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as <br />r ~~ ~ [~ ~f~C ~ ~~ <br />1414 Raleigh Road, Suite 305 <br />Chapel Hill, North Carolina <br />(919)419-9802 (Fax 419-9803) <br />IVleeting Notes <br />UNC -Alternative Energy Analysis Landfill Gas Investigation <br />Project <br />University of North Carolina- Chapel Hill <br />08029-00 <br />Project No. <br />03/11 /2008 <br />Owner Meeting Date <br />Review Meeting No. 4 Page 1 of 2 jas <br />Type of Meeting Page Typist <br />Present/Representing: <br />Gwen Harvey <br />Gayle Wilson <br />Michael Meagher <br />Brain Ferrell <br />Bob Sallach <br />John Masson <br />Ray DuBose <br />Phil Barner <br />William Tricomi <br />Matt Lamb <br />Nick Travis (via phone) <br />Jerry Schuett <br />Orange County <br />Orange County <br />Orange County <br />Orange County <br />Olver, Inc. <br />UNC-CH Facilities Planning <br />UNC-CH Energy Services <br />UNC-CH Energy Services <br />UNC <br />Richardson Smith Gardner <br />Energy Strategies <br />Affiliated Engineers <br />aharvey a(~.co.oranae.nc.us <br />gwilson~co.orange.nc.us <br />mmeagher a~co.orange.nc.us <br />~~~ <br />rsallach~a olver.com <br />JmassonCa~fac.unc.edu <br />ray.duboset'a~eneray.unc.edu <br />philip.barner(a~energy.unc.edu <br />will tricomi(a~unc.edta <br />matt rsaengineers.com <br />ntravis(a~energystrat.com <br />jschuett(a~aeieng.com <br />The meeting was held at UNC-CH to discuss some progress to date and the preliminary economic "straw man" <br />for the Landfill Gas project. The following items were discussed: <br />1. A preliminary report has. been issued to UNC for review. A final review copy for Orange County's <br />viewing will be available in the next few weeks. <br />2. No comments were made on the notes from the last several meetings. <br />3. Option 1- Power generation at Homestead site is being considered the most viable option, since <br />confirmation of pipe routing to the cogen plant has not been confirmed as viable. Therefore, the <br />revenue stream on the project will be avoided electrical purchase and any value of carbon. <br />4. It was noted again that the project will not be viable based solely on the value of the fuel content of <br />the LFG. Some value on carbon credits must be established to make it viable. <br />5. The economic "straw man" presented by Energy Strategies on February 26th was based on an <br />equitable split of all revenues on the project after debt was retired and O&M costs were covered. <br />Orange County received an early preferential distribution to allow some cash flow to them before <br />the debt was retired. <br />6. AEI/UNC asked for response from Orange County on the preliminary economic "straw man" <br />distributed on February 26th. The following comments were made: <br />