDFWHULVWLFVWKDW H[LVWHGGXULQJWKHSURSHUW\·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