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6 <br />▪The formation of the PFD appears to be a viable funding mechanism to support the <br />proposed projects. Accrued revenues will be sufficient to cover both PFD administration and <br />project operating support costs (noting that this assessment assumes that the PFD is <br />formed in 2027, all identified projects are under construction or operational in 2028, and the <br />PFD will provide the same amount of operating funding each year, for illustrative purposes). <br />▪Further due diligence by the PFD board of directors, particularly in relation to the timing of <br />the identified projects and annual operating shortfall projections, is recommended before <br />finalizing any operating subsidies for the proposed projects. Continued refinement of these <br />assumptions will further support implementation and long-term success. <br />6