5.0. 5.0.a. 6.0. 7.0. EDSR 04-12-1999 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
•
MEMORANDUM
TO: Economic Development Authority
FROM: Paul Steinman, Director of Economic
Development
DATE: April 8, 1999
SUBJECT: Agenda Memo for April 12, 1999
Meeting
5. Brown/Kirkeide Land Purchase
Issue
At a meeting several months ago, the EDA authorized staff to begin
negotiations with LeRoy and Ruth Brown for the purchase of their
ilproperty in east Elk River. The city has been using Bud Storm to take
care of various rights-of-way acquisition negotiations for the entire
East Elk River project, therefore,Mr. Storm has also been
spearheading negotiations with the Brown's for the EDA.
The purpose of this issueis to gain a consensus of the EDA to move
forward to execution of a formal purchase agreement for the Brown's
property. Pat Klaers has been the primary staff person dealing with
this issue. He will be present at the EDA meeting to add to the
discussion.
Background
Discussion of purchase of the Brown's property began when it was
concluded that the new Tyler Street extension would be built through
the current location of their home site. It was also determined that a
portion of the Brown's property would be needed for surface water
management as a result of the eastern utility project. The entire
Brown property equals approximately 102 acres. The Brown's will be
retaining approximately 12 acres leaving 90 acres for purchase. Of
this 90 acres, approximately 40 is developable. The current price
• range for the purchase of this 90 acres, including the house, is
13065 Orono Parkway • P. 0. Box490 • Elk River,MN 55330-1743• (612) 441-7420 • Fax (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
Economic Development Agenda Memo
April 8, 1999
Page 2
• approximately 1.3 million dollars. Of this amount, the federal dollars
assigned for this road project will provide approximately$655,000 to
the Brown's. The remainder would be the responsibility of the EDA.
This breakdown is as follows:
• 1.3 million dollars - purchase price
• Minus $655,000 - federal government funds
• Total remaining equals $475,000- EDA
Bud Storm has been instructed to negotiate with the Brown's that the,
$475,000 be provided on a contract for deed with the EDA over a
minimum term of 10 years. The interest rate on this contract for deed
is currently under negotiation.
The federal funds assigned to this right-of-way acquisition include the
purchase of the Brown's house, since the house lies within the right-of-
way of Tyler Street. These federal funds will be provided to the
Brown's at the time of closing on this transaction - approximately
May/June, 1999. The importance of the remainder being financed on a
contract for deed is that the natural funding source for this purchase is
TIF District No. 19. It appears from initial cash flow projections that
• if the remaining $475,000 purchase price is on a 10 year term, that
this will be similar to the tax increment stream which can then be
used to make payment on this contract for deed. Staff supports using
development fund dollars to pay off the assessment (approximately
$250,000) against the Brown property once it is purchased. This helps
cash flow the entire utility project. This proposal will include using
Tax Increment from District No. 19 to reimburse the development fund
for these costs.
The schedule for utility construction indicates that the Brown home
will need to be vacated and demolished or moved off the site by
approximately July 15, 1999. This suggests that the entire Brown
purchase will likely come back to the EDA for final approval at its
meeting on May 10, 1999.
Attached to this memo is a map of the Brown land which will aid in
our discussion of this issue.
The Kirkeide property lies entirely within the Brown property, but
outside the right-of-way of Tyler Street. The Kirkeide property is
approximately 2.5 acres, and includes a house and several out
buildings. Bud Storm has indicated the Kirkeide purchase may be
approximately$200,000. This purchase would occur at the same time.
Economic Development Agenda Memo
April 8, 1999
Page 3
• as that of the Brown property. The EDA's proposed funding source
would be the development fund. The development fund would then be
reimbursed over time from Tax Increment District No. 19.
5a. TIF 19
Staff and City Attorney Peter Beck are continuing to negotiate the
details of the redevelopment agreement with Associated Developers for
redevelopment of the former Hohlen Mobile Home Park and
construction of the East Business Park.
Staff has spent a great deal of time over the past couple of months
working with Springsted to develop cash flow projections with which
all involved parties appear to now be comfortable. These cash flow
projections are driving the development agreement, because they show
how much tax increment may be available to pay the developer
incentive after other priority obligations have been paid, such as our
annual debt service on general obligation bonds. The cash flow also
projects how much may be available to be spent outside the boundaries
of TIF District No. 19 for the purchase of the Brown and Kirkeide
properties.
411
A deal with potential major users of the commercial development has
not yet been completed. Associated Developers is continuing to work
with these potential tenants to gain their commitment to build a
project on this site. Staff and the developers are continuing to work on
the development agreement and other issues fully expecting that a
deal with a commercial tenant will be signed. However, until such a
deal is signed there is no "project" to produce the anticipated tax
increment. Tony Gleekel, Associated Developers,has indicated he is in
ongoing discussions with at least one potential major tenant for their
commitment to the project.
6. Post Office Relocation
Attached to this memo are two letters dated March 26 and March 31
from the United States Postal Service regarding their site search for a
new postal facility. These letters indicate the following:
• All sites rejected from further review with the exception of
that which is located at the northeast corner of the
intersection of County Highway 12 and 13 (Mulvaney
• property).
Economic Development Agenda Memo
April 8, 1999
Page 4
III • Letter formally releasing the EDA from any further
obligation to sell the West Business Park property as
indicated in our Offer to Sell Property.
It is unclear at this time whether the postal service is considering the
Mulvaney property for a complete Carrier Annex facility, including
retail, or whether there is still discussion of keeping a retail presence
in the Central Business District. Staff has been discussing a number
of opportunities for sites nearby their current location which may
possibly work for both the Carrier Annex and retail portions of their
operation. They have eliminated these sites due to size, location, soil
issues, and environmental concerns. Staff suggests that the EDA
reaffirm its position with the postal service regarding its desire to see a
retail facility maintained in its current location or another location
within the Central Business District.
7. Mark Rothfork Micro Loan Request
Issue
Mark Rothfork, Ultra Image Powder Coating, has requested a micro
• loan in the amount $65,000 to complete the construction of an
approximately 13,000 square foot building in the McChesney
Industrial Park. Terms requested on this loan include 5 percent
interest over a 20 year period with a 5 year balloon.
Background
Ultra Image Powder Coating is currently located in the McChesney
Industrial Park in a building owned by Mark Rothfork. The building
is shared by several other industrial users. Ultra Image desires to
expand in its existing building, but is unable to do so without
relocating one or two of the other current tenants. Out of this issue
arose Mark Rothfork's desire to construct a new building to which his
existing tenant(s) would then move. This would allow Ultra Image to
expand in its current location.
This 13,000 square foot building would house several industrial
tenants creating an estimated number of new jobs in the amount of 6.
The expansion of Ultra Image Powder Coating would potentially
increase that business's job growth by 3 new employees.
•
Economic Development Agenda Memo
April 8, 1999
Page 5
The EDA Finance Committee met on Wednesday, April 7,1999, at 4:00
p.m.to hear a presentation from Mark Rothfork and to discuss his loan
application. As a reminder, the EDA Finance Committee consists of
the following individuals:
• Jeff Gongoll
• Tom Bender
• Lloyd Brutlag
• Jim Simpson
• Tom McNair
• Dan Tveite
• Cliff Lundberg
There were three primary issues noted by the Committee at that time,
including:
• The EDA's dollars would be at 93 percent of loan to value
• The $65,000 request is above the maximum as stated in the
guidelines of$50,000
• The interest rate requested at 5 percent is lower than any
other micro loans which have been completed to date
There are several issues pointed out by staff that influence this loan
request, including:
• There is no tax increment being requested for this project
• Industrial/Manufacturing projects are indicated as a high
priority for use of the micro loan fund
• Staff believes the project will not proceed without the use of
the EDA micro loan fund
Earlier discussion with Mark Rothfork had indicated his desire to
apply for a $35,000 tax increment grant, in addition to a $50,000 micro
loan. Staff discussed this issue at length with Mr. Rothfork and
opened the door for a loan possibly exceeding the maximum amount of
$50,000,as a trade off for not requesting tax increment for the project.
The Finance Committee discussed specifically the requestfor a 5
percent interest rate on this loan. An overview of past EDA micro
loans shows the following:
• 1 at 9 percent
• • 1 at 8.75 percent
• 14 at 8.5 percent
Economic Development Agenda Memo
April 8, 1999
Page 6
• 1 at 8 percent
• 1 at 6.5 percent
• 3 at 6 percent
Due to this summary, the Finance Committee reached consensus that
the recommended interest rate on this loan should be prime rate-
currently 7.75 percent. Staff had discussions with Mark Rothfork
regarding this issue after the meeting, and he expressed significant
concern regarding a higher interest rate. He indicated a 7.75 percent
interest rate would raise his monthly payment to the EDA by
approximately $105. He stated he is becoming less comfortable with
proceeding on this project, in part, due to the recommended interest
rate of 7.75 percent. He suggested an interest rate of 6.5 percent may
be acceptable. Staff discussed this issue verbally with several Finance
Committee members, and a consensus was reaffirmed that the interest
rate on this loan be no lower than 7.75 percent.
Finance Committee Recommendation
Unanimous approval by the Finance Committee to recommend that
the EDA provide a $65,000 micro loan to Mark Rothfork at a fixed
40 interest rate 7.75 percent for'a term of 20 years with a balloon
payment at the end of year 5.
•
ECONOMIC DEVELOPMENT MICRO LOAN FUND
ELK RIVER, MINNESOTA
APPLICATION
• APPLICANT /1M-A76.
QT c
ADDRESS 277gq R/U' L/ . DR. NW.
CITYj/f'J/�i/M9A/ STATE] /i/ Z IP CODE 57539 g
CONTACT PERSON(S)
BUSINESS PHONE ?/„.2--LN —J t?g[, HOME PHONE 6a—,3g7-8/73
AMOUNT REQUESTED
TERMS REQUESTED
SOCIAL SECURITY NUMBER ED ID #1111111111111111,
STATE ID #
1 . Type of Project:
VConstruction/New Building Expansion/Existing
Building
Equipment/Machinery Purchase Remodel/Commercial
111 Retail/Industrial
Industrial Inventory Working Capital
Other
2 . Describe Project:
v;L /3/000 FT STS � 5,D ELO
l� . s'✓ ,i4 ‘*-3/4/8Y ) v'L k
v
uie �lieta.t e"..,�'r- f- Ill, 0/-(pee
(g lg953 Yr,e s . /1//Oc- o�
3 . Purpose of Loan:
!/
4:i'lH/ev) r 1?t4 i d 4 r .Sb/O/1 S y1700)//-4,"
• Ne-ec1 S ,y, i0 77 6OOO Sa l--7--
A>tr-e.\Y--ly 3 o d 0 s4 /*dA), �41 e` k W IvI
lag g-e.4,7 dve,2 (/ Z 'I4 772W 27 6 1
Oho b k A-(Std Pzed5 Ad -' /ke--
6
ro ,a-te-N. , . ' A/s e (N._ lie
Q d&Led 1 A /l/d le4411A/J 0a1e 'c
IA/Afe ;1 Opp( /-c)A;t; by `fly- Dr /es
kW. t.aMIt1j v v l fr ayQ_ (A ctS Puirk,et s 116(d
4 . Cost of Project: 1 0v J v' V"a,e_ si.
A) Land $ 5ooc2
B) Buildings (atta h plans & costcosts) 1ile-74/0/ $ 7�J'e .W.4
moth) W ,�'GOf#J C°TDL
C) Equipment/Machinery/Fixtures (atta h list
and estimated costs) $
III D) Remodeling $
E) Industrial Inventory/Working Capital $
F) Other (attach description) $
TOTAL COSTS $
5 . Proposed Financing:
SOURCE NAME TERMS AMOUNT
A) Bank Loan 4 - ./ ((/ $ /
6/610
B) Bank Loan $
C) Other Private Funds $
D) Applicant Contribution $ = i .
E) Other $
F) Fed Grant/Loan $
G) State Grant/Loan $
111 H) This Loan iWgli— "*)
-57o .
$63j6m.
TOTAL FINANCING 1140 $ _Slea
-2- fifag:Yom, --
6 . Collateral to be assigned (Describe and show lienwposition) :
A) To Bank: f .G.2� 4;�c.(u�c-rc ri= Ss ' 1 o 2 la,d , 'l
erg 1
B) To Bank:
411 C) To Private Funding Source:
D) To Other Source:
E) To Federal Govt:
F) To State:
• G) To This Loan: � / ,'�'i ' � /��i� �
/ '•
7 . Value of Collateral:
COST BOOK VALUE EXISTING
LIENS
A) Land $35ACke. $ $
B) Buildings $ 17/6c; 09. - $ $
C) Mach. & Equip. $ $ $
D) Other $ $ $
E) Other $ $ $
8 . Employment*:
• Present: # of Employees Total Payroll
After Project: # of Employees q Total Payroll
*If Loan is for Job Retention Only, Explain in Business Plan.
9 . Attorney, Accountant (Names, addresses, phone) :
D (1(d /v 8iC/9 'tti 13(/0/ — 7. tY/gt/e./1' S7. E-3q
1 G i /$2004 L yiii/4/72/4/./v. S5L/.25
02- 53b - 751-15
-
10 . Bank and Other Credit References (Names, addresses, phone) :
1-N00 ✓eW.r�o. And . /-'o0-Li3b - 1238
FIRCVN1DAJT- a--,Q0 . 5 XAc%e, AIN. :&- Ai/i4
�I�UO C9C,, , �"NR�lJ ;�I. n 1-go -FY7 -3g8(,
1 /e�ie,�S o6 �
�D�s�n�, Tic .770`f/ (/eA1N�;.5 �-/i/►i��
'7900 6/;.z5,da LN. O ('�.Z3(v-3S5 ,
8.fvvlle/Z Co. picdAie,A4.v. 55/2 g d2b'et ..SPIale,
I )B . of b-- ,e,Wiz_ &zc Illie-e._ VAI Aide -/%tCrz
ti/-3
III
-3-
• 11. Attach and include the following:
A) Written Business Plan:
1. Description of Business
2 . Ownership
411 3. Management
4 . Date established
5 . Products/Services
6 . Future Plans
B) Financial Statements for past two years
C) Financial Projections for two years •
D) Resume of Owner/Management
E) Personal Financial Statements of proprietor, partners,
guarantors
F) Letter of commitment from applicant pledging to complete
during the proposed project duration
G) Letter of commitment from the other sources of financing,
stating terms and conditions of their participation in
project
H) Other
I) Other
XJ) Fee ( 1% of amount of loan request)
•
-4-
•
I/We certify that all information provided in this application is
true and correct to the best of my/our knowledge. I/We authorize the
City of Elk River and the Finance Committee to check credit
references and verify financial and other information. I/We agree to
provide any additional information as may be requested by the City
and the Finance Committee.
C�Q
DATEZ` G -1
Applicant Name /� 'lam6,04/ I ra 1 t
By
By
.
-5-
First
• Of Elk River
Main Office: 729 Main Street Elk River,MN 55330-1595 612/441-2200
April 1, 1999
Paul T. Steinman
Director of Economic Development
13065 Orono Parkway
P.O. Box 490
Elk River,MN 55330
Re: CONSTRUCTION OF 13,000 SQ FT BUILDING IN McCHESNEY INDUSTRIAL
PARK, TO BE OWNED BY MARK ROTHFORK
Dear Paul:
Per our phone conversation regarding the above project, this letter will confirm a loan commitment
from First National Bank of Elk River.
Our loan commitment for Mark Rothfork is as follows:
•
4. $400,000.00 bank loan based on 80% advance rate of total project.(20)year
amortization, (5)year balloon, to be secured by 1st Real Estate Mortgage
a. 6. On or before start of construction, all square footage to be leased with signed,
(5)year leases
4 Combination of both buildings Annual Debt Service Coverage to be at 1.25X,
or greater.
Please feel free to contact me if you have any further questions.
Sincerely,
Citi ‘„
Jan Hidde-Hooker
Vice President
(612) 241-3605
• JHH/gmw
Branches in:Anoka,Elk River,Hassan,Monticello,and Zimmerman
www.lnatbanker.com E Mail>fnber@lnatbanker.com
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Kansas City Facilities Service Office
UNTIEDST/STES
POSTAL SERVICE
•
March 31, 1999
FSO101:SGM:ds
Re: Elk River, MN 55330-9998
Offer to Sell
CITY OF ELK RIVER
ATTN PAUL T STEINMAN
PO BOX 490
ELK RIVER MN 55330-0490
Dear Mr. Steinman:
The United States Postal Service wishes to take this opportunity to thank you for providing us
with Offer to Sell Real Property for consideration in our search for a new site for the planned Elk
• River, Minnesota postal facility.
After careful review and evaluation of all sites and buildings offered we have selected another
property.
We appreciate your interest in this project. With this letter, you are released from any further
obligation to sell your property for postal use. Your original Offer to Sell Property is returned
with this letter.
Sincere)
� ,
-#17I /
TEPHEN G. MUYSKENS
REAL ESTATE SPECIALIST
913-831-1855, Ext. 436
Enclosure: As stated
• 6800 W 64th Street Suite 100
Overland Park KS 66202-4179
MAR n
1:1
KANSAS CITY FACILITIES SERVICE OFFICE #
UNITED STATES
• POSTAL SERVICE
March 26, 1999
PAUL STEINMAN
DIRECTOR OF ECONOMIC DEVELOPMENT
PO BOX 490
ELK RIVER MN 55330-0490
Re: Proposed Postal Facility
Elk River, MN 55330-9998
Dear Mr. Steinman:
In my letter dated December 24, 1998, I advised that the Postal Service planned to
advertise for existing buildings and sites that could serve as the new Elk River Post
Office or Carrier Annex.
Based on the results of the advertisement, the enclosed list of properties was reviewed
by our Site Review Committee as possible locations. This list includes properties looked
at and rejected for reasons noted. The listing of potential sites is not in any particular
order.
• In compliance with postal regulations, any member of the community or your office, may
offer written comments on any of these properties within the next 30 days. Letters
should be directed to Vice President, Facilities, and addressed to my attention at the
address shown in this letter. A response will be provided within 15 days.
Since ly,
/:
Stephen G. Muyskens
Real Estate Specialist, Sr.
cc: Postmaster - NOTICE - Please date stamp and post in public lobby for 30
days, then return to me.
District Manager
Corporate Relations
Enclosure: Map of sites
• 6800 W 64TH STREET STE 100
OVERLAND PARK KS 66202-4171
(913)831-1855
FAX: (913)831-4202
• SITES CURRENTLY UNDER REVIEW
Site "I" located at the northeast corner of the intersection of County Highways 12 and 13
SITES REJECTED FROM FURTHER REVIEW
Site "A" was not chosen due to concerns about access and traffic, possible wetland
soils and vegetation, site grades, multiple owners, and lack of site control.
Site "B" was not chosen due to its location, price and environmental concerns.
Site "C" was not chosen due to its location, lack of infrastructure, and possible
wetlands.
Site "D" was not chosen due to its location, soils, and fill requirements.
Site "E" was not chosen due to its location, soils, and fill requirements.
Site "F" was withdrawn from consideration by the leasing representative due to a
contract being signed with another developer for the property.
• Site "G" was not chosen due to its location and conditions included in the Offer to Sell.
Site "H" was not chosen due to lack of infrastructure, possible wetlands, access
questions and price.
•
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