Loading...
EDSR MEMORANDUM 03-19-1998 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY MEMORANDUM TO: Economic Development Authority FROM: Paul T. Steinman, Director of Economic iQ Development DATE: March 9, 1998 SUBJECT: Worksession Agenda Memo 3. Summary of Issues for Discussion The purpose of this worksession is to discuss the various details of the Associated Builders tax increment financing request to facilitate a mixed use project at the corner of Highway 169 and MainStreet. Staff suggests that the EDA proceed with the worksession discussions keeping the following primary assumptions in mind: m Assumption#1 No due diligence or negotiation has been coltd pee. regarding the requested level of tax increment assistance. The developer's requested amount of approximately $4.4 million will be used only as a basis for the discussion at this worksession. Assumption#2 Assume that the boundaries of the District identified in the TIF application can be qualified as a redevelopment tax increment financing district. Assumption#3 The reason for discussing the concept of tax increment assistance for this project is to achieve the goal of creating a 40 acre business park and to bring utilities to the eastern area. At the end of the worksession staff recommends that the EDA provide direction on the following two issues: • Should staff, and financial/legal consultants complete the necessary due diligence on the developer's request and 110 13065 Orono Parkway • P. O. Box 490 • Elk River,MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment verification of the qualifications for this redevelopment tax . increment district? 0 Legal questions regarding interpretation of the tax increment statute in order to define the boundaries of the district 0 Financial analysis of the developer's requested assistance 0 Building department to complete an inspection of the site to identify how the district can qualify as a redevelopment TIF District • Should staff proceed to discuss the following options regarding the business park component of the project? 0 Discuss a private (Amcon)/private (Matt Fischer) partnership. 0 Discuss a public/private partnership with Amcon or another industrial developer. 0 Discuss 100% city ownership of the 40 acre business park. 4. Analysis of TIF Request-Dave MacGillivray, Springsted, Inc. David MacGillivray of Springsted, Inc., the city's financial advisor, will provide at this meeting an analysis of the developer's tax increment request as proposed. The purpose of this analysis is to help provide an understanding of the mechanics of this redevelopment district, pay-as- you-go tax increment financing, and issues of the city and developer sharing a tax increment revenue stream to pay various project costs. There are several key assumptions/issues to keep in mind as we proceed with this analysis: • This initial TIF application and Springsted analysis does not include any costs or revenues regarding the industrial component of the project. • Staff has not completed any due diligence with regard to the developer's requested TIF subsidy. • The city identifies project costs in the amount of approximately$3.5 million attributable to extension of utilities to the site, lift station, road improvements, and other various public improvements related to the overall extension of utilities to service this site and the eastern area. It has not yet been determined how much of these costs are to be borne by the developer versus city costs. It is appropriate • that a portion of the tax increment revenue stream be shared by the city in order to provide a funding source for those 41) costs determined to be borne by the city. • Developers cash flow shows the requested amount of tax increment subsidy can be provided to the developer in a total of 14 years. The TIF District being proposed can collect increment for up to 25 years. • Developers cash flow also shows, for the purpose of discussion, tax increment revenue stream in the amount of $80,000 per year for nine years which would be available in this scenario to meet various public improvement costs in this project, i.e.business park improvements. 5. Industrial Component-Pat Pelstring, Representing Associated Builders Pat Pelstring, Pelstring Capital Corporation, representing Associated Builders, will provide discussion on the topic of the industrial component of this mixed use project. To this point there has been no financial analysis of this portion of the project included in any of the submitted information from the developer. There are two key issues to keep in mind as we proceed with this discussion: • creating an industrial park is a primary goal of the EDA in this process • the boundaries of the TIF District should include as much of the proposed 40 acre business park as possible, so as not to limit thecity or developer regarding a funding source for the business park. A representative of Amcon will be at this worksession to discuss their possible involvement with the developer on the industrial component. There are three possible scenarios which have yet to be researched regarding the industrial component: • 100%private ownership and control • a public/private partnership • 100%public ownership and control. Staff has not taken any steps to research these various options, but would suggest that it appears some level of EDA control in this business park would be appropriate. ip6. Future Process The current schedule of events for certification of this TIF Plan is attached to this memo and indicates that by the end of March 1998 staff will have completed a Tax Increment Plan. Staff will proceed to begin the work necessary to complete this plan pending direction provided by the EDA at this meeting. Upon completion of the Plan, it is then distributed to the county and school board for their comment and a public hearing is held- currently scheduled for June 1, 1998, to gather public input on this Plan. This schedule can be modified at any timeto meet the pace of the EDA/Council discussion. There are several other schedules for the planning and public improvement phases of this project. The TIF schedule can run somewhat independent of these,however, if the EDA/Council is not comfortable moving ahead of these other schedules, timing adjustments can be made. The following is the procedural method of approving a TIF Plan through the EDA: • EDA negotiates assistance package with developer • City Council holds public hearing and makes all the findings necessary to approve the Plan - and subsequently approves the Plan. This approval does not provide any approval of tax increment assistance to the developer. • EDA negotiates Development Agreement with developer which establishes the amount of assistance and various mechanics of providing such assistance. Once entered into, the Developer Agreement provides formal and final approval of an assistance package. The TIF Plan does not have to be approved at the same time as the Development Agreement, but must occur prior to approval of a Development Agreement. Staff outlines the following steps which will be completed over the next approximately 4 week period should the EDA provide direction to proceed at this time: • financial due diligence • statutory requirements to qualify the TIF District and ioestablish the boundaries of the District • research development/ownership options for the business • park. Staff recommends that a worksession be scheduled prior to the April EDA meeting to further discuss the various issues of this Tax Increment District. The next regularly scheduled EDA meeting is Monday, April 13 1998 at 6 p.m. EO'd ib101 Project Sheet No. of- AMillH .CONSZVGRe'NGGINreEEeRns mPaCo nY Job No. • Calc's for By 1326 Energy Park Drive Date St.Paul,MN 55108 Phone 612/644-4389 Fax 8121644-9446 Checked ..... ..Date . . ,4/W&EA./ F.E0P2.71/ ee,Srs : -5/#441-7-Azr sewsz-: fi:ft n 6c) , 19 Ler,IY 14.111-TeL,01/1-,r,t) ;-2 • O'C 13) 1570, • • be, t1rA1 eJ TEZMistZtl 48, .000 . • ex) So('n 5EWE E-Er (to cpe rt--0 • 00 ilm. A) S7 k,pe.cv e.tirS 2,4 m.47,t) Sr. ...ST*6-.4.)" Sy.srarn oav . • 777.7ft.. aim Sr pA4 727q5 . • 618 2, OH 746,3 ...mrxelignr"ch 0 Te;T'lft, 7PP-,e1.7Z.-;CT 3, t1qz -4,44arnJ'orra • • • . • _ . • • • . : . . • . 4111 _ • • • . . • • • d VT:60 866T-GO-dUW EO/E0' 110 THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY AND THE ELK RIVER CITY COUNCIL FOR THE ESTABLISHMENT OF TAX INCREMENT DISTRICT NO. 19 (Hohlen) (a redevelopment district) Schedule December 22, 1997 Receive formal TIF Application January 12, 1998 EDA requests City Council to call for a public hearing to be held on June 1, 1998 to establish Tax Increment Financing District No. 19. January 20, 1998 City Council calls for a public hearing to be held on June 1, 1998 to establish Tax Increment Financing District No. 19. May 1, 1998 Letter sent to County Commissioner of the area within which the Tax Increment Finance District No. 19 is located (at least 30 days prior to publication of public hearing notice) May 1, 1998 Complete Plan. May 1, 1998 Plan forwarded to School District and County Board(at least 30 days prior to public hearing) May 6, 1998 Send public hearing notice and map to local paper May 11, 1998 EDA approves Plan. May 13, 1998 Date of publication of hearing notice and map (at least 10 days but not more than 30 days prior to public hearing) May 26, 1998 Planning Commission reviews Plan for compliance with the comprehensive plan. June 1, 1998 City Council holds public hearing on the establishment of Tax Increment Financing District No. 19 and passes resolution approving Plan. June 2, 1998 Send Plan to County/State for certification • TI19sch ICY )"'' GIS • � \ At_\f, , 1 I1 R PELSTRING CAPITAL CORPORATION 4205 Lancaster Lane North AD Suite 1100 Ito Minneapolis,MN 55441 February 4, 1998 Mr. Paul Steinman Economic Development Authority City of Elk River 720 Dodge Avenue Elk River, MN 55330 Re: Associated Developers of the Twin Cities Dear Mr. Steinman: Our firm has been retained to assist with the potential development of the 108-acre parcel at • the intersection of Highway 10 and Highway 169. On behalf of Associated Developers of the Twin Cities, Inc., we would like to request consideration by the Elk River Economic Development Authority to consider establishment of the development site as a Redevelopment Tax Increment Financing District. Attached for your review is a completed TIF application and supporting documentation, which justifies the developer's request for $2,863,000 (net present value) of TIF assistance. An integral part of this application is the ability of the Elk River Economic Development Authority to utilize funds from this district to control and develop a 40-acre industrial/business park immediately adjacent to the site. BACKGROUND Associated Developers gained control of the 68-acre parcel of property with the intention of developing a major commercial center. The site is particularly difficult to develop as the City will need to extend utilities to the site, there are significant wetlands which must be reconfigured and mitigated, there are numerous utility/pipeline easements which inhibit the development, and there is a sizable mobile home park which will require additional acquisition costs. S (612)550-7980 Az 800-642-6258 Giro(612)550-9221 Fax GAD pelstring@earthlink.net After our initial assessment, we are having great difficulty in establishing the financial viability of the project, given the extraordinary costs associated with the project's infrastructure and site development. In our recent discussions, it has also become clear that the City would encourage the development of additional industrial and/or office showroom space in the City of Elk River. For this reason, we are exploring the opportunity to acquire the 40 acres immediately south of the site, which could serve as office/showroom development as a part of the overall development. TAX INCREMENT FINANCING DISTRICT Our analysis of estimated development cost suggests that the project does not provide the potential investment returns to justify the development costs to complete the project. For this reason we would request consideration of the site as a "redevelopment" tax increment financing district. Our analysis suggests that the site would qualify as a redevelopment tax increment district, with a statutory term of twenty-five years. The preliminary analysis of the redevelopment district was forwarded to you under separate cover. • TIF FINANCING REQUEST ISSUES We have identified a prospect of initiating the acquisition and site development costs at an estimated overall development cost of $12,604,700. After adjustments for wetlands and road rights-of-way, we anticipate the ability to develop approximately 40 acres of the site. As a result, our developed cost per square foot totals an estimated $6.58. This exceeds the prospective average sale price and site development reimbursement of $6.44/sf, based upon the prospective sales in the attachments. As a result, we have determined that the developer would require assistance totaling $2,863,000 to justify implementation of the project. This amount represents a small percentage of the prospective increment as the city could retire this obligation on a pay-as- you-go basis within 9 years, utilizing 75% of the increment. In addition to the developer's assistance, we would work directly with the EDA to facilitate the acquisition and development of the adjacent 40 acre industrial parcel. Also, as you are aware, Amcon Construction has expressed a direct interest in working with Associated Developers and the EDA to begin development of the industrial site. • Within the attachments, the financial analysis of the district suggests that, in addition to the developer's assistance, the City/EDA could issue bonds with net proceeds of $750,000 for • the development of the industrial property. As such, the EDA could control this site with all costs paid by the commercial development. SUMMARY The estimated development costs, future sales prices, and development schedule are preliminary at this stage. It is clear, however, that the costs do not justifythe investment and p rY 9 prospective return. This proposal provides the opportunity for the EDA to assure the viability of this commercial development and to promote the development of the adjacent industrial property. Sincerely, PELSTRING CAPITAL CORPORATION Patrick W. Pelstring, Partner cc: Tony Gleekel, Siegel, Brill, Gruepner, Duffy & Foster • Mathias Fischer, Associated Developers of the Twin Cities Kaare Birkeland, Centres Group, ltd. • • ASSOCIATED DEVELOPERS,INC. 0 HIGHWAY 10&HIGHWAY 101 ELK RIVER,MINNESOTA ESTIMATED DEVELOPMENT COSTS ACQUISITION Purchase Price $3,600,000 Closing/transaction fees $2.50.000 Subtotal $3,850,000 DEVELOPER COSTS Mobile home park relocation costs $425,000 Engineering $72,400 Legal $112,000 Development fees $250,000 Permits&local fees $135,000 Environmental&site surveys $95,000 Closing/contingency $30.000 Subtotal $1,119,400 litEDEVELOPMENT COSTS it corrections/overall grading $250,000 Site grading and pad preparation $4,756,793 Pipeline Relocation $0 Wetlands Mitigation $260,000 Trunk sanitary sewer&water $434,160 Lateral Sanitary Sewer&water $207,500 Street Assessment $753,104 Storm Drainage $192,550 Main Street improvements $213.232 Subtotal $7,067,339 SALES&HOLDING COSTS Sales costs $336,000 Financial/Holding Costs $140,000 Real Estate Taxes $67,000 Accounting/Administration $25.00D $558,000 TOTAL PROJECT COSTS $12,604,739 COST-PER ACRE (TOTAL) $185,364 öT -PER SQUARE FOOT (TOTAL) $4.26 COST-PER ACRE (USABLE) $286,471 COST-PER SQUARE FOOT (USABLE) $6.58 ASSOCIATED DEVELOPERS,INC. • HIGHWAY 10&HIGHWAY 101 ELK RIVER,MINNESOTA PROPERTY DEVELOPMENT/SALES PRICES LAND REIMBURSED TOTAL LQL# USE ACREAGE SO.FT, SALEME SALESIBICE SEIEVELOPMENT $.ALESTRJCE 1 Large commercial user 15.00 653,400 $250 $1,633,500 $2,000,010 $3,633,510 2 Large commercial user 14.00 609,840 $3.00 $1,829,520 $1,973,000 $3,802,520 3 Mid size user 1.72 75,000 $3.50 $262,500 $249,793 $512,293 4 Pad site-accesssory user 1.38 60,000 $3.50 $210,000 $210,200 $420,200 5 Pad site-accesssory user 1.38 60,000 $3.50 $210,000 $210,200 $420200 6 Pad site-accesssory user 1.61 70,000 $3.50 $245,000 $270,000 $515,000 7 Pad site-accesssory user 1.00 43,560 $3.50 $152,460 $261,000 $413,460 8 Pad site-accesssory user 1.00 43,560 $3.50 $152,460 $261,000 $413,460 9 Pad site-accesssory user 1.00 43,560 $3.50 $152,460 $261,000 $413,460 10 Convenience Store LN 87120 $3.50 $304.920 $392.500 $§ 420 Total sales 40.08 1,746,040.00 5,152,820.00 6,088,703.00 11,241,523.00 DEYELOfNEN CAe Total Saks $11,241,523 Less:Acquisition ($3,850,000) Developer costs ($1,119,400) Site development Costs ($7,067,339) Sales and Holding Costs jS5_6b',(g14. Profit before investment return (i1,363,21() IIIDeveloper Profit&Overhead 1,500,000 City TIP request-Net Present Value 2,863,216 ELK RIVER TYPE REDEVELOPMENT TAX INCREMENT ALB.FACTOR: MIR ANALYSE *FIAT VAL MDIII PHASE I DEVELOPMENT 1D SUPPORT BOND 650E • TIF DISTRICT 01-MEW TERMINATES: TEAR 2022 REFERENCE:ASSOC DEVELOPERS PFM AM7KA17ID 1,45E TAX CARLOW TAT CAP ET BOW 0111111P9 AETPRESENT AAVI167RA7AJ8, AMY OF AITAKE TAA'WAO7T CAPACITY TAIGIAfO7T WE INCIremeff MITT we; VALLE L7CESSMEN arEssA1OLEiN 1997 1997 1998 62.000 62.000 0 0.000% 0 0 0 0 0 0 1998 62.000 62.000 0 0.000% 0 0 0 0 0 0 1999 62.000 62.000 0 110.000% 0 0 0 0 0 0 1999 62.000 62.000 0 110.000% 0 0 0 0 0 0 2000 602.855 62,000 S40.6SS 110.000% 217.470 42.000 223.103 1117.147 32.368 27253 2000 602.855 62.000 540.105 110.000% 297.470 42.000 223.103 369.341 32.368 53.584 2001 679.354 62.000 617.854 110.000% 339.819 42.000 254.865 569.662 42.955 37.346 2001 679654 62.000 617654 110.000% 331.119 42.000 254.365 763209 42.955 119.966 2002 679.854 62.000 617,854 110.000% 339.819 42600 254.365 950211 42.951 151.464 2002 679.654 62.000 617.854 110.000% 339.819 42.000 254.665 1.130.890 42.955 181.935 2003 679,854 62.000 617654 110.000% 339.019 42.000 254.865 1.305.456 42,955 211.357 2003 679,854 62.000 617.654 110.000% 339,819 42.000 254.865 1,474.123 42.955 239,784 2004 679654 62.000 617354 110.000% 339619 42.000 254.865 1.637.085 42.955 267249 2004 679.114 62.000 617654 110.000% 339319 42.000 254.845 1,794.135 42.955 293.716 2005 675.854 62.000 617.854 110.000% 339.819 42.000 254665 1646.662 42,955 319.425 2005 679,854 62.000 617,154 110.000% 339.819 42.000 254.065 2.093644 42.955 344.198 2006 679,854 62.000 617654 110.000% 339.119 42.000 234.165 2.235.655 42,955 368.132 2006 679654 62.000 617654 110.000% 339.819 42.000 254.865 2.372.864 42.955 391257 2007 679.854 62.000 617,354 110.000% 339.819 42.000 254.865 2.505.434 42,955 413.601 2007 679.854 62.000 617654 110000% 339.819 42.000 254.365 2.633420 42.955 435.118 2008 679.854 62.000 617354 110.000% 339.119 42.000 264665 2.757275 42955 456.046 2008 679,854 62.000 617.654 110.000% 339,119 42.000 225200 2.863209 72.019 489.834 2009 679.354 62.000 617651 110.000% 339,119 42.000 0 2863209 297.319 624.331 2009 679654 62.000 617654 110.000% 339319 42,000 0 2.163209 297.819 715267 2010 679.354 62.000 617351 110000% 339.119 0 0 2663209 339615 699.057 2010 679,854 62000 617354 110.000% 339.119 0 0 2.363.209 339.819 1.037,918 2011 679354 62.000 617654 110.000% 339319 0 0 2363209 339619 1,172221 2011 679.354 62.000 617354 110.000% 339319 0 0 2.863209 339,119 001,914 2012 679.854 62.000 617.154 110.000% 339,119 0 0 2.863209 339.119 1,427222 2012 679,154 62000 617354 110000% 339319 0 0 2163209 339619 1.541293 2013 679654 62.000 617354 110.000% 339619 0 0 2663209 339219 1.665269 2013 679.854 62.000 617354 110000% 339.119 0 0 2663209 339.819 1.778289 TOTALS 9,43024720 840,000.00 0.00 58222.710.94 4.09527251 1.77828923 • 0 • ASSOCIATED DEVELOPERS OF THE TWIN CITIES , INC . TAX INCREMENT FINANCING REQUEST • CITY OF ELK RIVER • CITY TIF APPLICATION • • APPLICATION FOR TAX INCREMENT FINANCING CITY OF ELK RIVER, MINNESOTA • APPLICANT Business Name: Associated Developers of the Twin Cities, Inc. Address: 6801 West 150th Street. Apple Valley. MN Telephone: (612) 432-7132 Officers: Mathias Fischer. President Contact Person: Tony Gleekel (612) 339-7131 Patrick Pelstring (612) 550-7980 Title: Corporate Attorney Financial Advisor Business Form (Corporation, Partnership. Etc.): Corporation Years in Operation: Recently formed for this project. • Sales/Revenues: $ $-0- Brief description of business, principal products, etc.: Commercial property developer Has applicant ever filed for bankruptcy? Yes No X If yes, provide details on separate page(s). Has applicant ever defaulted on any bond or mortgage commitment? Yes No X If yes, provide details on separate page(s). Does applicant have commitments for conventional financing for the project? Yes No Pending X Please list three financing references: (name, address, contact, and phone) Twin City Federal. 801 Marquette Avenue. Minneapolis, MN 55402 (612) 661-6500 Name and Address of applicant's legal counsel and accountant: Tony Gleekel, Seigel, Brill, et. al. Kaare Birkeland, Devel. Consultant 1300 Washington Square Centres Group, Ltd. 100 Washington Avenue South 7500 Highway 55, Suite 180 Minneapolis, MN 55401 Minneapolis, MN 55427 PROPOSED PROJECT Describe Project: Acquisition of 68 acre commercial site and 40 acre industrial site for • redevelopment into commercial and industrial property. Location: Northwest intersection of Highway 10 and Highway 101 in Elk River. MN Site Plan Attached: Yes No X Type of Project: Commercial X Industrial X Residential New Construction X Expansion Rehab JOB CREATION Current Number of Employees: One Current Payroll: N/A Number of Jobs Created: 350 to 500 at full development Number of Jobs Retained: N/A Revised Payroll: +/- $10.000.000 • PROJECT COSTS (Please see Financial Request) Land acquisition $ Site development $ Construction $ Machinery & Equipment $ Architectural and Engineering fees - developer costs $ Legal fees $ Interest During Construction - sales costs $ Debt Service Reserve $ Contingencies $ TOTAL $ SOURCE OF FINANCING (Please see Financial Request) Conventional Loan $ Equity $ SBA Loan $ Revenue Bond $ Tax Increment Financing $ Grant(s) S Other $ • TOTAL $ CONSTRUCTION AND DESIGN Name and address of architect. engineer and contractor for project: • Kaare Birkland, Development Consultant, Centres Group. Ltd.. 7500 Highway 55. Suite 180. Minneapolis, MN 55427 Target Dates: Start of Construction: June 1998 Construction Completion: September 2000 Finished Market Value of Project: $ Estimated at $15.800,000 STATEMENT OF PUBLIC PURPOSE Describe why the proposed development or redevelopment would not reasonably be expected to occur solely through private investment within the foreseeable future and therefore the use of Tax Increment Financing is deemed necessary: This project will require redevelopment of the site, i.e., private relocation of an existin• mobile home •. k. The overall estimated site development costs icludin redevelopment, exceed the anticipated future sales value of the property. Tax Increment Financing is required to justify the viability of the project which will result in the creation of the new market value. Additionally, thisproject should facilitate the development of a 40+ acre industrial park by the Elk River Economic Development Authority. • The undersigned, the President of Associated Developers of the Twin Cities. applicant, hereby represents and warrants to the City that he has carefully reviewed this application, and that the statements and information contained herein and submitted herewith are accurate and complete to the best of the undersigned's knowledge and belief. Dated: 2/5/98 Associated Developers of the Twin Cities. Inc. Applicant By Mathias Fischer Its President • The City reserves the right to require additional information and supporting data from the applicant after the filing of this Application. • ASSOCIATED DEVELOPERS OF THE TWIN CITIES , INC . TAX INCREMENT FINANCING REQUEST • CITY OF ELK RIVER • TIF REDEVELOPMENT ANALYSIS • • (;534:i I ,f'`+ v` r.3J PELSTRING CAPITAL CORPORATION 4205 Lancaster Lane North*Suite I I00 AT Minneapolis.MN 55441 To: Paul Steinman, City of Elk River From: Patrick Pelstring, Peistring Capital Corporation Subject: Redevelopment Analysis Date: January 30, 1998 INTRODUCTION As we reviewed last month, I have conducted a preliminary review of the proposed Associated Development site to determine appropriate qualifications to establish the site as a redevelopment tax increment district. This analysisP resumes only the inclusion of the Hohlen property and the 40- acre proposed industrial property immediately to the south of the Hohlen property. The adjacent right of way for Highway 169 and County Road 12 are also included as a part of the TIF district. The redevelopment analysis consists of two statutory "tests" summarized as follows: 1. Buildings, roadways, public improvements or other improvements must occupy 70% of the parcels (by area). A parcel is considered "occupied" if the improvements cover at least 15% of the parcels area. AND 2. At least 50% of the buildings (not including "outbuildings") must be determined to be structurally "substandard". A building is determined to be substandard if the cost of improvements to repair the building would exceed 15% of the cost to replace the structure. • (6122) 550-7980 S00-642-6_58.3'x(612) 550-9„l Fax7"t.pel,tring@earthlin .aet • REDEVELOPMENT ANALYSIS The current configuration of the property would not appear to qualify, based upon the way the parcels are laid out. However, our review suggests that the property would qualify if the Hohlen parcels (#'s 1-5) were combined into one larger lot. The current size of the Mobile Home Park and adjacent housing appears to encompass more than 15% of all of this property. The current 12.23 acres of the mobile home park represent approximately 18% of the total of 67.86 acres owned by Mr. Hohlen. As such, we would recommend that these parcels be combined into one larger parcel, as identified in the attachments. On this basis, the TIF district would consist of 6 parcels, representing an estimated 93.5 "occupied" papaels and 40 "unoccupied"pafeeit. The redevelopment analysis as to "substandard" buildings appears to • strongly meet the state statutory requirements. Based upon our review, there appear to be approximately 23 buildings, and 18-20 of these buildings (including the mobile homes) would appear to qualify. This review, however, should be confirmed by physical inspection by the City's building inspector. SUMMARY Based upon the properties identified, the property would appear to qualify as a redevelopment tax increment district, subject to verification of the following assumptions: 1. The five parcels currently owned by Mr. Hohlen be combined into one large 67.83 parcel and at least 15% of the new parcel is deemed to be "occupied". 2. The right of way for Highway 169 and county Road 12 constitute 19.25 acres or more. • 3. The inspection by the City inspector confirms the condition of at least 50% of the buildings to qualify as "substandard". • This analysis represents only the property that is included in the proposed development. The City, at its option, could seek to add additional property adjacent to the site. • S • O Un O to 000 In ac. 00000,- tf 0101 NN N)P')CI W yC7MNNN MM ZO?in i N C V N)A u i<< a-C')C•)C7000 C)M ZZ Znu,6o6IOUBe1› rrrrrrrr. J Z <0 Z< � a 0 0 0 0 0 0 N.—0 0 i) H Z 0 W O vice W }Zo o 0 0 021nN 7j N 0 0 0 0 0 0 0 0 0 H F- y 4= N J �CC U) C 2I" u. < U 0 mZN 00000N.00H W Np...eO') m O O• pvao i o 00 0 J 0 LL<er o .- Zm W r 00000000000 0 0 0 0 0 0 0 0 0 0 0 WW C ii O CD I- 000c0000000 0000000044440 W d < H mWN00."0NO)0 0 C z O < �)nuY O.)mrOr o v Z > F- JJ.-�rnmo)m'—rn w v < O <mw w w w fa fa y 44 ' O = O > W OF 44 CD O K `C• V < cW • C = W d O y0o Zia0o 0 OCC < Z Z" 0 J O 0 0 0 0 0?N 0 0 ~ W 0 Z >m OM W00 a. W Z > W m ts W d ILI I.. 4 WOO000000 a wO2 ty, Z JQ-OHO —ONIaOD00 W J>^.O-0,m g;m N C N U 0 H C < C Fl J m CD �o O ro ✓ C O,-�Ca)� es C Y > < W Q. 0 W ya Mmel MN Oe'7y.r0 0< NQ.-ems, v< 0 cc W W c W O t?<1-1-F-1-)--F-H=CC to Z0ZZZZZ-Zym04J W J««<ZX<OO w¢»»>OOCF- K� ===F V • J W < a • o.,0)n O o C2 40 m4-OO0004-4- V'f7 el 04 NNC7 f7 07 LisTmr NNOf I? Z m V uY u7 N N N u)u)<< CL:Er,c,el 000 c')P)ZZ :3.- 0-000 Z666n6666 r n n r r n r n J Z 10 F>000000NO-00 > m Z mill W= I-alt at x dY Z O O o CC CC la < 022 0 b ZN 0 0 0 0 0 0 0 0 0 N M ai y 0 = - �w u, 2 , u c, n , ac qc J .1'ZN:9 2 1.....=e,j� m r o m00000N.00N 1Y al-.q P Q 0• Xd 4 u <A a .40 -1 c Z m W !- 00000000000ii 0 0 0 0 0 0 0 0 0 0 0 W W 0 0 F G G O C C C C O C C O Y o0000000NN0 W d < H =,Wel OW O-WNO)O 0 Z = 0 < t MininON)OnOn 0 a Z > 40, Z> N4 6-- <um N HN ' 0 1. Oo->nHx0 N W ? F V I-< 0 W 0 o 41 cc Z0 W Zm 2 Z=o 88 v < z Z 0 ,=c, W Z W 0 W -J>m Om a W W CC d 41 W W O O 0 o O 0 0 0 a C J Z J v18 W O^W Nin OOO 4 W - >^.-v-W N W N N w ez J a = W ~Z Z C 0 vur W G W WCL 41 Cf.-N "I' ..e. W 0 ]O:N 00• 0)07 •el�jto ml n� 0 0 __ 0000 � W w w W ZZZZ W<m m m 1:171 W W M a =05522 nfOm04_ �WOOOVOww)..;<.. W-Jt-)-F-H<22<d0 w<ZZZz>00 =1- -000O 01- <0C4(< 1- C7 SV • W < 0- I o l E El 0 - - _ - 0 0 '^ c o I n F! 55II ry N El • , II . . • i I I I � I . / 1 .0 ; ' •ffhisimimtio .'. 1 / cd1I ...it ...,7i 1}---\.„---,---,1 , • 1 ri .,. i ‘,, . • • 1. 1 1fi),..,.....\ 1 y-1.-----..., b... r--, . i . . (.. ) . i �44 - o ' • (/// . 4 •• I -t fr., Mimi ur„ • iii _ & G : • , ,,.1 E L . 1 • ILI • 4 .46millt .... - 11117..mor ler -.- l '; ......- allammila -it,'... s 4471,r Isir.,../A!,1,i KIP.j 1 2-. 0 1 1 • _- rr.'... °114-6' *‘-;' . ::-. e9�igiltiPPAlik,• 467 ""�"'sue stro - 4L4ttjj.,,,'s - _.> j11....11" 11'. .II) 0004.. lis ice: � t •1. 1.6.11":117 • .r-; ��.�-# xl 1r. o y 110......c..2\ I'M;�y C ra�asls' _�._ *7,40 P ell (oo9u) laomtis :11114: a_ ' l. .M aala :14 i t a S3tr� .� � e. � �c� , ^�ry� 14 ti _ 0 110H (COL U) caet, MP am am MIL' 111.121g=117PS Z i N Ir11! c-- \ ws�orr (000u) J �' ` '�� ...�a._ (006,0 • ASSOCIATED DEVELOPERS OF THE TWIN CITIES, INC. TAX INCREMENT FINANCING REQUEST CITY OF ELK RIVER • DEVELOPMENT PROFORMA • • 1 z r ;2 " a $gug,7 n := 1 : R7:1 i818iS1iS A - ^ Y W 7� �D Q }o{ 8 8 p 8 e 1 E ± 11 Y Q lig^g O 7 O.O O 3.§ O ,:i a o $8 O O g O.0 0 0 0 w1 n Rugg . Q QQ Q 0Q QQQ 120 ^ 41 n a 2vga Foam §o � .% h^ Op oa }p� ,0, “s 0 ! O O . ? Y § g O §O,G w sS r. N ^ .i J O !P h d • _ QQ yr V $ 0f 14,e : ; ; 0m !: 0 0 . At w q4a000JeF aon. Ma $ oo . � � eM1 g5 t Ac, . ., - 44R •� ,:,, i, w e Vr n V s o RM .?". ao a $°� R � o �� $� ..$ �joogF]a � �.8e a � wJ�apps� ^ 8 t a m e1 -g O 6^g z ,g.' 4 4. ni 2 R ii.:$ O g N ,G Oi M R s s . ell 8- 1.• 2 8 Alit g�o o-o $,o6.- c c a •• ucea E^ og as I ea ea s c w & y g au % b Z % a +� 83 _ q,� 4 � - _ R "lZi ?12 � S no 7 : _. 6 - zIr 0 Ul ? .i : : ! J 1 32 V , I } Z0 ?rind S3d1NM 9S t-?7S-Lt9 OE::t 8E5t/8'It9 01/28/1938 12:30 612-541-1286 CENTRES PAGE 05 Development Budget e Gas/Convenience BUILDING SIZE 5,100 LAND _ 87,120 tl • LAND '! $ 304,920 PARKING $ 300,000 BUILDING $ - CONSTRUCTION MANAGEMENT FEE ., $ - LANDSCAPE $ - OFFSITE/SIGNAGE $ 20,000 ARCHITECTURE $ - ENGINEERING 1 $ 8,000 PERMITS/FEES a $ 3,000 OH & P ij $ - SURVEY 1 $ 4,000 SOILS 1 $ 4,000 APPRAISAL ! $ ENVIRONMENTAL ' $ 15.000 LEGAL $ 12,000 INSURANCE $ 1,000 TITLE & RECORDING I $ 2,000 MISC. EXPENSES $ 2,000 COMMISSION $ 20,000 PROPERTY TAX $ 5,000 CONTINGENCY $ 10,000 LOAN FEES $ - INTEREST $ - TOTAL $ 710,920 al 1127/98 01:28/1938 12: 3© 612- 41-1286 CENTPES PACE 12 Development Budget • Walmart BUILDING SIZE 125,2001 LAND 653,400 LAND 1 $ 1,633,500.00 PARKING fri,W),000.00 BUILDING $ - CONSTRUCTION MANAGEMENT FEE r $ - LANDSCAPE $ 175,000.00 OFFSITE/SIGNAGE I $ - ARCHITECTURE - ENGINEERING I $ 15,000.00 PERMITS/FEES . 1 $ 20,000.00 OH & P $ - SURVEY $ 8,000.00 SOILS 1 $ 8,000.00 • APPRAISAL ; $ - ENVIRONMENTAL j $ 5,000.00 LEGAL 1= $ 15,000.00 INSURANCE $ - TITLE & RECORDING ; $ - MISC. EXPENSES $ 15,000.00 COMMISSION $ 98,010.00 PROPERTY TAX - CONTINGENCY $ - LOAN FEES [S - INTEREST , $ - TOTAL 1 $ 3,642,510 I 0 1/27/98 01.28 1933 1Z: 30 612-5-41-1.:86 CENTRES PAGE 03 Development Budget Home Improvement • Land Sale Developed Pad BUILDING SIZE 143,700 LAND 609,840 LAND $ 1,829,520 PARKING j $ 1,540,000 BUILDING $ - CONSTRUCTION MANAGEMENT FEE !' $ - LANDSCAPE in parking OFFSITE/SIGNAGE in parking ARCHITECTURE $ - ENGINEERING $ 20,000 PERMITS/FEES $ 50,000 OH & P $ - SURVEY in parking SOILS $ 10,000 • APPRAISAL ; $ - ENVIRONMENTAL 1 $ 3,000 LEGAL ; $ 15,000 INSURANCE I $ - TITLE & RECORDING ; $ - MISC. EXPENSES ! $ 15,000 COMMISSION ? $ 280,000 PROPERTY TAX I $ 40,000 CONTINGENCY $ - LOAN FEES $ - INTEREST $ - TOTAL $ 3,802,520 1/27/08 01/26/1'338 1::: 30 612-541-1225 CENTRES PAGE @1 Development Budget _ Retail Developed Building • BUILDING SIZE 16,000 LAND -� 75,000 LAND I $ 262,500 PARKING I' $ 189,393 BUILDING $ 800,000 CONSTRUCTION MANAGEMENT FEE i $ - LANDSCAPE in parking OFFSITE/SIGNAGE $ 15,000 ARCHITECTURE $ 32,000 ENGINEERING ! $ 2,400 PERMITS/FEES $ 15,000 OH & P i $ - SURVEY I $ 4,000 SOILS I $ 4,000 • APPRAISAL $ 8,000 ENVIRONMENTAL _ $ 2,000 LEGAL $ 10,000 INSURANCE $ 3,000 TITLE & RECORDING $ 12,000 MISC. EXPENSES $ 5,000 COMMISSION 1 $ 48,000 PROPERTY TAX $ 5,000 CONTINGENCY I $ 32,000 LOAN FEES $ 28,000 INTEREST ' $ 60,000 TOTAL 1 $ 1,537,293 ,i 0 1/27/98 01!26.'1933 1:: 30 512-531-128b CEt1TFES PAGE 09 Development Budget • Retail Developed Building BUILDING SIZE ( 9,800 LAND 60,000 LAND $ 210.000 PARKING $ 150,700 BUILDING 1 $ 490,000 CONSTRUCTION MANAGEMENT FEE $ - 4 LANDSCAPE I in parking , GFFSITE/SIGNAGE I $ 12,000 ARCHITECTURE i S 19,600 ' ENGINEERING t $ 2,000 PERMITS/FEES ? $ 12,000 OH & P 1 $ SURVEY 1 $ 3,000 SOILS $ 3,000 • APPRAISAL $ 4,900 ENVIRONMENTAL 1 $ 1,500 LEGAL 1 $ 8,000 INSURANCE _ I $ 2,000 TITLE & RECORDING I $ 7,500` MISC. EXPENSES ; $ 5,000 COMMISSION I $ 30.000 PROPERTY TAX $ 3.000 CONTINGENCY I S 20,000 LOAN FEES 1 $ 18,000 INTEREST I $ 40,000 TOTAL $ 1,042,200 I , 1 0 1/27/98 01/.28/1998 12: 50 612-511-1285 CENTRES P 10 Development Budget • Retail BUILDING SIZE 1 10,000 LAND 1 60,000 N LAND S 210,000 PARKING 1 $ 150,700 BUILDING I $ 500,000 CONSTRUCTION MANAGEMENT FEE I $ - LANDSCAPE in above OFFSITE/SIGNAGE I $ 13,000 ARCHITECTURE $ 20,000 ENGINEERING I $ 2,500_ PERMITS/FEES $ 15,000 I OH & P $ - US RVEY I $ 3,000 SOILS t $ 3,000 1111 APPRAISAL { $ 4,000 ENVIRONMENTAL , $ 1,500 LEGAL l $ 12,000 INSURANCE $ 2.000 TITLE & RECORDING j $ 8,000 MISC. EXPENSES `; S 6,000 COMMISSION I S 30.000 PROPERTY TAX N $ 3,500 CONTINGENCY I $ 20,000 LOAN FEES 1 $ 20,000 INTEREST 1 $ 40,000 TOTAL i $ 1,065,100 0 1/27/98 W...28/1938 12: 301 612-511-1266 CENTRES PAGE 1= Development Budget • Restaurant Completed Pad BUILDING SIZE 6,000 LAND I 70,000 LAND _ 1 $ 245,000.00_ PARKING I $ 176,000.00 BUILDING I $ - CONSTRUCTION MANAGEMENT FEE " S - ,LANDSCAPE 1 in abcve OFFSITEiSIGNAGE i $ 15,000.00 ARCHITECTURE $ - ENGINEERING $ 7,500.00 PERMITS/FEES I $ 12,000.00 OH & P $ - SURVEY I $ 5,000.00 SOILS I $ 3,000.00 ID APPRAISAL $ ENVIRONMENTAL $ Z000.00 LEGAL 1 $ 10,000.00 INSURANCE i $ 2,500.00 TITLE & RECORDING $ - MISC. EXPENSES $ 5,000.00 COMMISSION $ 24,000.00 PROPERTY TAX $ 3,000.00 CONTINGENCY ` $ 5.000.00 LOAN FEES S - INTEREST $ - TOTAL !, $ 515.000.00 I 0 1/27;98 01/28/1938 12: 30 612-541-1256 CENTRES PAGE 08 Development Budget 0 Fast Food (3) BUILDING SIZE 1 2,200 LAND I 43,560 LAND 1 $ 152.460 PARKING $ 200,000 BUILDING I $ - CONSTRUCTION MANAGEMENT FEE i $ - j LANDSCAPE , $ l OFFSITEiSTGNAGE $ 10,000 ARCHITECTURE 1 $ ENGINEERING 1 $ 5,000 PERMITS/FEES G $ 3.000 OH & P I $ - SURVEY $ 2,000 SOILS $ 2,000 • APPRAISAL $ ENVIRONMENTAL $ 1,500_ LEGAL $ 10,000 INSURANCE $ 1,000 TITLE & RECORDING ! $ 2,000 MISC. EXPENSES ; S 2,000 COMMISSION i $ 15,000 PROPERTY TAX I $ 2,500 , CONTINGENCY $ 5,000 LOAN FEES $ - INTEREST $ - TOTAL $ 413,4601 I • 1127/98 01i 28!19:8 12: ?0 b12-541-1288. CENTRES PAGE 9 Development Budget III Fast Food (2) BUILDING SIZE 2,000 LAND I 43,560 LAND ' S 152,460 PARKING $ 200,000 BUILDING $ _ CONSTRUCTION MANAGEMENT FEE ' $ LANDSCAPE S - OrFSITE/SIGNAGE S 10.000 ARCHITECTURE I $ - ENGINEERING $ 5,000 PERMITS/FEES 1 $ 3,000 OH & P 1 $ - SURVEY $ 2,000 SOILS $ 2.000 • APPRAISAL $ ENVIRONMENTAL i $ 1,500 LEGAL $ 10,000 INSURANCE $ 1,000 TITLE & RECORDING I $ 2,000 MISC. EXPENSES I $ 2,000 COMMISSION $ 15,000 PROPERTY TAX 1 $ 2,500 CONTINGENCY i S 5,000 LOAN FEES 1 S - INTEREST $ - TOTAL I $ 413,460 1/27/98 • 01"28/1938 1 : 36 S12-5-1-1286 MITRES P"A'E at; Development Budget III Fast Food (1) BUILDING SIZE ° 2,4001 LAND43,560 LAND 1 $ 152,460 PARKING I $ 200,000 BUILDING I $ - • CONSTRUCTION MANAGEMENT FEE i $ - LgNDSCAPE ; $ - . OFFS!i E/SIGNAGE , $ 13,000 ARCHITECTURE $ - ENGINEERING $ 5,000 PERMITS/FEES f $ 3,000 OH& P l $ - SURVEY $ 2,000 SOILS $ 2,000 • APPRAISAL $ ENVIRONMENTAL S 1,500 LEGAL r$ 10,000 INSURANCE '! $ 1,000 TITLE & RECORDING I S 2.000 MISC. EXPENSES ? $ 2,000 COMMISSION 1 $ 15,000 PROPERTY TAX I $ 2,500 CONTINGENCY '' $ 5,000 LOAN FEES I $ - INTEREST 1 $ TOTAL i $ 413,460 • 1/27/98 CITY OF ELK RIVER. HIGHWAY 10&101 Industrial Park Development ESTIMATED DEVELOPMENT COSTS ACQUISmON Purchase Price $480,000 Closing/transaction $25.300 Subtotal $505,000 DEVELOPMENT COSTS Engineering $40,000 Legal $15,000 Marketing/commissions $50,000 Closing/contingency 310.000 Subtotal $115,000 SITE DEVELOPMENT COSTS Soil corrections/grading/mitigation $225,000 iSignage 330,000 Site Amenities $40,000 Internal Roadways/utilities $55.000 Utilities M2259 Subtotal $850,250 ADMINISTRATION&HOLDING COSTS Overhead and Administration $25,000 Financial/Holding Costs $30,000 Real Estate Taxes $35,000 Accounting =MO $100000 TOTAL PROJECT COSTS $1,570,250 • II II O O o O g en ul u1 u+ O N m ul N nm N 00 N m n o1 M ut at m .r v v O_ II N II It v m iD Cl CO n N m m M en n m 01 v M tD M to en en 11 to II II N 01 n .D n of N N u1 en O .^ tD e(1 01 m N .— IA u1 01 O O O II O II 11 ui of ui to p a to of of o; of ao e v r eni of of to mi ui �C to ao tri II a+ II % Z II N v n 0 N to n 01 N N N N N at am, ern m An 0% Zr- v Z v 7 4 tnD n 01 II O ll II Ilk' ui II 11 a IIZII 11 • II II II 11 II II o 0 0 0 v v 2 2 2 aV 2 2 a2 a� a2 2 a2 2 a^io 2 2 2 2 ec� 2 2 2 a2 ^+ a1 m m I 2 II II n n o1 m o1 0+ m a1 m a1 m m m m a1 of m m o1 of o1 m m o1 m TO ao ao ii ti 11 g5i ai n; rri ai a; ai of a; of a; a; of of of of ai eri f1 of ai -f eri e.f of of of Oi II n II II N M M M M M M M M M M M M M M M M M M M M M M Ni en of m 11 `n 11 Z II IIt8 11 Z II II N 1 II II 11 '. 11 II II 11 O O O O tD n N N n 0 v 0 M u1 a1 M u1 11 O II E. 11 M u1 u1 ei t8 eu1 X 2 Z 8 n aN. en N N a1 X m O v u1 n eui Wi Wi W 11 n 2 v u1 CO N u1 a1 n v u1 N n N n N N O n 1D t0 tD tD 11 0 ui ai of en n to M u nl n ni v a; to ai e.i eri a; II I p ygQ o po p II ( : 11 nN� mm m tD it m M X O tD W 01 N t�t n 8 N N u1 '4 11 , 1I N tD 01 M u1 n 0011 M 1ff M 1A n aD at N N N N N II 11 11 II N II II 0 v 11• x II I IiI HII H O O O O en M m m m CO m m m CO m m CO m CO CO m m m m m m m m Q$j 0 0 0 11 T II II n n mtn tmn mu1 m mtn my1 mtt1 myf mtn m m m m m m m m m m m m m 25 II 11 uc 11 tt tD 0 0 0 0 0 0 0 0 0 o s ui of of tri 11 n II t. en en e1 0 0 en 0 0 0 8 II oD E6 N N of en en en en en en en en en en en en en en en en en en en II a. tD o 0 0 II M II II i gII II I11IIII II 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 08 us M I II H O e n u ii II iI u II 4. ii II a 8 it 2 11II 11 O O O O 0 0 at al 01 01 a1 of 01 at 01 01 a1 01 01 01 01 01 at a1 at 01 01 01 at a1 01 01 II 0 II II v v m m m 0 m m m m m m m m m m m m m m m m m m m m m m i II is r o; a; 0; o; of o of o; a; o; ai of of o; of ai o+ of of o; o; o; of a; of o 1 M en M en M M M en en enc.% at en e.1 M a1 en en al en ena1 a1 en enen In M 11 11 liktil1 v • H II II II It o+ H 11 II 11 II II II 11 II II II II y� �Z }Jt Sit }�2 �l �t �t �l �2 �Q1 �S¢� �Qt �Qt �RL �R! �Qt �Q2 II ti O2 li N 11 11 5 b b a 1 1 a 1 1 a b b a b 8 1 b 1 b g a b 1 1 b a 5 b a 1 5 t N II II O O O O O O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o I 0 "C z N 1i hP II G I W VIII H II I II JJ W V* I II II1 g d 11 1I O O O O umi Imf1 1Mt M I I I I I S S M I M M I I I M I I M tX I I I I II > t— II II m m az co at m at m at a0 as m ea at at al at at m as m co ao al ca 00 a al II 5 - ul II t` 11 Q Q t': S La.. II a 11 1�+ 171 tD tD tD Ili tD ea m tD tD to WO tD to to tD to tD tD tD to to tD tD tD to tD _ II s W II 1 � I II II II II II II II II I I II II 2i 25 25 25 25 2S 25 § 25 r5 25 25 25 ZS 25 25 2S 25 25 § 2S § 25 25 ZS ZS 25 ZS 25 25 25 t5 1 It II II II ID N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N 1 • 1� tow tD 0tD tD tD tD tD tD tD tD tD tD tD tD tD tD tD tD tD tD tD tD tD tD tD ID ID tD tD tD 1 1 • y II e 11II III V 1 II II 1 II II 1 I 3 II T ggggxt00000n 000000xx0000000 , 0, n W W NII comocommmaDaommmmmmm mmm00101aomm NNOfNoaT0; a1NNofeT oooNN W s t.-.., DtDtDtD $ $ nD tN nD tn ti; tN N. N. Ntn tN D n LI tn ND tN tn t,r,-. tN tnD tN n ND tn tD > C y N I W * H t I I— u. 1 • 1 0 ~ t 1 1 I _ _ 0 1 n n m m at a1 8 8 p p pN ON O en uO1 upp1 ;Q a;poQ pp A. mp OmO O�pt+ Opptt 00 .- — N N en en y 1 001 T 0�% 01 m 001 $ $ 0 8 8 8 $ $ § § p p Z$ r$ p p § p 2$ 0 0 0 0 0 0 0 0 0 1 N N N N N N N N N N N N N Al N N N N N N N N N N N N N Al 0 11 I O O O O �}p �n app mp of f` n T < pppp p� tm� O_ O� N O p�� O m pMp N �Op� tQDp of I h I W I G co tD O O �O f�+t �O CD m N �O t�+l O 1� '? N < ern O "1 N I tri 1[1 ai I\ ui ni pp n 1, 7 ai ,i O gO �Oy of Opi m a� N P .1 P r.i N t!i I w I I N V n O 725. n to m N 10 a1 V n a1 N 7 ? 1� O ^ to 2 of of ^ m t0 N I 1 r .� N N N N of en en en V t0 a1 in f� a1 'n tt1 I Zy� i N N N I N I I I 1 1 0 0 0 0 I, I, eenp eanp v et N 7.' 2; 2; 442 v2 vp 1. ees. 9Q N a+ paps g g O O o o O O O o O O { a+ It. A O O ^ 5 N N T en 4 V m m t0 Is. I, CO. a1 a01 0, COOCOl a01 aa1 01 T 1 4fl IAI I NWZ I � x y I I II I I oapff �ap� pp C C C C C G C p C I I 0 0 c : '' N Q O N e0 ai N S n b ors N CO g O tNn N to t7� tT t7e tlf to 2 tlf U1 1 Z 1 Ih W 1 N z m N m CO N n Apappp n eon ou § n to to to u1 to to to v+ to to I 01 1 1 N 1a 11 a1 7 WI m .- en LA. f` N N N N ry N N N N ry 1 eei I� � 1 N I I I v ZI I II II 1 II 11 O O O O (Si N rs rs ei ea u1 V T n N N O O Q 0 0 0 0 0 0 0 0 0 I N II II n I. n n 10 1151 1111 1u11 v T en en N N N MI = 25 I ao Ilk H II ri e: 7 7 e.: eri N N ai ai tt0 to r I N+ to 1a N N C e1 11 m m — M m 11 11 H II (SiN en en en en en en rel e+1 1 1°r4 II s 1m II1 � II I " aII IIH I II II I II II I M II 11 O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 118 wil II II II O 7 t II II e l II H II 1 CI. 0 I II It II ! 11 II 'C II W I4. I II cg II II II II II 0 0 0 0 0 0 0 0 p o pp p p O O p p p p p O O O p N N N N N N II N etg 11 II n n Zr, to g s N $ 2 2 2 m Of a1 O O N N N N N N N N II a1 II 11 v v m co CO m co a m m aD m m a1 0+ m a+ CO 01 as CO CO a1 a1 a1 11 11 11 n e. .$ O m e+i e+i o+ tri n I: N N of ai 0i ai 0i ai ai a1 II o'+ l▪ v II II (Si N en M of kV `� `� tQi 1Qi m to 1X 1�i 1�i 1i 1 17i 11 $ IICI 11 II • II II II II \II II II IIII II a6I s 5i55i55iiii5551i151515i11115555I H �I ^,� & 1 11 O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 II dz � N W 1n III I M _ + 1 II II r II II I 11 III I 1� I 11 II {p{pyy���� p� JdJd y111 x II II OOOOU1tN1xIIIIx IIIA IIIIIIIIIIII II 11 tic; H V II II m m O O N N Y P %o t0 m m 0 0 N N v 7 to e0 m m m m m m m m II 1h— f- II II 10 N N o O I� n ui ui e+i e.i H u. 5 — 5 - W 11 m e 11 us us SD SD W S rq l l 'i ri E 4 o o i a E E E E E E E E II _ ii ii 11II II II S. Ii II 11 H II II II II II N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N I to *0SDSDSDWISDSD1.0SDVDtDSD .0 .0 I I 1 1 I 1 W § § § § usus . Hgg , Axx xxxxIxx . x l pm pW O O N N 7 to 10 m m 0p00p0N aN{ 7 7 10 10 �ayD imp 888888 SD �cpa amp imp imp �ap0 I gY 3L e b 1D SD b t0 eD R n n n IT m m m m a1 a1 g a+ a1 Qmf 0 0 0 0 0 0 0 0 O O I OZ = ri ,,-„, g I W N_ I H - 1 L.L. 11 40 H 1 I W v+ 1 �ye n f` Co m a1 T 8 8 pp NNp ONO M1 eOOn vp tpp1 tp1 aapppp np tp` �Q �j $ O O ._ ._ co co en en a m ag1 a1 T m ari 0 0 0 0 0 0 $ 0 § § 0 0 § 0 0 0 § § 6 6 0 0 0 0 0 0 0 0 �I t� Y N N N co co N co co co co co co N N N N N N N N N N N N N N N (Si 11 0 C II I— I I