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HomeMy WebLinkAboutRes-2021-154BOARD OF COUNTY COMMISSIONERS COUNTY OF KITTITAS STATE OF WASHINGTON RESoLUTToN No. I oat*p+ DEMONSTRATING THE BOARD OF COUNTY COMMISSIONERS SUPPORT FOR AVIATION REVITALIZATION LOAN PROGRAM APPLICATION TO THE WASHINGTON STATE DEPARTMENT OF TRANSPORTATION AVIATION DIVISION FOR BOWERS FIELD WEST HANGAR TAXIWAY AND AUTHORIZING THE DIRECTOR OF AIRPORT OPERATIONS TO EXECUTE LOAN DOCUMENTS ON BEHALF OF THE BOARD OF COUNTY COMMISSIONERS WHEREAS: Kittitas County intends to submit An Aviation Revitalization Loan Program Application to the Washington State Department of Transportation Aviation (WSDOT) for the Construction of the West Hangar Taxilane at Bowers Field Airport (ELN); and WHEREAS: The curent anticipated total project funding is estimated to be $450,000; and WHEREAS: The Aviation Revitalization Loan Program requires that loan program applicants submit a Resolution of Support from the Board of County Commissioners, and WHEREAS: The Board of County Commissioners understand the loan will be repaid from airport fund reserves over time; NOW' THEREFORE BE IT RESOLVED the Kittitas County Board of County Commissioners declares it be in the best interest of Bower Field Airport and does hereby support submitting an Airport Revitalization Loan Program application for Bowers Field and authorizes the Director of Airport Operations to execute the application on behalf of the Board of County Commissioners. DATED this 5tl'day of October 2021, at Ellensburg, Washington. BOARD OF COUNTY C IONERS KITTITAS COLINTY, Y'j ,,lCterUof the Board- Julie Kjorsvik Brett siadacz, Vice- Chairman l lil lll t\ n Deputy Clerk of the Board- Mandy Buchholz Cory Wright, Commrssloner ^-,w kdngtcr 3lrh DGptrtrffifir of Tlur.Frrd itr jra?fu.'n [tr"rr.ry'. Aviation Revitalization Loan Program Application Forms '.4 3f **.:,'rJ *:r ;!t *f{t ir -t "i }1 ^{,ff r .'jt rttf4' This document includes form fields to be completed for the Aviation Revitalization Loan Program. Saving the PDF document to your computer should allow you to save your entries and then edit the document at a later time. Ensure you have completed ALL field entries. Make sure to save your work frequently. lf you are not able to save your work, you will need to print the application before closing the document. Options for submitting your application: By Email - The airport sponsor's authorized representative can Email the application by attaching the PDF document and all other supporting documentation to: chenaud@wsdot.wa.gov By Mail or in Person - The application forms can be printed and signed by the airport sponsor's authorized representative along with other supporting documentation and can be mailed or hand delivered to WSDOT Aviation's office at: WSDOT Aviation Division Attn: Dave Chenaur, Program Manager 7702Terminal Street SW Tumwater, Washington 98501 -7264 .-,w THtirrqiltrr ltutrtrGFtrtrffirt {rf Ttflrrgodrllofi $e.1$6r $rrrq,ir. Aviation Revitalization Loan Program Application .,4 t :':$rt,# .q:r,'ri . tla #:F i i rt!.:n $ ! r- ft :i=' 7702Terminal Street SW Tumwater, Washington 98501 -7 264 Date of Request 0912312021 1 Applicant Applicant's Authorized Representative: Name: Ken Grannan Titte: Airport Director Address: Address 2: City: Ellensburg State: wa zip. 98926 phone: 509-933-8221 ceil:509-607-6134 Ema it : Ken.G rannan@co.kitt itas.wa.us Federal Tax lD: 9l-6001349 2 Project to be Managed by: Company: Century West Engineering Name: Kutt Addicott Address: 195 l5 North Creek Parkway Address 2: Suite 3 l2 city: Bothell state: wa zip: 9801I phone' 425-286-6602 cer: 425-941-6235 Email: kadd icott(@centurywest.com Find your legislative and congressional district at: http://app.leg.wa gov/districtfinder/ 3 Airport: FAA Ctassification: National/Regional Legislative District: l3th 7 ruptnS I Non-NPIAS State Ctassification: Regional Congressional District: 8th Enter number of annual commercial equipment enplanement last reporled to FAA: General Public Access N/A - General aviation operations only, no commercial enplanements. 7v". Eno 4 No Project Name and Description Total Project Cost Local Funds State Grant Funds Federal Grant Funds Loan Request I Hangar Taxilane 450,000 0 0 0 450,000 flruo !ruo nruo Zruo Date: 08/0112018 Date: 06/0112018 g Does the airport have an upto-date Master Plan orALP Nanative Report? Does the airport have an approved Airport Layout Plan (ALP)? Was the annual requirement to review and update Airport lnformation System (AlS) data met for the preceding calendar year? Does the airport sponsor have policies to reduce greenhouse gas emissions? lf yes, submit a copy of the policies.Submitting copy via: Emailing - Electronic Docun 7 v"t 7 v". 7 Yes Yes 6 S i g n atu re of Ap p I i c a nt' s A uth o rized Represe ntativ e *Only sign lf printing and submitting original paper document, provide signature here. "tf submitting apptication electronically (PDF document), Email must be sent directly from airpoft's authorized representative. DOT Form 900-031 Revised 0112020 ^tw Tfnhingtsr Sldr DGpxrtrsnt of Trflrifrrlrl itn ,it "+!lnr I'ir.r,l r*: I nstructions Aviation Revital ization Loan Program Application (Dor Form eoo-031) ''i Sf l|+ iry1 t',',.i,:t ^ rL'.t,H l, i r'..t r:n .t;.t l'.:.x 1. Applicant The name of the municipality or person who legally owns and is responsible for managing the airport "airport sponsor". The Applicant's Authorized Representative is the individual who may be duly authorized by the public entity to act on its' behalf in the performance of duties overseeing the airport. Typically this is a mayor, city manager, county commissioner, city councilperson, port director, or tribal council member. The authorized representative should be the same individual who will sign the Aviation Revitalization Loan Program agreement, if awarded funding. The airport manager should only be listed if he or she has the authority to negotiate contracts on behalf of the applicant. Name, Title, Address, Phone, Cell, Email Address, and Federal Tax lD. This should be the contact information for the applicant's authorized representative. 2. Project to be Managed by is the individual who will be responsible for the dayto-day management of the project and will be the appropriate contact for WSDOTAviation to communicate matters relating to the loan. This person could be an employee of the airport sponsor. lf the airport sponsor would like to authorize their consultant to communicate directly with WSDOTAviation on their behalf, than this would be that individual. 3. Airport is the approved name of the airport. Check if the airport is included in the National Plan of lntegrated Airport Systems (NPIAS) or whether it is designated as a Non-NPIAS airport. Select the appropriate FAA and State classifications from the dropdown lists. Select the appropriate Legislative and Congressional districts for the airport from the dropdown lists (lf you are unsure of your districts, click on the hyperlink and enter the airport sponsor's address). 4. Project Name and Description, along with Project Funding Sources Submit only one (1) oroject per application. Enter the numerical application project number starling with '1'. lf submitting more than one application, subsequent applications should be numbered in-ascending order (i.e. 2,3,4, etc.). The Project Name should be descriptive and be similar to the Project Title entered in the State Capital lmprovement Program (SCIP), if applicable. Projects not included in the SCIP can be considered for funding. Give a brief but accurate description of the project. You will have the opportunity to expand upon this in the Project Data Sheets to follow. lnsert the full cost of the project, the amount of funds from other local, state, or federal sources, if any, and the amount you are requesting from the Aviation Division. The total of the first column must equal the total of all other columns. Please make these amounts as accurate as you can. Actual project bid amounts or negotiated consultant fees are preferable. lf precise amounts are not yet available you are encouraged to use professional engineering estimates. lf these estimates turn out to be an understatement and inadequate to cover the cost of the actual project, WSDOT Aviation may not be able to cover the additional costs which may have to be borne by the applicant. You will be asked to provide additional information supporting these costs and the source on the project data sheets. 5. Other Questions and Required Documentation Master Plan / ALP Narrative Report - Please indicate if the airport has an approved Airport Master Plan or Airport Layout Plan (ALP) Narrative Report by checking 'Yes'or'No'. lf 'Yes' insert the month and year the report is dated. Airport Layout Plan (ALP) - Please indicate if the project is included in an approved Airport Layout Plan (ALP) by checking 'Yes' or'No'. lf 'Yes'insert the month and year the plan was approved. The project you are requesting funding for does NOT need to be shown on the ALP in order to be considered for funding. lf the project is not included in an approved ALfl the sponsor should indicate where the project is to be located on airport property. Airport Information System (AlS) - Please indicate by checking 'Yes' or'No' if the airport sponsor met the requirement to review and update their data in the AIS for the preceding calendar year by the December 31 deadline DOT Form 900-031 lnstructions Revised 0112020 Greenhouse Gas Policy - RCW 70.235.070, outlines fund distribution prerequisites for infrastructure and capital development projects, all airport sponsors should adopt a greenhouse gas emission reduction policy in accordance with this new law. Please indicate by checking 'Yes'or 'No' if the airport sponsor has an adopted policy. lf 'Yes' submit a copy of the policy to WSDOT Aviation and indicate how you are submitting by selecting the appropriate response from the drop-down menu. For more information on this law, please visit Washington State Legislature's Revised Code of Washington (RC\ 4 at http;//apps. leg,wa.gov/rcw/default.aspx? cile=7 0.235.07 0 While having a policy is currently not a requirement that determines loan eligibility, it is anticipated in the near future that this will be an added requirement. 6. Signing and submitting the Loan Application WSDOTAviation prefers airport sponsors submit the loan application and supporting documentation electronically. The Aviation Revitalization Loan Application, Project Data Sheet, and Supplemental Justification Sheet will need to be emailed from the Applicant's Authorized Representative as a saved pdf file. The email being sent directly from the Applicant'Authorized Representative will serve in lieu of an actual signature on a printed document. The application can still be submitted as a printed document in which case the Applicant's Authorized Representative will need to sign the Aviation Revitalization Loan Program Application in the space provided. There are multiple methods available for submitting the additional supporting documentation either electronically or in printed form. Regardless of how the airport sponsor chooses to submit their application, all application forms and supporting documentation must be received by WSDOTAviation by the published deadline. DOT Form 900-031 lnstructions Revised 01l2O2O ^* -rxv,Srdlfureltsl lddr Dcpwrmcnt of TFerprrrrnlon ,i1-117i61 ftiurq "ic Aviation Revitalization Loan Application Project Data Sheet 'A $:T*'t.d r:{ Ir,,..1-rr!g:n-C irrr'.f6 !ii':ft?,T' Complete a separate Project Data Sheet for each project listed from the Airport Aid Application (Form 900'031 fl P".."ngurAmenities !Terminat ! earring ! RestauranVFood flRental ! otn"t ! otn"t 1. Project Category (Selecf One Only) I n"ngur I Fueling ! lnfrastructure 1- New 1rue* f utitities ! Reptace f]Reptace Inpron I Renovate I upgraoe i/ Taxiway ! otn", flotn"r I ot'"t Property Business Park Retail Other 2. Detailed Project Description /Approach to Accomplishing Project: The proposed taxilane extension would be approximately 600 feet by 25 feet wide and suppofi new hangar development along Bowers Road. This project is included on the ALP. 3. Project Justification: The airport has received letters of interest to construct new hangars in this location if the airporl can provide taxilane access. This development area is fully serviced by Lrtilities and has public ncadway access. 4. Cost Estimate Details: Source of Proiect Cost Estimate - Engineering Estirnate A detailed project estimate is inclLrded in this application package; however, the total cost of engineering and construction of the taxilane is approximately $450,000. 5. Project Schedule: Expected Start of Project: ll0l12022 Start of Work Covered by Loan: ll0l12022 Submit a detailed project schedule (to include project milestones). Expected Completion of Project: 1113112022 Completion of Work Covered by Loan: 1113112022 Submitting project schedule vra. Emailing - Ele Submitting vra; Emailing - Electronic Docun Submitting vra: Emailing - Electronic Docun 6. Other Supporting Project Documentation (Required): Submit a spending and repayment plan identifying anticipated loan expenditures and repayment schedule by month. Submit job creation data using the Aviation Economic lmpact Calculator. Submitting vra Emailing - Electronic Docun Submitting vra; Emailing - Electronic Docun Iruo Iruo 7. Other Supporting Project Documentation (As Applicable); Submit documentation supporting your consultant selection process Submit a copy of your consultant's Scope of Work. Have project plans and specifications been preparedZ ! Ves Has the property been appraised? [ V"" FAAAIP Project Number (if any): N/A FAA Grant Contract Number (if any): N/A Other supporting documentation? DOT Form 900-0314 Revised 01t2O20 ^-,w W*hiryltan lfulrDrpanlrgtt ol Trnrpoas irn frr *tlicn f:r",! .ii' lnstructions for Proj (DOT F ect Data Sheet orm 900-031A) ''jti S:1"F.i'rJ,i:r rlrl' rlr-,t' ? -r .{ t"t.:6 5! i.fqfi ' Complete a separate Project Data Sheet for the project tisted from the Aviation Revitalization Loan Program Application (Form g00-031). A individual sheet has been created ancl has automatically populated data for Airporl Sponsol Airport Name, and Project Titte. lf there is more than one project, you witl need to complete an additional application packet. 1. Project Category and Type - Mark the appropriate project category. Some categories will also ask for specific project type information under that category (e.g. Category - Hangar, Project Type - New Hangar). Select only the category of the most prominent work element of your project. 2. Detailed Project Description - Provide a brief but descriptive narrative of the project to thoroughly explain what will be accomplished by the project. Please be as clear and specific as possible. Example: Hangar- Renovate. Remove attexisting wa!!s, roof, lighting, mechanical and plumbing systems leaving only the existing structural steel frame, concrete stab, and foundations in place. Prime and repaint the existing structural frame. Provide existing structure with new exterior walls, roof and openings including new hangar doors. Provide new HVAC system and a new high-expansion foam fire suppression system. Provide new electric power, lighting, and distribution system. Provide a IJPS to enable alt hangar door operations during a power outage. Provide new above- stab ptumbing The new large hangar space witt be abte to house 4 aircraft at a time. Other new interior spaces include: an addition to the northwest corner to inctude the fire suppresslon system and a storage room. The existing "wing" extending from the northwest buitcting face shatl enclose electrical and mechanical rooms, a communications room, two storage rooms and office spaces, as described. 3. Project Justification - Provide a brief narrative to justify how the project would generate revenue and sustain/expand airport usage should the project receive a state loan. Cite marketing plans or research that supports the project. List any deposits or waiting lists for structures proposed. Required: Describe how revenue sources will be used to repay the loan including rental/lease rates proposed and if there are any anticipated rental rates increases proposed in the future. Attach any documents that support and identify the revenue sources described as directed under Secfion 6: Other S u pportin g P roject Docu me ntation. 4. Cost Estimate Details - Provide specific information as to how the project costs shown on the first page of the Loan Application were arrived at including the source (i.e. bid tab, engineer's estimate, vendor quote, etc.). Be sure to include a detailed itemization of the specific costs (i.e. labor and overhead costs not just construction costs in your estimate (i.e. design engineering, environmental, project bidding, construction, construction observation, etc.) 5. Project Schedule - lndicate the expected start and completion of the overall project and when the work covered by the loan is beginning and ending. Note that these two sets of dates can be different. Only eligible costs incurred after the loan agreement execution date are reimbursable. Submit a detailed project schedule that includes major milestones, key deliverables, specific actions, etc. A typical project schedule is included for your convenience. The milestones listed are not necessarily in chronological order. 6. Other Supporting Project Documentation (Required) - 1) Submit a spending plan showing anticipated loan expenditure amounts by month over the duration of the project, 2) Submit a repayment plan indicating the preferred loan length (up to 20 years), any grace period desired (up to 3 years) and the source of funds intended to repay the loan, and 3) Submit information on jobs/revenue created by the project (WSDOT's Aviation Economic lmpact Calculator is a good tool for this) and/or information that supports revenue projections. 7. Other supporting Project Documentation (As Applicable) - Provide any additional information as applicable that will help WSDOT Aviation fully understand your project. A Statement of Financial Activity (lncome Statement), Statement of Financial Position (Balance Sheet), and Statement of Cash Flows is highly suggested. DOT Form 900-031A lnstructions Revised 01l202o *llrvu khingilsr lilrlrOqartreot af Trrrrpofl rl ittt hl+llrr 0i'r: e,c. Aviation Revitali zataon Loan Prog ram Application Supplemental Justification -.q q:r*iaqj 5:,r .ifi rtr. .,{,8", r,;r.f.';r Eiii:,r' Complete a separate Supplemental Justification for each listed from the Airport Aid Application (Form 900'031) 1. Can you provide conclusive evidence that the loan project will provide revenue generating income Z yes n ruo opportunities? lf yes, please provide details. Yes, this taxilane extension will provide the opportunity to lease additional lots for hangar development. 2. Will a specific private development or expansion occur, only if the aviation facility improvement is 1| Ves E ruo made? lf yes, explain, Yes, all hangar developtnent will be privately constructed on leased property. 3. Will this loan project result in the creation of jobs or private sectorcapital investment? lf yes, I y"t please elaborate. Yes, the hangar lots are available for aircraft storage as well as corporate and SASO operators. 4. Does this loan project improve opportunities for the successful maintenance, operations, or 7 Vu" I ruo expansion of the airport or adjacent business park? ll yes, explain. Yes, at this tirne all buildable lots with utilities are occupied. This project opens additional buildable lots. 5. Does this project result in the creation or retention of longterm economic opportunities? lf yes, 1- y". n ruo elaborate. Yes, in order for the airport to increase revenlles additional hangar and business development is needed. 6. Does this project result in leveraging additional federal funding for the airporl? lf yes, explain I V"r 1] ruo At this time. federal funding is not available due to higher priority projects at the airport. 7. Project Readiness: a. Has required envtronmental documentation (e.g. NEPA/SEPA) been approved?1ry;ll be a CATEX f Ves n ruo b. ls project ready to proceed immediately? i7 Ves n frf o No 7Y". f]ruo lY"r trruo 8. Land Use Compatibility: a. Does the local land use jurisdiction recognize the airport as an Essential Public Facility in its comprehensive plan? lf yes, provide reference to the specific location(s) in the plan. Kittitas Co. Comp. Plan, Section 4.8 Goals, Policies and Objectives, GPR 4.15F b. Does the comprehensive plan include policies and/or zoning in place that discourages the development of incompatible land uses adjacent to the airport? lf yes, provide reference to the specific location(s) in the plan. Kittitas Co. Airyort Overlay Zone & Cornp. Plan, Section 4.8 Goals, Policies and Objectives,GPR 4.15F c. Are regulations and/or zoning in place that prohibit penetration of FAR Pat177 surfaces? f Ves n ruo lf yes, provide references to the specific regulation(s). Kittitas Co. Airport Overlay Zone & Comp. Plan, Section 4.8 Goals, Policies and Objectives, GPR 4.15H. DOT Form 900-031 B Revised 0112020 AIRPORT BUILDING / FACILITY KEYELEV. NO.126 28r/!i $rrr 321741 331b) . 36ELEV43INDUSTRIAL PARK BUILDING/FACILITY KEYNO. DFSCR PTION.., ,t..iq0Ni16! hNi.arslDN$hlr 0rNr,EI.EV, NO. DESCN/PTON-_._IellDESCRLPTIONvrNr.((: PAR(iN0 lrxrsr N!nwArfRrcwFRlc rYo. I LtNssu(a)A3( ia'r P^{(NG a!il.N f;x rr N'tr rj!r[)\MALt/Mro rM rrNvrNroNAr HANCAT lril'j3r)r d^NGAi !/ x ?/5 1' rN r! tL r rRrlTLEV, NO. DFS'R PTIONr/16 40 iIANGAAdLNrtRFqqvr)i7r! al Jurtrr LTNtrHAx.AN! 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BUsINESS AC PAR( NG ROW DESIGNEOTOACCOMMODATE AOG (AIECRAFT 66 , EAST ENO OF 8ISINESS AC PARKINC ROWLIMIIED BY AOJACENT TAXILANE.4, FUTURE HANGAR DEVELOPMENT AREA. AOUAL HANGARCONF 6URATION 'O BE OftERMINEDBY AIRPORT MANAGEMENTAND SPEC FIC TENANT NEEOS FUTURE HANGARTAIBNEs MAY BEREQU REO NTHIS AREA.2. SEE SHFFf (3 OF 14) FOR FULL LEGEND.3.THE SOITH EOGE OFTHE TAXIWAY OFA FORTAXIWAY B COlNC DESWITH THE EUILDING RE51RIOION !NE (BRL) FOR RUNWAY 7/?5 {F)5, lNDIVIDUAL BOX HANGARs MAYALSO AE ACCOMMODATED IN SOUTNHANGAR ROW 39 41 .E.--150300Scale 1"-150VEHICLE GATE lF)KITTITAS COUNTYAPPROVALV,fiEY'T'APRON DETAILScale 1 -100BOWERS FIELD AIRPORTTERMINAL AREA PLAN &INDUSTRIAL AREA PLANo-113:14'', ig - -i:i?dTaxilane extension tosupport future hangarproposedLocationevelopment42T.--.;;iBRL(E/F)- * .-.ll li - /e.- ARCRAFTIt i I I PARk|N6{F)tr-tRlrlrItt.1.. -.1 _r r'x..-x'- t--I.. t-XXHANGAR OEVELOPMENT ANEA (F){sEE NOr r 4),i S)rX.X X-i::::^vtAtt N AaMtNt.tM naN |PFa)tct NOM8LP ! \3.oo26)nt.)FEDERAT AVIATIONADMINISTRATION APPROVALSHFFT NO.40F74 -?7l HSxm 1it"*.upoa.ri,,,, Economic Impact Calculator Spendi ng Ernplgytlgnl Results Economic lmpact by lndustry for TotalState V Economic lmpacts Summary On Airport Jobs Temporary Construction Jobs Visitor Spending Jobs Economic lmpacts Summary x Bowers Field Direct lmpact On-Airport Temporary Construction Visitor Spending 125 $6,443,000 $10.781,000 $23,8s6.000 $ i 9,439,000 $686,000 $3,731,000 7B 4 43 $4,961,000 $270,000 $1 ,21 1,000 $8,1 07,000 $36s,000 $2,309,000 Supplier (lndirect) lmpact 39 $2.964,000 $4,901.000 $8.314.000 $1,331,000 i On-Airpoft r Temporary Construction Visitor Spending 34 $2,432,000 $69,000 $463,000 s3,987,000 $1 1 3,000 $804,000 794,00$6, 000$192,0 5 lncome Re-spending (lnduced) lmpact 48 $2,800,000 $s,0s7,000 $8,20s,000 On-Airport Temporary Construction Visitor Spending 41 0 7 92,247,000 $96,000 $4ss,000 $4,058,000 $171,000 $823,000 $6,s89,000 $280,000 $ 1,336,000 Total lmpact 212 $12,207,OOO $20,738,000 $40,37s,000 On-Airport Temporary Construction Visitor Spending i53 4 55 $9,641,000 $434,000 $2, 1 31 ,000 $ 1 6,1 s3,000 $6s 1,000 $3,937,000 $32,818,000 $ 1 ,1 s6,000 $6,401,000 Copyright WSDOT @ 2020 *%,frEYURY ENGINEERING CENTURY WEST ENGINEERING PLANNING LEVEL COST ESTIMATE Kittitas County BOWERS FIELD Hangar Taxilane September, 2021 Subtotal s219,s00 Approx. Qtv Unit Unit Price Total Price Item No.Description 529,ooo.oo $29,ooo.ooMobilization1LS1 t LS Slo,ooo.oo Slo,ooo.oo2Traffic Control LS s1o,ooo.o0 Slo,ooo.oo3Construction Staking 7 520,000.001LSS2o,ooo.oo4Contractor Quality Control L LS s5,000.00 Ss,ooo.oo5Temporary Erosion and Sediment Control s2o.oo S14,ooo.ooUnclassified Excavation 700 CY6 S1,5oo.oo60CYS2s.oolEmbankment in Place 400 TN s2oo.oo s80,000.0084" Asphalt (P-401) CY s6s.oo S:3,goo.oo96" Crushed Aggregate Base (P-209)520 S1,2oo.oo300SFS4.oo10Pavement Marking s11,000.00200CYsss.oo7tTopsoil AC S5,ooo.oo S4,ooo.ooL2Seeding0.8 Kittitas County - Bowers Field Loan Repayment Shedule 20-Years Amount Funding Sources Kittitas County - Airport Fund (Tenant Rates/Ch Year Annual Breakout 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Total Deferred Deferred S 26,000 s 26,500 s 26,soo S 26,500 s 26,500 s 26,500 s 25,500 5 26,500 s 26,500 5 26,500 s 26,500 s 26,500 s 26,500 S 26,500 S 26,500 5 26,500 5 26,500 s 450,000 January February March April May June July August September October November December Total $ 2,208 5 2,208 5 2,208 5 2,208 5 2,208 5 2,208 5 2,208 5 2,208 5 2,208 5 2,208 5 2,208 5 2,2!2 5 26,500