Virginia Polytechnic Institute and State University

Transcription

1 Virginia Polytechnic Institute and State University Blacksburg, VA Executive Summary December 2005

2 Table of Contents Page Number Purpose and Methodology....I-3 Figure I I-4 Existing Conditions Analysis...I-5 Load Analysis...I-6 Fuel Source Analysis.....I-8 Options Analysis.. I-9 Steam System. I-9 Chilled Water System.....I-10 Recommended Implementation Strategy and Detailed Plans...I-11 Steam System.. I-11 Chart I-2.I-14 Figure I-3... I-15 Chilled Water System... I-16 Chart I-4.I-19 Figure I-5... I-20 Summary I-21 Prepared by: Affiliated Engineers, Inc. Ross Infrastructure 1414 Raleigh Road, Suite Schilling Road, Suite 202 Chapel Hill, North Carolina Hunt Valley, Maryland Phone: Phone Fax: Fax: Page I-2

3 Purpose and Methodology The Virginia Tech campus will significantly expand in the near future and ultimately double the present building area. Figure I-1 on the following page indicates the planned total campus development. A strategic plan to serve the utility demands associated with the various campus expansions is required. The utility master plan must be flexible and incremental to adapt to changing fuel markets and technology developments as well as the evolving mission of the campus. The chilled water and steam infrastructure systems presently serving the campus are operated and maintained extremely well, resulting in utility costs significantly below the norm for a campus of this size. The use of coal, on-site electric cogeneration, and the Virginia Tech Electric Service (VTES) contribute to an extremely efficient campus utility system. The objective of this Southwest Campus Heating and Cooling System Master Plan is to determine the most cost effective methods to support the planned development of the south and west portions of the campus. Supplementing the existing campus infrastructure as well as new generating assets are to be investigated. The specific tasks in the process and a brief listing of activities are: Existing Conditions Analysis Detailed field surveys of the existing conditions Documentation of existing system components and remaining useful life Network analysis of the existing steam and chilled water distribution systems Load Analysis Development of future load projections for the planned campus expansion Analysis of various growth scenarios Fuel Source Analysis Fossil Fuels Biomass Fuels Options Analysis Initial screening analysis to compare various alternatives Selected options chosen for further investigation Development of present value and life cycle costs for selected options Options analysis and selection Recommended Strategy and Detailed Implementation Plan Strategies defined Timeline developed Annual capital requirements defined Page I-3

4

5 Existing Conditions Analysis The existing thermal utility systems are well maintained and in good operating condition. The original design concept of centralized utilities has been maintained for the most part through the years, but is at a critical juncture as the loads continue to grow and both generation and distribution systems are approaching maximum capabilities. This load growth has resulted in the installation of a temporary boiler in the Life Sciences area and the use of individual building chillers. These measures are not the most economical method of providing utilities to the Virginia Tech campus and the implementation of a new long term plan for heating and cooling is recommended. In addition to this need to develop a long term approach, there are also a number of specific deficiencies that are recommended to be corrected as part of this plan. These deficiencies are as follows: The steam plant currently uses natural gas as the primary fuel source during the summer due to the reduced steam demand of campus resulting in the inability to operate one of the coal fired boilers. The installation of a condenser on the steam turbine will increase the steam demand, allow for year round use of coal as the primary fuel source and allow for year round generation of electricity by the central steam plant. The steam distribution piping system is inadequate to transport the steam at the desired pressure to the most remote portions of campus. The steam demand on campus is rapidly approaching the existing firm capacity of the boilers in the central steam plant, leaving the University at risk in the event of a failure of one of the boilers. In addition, the steam demand has surpassed the firm capacity of some of the plant auxiliary equipment (deaerators, water treatment). The existing central chilled water plant is experiencing poor water temperature differential, resulting in inefficient plant operation and the inability to fully load the chillers. The use of individual building chillers is a costly and maintenance intensive solution to meet the campus cooling demands, but has been implemented on most recent capital projects remote from the central chilled water plant due to the absence of a long term plan and short term funding constraints. Page I-5

6 Load Analysis Long term utility demands were developed for the heating and cooling systems taking into account the following: Existing buildings (with allowances for remodeled conditions) Committed projects for new buildings that are currently underway Biennium plans and funding developed by Virginia Tech for new buildings Residence Hall cooling per the latest plan which involves adding cooling to 130,000 to 160,000 square feet every two years and all Residence Halls being air-conditioned in the next 20 years Future buildings (using the Hanbury Evans Wright Vlattas (HEWV) partially completed Campus Master Plan) A maximum campus build-out of 14,500,000 GSF, which approximately doubles the square footage of the existing campus buildings One of the major considerations is the rate at which the new buildings will be constructed and loads imposed on the utility systems. A series of different scenarios were investigated and the one chosen as a baseline for this planning activity was the medium growth scenario, which builds the currently committed projects by 2008, the biennium projects over the following 9 years and the remainder of the campus build-out over the next 33 years. A graphical representation of the various campus growth scenarios in square feet is depicted in Chart I-1. Total Campus Area (Square Feet) 15,000,000 14,000,000 13,000,000 12,000,000 11,000,000 10,000,000 9,000,000 Chart I-1 Campus Growth Scenarios Fast Load Growth Medium Load Growth Slow Load Growth 8,000,000 Original Growth Scenario Revised/Selected Growth Scenario 7,000, Year of Study Page I-6

7 Using the criteria noted above, the resulting load growth for the various systems is approximately as follows: LOAD PROJECTION SUMMARY Steam Chilled Water Current Load 260,000 #/hour 12,000 Tons Year 2008 (Completion of committed projects) 280,000 #/hour 14,500 Tons Year 2017 (Completion of biennium projects) 360,000 #/hour 22,500 Tons Ultimate Build-out 700,000 #/hour 46,000 Tons Note that the ultimate load growth for chilled water is a greater increase of the current load due to the cooling of buildings that are currently not air conditioned (such as Residence Halls) and an allowance for remodeled conditions in existing buildings that will impact the cooling load and not the heating load. Page I-7

8 Fuel Source Analysis The current primary fuel source for the central steam plant is coal in the winter and natural gas/fuel oil in the shoulder seasons and summer. In addition to these fuels, two biomass fuels were investigated as potential options. The following chart summarizes the fuel characteristics and cost for the various fuels considered. The costs listed for solid fuel (coal, wood, poultry litter) include transportation and ash disposal charges. FUEL SCREENING ANALYSIS Fuel Cost Boiler Net Cost Fuel Type Cost HHV ($/10 6 BTU) Efficiency ($/10 6 BTU) Gas (Spring 2005) $0.80/Therm 100,000 BTU/Thm % Oil (Spring 2005) $1.40/Gal 138,000 BTU/Gal % Gas (Fall 2005) $1.20/Therm 100,000 BTU/Thm % Oil (Fall 2005) $2.00/Gal 138,000 BTU/Gal % Coal (Summer 2005) $92.71/Ton 13,000 BTU/Lb % 4.24 Wood - Average $22.55/Ton 5,100 BTU/Lb % 3.07 Poultry $20.30/Ton 4,180 BTU/Lb % 3.38 The findings of the fuel analysis are as follows: Biomass fuels offer low net energy costs and may be attractive long term alternatives, although the cost may increase as increased consumption occurs. There appears to be sufficient availability of biomass fuels close to Virginia Tech to support the projected annual consumption rates over the next 10 years. The poultry litter fuel will need to be transported from considerable distance resulting in high transportation costs and associated risks due to weather. Additionally, there is significant risk associated with continued long term availability of this fuel source since it is reliant upon poultry farming and production. The cost of natural gas and fuel oil has spiked in recent months and long term pricing of these fuels is unpredictable. The current natural gas service to campus has limited capacity and estimated costs to upgrade are between $3.0 and $6.0 million. Since very little natural gas is consumed during peak load (winter) conditions and distillate fuel oil exists as a back-up fuel, the upgraded natural gas service offers no major advantage at this time. Coal remains the most economical choice of the existing fuels on campus and should be the primary fuel choice for the existing central steam plant. There is some risk of price volatility for coal since Virginia Tech currently shares coal service with the Radford Arsenal which may be moving away from coal in the future. Page I-8

9 Options Analysis Steam System Three primary steam system options were investigated and compared. These options all include some minimal upgrades to the existing plant to correct existing system deficiencies, and various solutions to meet expansion needs. Option 1 includes capacity upgrades to the existing plant, then a new boiler at the existing central steam plant in Option 2 includes a temporary peaking boiler in the Life Sciences area of campus that would be phased out of service and replaced by a new heating plant in No capacity upgrades to the existing plant are included with Option 2. Option 3 includes capacity upgrades to the existing plant, then a new boiler at a second heating plant in 2015 STEAM SYSTEM OPTIONS COMPARISON Implementation Cost Option Description 5 Year Cost 10 Year Cost 30 Year Cost Net Present Value (NPV) Option 1- Maximize Existing Central Steam Plant and Defer New Plant as Long as Possible $20.5 Million $33.8 Million $62.0 Million $240 Million Option 2- Construct Short Term Peaking Plant $20.2 Million $57.2 Million $66.2 Million $251 Million Option 3- Construct New Solid Fuel Plant as Soon as Possible $20.7 Million $53.7 Million $62.7 Million $246 Million Note: Options are labeled 1R, 2R and 3R in Section IV of this report. Option 1 Maximize Existing Central Steam Plant and Defer New Plant as long as possible is recommended for the following reasons: Maximizes use of existing assets and has lowest net present value (NPV) Utilizes space available within existing plant for new boiler in year implementation cost is minimized New boiler plant can be deferred for up to 20 years allowing for development of new technology and fuel sources Does not use temporary or throw-away equipment Allows for flexibility to proceed with new plant sooner if warranted Although all the options are fairly close in NPV, Options 2 and 3 require a large investment in Year to construct a new heating plant. Although this is desirable from the standpoint that a new plant could burn multiple solid fuels (biomass and/or coal) and would reduce operating costs due to lower fuel cost, it is problematic from a plant siting perspective. The two major sites identified for this new plant are across the Route 460 bypass (Plantation Road or Landfill) and require an expensive pipeline to campus. If this second heating plant is deferred, as with Option 1, the campus development will be nearing the proposed plant sites and will be closer to the loads. Additionally, campus infrastructure will be further developed in those areas, allowing for easier locating of the pipeline to maintain land use flexibility. Page I-9

10 Therefore, Option 1 is noted as the recommended option based on today s fuel cost and availability. As fuel cost and availability may change in the future (as happened during the course of this study), it is recommended that Option 3 be re-evaluated in 2010 prior to the planned installation of the new boiler in the existing central steam plant. If conditions warrant, the second plant could be developed at that time. Chilled Water System Three primary chilled water options were investigated and compared. These options include business as usual involving individual building chillers, smaller regional plants located around campus and four interconnected central plants located at the four ends of campus. The results of the analysis are indicated in the table below: CHILLED WATER OPTIONS COMPARISON Implementation Cost Option Description 6 Year Cost 20 Year Cost Net Present Value (NPV) Option 1- Individual Building Chillers $23.0 Million $57.2 Million $113 Million Option 2- Multiple Regional Plants $33.5 Million $50.6 Million $96 Million Option 3- Four Central Plants $27.0 Million $51.8 Million $96 Million Option 3 Four Central Plants was selected as the best option for the following reasons: Lowest operating costs and net present value Easiest to operate and maintain Minimal additional first cost over 20 years as compared to Option 2 Highest level of reliability Results in the fewest number of chiller plants Centralizes all noise and water vapor emissions at four locations Consumes the least amount of campus real estate Minimizes the use of building space for chilled water equipment Locates unsightly cooling towers at a central plant where they can be easier screened This recommended option consists of four chilled water plants that are interconnected by underground piping and can all operate to serve any of the campus loads. These four plants are located as follows: Existing North Chiller Plant New South Chiller Plant located in Life Science Area New Northeast Chiller Plant located in the vicinity of Squires Hall New Southwest Chiller Plant located in Golf Course Site Page I-10

11 Recommended Implementation Strategy and Detailed Plans Steam System The expansion of the existing central steam plant steam generation capacity was found to be the most cost effective approach to serve the heating requirements of the campus for the next 10 years and possibly for an extended period depending upon the actual realized growth of the campus and the future cost of available fuels. In general, the following strategies are recommended: Maximize the use of the existing plant assets and provide a suitable level of redundancy within that plant. Upgrade portions of the high pressure (90 psig) steam and condensate piping in the existing tunnels to serve new loads and begin the installation of a new north steam distribution system to serve new buildings and eventually add a parallel path for steam to the south campus. Continue to monitor the cost of fuels and campus load growth. As the campus grows beyond the expanded capacity of the existing central plant (2015 to 2025) or if the availability of fuels causes a significant increase in fuel costs, a second boiler plant will be required. Preliminary sites for the new heating plant have been identified adjacent to the Route 460 bypass. The new heating plant should incorporate a solid fuel (coal and/or biomass) steam based cogeneration approach similar to the existing central steam plant. Investigation and analysis of these sites should continue so as to be prepared for the eventual implementation of the second heating plant. All expansions and modifications to the existing steam system should be planned and designed so that when the future second heating plant is implemented, the generation and common distribution system of the two plants will be operated to maximize efficiency and redundancy of the consolidated system. The recommended 10-year implementation plan is as follows. Refer to the following steam system implementation plan (Chart I-2) and site plan (Figure I-3) for a graphic depiction of the recommendations. Existing Plant Improvements The existing central steam plant will need to have additional generation capacity to support the load growth over the next ten years. This will be accomplished through modifications to the existing gas/oil boilers (Boiler Nos. 8, 9 and 10) to increase individual capacity from 60,000 pound per hour (PPH) to 80,000 PPH. In addition, economizers are included to increase the efficiency of these boilers. Two projects will be required as follows: Boiler Nos. 8, 9 and 10 modifications will include new fully metered controls and new low NO x burners. Stack economizers will be installed on Boiler Nos. 8, 9 and 10 to increase system efficiency. Page I-11

12 Based on the selected campus growth scenario, the campus load growth will exceed the upgraded capacity of the existing plant as FY2015 approaches. At that time, either a new boiler needs to be installed in the existing central steam plant or a new second heating plant site needs to be developed. Since this event occurs in approximately 10 years, it would be prudent to re-evaluate the best option in Year At this time, given the cost and availability of coal, it appears that adding a boiler to the existing plant is the lowest cost solution and this has been included in the detailed plan. If conditions warrant otherwise in FY 2010, additional funding beyond that indicated will be required to develop the second heating plant. There are several other areas that need improvement in the existing central steam plant to provide the desired level of redundancy and safe operation. These items include: Installation of a new deaerator to provide sufficient firm capacity in the boiler feedwater system Installation of a new demineralizer in the boiler feedwater system to allow for sufficient firm capacity and improve the system operation Installation of a new emergency generator at the central steam plant to allow for black start capability Steam Distribution System Improvements The existing steam distribution system requires some upgrade and modification to correct existing system deficiencies and increase the ability to transport steam to the south campus. Several projects have been identified as follows: Steam distribution repairs necessary to add steam traps, modify steam safety valves in tunnels, relieve overstressed piping and upgrade limited condensate piping Installation of steam distribution attemporators to reduce the steam temperature in the distribution system, increase the piping capacity and reduce the heat loss in the distribution system Steam and condensate piping replacement in the existing tunnel to remove undersized piping and allow for increased steam carrying capacity to the south campus Installation of a new steam distribution system on the North campus to serve new buildings and to start a second path of steam distribution piping to south campus Page I-12

13 Miscellaneous Upgrades Throughout the course of the analysis, several other projects were identified as either those that could result in operational savings or those that could add value to the existing systems. The following projects in this area are recommended: Provide a steam condenser for summertime operation to allow for year-round use of coal as the primary fuel source. This also allows for year-round generation of electric power from the steam turbine generator. Conduct a detailed study of the existing fuel storage tanks to determine their long term adequacy to support the campus needs. Since this study is not yet complete, no costs have been included in the plan, although some capital expenditure is likely. Provide a covered roof over the existing coal pile behind the existing plant to reduce fugitive coal dust emissions and noise from the existing central steam plant. Given the changing electric utility rates, it is likely that additional self-generated electric power will be cost effective. A new turbogenerator and associated support system should be planned for in the existing central steam plant to expand the present self-generating capacity. Page I-13

14 CHART I-2 RECOMMENDED STEAM SYSTEM IMPLEMENTATION PLAN PROJECT DESCRIPTION Existing Plant Improvements FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 TOTAL Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 COST Boiler 8, 9 and 10 Capacity Upgrades $0.98 Boiler 8, 9 and 10 Economizes $0.55 New Boiler in Existing Plant $8.40 New Deaerator $1.10 New Demineralizer $0.32 New Emergency Generator $1.10 Steam Distribution System Improvements Steam Distribution System Repairs $0.55 Steam Attemporators $0.65 Steam Piping Replacement in Existing Tunnel $4.00 North Campus Steam Distribution $5.00 Life Sciences Campus Steam Distribution $4.90 Miscellaneous Upgrades Summertime Steam Condenser $0.60 Coal Storage Enclosure $1.65 New Turbogenerator $4.04 Total Quarterly Cost (Million $ - based on 2005 dollars) Total Fiscal Year Cost (Million $ - based on 2005 dollars) $0.78 $9.72 $7.96 $2.94 $0.30 $3.74 $0.00 $0.14 $3.26 $5.00 $33.84

15

16 Chilled Water System It was determined that the most cost effective approach for providing long term chilled water service to the campus is to have several large and interconnected plants. Since funding constraints will prohibit an immediate start on the implementation of this option, the following strategies are to be used until funding is available: Maximize the use of the existing North Chiller Plant to serve new building loads in that portion of campus. This will require correction of some existing deficiencies to allow for full output capacity of the plant to be realized. All new buildings that come on-line should utilize chilled water cooling and should be designed for future connection to a central loop. No direct expansion (DX) cooling equipment should be used. Serve as many new buildings as possible from either the existing North Chiller Plant or from other existing regional plants in the short term. In instances where no existing plant can reasonably serve the new load, provide temporary cooling equipment to supply this load. This temporary cooling equipment would either be purchased (for applications involving more than one summer of service) or rented for shorter term applications. For purchased equipment, once the new chiller plant is completed and operational, these chillers will become the property of the Utilities Department for use during emergency conditions around campus or other planned outages of the central system. Install as much of the distribution piping loop as early as possible. In the event that new buildings develop in close proximity to buildings having excess chiller capacity (Life Sciences area) and the new chiller plant is not yet ready, install portions of the distribution piping loop to provide interim service to these new buildings using the capacity in the existing buildings. Make the piping interconnections between the new South Chiller Plant (Life Sciences) and the existing North Chiller Plant and Squires Chiller Plant as early as possible to allow for shared redundancy amongst these plants. The recommended 10-year implementation plan defers major expenditures until FY 2009, although limited expenditures for upfront planning and correction of existing deficiencies are required. Refer to the chilled water implementation plan (Chart I-4) and site plan (Figure I-5) for a graphic depiction of the recommendations. Existing Plant Improvements There are several areas that need improvement in the existing plant and will be necessary to allow the plant to supply the load additions in the next four to five years. Immediate needs involve the following: Correction of the low system water temperature differential (Low Delta T) problems that are experienced at the plant including modifications with the buildings Page I-16

17 Repair to the existing cooling towers which have spalling concrete and are in need of minor refurbishment Replacement of the distribution pumps which are currently operating beyond published conditions Replacement of Chiller 3 and 4 (FY ). Temporary Cooling Systems As previously mentioned, it is intended that most of the new buildings for committed projects and the biennium planned campus additions be served by existing plants. However, some of these new loads can not be cost effectively served and will require temporary cooling measures. These buildings include: Ambler-Johnston Residence Hall (Temporary purchased chiller) Lee Residence Hall (Temporary purchased or rental chiller) Since the Campus Master Plan is not yet completed and the exact order of future building construction is unknown, there may be other temporary measures necessary to supply specific buildings if constructed earlier than anticipated or the funding for the chiller water implementation is delayed. The specific buildings in the biennium that would need temporary service if on-line before the completion of the new chiller plant (Planned for May 2010) are: ICTAS II Science Research Laboratory I NIH Research Facility Engineering/Computational Sciences Instructional Facility Veterinary Medicine Instruction Addition (serve from Vet. Med. Plant) Classroom Building Administrative Services Building Visitors and Admissions Center Recreational, Counseling and Clinical Space Indoor Athletic Training Facility Distribution Piping North Chiller Plant There are several new buildings planned in the vicinity of the existing North Chiller Plant. New chilled water distribution mains will need to be extended to the vicinity of the new buildings. The connection from the mains to the building is assumed to be part of the building construction cost. This is divided into two separate projects as follows: Page I-17

18 Service to BC Lab (FY 2007) Service to Fine Arts Center, Classroom Building and other future buildings in that area (FY ) New South Chiller Plant (Life Sciences Area) This project involves the construction of a new chiller plant in the Life Sciences area. The plant will be sized for an ultimate capacity of 20,000 tons of refrigeration and will be constructed in phases as the new load dictates. The initial phase will construct the entire building and much of the infrastructure for the full build-out of the plant, while subsequent phases will involve adding incremental capacity. Within the next ten years, this will require two separate projects as follows: Initial construction of the chiller plant building with 6,000 tons of capacity (FY ) Install 6,000 tons of additional capacity in central chiller plant building (FY ) The installation of 6,000 tons of additional capacity in FY will allow for the most of the existing small regional chiller plants to be phased out of service. This includes the plants in Owens, Julian Cheatham Hall, Dietrick and Squires Student Center. Distribution Piping New South Plant (Life Sciences Area) A large underground chilled water distribution network will need to be installed to distribute the water from the new South Chiller Plant to the campus buildings. This piping will also interconnect the existing North Chiller Plant and some of the smaller regional plants (Cheatham, Dietrick and Squires) to allow for shared redundancy and operating efficiencies. The piping installation has been divided into three projects as follows: Main loop from New South Chiller Plant to Squires Student Center Loop from New South Chiller Plant to Pamplin to provide south interconnection of plants Extension of loop from Squires Student Center to existing North Chiller Plant to provide north interconnection of plants Page I-18

19 CHART I-4 RECOMMENDED CHILLED WATER IMPLEMENTATION PLAN PROJECT DESCRIPTION Existing Plant Improvements FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 TOTAL Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 COST Correct Delta T Problems $1.00 Existing Cooling Tower Repairs $0.25 Replace Distribution Pumps $0.25 Replace Chiller $1.80 Temporary Cooling Systems Ambler-Johnston Hall $0.28 Lee Hall $0.16 Vet. Med. Addition - Serve from Vet. Med. Plant $0.16 Distribution Piping - North Plant Phase 1- Service to BC Lab $0.25 Phase 2- Other Buildings $0.85 New South Chiller Plant (Life Sciences Area) Phase 1- Building at 20,000 Tons - Install 6000 Tons $15.70 Phase 2- Add 6000 Tons of Capacity $6.90 Distribution Piping - New South Plant Phase 1- Main Loop to Squires $6.00 Phase 2- Pamplin/South Interconnection $2.00 Phase 3- Squires/North Interconnection $2.40 Total Quarterly Cost (Million $ dollars) Total Fiscal Year Cost (Million $ dollars) $0.10 $1.60 $3.57 $16.44 $9.39 $0.00 $2.05 $4.85 $0.00 $0.00 $38.00

20

21 Summary The annual capital requirements for the next 10 years are summarized in the following table: Fiscal Year (FY) ANNUAL CAPITAL REQUIREMENTS Steam System (2005 $) Chiled Water System (2005 $) Total Cost (2005 $) 2006 $780,000 $100,000 $880, $9,720,000 $1,600,000 $11,320, $7,960,000 $3,570,000 $11,530, $2,940,000 $16,440,000 $19,380, $300,000 $9,390,000 $9,690, $3,740,000 $0 $3,740, $0 $2,050,000 $2,050, $140,000 $4,850,000 $4,990, $3,260,000 $0 $3,260, $5,000,000 $0 $5,000,000 TOTAL $33,840,000 $38,000,000 $71,840,000 Page I-21