What this document is
The commercial structure of one Circular Supply Agreement for the Broward County SWA — the Beneficiation Fee, the Circular Royalty™, deployment from 400 to 1,000 TPD, site candidates, risk and timeline.
- Phase Initial at 400 TPD (146,000 TPY) is ~40% of the addressable stream; the CSA scales to 1,000 TPD without renegotiating terms.
- One CSA, no election: the Authority pays $100/ton and receives a Circular Royalty™ from 13 months after the first fee payment.
- Zero Authority capital at any phase; site, T0 and Exogenesis™ eligibility are PROVISIONAL.
Broward County SWA, Florida
Circular Supply Proposal
A 30-year Circular Supply Agreement converts the SWA's 1,000 TPD of addressable manufacturing feedstock into a community royalty stream from Year 2 — at zero Authority capex. One CSA structure.
One Decision
One Decision
The SWA executes one Circular Supply Agreement. There is no election; the structure is the same for every Feedstock Provider.
- Carbotura's offer: A 30-year Circular Supply Agreement under Build-Own-Operate structure. Carbotura finances, builds, and operates the ACM facility. The SWA provides feedstock access under the CSA. The CSA governs the financial relationship.
- SWA commitment: Under the CSA — Beneficiation Fee of $100/ton (at floor; FWDC $91/ton). Feedstock delivery direction to ACM facility per CSA tonnage schedule.
- SWA receives: Circular Royalty™ beginning Month 13 at 120% of that year's Beneficiation Fee, escalating +1 percentage point/year. Exogenesis™ bonus (PROVISIONAL) — additional $50/ton Legacy Remediation Royalty from approximately Year 6 post CSA, stacking on the CSA.
- Scale pathway: Phase Initial 400 TPD (COD T0+24 months) → Phase Medium 800 TPD (T0+42 months) → Phase Expanded 1,000 TPD (T0+60 months). Zero SWA capex at every phase. Royalty scales with deployed TPD.
- Decision window: August 2026 — SWA Governing Board Master Plan adoption vote. LOI/MOU execution before that vote positions ACM for inclusion in the adopted Master Plan. Technologies absent from the adopted plan require additional Board authorization. The window closes with the vote.
Commercial Structure
Commercial Structure
Advanced Circular Manufacturing is a manufacturing process, not a waste-management activity. Microwave Catalytic Reforming operates in an anoxic, oxygen-free, sub-atmospheric environment — mechanistically incompatible with combustion or biological degradation. ACM does not fit within the waste domain and does not operate under waste-domain statutes. The Regulatory Predicate Transition (RPT) — also framed as the dewaste pathway — is the coordinated regulatory shift from legacy disposal-predicate statutes onto manufacturing-predicate classifications. 100% elemental recycling of the municipal material stream requires this transition. Manufacturing NAICS 325180 · 325998 · 327992 · 331110 · 331314 · 331492 (6-code ACM set) plus EPA RCRA §1004(27) / 40 CFR §261.2(e) exclusion pathway in the US; ISIC Rev.4 20-25 + UN CPC 89 internationally. In many jurisdictions the required authorities already exist in latent form within existing statutes; in others the transition requires primary-authority amendments. The Joint Working Group phase includes a regulatory engagement workstream to shepherd the RPT alongside site permitting. Both parties commit to the RPT pathway. Carbotura brings the process-classification evidence, regulatory engagement expertise from prior ACM deployments, and the legal-technical framework. The counterparty brings the standing to engage the local regulator, the political mandate for the transition, and — where applicable — legacy statutory authorities that can be re-instrumented for manufacturing use. The endpoint is categorical: manufacturing classification across all permitting, licensing, and regulatory contexts. Interim bridging authorities may apply during the transition.
| ✓ Applicable Manufacturing NAICS (ACM Facility) | Description | ✗ Excluded Solid Waste NAICS (Engagement-Terminating) | Description |
|---|---|---|---|
| 325180 | Other Basic Inorganic Chemical Manufacturing | 562212 | Solid Waste Landfill |
| 325998 | All Other Miscellaneous Chemical Product and Preparation Manufacturing | 562213 | Solid Waste Combustors and Incinerators |
| 327992 | Ground or Treated Mineral and Earth Manufacturing | 562219 | Other Nonhazardous Waste Treatment and Disposal |
| 331110 | Iron and Steel Mills and Ferroalloy Manufacturing | 562920 | Materials Recovery Facilities |
| 331314 | Secondary Smelting and Alloying of Aluminum | Any solid waste code applied to the ACM facility is resolved under the RPT pathway. | |
| 331492 | Secondary Smelting, Refining, and Alloying of Nonferrous Metal | ||
§1.1 — Commercial Structure Overview
| Party | Commitment | Key Terms |
|---|---|---|
| Carbotura, Inc. | Build, own, and operate the ACM facility at 100% Carbotura capital. Finance all per-increment CAPEX. Commercialize Circular Materials streams. Pay Circular Royalty™ to the SWA from Month 13. | BOO structure · 18-month Parent Performance Guarantee on all payment obligations · First-loss capital position · CSA v2026.7 |
| Solid Waste Authority of Broward County, FL | Direct feedstock per CSA tonnage schedule. Pay the Beneficiation Fee per the CSA tonnage schedule. Maintain manufacturing classification compliance per RPT (§1.4). | 30-year minimum CSA · Perpetual continuation unless Non-Renewal Notice served · Authority ILA member feedstock direction right · US GAAP |
August 2026 — SWA Governing Board Master Plan adoption vote. For Phase Initial ACM to reach commercial operations by T0+24 months, LOI/MOU execution must occur no later than Q3 2026 — prior to the Master Plan adoption vote. That vote determines which technologies are contractually available to the Authority under the adopted plan. LOI/MOU execution before the vote allows concurrent site permitting, Term Sheet negotiation, and CSA preparation. Every quarter of delay after August 2026 defers Phase Initial COD by a corresponding quarter and delays the first Circular Royalty™ payment to the SWA.
§1.3 — Circular Supply Agreement
The Circular Supply Agreement is a minimum 30-year commercial supply agreement between Carbotura and the SWA. It defines the feedstock delivery obligation, CSA financial terms, deployment milestone schedule, and product commercialization rights. The CSA continues past Year 30 unless terminated by Non-Renewal Notice, which may be served no earlier than Year 28 (24-month notice period, earliest exit Year 30). If no notice is served, the CSA continues perpetually under its existing terms — providing the SWA with royalty income beyond the 30-year floor without renegotiation. The CSA is governed by Florida law and US GAAP accounting standards.
§1.5 — CSA Structure
The SWA Board should evaluate the CSA against its balance sheet, credit rating status, and long-term revenue objectives before executing the LOI/MOU. Carbotura's engagement team provides CSA financial models on request.
The Exogenesis™ Royalty bonus is available when a qualifying legacy landfill within the service zone follows a confirmed closure trajectory. Two candidate sites have been identified in the Broward County system: Monarch Hill Landfill (WM, 2700 Wiles Road, Pompano Beach, FL 33073) and Broward County Landfill (Southwest Ranches, FL 33332). Both are active with approaching capacity per the SCS Master Plan. Exogenesis™ eligibility requires confirmed closure plan — PROVISIONAL pending Term Sheet verification. If eligibility is confirmed, the $50/ton Legacy Remediation Royalty stacks on the CSA at zero additional fee to the SWA. If eligibility is not confirmed at Term Sheet, the CSA remain fully available; the Exogenesis™ bonus is not available for this engagement.
Deployment Architecture
Deployment Architecture
The Broward County SWA deployment is classified as a Single-Site topology — one ACM facility sited within the Broward transfer infrastructure corridor, scaling from 4 modules (400 TPD, Phase Initial) to 10 modules (1,000 TPD, Phase Expanded). The site serves all ILA member municipalities via the existing transfer station network without requiring new collection infrastructure.
| Phase | Deployed TPD | Modules | Annual Feedstock (TPY) | % of Addressable | Est. COD | Source Type |
|---|---|---|---|---|---|---|
| Phase Initial | 400 | 4 × 100 TPD | 146,000 | 40% | T0 + 24 months | LOCKED |
| Phase Medium | 800 | 8 × 100 TPD | 292,000 | 80% | T0 + 42 months | LOCKED |
| Phase Expanded (Full) | 1,000 | 10 × 100 TPD | 365,000 | 100% | T0 + 60 months | LOCKED |
§2.2 — BOO Capital Architecture
Carbotura finances 100% of per-increment CAPEX through its proprietary modular capital architecture — structured exclusively as Advanced Circular Manufacturing finance (NAICS 31–33) and sized per 100 TPD increment.
| Capital Commitment | Phase Initial (400 TPD) | Phase Expanded (1,000 TPD) | Party |
|---|---|---|---|
| Total Facility CAPEX | $247.5M | $592.5M | Carbotura (100%) |
| Construction risk | Carbotura BOO | Carbotura BOO | Carbotura |
| Operating risk | Carbotura BOO | Carbotura BOO | Carbotura |
| Output commercialization risk | Carbotura (Circular Materials) | Carbotura (Circular Materials) | Carbotura |
| SWA Capital Contribution | $0 | $0 | SWA |
CAPEX basis: $75M first 100 TPD increment + $57.5M per additional 100 TPD increment. 18-month Parent Performance Guarantee on all payment obligations. US GAAP accounting standard applies.
§2.3 — Feedstock Stream Coverage by Phase
| Stream | Phase Initial | Phase Medium | Phase Expanded | Access Status |
|---|---|---|---|---|
| Residential MSW | ✓ Primary | ✓ | ✓ | IMMEDIATE |
| Commercial MSW | ✓ Primary | ✓ | ✓ | IMMEDIATE |
| C&D / Bulk Waste | ✓ Partial | ✓ | CONDITIONAL | |
| Single-Stream Recyclable Residuals | ✓ | CONDITIONAL | ||
| WWTP Biosolids | ✓ (pending) | WARN |
§2.4 — Site Candidate Analysis
Three candidate zones screened against SCS Engineers Master Plan siting criteria. Click a zone card to highlight on map; click a marker to highlight the card.
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Zone details are available in the panel.
Site candidates derived from SCS Engineers Master Plan screened sites (Figure 13, May 2025) + SR-7/I-595 corridor analysis. Acreage and zoning are ESTIMATED pending Term Sheet verification.
Phase Initial (400 TPD) is fully supportable from immediately accessible RMSW and CMSW streams available through the SWA's existing ILA member direction authority. No third-party operator negotiation is required for Phase Initial feedstock. The system's 14,575 TPD generation produces an addressability surplus of more than 14,000 TPD above the Phase Initial requirement — feedstock volume is not a constraint at any phase.
Beneficiation Fee (TMC Fee)
Beneficiation Fee (TMC Fee)
The Beneficiation Fee is the Authority's per-ton payment to Carbotura for feedstock processing. It applies under the CSA.
The FWDC of $91/ton is derived from SCS Engineers Scenario A landfill gate rate (2025 planning dollars), selected by the Architect as the marginal disposal cost benchmark. This places the Beneficiation Fee at the $100/ton floor — $9/ton above current disposal cost in Year 1. The Year 1 premium reverses permanently at Month 13 when Circular Royalty™ receipts of $120/ton exceed the Beneficiation Fee. WTE tipping fee is unconfirmed; if confirmed WTE rate exceeds $91/ton, the FWDC benchmark only improves the cost-displacement analysis. The Beneficiation Fee is the Authority's only financial obligation under the CSA. The Exogenesis™ Royalty bonus, when available, stacks on either A or B with no additional fee.
| Phase | TPY | Year 1 BF/ton | Year 1 Annual Obligation | Year 2 BF/ton | Year 2 Annual Obligation |
|---|---|---|---|---|---|
| Phase Initial (400 TPD) | 146,000 | $100.00 | $14,600,000 | $102.50 | $14,965,000 |
| Phase Medium (800 TPD) | 292,000 | $100.00 | $29,200,000 | $102.50 | $29,930,000 |
| Phase Expanded (1,000 TPD) | 365,000 | $100.00 | $36,500,000 | $102.50 | $37,412,500 |
BF escalates 2.5%/year from Year 2. All figures ESTIMATED. under the CSA —
- At $100/ton, the BF creates a Year 1 premium of $9/ton above the $91/ton FWDC benchmark — a total of $1.3M/year above current disposal cost for Phase Initial. This premium reverses at Month 13 and becomes permanently positive. The question is not "does ACM cost more than landfill" — it does by $9/ton in Year 1. The question is "does the royalty stream from Month 13 justify that Year 1 premium." At $120/ton royalty vs.
- The $880M+ new landfill CapEx avoided under ACM is a non-recurring benefit that dwarfs the Year 1 BF premium. The SWA's entire Phase Initial 30-year BF obligation is approximately $600M — against $880M in infrastructure that ACM makes unnecessary for the addressable stream.
- If the Board elects
Royalty Structure
Royalty Structure
"Gross cost displacement is quantified separately from Circular Royalty™ cash flow. Both are independent financial effects of the CSA."
"At steady state, the Circular Royalty™ is designed to exceed the Beneficiation Fee on a per-ton basis."
"Circular Royalty™ payments begin 13 months after corresponding Beneficiation Fee payments and ramp to full run-rate on a rolling basis."
All royalty payments begin 13 months after first Beneficiation Fee payment and ramp to full run-rate on a rolling basis. At steady state under the CSA, the royalty received is designed to exceed any Beneficiation Fee paid on a per-ton basis. The Beneficiation Fee and Circular Royalty™ are separate transactions — they must not be netted in any financial analysis, column, or presentation.
§4.0 — Circular Royalty™
During Months 1–12, the SWA pays the Beneficiation Fee and receives zero Circular Royalty™. This pre-royalty period is a structural feature of the CSA. Month 13 is the first Royalty payment. The Exogenesis™ Royalty bonus stream begins independently when the Exogenesis™ Programme is active (estimated Year 6 post CSA).
| Period | Timing | Authority Outflow | Authority Inflow |
|---|---|---|---|
| Pre-Royalty | Months 1–12 after Phase Initial COD | Beneficiation Fee: $100/ton | $0 Circular Royalty™ |
| Royalty Ramp | Month 13 → Month 24 | Beneficiation Fee: $102.50/ton (Year 2) | Circular Royalty™: $120.00/ton (120% × $100) |
| Steady State | Year 2 onward (perpetual) | Beneficiation Fee: escalating 2.5%/yr | Circular Royalty™: escalating faster — royalty exceeds BF every year from Year 2 |
Phase Initial (400 TPD / 146,000 TPY)
| Year | FWDC/ton (avoided) | BF/ton → Carbotura | Annual BF Paid | Royalty Rate | Royalty/ton → SWA | Annual Royalty Received |
|---|---|---|---|---|---|---|
| 1 | $91.00 | $100.00 | $14,600,000 | $0 | $0 | |
| 2 | $91.00 | $102.50 | $14,965,000 | 120% | $120.00 | $17,520,000 |
| 5 | $91.00 | $110.38 | $16,115,480 | 123% | $132.46 | $19,339,160 |
| 10 | $91.00 | $124.89 | $18,233,940 | 128% | $155.96 | $22,770,160 |
| 20 | $91.00 | $159.87 | $23,340,820 | 138% | $215.23 | $31,423,580 |
| 30 | $91.00 | $203.96 | $29,778,160 | 148% | $294.49 | $43,015,540 |
Royalty figures are amounts received. The royalty is paid 13 months in arrears, so the figure shown for a year is earned on the previous year’s delivered tonnage.
No Net/ton column — Beneficiation Fee and Circular Royalty™ are independent transactions (Separate Transaction Principle). FWDC shown as constant benchmark; actual future FWDC will escalate. All figures ESTIMATED.
Phase Expanded (1,000 TPD / 365,000 TPY)
| Year | BF/ton | Annual BF Paid | Royalty Rate | Royalty/ton → SWA | Annual Royalty Received |
|---|---|---|---|---|---|
| 1 | $100.00 | $36,500,000 | $0 | $0 | |
| 2 | $102.50 | $37,412,500 | 120% | $120.00 | $43,800,000 |
| 10 | $124.89 | $45,584,850 | 128% | $155.96 | $56,925,400 |
| 30 | $203.96 | $74,445,400 | 148% | $294.49 | $107,488,850 |
Royalty figures are amounts received. The royalty is paid 13 months in arrears, so the figure shown for a year is earned on the previous year’s delivered tonnage.
§4.1 — Exogenesis™ Royalty: Bonus Stack on the CSA PROVISIONAL
Two candidate qualifying landfill assets have been identified: Monarch Hill Landfill (Waste Management, 2700 Wiles Road, Pompano Beach, FL 33073 — approaching permitted capacity, approaching closure trajectory) and Broward County Landfill (Broward County, 7101 SW 205th Avenue, Southwest Ranches, FL 33332). Exogenesis™ eligibility requires confirmed closure plan documentation per CSA §4B.2A. Eligibility determination is a Term Sheet phase deliverable. If confirmed: the $50/ton Legacy Remediation Royalty stacks on the CSA with no additional fee to the SWA. If not confirmed: Exogenesis™ is not available for this engagement; Options A and B remain fully available.
| Royalty Stream | Year 2 /ton | Year 30 /ton | Escalator | Qualifying Condition |
|---|---|---|---|---|
| Legacy Remediation Royalty (Exogenesis™ bonus) | $50.00 | $66.07 | +1%/yr | PROVISIONAL — Term Sheet |
| Combined (B + Exogenesis™) | $150.00 | $198.20 | Both conditions met |
GASB 18 note: confirmed Exogenesis™ Royalty programme triggers extinguishment of accrued remediation liability for qualifying landfill parcels at CSA execution. CERCLA floor step-up provisions apply per CSA §4B.2A. Exogenesis™ deployment commitment: 3–7 years post Phase Initial COD. All figures ESTIMATED · PROVISIONAL.
Exogenesis™ (B + Bonus) — Phase Initial (400 TPD) — PROVISIONAL
| Year | Beneficiation Fee | Legacy Royalty/ton | Combined → SWA/ton | Annual Combined | |
|---|---|---|---|---|---|
| 1–5 | $0 | $0–$103 | $0 (pre-Exogenesis™) | $0–$103 | $0–$15.0M |
| 6+ (est.) | $0 | $100+ | $50+ active | $150+ | $21.9M+ |
| 10 | $0 | $108.29 | $52.63 | $160.92 | $23.49M |
| 30 | $0 | $132.13 | $66.07 | $198.20 | $28.95M |
Royalty figures are amounts received. The royalty is paid 13 months in arrears, so the figure shown for a year is earned on the previous year’s delivered tonnage.
PROVISIONAL — all Exogenesis™ figures subject to Term Sheet eligibility confirmation. No Net column. Royalty streams are independent transactions.
Risk Register
Risk Register
| Risk | Key Driver | Who Bears It | Mitigation | Residual Exposure |
|---|---|---|---|---|
| FWDC verification | WTE tipping fee unconfirmed | SWA (planning basis only) | Term Sheet phase contract review | Low — if WTE rate >$91, FWDC improves; BF at floor regardless |
| WIN Waste RRF sale — new operator terms | Pending sale; buyer unknown | SWA | ACM provides alternative pathway; LOI/MOU before sale closes | Medium — drives urgency of Q3 2026 LOI/MOU execution |
| Technology performance | Facility throughput and output quality | Carbotura (BOO) | 18-month Parent Performance Guarantee; modular design; Regenesis™ operating history | Low (Carbotura bears operational risk) |
| Timeline slippage | Site permitting; Master Plan vote delay | Both parties | LOI/MOU before August 2026 vote; concurrent permitting track | Medium — delay shifts COD and first royalty payment |
| Third-party contract constraints | WM, Waste Connections feedstock contracts | SWA (Phase Medium/Full) | Phase Initial from IMMEDIATE streams; Phase Medium/Full in Term Sheet | Low for Phase Initial; medium for Phase Medium/Full |
| Competitive procurement | Master Plan adoption of competing technologies | SWA | LOI/MOU execution before August 2026 vote locks ACM into plan | High if LOI/MOU not executed before vote |
| PFAS / legacy contamination | MSW stream PFAS content | Carbotura (processing) | Regenesis™ anoxic process destroys PFAS at operating temperature | Low — ACM not subject to PFAS regulatory exposure as disposal facility |
| NAICS classification / RPT | Regulatory classification of ACM facility | Both parties | Manufacturing classification (NAICS 31–33); RPT at §1.4 | Medium — Carbotura commits to the RPT pathway if classification denied |
| Exogenesis™ eligibility failure | Landfill closure plan not confirmed | SWA | Options A and B remain available regardless | Low — Exogenesis™ is additive; failure does not affect core proposal |
Deployment Timeline
Deployment Timeline
| Milestone | Timing | Notes |
|---|---|---|
| Q3 2026 — LOI/MOU Execution Target | Before August 2026 SWA Board vote | Binding engagement window. After vote: additional Board authorization required. |
| Term Sheet negotiation | LOI/MOU + 0–6 months | FWDC verification; site confirmation; Exogenesis™ eligibility determination; WWTP operator identification |
| CSA execution (T0) | ~18 months from LOI/MOU | Carbotura standard from engagement to T0 |
| Phase Initial construction start | T0 + 6 months | Site preparation; module fabrication |
| Phase Initial COD | T0 + 24 months | 400 TPD operational; Beneficiation Fee begins |
| First Circular Royalty™ payment | T0 + 37 months | 13 months after Phase Initial COD — Royalty begins |
| Phase Medium full operations | T0 + 42 months | 800 TPD |
| Phase Expanded full operations | T0 + 60 months | 1,000 TPD |
| Exogenesis™ deployment (est.) | T0 + 36–84 months (Year 3–7) | PROVISIONAL — subject to eligibility confirmation |
| CSA minimum term end | T0 + ~30 years | Perpetual continuation unless Non-Renewal Notice served. Notice earliest: T0 + 28 years. Exit earliest: T0 + 30 years. |
August 2026 — SWA Governing Board Master Plan adoption vote. This is the single most consequential governance decision for the Broward waste system in a generation. Technologies included in the adopted plan have a contracted procurement pathway. Technologies absent require a separate Board authorization — adding 6–18 months to any engagement timeline. For Phase Initial COD by T0+24 months, LOI/MOU must be executed before the vote. Every month of delay past August 2026 defers first Circular Royalty™ receipts to the SWA by a corresponding month.
Community Value Stack
Community Value Stack
§7.1 — SWA Fiscal Effects (Independent of Regional Economy)
| Fiscal Effect | Phase Initial (400 TPD) | Phase Full (1,000 TPD) | Source Type |
|---|---|---|---|
| Annual Beneficiation Fee paid | $14,600,000 | $36,500,000 | LOCKED |
| Annual Circular Royalty™ received | $17,520,000 | $43,800,000 | LOCKED |
| Annual Circular Royalty™ received | $43,015,540 | $107,488,850 | ESTIMATED |
| New landfill CapEx avoided (status quo displacement) | $880M+ non-recurring | $880M+ non-recurring | ESTIMATED |
Fiscal effects shown as independent rows — Beneficiation Fee and Circular Royalty™ are separate transactions (Separate Transaction Principle). No net column.
§7.2 — Regional Economic Effects
| Effect | Phase Initial (400 TPD) | Phase Full (1,000 TPD) | Source Type |
|---|---|---|---|
| Direct manufacturing FTE | ~100 | ~250 | ESTIMATED |
| Indirect/induced jobs | ~300 | ~750 | ESTIMATED |
| Annual regional economic impact | $32M+ | $80M+ | ESTIMATED |
| Carbon diversion (CO2e/year) | ~131,400 tons | ~328,500 tons | ESTIMATED |
| 30-year carbon diversion (CO2e) | ~3.9M tons | ~9.9M tons | ESTIMATED |
Employment per canonical formula: Direct FTE = (TPD ÷ 400) × 100; Indirect = Direct × 3; Annual impact = (TPD ÷ 400) × $32M+. Regional economic effects are separate from SWA fiscal effects — not combined in any row.
Why This Works Here
Why This Works Here
| # | Factor | Broward-Specific Evidence |
|---|---|---|
| 1 | Volume sufficiency | 14,575 TPD system generation — Phase Full (1,000 TPD) requires less than 7% of daily system output. No volume risk at any phase. |
| 2 | Infrastructure convergence | SR-7/I-595 corridor creates a natural feedstock aggregation spine. WM Davie, WM Deerfield, and Waste Connections Pembroke Park transfer hubs already route MSW without requiring new collection infrastructure. |
| 3 | Regulatory mandate alignment | The SWA's statutory obligation to adopt a Master Plan (FL §§163.01, 403.706, 403.713) creates a hard institutional deadline — the August 2026 vote — that aligns exactly with the LOI/MOU execution window. |
| 4 | Disposal pathway risk | WIN Waste RRF pending sale creates counterparty uncertainty. Monarch Hill approaching capacity. ACM provides the only large-volume contracted alternative before the vote closes the planning window. |
| 5 | Governance restoration | The SWA was reconstituted precisely to correct the decade of fragmented governance that began in 2013. ACM adoption demonstrates the Authority's capacity to act at scale — giving the reconstitution a measurable outcome before the first renewal cycle. |
| 6 | Economics specificity | The Beneficiation Fee of $100/ton is calibrated to the FWDC of $91/ton (SCS Scenario A 2025 planning fee). The fee sits $9/ton above current disposal — a premium that reverses at Month 13. The $880M avoided landfill CapEx makes the pre-royalty premium a rounding error in the 30-year economics. |
A — Data Basis
| Item | Source | Type |
|---|---|---|
| FWDC ($91/ton, landfill gate rate) | SCS Engineers Draft Master Plan Table 10, Scenario A, May 2025 | ESTIMATED |
| Beneficiation Fee formula | CSA v2026.7 §3.1 — Carbotura standard parameters | VERIFIED |
| Circular Royalty™ formula | CSA v2026.7 §4.0 — Carbotura standard parameters | VERIFIED |
| CSA Structure | CSA v2026.7 §1.5 — One structure defined | VERIFIED |
| New landfill CapEx ($880M+) | SCS Engineers Master Plan Table 10, Scenario A | ESTIMATED |
| Site candidates | SCS Engineers Master Plan Figure 13, screened sites, May 2025 | PROVISIONAL |
| CAPEX basis ($75M / $57.5M) | Carbotura standard BOO capital architecture parameters | VERIFIED |
| Employment scaling | Carbotura standard parameters (Direct FTE = TPD ÷ 400 × 100) | VERIFIED |
| SWA ILA / statutory authority | FL Statutes §§163.01, 403.706, 403.713; 2023 ILA | VERIFIED |
B — Glossary
Basis of Presentation
Basis of Presentation — Assumptions & Confidence
| Registry Value | Figure | Tier | Source / Basis |
|---|---|---|---|
| Beneficiation Fee base | $100/ton (floor) | LOCKED | Architect intake — FWDC $91 triggers floor |
| FWDC basis | $91/ton | ESTIMATED | SCS Engineers Scenario A landfill gate rate, May 2025 |
| BF escalator | 2.5%/yr | LOCKED | Carbotura standard parameter |
| Circular Royalty™ base rate | 120% of the current-year Beneficiation Fee | LOCKED | Carbotura standard parameter |
| Royalty escalator | +1 pp/year | LOCKED | Carbotura standard parameter |
| Royalty payment lag | 13 months | LOCKED | CSA v2026.7 — always 13 months |
| Phase Initial TPD/TPY | 400 TPD / 146,000 TPY | LOCKED | Architect intake |
| Phase Full TPD/TPY | 1,000 TPD / 365,000 TPY | LOCKED | Architect intake |
| CSA term | 30-year minimum; perpetual | LOCKED | CSA v2026.7 default |
| Phase Initial CAPEX | $247.5M | VERIFIED | Carbotura standard: $75M + 3×$57.5M |
| Phase Expanded CAPEX | $592.5M | VERIFIED | Carbotura standard: $75M + 9×$57.5M |
| Employment — Phase Initial | ~100 FTE direct / ~300 indirect | ESTIMATED | Carbotura canonical formula |
| Employment — Phase Full | ~250 FTE direct / ~750 indirect | ESTIMATED | Carbotura canonical formula |
| New landfill CapEx avoided | $880M+ | ESTIMATED | SCS Master Plan Table 10, Scenario A, May 2025 |
| Exogenesis™ eligibility | Monarch Hill / Broward County Landfill | PROVISIONAL | Term Sheet verification required |
| Site candidates (P1/P2/P3) | SCS screened industrial zones | PROVISIONAL | SCS Master Plan Figure 13, May 2025 |
| Decision window | August 2026 Master Plan vote | LOCKED | Architect override — locked |
Confidence tiers: LOCKED — Registry-defended. ESTIMATED — Planning data or standard parameters. PROVISIONAL — Term Sheet verification required. VERIFIED — Named public source. US GAAP · Florida · Registry: broward-swa · MI v3.6 / MR v4.6.