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~3 <br />~~ <br />LEI ~Ci <br />~i.~~~°4 <br />1414 Raleigh Road, Suite 305 <br />Chapel Hill, North Carolina <br />(919) 419-9802 (Fax 419-9803) <br />UNC -Alternative Energy Analysis Landfill Gas Investigation <br />Project <br />University of North Carolina- Chapel Hill <br />Owner <br />Review Meeting No. 4 <br />Type of Meeting <br />n~eet~ng totes <br />08029-00 <br />Project No. <br />03/11 /2008 <br />Meeting Date <br />Page 2 of 2 ias <br />Page Typist <br />a. Orange County has no immediate need for carbon .offsets/credits so in the short term they <br />would they would like to sell the credits. <br />b. A discussion on the verification of the credits took place. If credits are to be sold on any <br />type of future carbon market, additional verification and validation steps will be necessary. <br />Since UNC does not plan on selling their credits, this level of validation would not be <br />necessary for them. <br />c. Orange County would like to see a more simplified version of the commercial terms of the <br />Agreement that may provide some compensation for the fuel value of .the gas plus some <br />minimum level of payment for carbon credits. <br />7. It was noted that if the carbon credits are to be verified and validated for sale on the open market, <br />some reductions to the value in the economic analysis would need to be made. These would <br />include: <br />a. Any current flaring operations <br />b. Any degradation of methane inherent in the current landfill configuration <br />Since most of the credits would not be sold, it seems logical to use the quantities agreed upon by <br />RSG and Olver, Inc. The economic model will be updated to reflect these quantities for methane <br />destruction. <br />8. The project schedule was discussed briefly. It was noted that the LFG collection and flaring system <br />could be operational by July 2009 and the beneficial use of the LFG for power production could be <br />operational by July 2010. The economic model will be updated to reflect this. <br />9. Olver, Inc. had committed to sending some examples of -LFG agreements to UNC for review. <br />These have not been received, but the commitment was made again to send these. <br />10. The next meeting is scheduled for March 25th at 10:30 am to continue dialog on the economic <br />evaluation and final Agreement. The following action items are to be completed in the interim: <br />a. Final review copy of RSG study will be available for distribution to UNC <br />b. Some additional options for the commercial terms will be available <br />c. An outline of the legal issues for the Agreement will be pulled together <br />These minutes represent our best understanding of the discussions held and decisions reached at the <br />meeting. Please advise the writer of any errors or omissions of substance. <br />Affiliated Engineers <br />Jerry A. Schuett, P.E. <br />Principal/Project Manger <br />