HomeMy WebLinkAbout2002 05-20 City Council Manager Workshop PacketCITY COUNCIL /MANAGER WORKSHOP
Monday, May 20, 2002
Council Chambers, City Hall
5:30 p.m.
A. CALL TO ORDER
B. ROLL CALL
C. APPROVAL OF AGENDA
D. NEW BUSINESS
1. Sprinstead Financial Tools Study
E. FUTURE TOPICS
1. Exploring the Possibilities of a Sister City
2. Ordinance Regulating Buckthorn
F. ADJOURNMENT
Minnesota Offices
Corporate Headquarters
85 East Seventh Place, Suite 100
St. Paul, MN 55101 -2887
651.223.3000
651.223.3002 Fax
520 Marquette Avenue, Suite 900
Minneapolis, MN 55402 -1122
612.333.9177
612.349.5230 Fax
Iowa Office
100 Court Avenue, Suite 204.
Des Moines, IA 50309 -2257
515.244.1358
515.244.1508 Fax
City of Maplewood, Minnesota
Economic-D Study
Ma 20, X002
Springsted Incorporated
85 East Seventh Place, Suite 100
Saint Paul, MN 55101
Kansas Office
7211 West 98 Terrace, Suite 100
Kansas City, KS 66212 -2257
913.345.8062
913.341.8807
Virginia Offices
1206 Laskin Road, Suite 210
Virginia Beach, VA 23451 -5263
757.422.1711
757.422.6617 Fax
12 Culpeper Street
Warrenton, VA 20186 -3205
540.341.4290
540.349.4713 Fax
Washington D.C. Office
2121 K Street NW, Suite 800
Washington, D.C. 20037 -1829
202:261.6505
202.261.3508 Fax
Wisconsin Office
1001 West Glen Oaks Lane, Suite 108
Mequon, W 1 53092 -3366
262.241.4422
262.241.4994 Fax
advisors@springsted.com www.springsted.com
LETTER OF TRANSMITTAL
Page(s)
INTRODUCTION.................................................................................. ............................... 2
FOCUSAREAS ................................................................................... ............................... 3
Hillcrest — Larpenteur Avenue north to Frost Avenue ............... ............................... 3
Gladstone - Frost Avenue and English Street........ ..................... ..............................8
Maplewood Mall — Hajicek Property ............................................ .............................13
Housing Replacement Program ................................................ ...............................
15
ECONOMIC DEVELOPMENT TOOLS ................................................ .............................17
1. Community Development Block Grants ............................... .............................18
2. Contamination Cleanup and Investigation Grant Program . .............................19
3. Economic Development Authority — Housing Redevelopment Authority .......
21
4. Economic Development Fund ............................................. ...............................
25
5 Eminent Domain ................................................................... ...............................
26
6. Livable Communities Grant .................................................... .............................27
7. Minnesota Investment Fund ................................................ ...............................
30
8.' Municipal State Aid Street Fund............. ................................ .............................31
9 Redevelopment Grant .......................................................... ...............................
32
10. Revolving Loan Fund /Interest Buy Down Programs ......... ...............................
33
11 . Special Assessment ............................................................ ...............................
35
12. Special Service District ......................................................... .............................37
13 Tax Abatement ..................................................................... ...............................
40
14 Tax - Exempt Financing ........................................................ ...............................
42
15. Tax Increment Financing .................................................... ...............................
45
a. Redevelopment District .................................................. .............................46
b. Renewal and Renovation District ................................ ...............................
47
c Housing District ............................................................ ...............................
48
d. Economic Development District .................................... .............................49
16. Transportation Equity Act for the 21 st Century ................ ...............................
50
17 User Fees ................................................ ............................... ............................152
CITY OF MAPLEWOOD'S BUSINESS SUBSIDY POLICY ............................... EXHIBIT
CITY OF MAPLEWOOD'S HOUSING REPLACEMENT PROGRAM ................ EXHIBIT II
CITY OF MAPLEWOOD'S TAX- EXEMPT FINANCING POLICY ....................... EXHIBIT III
SAMPLE TAX ABATEMENT POLICY ................................ ............................... EXHIBIT IV
SAMPLE TAX INCREMENT POLICY ................................ ............................... EXHIBIT V
ACTIONPLAN ................................................................... ............................... EXHIBIT VI
LETTER OF TRANSMITTAL
May 20, 2002
Maplewood City Council Members Ms. Melinda Coleman
.Mr. Richard Fursman, City Manager Community Development Director
City of Maplewood City of Maplewood
1830 East County Road B 1.830 East County Road B
Maplewood,. MN 55109 Maplewood, MN 55109
Re: Economic Development Tools Study
Dear Council Members, Mr. Fursman and Ms. Coleman:
We are pleased to submit our report involving the City of Maplewood.
We would like to thank you for the opportunity to perform this study. Please contact any of us if
you have any questions or need further assistance.
Respectfully submitted,
Dan Hartman, Vice President Paul T. Steinman, Vice President
Client Representative Client Representative
Mikaela Huot, Project Manager
City of Maplewood, Minnesota
Introduction
The City of Maplewood is a first -ring suburb comprising of
approximately 19.13 square miles and -is located in Ramsey County.
It was incorporated in 1957. The population of Maplewood was
estimated to be 34,947 in 2000 and is projected to increase to 38,178
by 2020, at which time the City is expected to reach full development.
The number of households was estimated to be 13,758 in 2000 and
should reach 16,000 by 2020, resulting in a 28.2% increase over 20
years. The number of persons per household is expected to
decrease by 18% over the next 20 years to reach an average of 2.28.
The majority of Maplewood's residential development has been single
family homes, making up about 34% of the .total land area. The rest
of the residential land is a mixture of multiple dwellings and
manufactured home parks. Maplewood's multiple dwellings include
owner- occupied condominiums and townhomes, rental apartments,
and .five manufactured home parks. In 1999, about 7 percent of the
City was still undeveloped. The City has planned most of this
undeveloped land for residential use.
Maplewood also has a large concentration of commercial land uses,
and has been . one of the top cities in the metro area in retail building
permit valuation over the last 15 years. Maplewood Mall at White
Bear Avenue and 1 -694 is the primary commercial center-. There are
also smaller shopping centers at Rice Street and Larpenteur Avenue,
White Bear and Gervais Avenues, White Bear and Larpenteur
Avenues, Larpenteur Avenue and McKnight Road, and Highway 36
and English. Street.
The City of Maplewood does not have an industrial park. The largest
industrial use is the 3M Company. The City has a variety of open
space and recreational areas. This includes parks, wetlands and
cemeteries. Maplewood has purchased 205 acres of land in 14
locations for permanent open space in the last several years.
Maplewood is considered a mature community and therefore
encounters a number of redevelopment issues, both residential and
commercial. The purpose of this study is to address three of those
primary issues, as well as identify economic development tools that
are available to aid in the redevelopment process.
SPRINGSTED Page 2
City of Maplewood, Minnesota
Focus Areas
Hillcrest — Larpenteur Avenue north to Frost Avenue
Hillcrest in Maplewood is identified as the area surrounding White
Bear Avenue from Larpenteur Avenue north to Ripley Avenue.
Larpenteur Avenue is the boundary between Maplewood and the City
of St. Paul. The Cities of Maplewood and St.. Paul, along with
Metropolitan Council, recently hired Calthorpe Associates to develop
a Hillcrest Village Concept Redevelopment Plan. This plan would
include commercial /office buildings, apartments, townhomes, and
single- family units.
The City of St. Paul has approved the first step in transforming the
I Hillcrest area by allowing developers to. come up with designs and
financing for 36 townhomes on the site of the existing bowling alley..
This advancement toward redevelopment in St. Paul becomes a
catalyst for redevelopment in Maplewood. With St. Paul taking steps
towards redevelopment, it is in Maplewood's best interest to proceed
as well.
A preliminary analysis indicates a moderate number of underutilized
or substandard buildings in the study area. The area attracts a
significant number of automobile trips due to its location on an arterial
roadway. Due primarily to this higher traffic location, the area has
managed to retain a fair appeal to tenants and has subsequently
managed to maintain its appearance and property values. Most of
the area's greatest redevelopment potential lies south of Larpenteur
Avenue, in the City of St. Paul.
The following page is a matrix of tools which could be used to
facilitate redevelopment:
NA_ SPRINGSTED Page 3
V-A SPRINGSTED
Page 4
Page No.
Community Development Block Grants
x
18
Contamination Cleanup and Investigation Grant Program
X
19
Economic Development Authority /Housing Redevelopment Authority
x
21
Economic Development Fund
X
25
Eminent Domain
x
26
Livable Communities Grant
x
27
Minnesota Investment Fund
Municipal State Aid Street Fund
x
31
Redevelopment Grant
X
32
Revolving Loan Fund /Interest Buy Down Programs
X
33
Special Assessment
x
35
Special Service District
x
37
Tax Abatement
x
40
Tax- Exempt Financing
x
42
TI F — Redevelopment District
x
46
TI F - Renewal and Renovation District
X
47
TI F — Housing District
x
48
TI — Economic Development District -J
x
49
Transportation Equity Act for the 21 Century
x
50
User Fees
X
52
V-A SPRINGSTED
Page 4
0
. . .. ......
II 1
�41
7 III dlll II Ni IIIj1u la , ;1110
Nil
OPP AC
, �., ,..:�N ,,... tlil..: •,� F � NI n I 1 a .1. ry +' I 0` h �u,.: B '! 1 .. ��6 .f' 1;� "W °�� II�� rl I �y�,'I �� •.. n 6 •� 4 I: r ,r J I I�. :. I I. 1 �I II 11, ICI "....IY.'�
5 �l
:iti.�l .t� . h � a.' ' 4•' 'Ni' .J'- i "5M1'� �i r�° , :..x . �.a'N.. { "' � F���.� � ..:N : II,I I .� Ix� I a: 5�V�I IN.�1�1 : I ��II. Y.P III 17 M; I 1J',„ I',
It WIV �, ^. CI �7.. .II �1�E 1. fi7 ,��y! �ilu i 1 S".lil � I1� loll ��j �'d 1j 1� "4 r a p � �an^ 91 , tlF F 4': . 11: " �j +J ,� . I a � 5 x x� u `r "�' L_'�� �J� q pI hlrl
I I I •
T F
Ilk
F r ..
Slow
T1
"lit I
-17
, ' II ":""" ,,. .. .w.., MU.n , mwNU'?Ww - —. �I � 4
Lill
0
40
4 4605,5�
1 vti r J 1 .0
JX
1% it
. .... ... ...
.... ........ ... .... ..
1j.
''+T:T' 4 ,..i5 ' .�I�J�. I YI 'I "Pi :: F., a, .X r.k.
TIP
14, t
v 4 t. .i .r S y ` : , �'� �J'na, ' I '' �� -
Will.
I T
' ;I.
IOU%
I.. 1q,
Iw III � y� o�;l'I!'I I n +' ' II - r
2j*,
City of Ma
plewood, Minnesota
2 SPRINGSTED Page 6
City of Maplewood, Minnesota
� SPRINGSTED Page 7
City of Maplewood, Minnesota
Gladstone — Frost Avenue and English Street
The Gladstone neighborhood is the area surrounding the intersection
of Frost Avenue and English Street. This area has seen little
reinvestment since its inception. A preliminary analysis indicates a
high number of underutilized and substandard buildings in the study
area. The area suffers from generally limited traffic and competition
with Hillcrest. The latter issue will accelerate as public /private
investment in Hillcrest. is increased in future years and as
redevelopment plans move forward. It appears; from a
redevelopment perspective, that a market repositioning will need to
occur to affect private investment in the area.
There are however, a number of significant key components of the
focus area such as several viable business entities and destination
uses. The meat market, bakery and bowling alley are examples of
these uses. The Gateway Trail, school, community center, and new
fire station also add positively to the mix. These components will
most likely become "anchor points" for potential redevelopment.
Using these key assets through retaining the use and redeveloping
the appearance of the buildings may be one approach. A
concentration of commercial uses on the northwest corner of Frost
and English, with the bowling alley acting as an anchor and draw,
may be a positive scenario. Relocation of strategic businesses into
"redeveloped" space has been made to work in a number of situations
bearing some similarity to this.
Housing components may be viable redevelopment mechanisms in
this area. They will provide for planned commercial uses and also
redevelop substandard buildings. The attraction of the Gateway Trail
and school for these critical housing components is undeniable.
New commercial and housing uses will be necessary to assist
redevelopment of the manufactured housing, should that become a
priority. These uses present unique challenges for redevelopment,
but in some cases the relocation of existing residents into new
housing components can be quite advantageous.
On the following page is a matrix of tools which could be used to
facilitate redevelopment:
k-I'SPRINGSTED Page 8
V,?A SPRINGSTED
Page �9
Page N
Community Development Block Grants
X
18
Contamination Cleanup and Investigation Grant Program
X
19
Economic Development Authority /Housing Redevelopment Authority
X
21
Economic Development Fund
X
25
Eminent Domain
X
26
.Livable Communities Grant
X
27
Minnesota. Investment Fund
Municipal State Aid Street Fund
X
31
Redevelopment Grant
X
32
Revolving Loan Fund /Interest Buy Down Programs
X
33
Special Assessment
X
35
Special Service District
X
37
Tax Abatement
X
40
Tax - Exempt Financing
X
42
TIF — Redevelopment District
X
46
TIF - Renewal and Renovation District
X
47
TIF — Housing District
X
48
TIF -- Economic Development District
Transportation Equity Act for the 21 Century
X
50
User Fees
X
52
V,?A SPRINGSTED
Page �9
II �illi, ,.,!,'��.�;�,�.�.�:,��l:,::.!",,�:,i"�7I . i ;: , .� ,It i.: . 1, I. 11 �� %,;.�': ... `:",11;.,:,.-I'- 'fI!, �"��,:I�:",-$� �- ", I:,n�;!:! ���;, ,� � ��i; , , , `1 " I� " , , , ' , ,!, � 1". ,,; t , , : '�. - I I I ... I .
. . I" .. O II � I I
I . Wlv� i ;! i . ': - ,' t:., '.;t1'.11; ;I � ,� LI., � R I
III ,, .,� ,:I' _�,�;; , i !101 ;
.� -
" �` I t !,'"!' ", ji �. 13, 1;1 1�,Iili�.': �.! .,: ��i,. 1.�,! 1, � .. -,
!j�,� : , �.. :,;!,..,, , - -� ,�, ' t ��. ; I;i.: � ;�, I to " _; , jIII -I
,, %: �I' 1! � ", I .1..
; . I'll I ;! I , . ,
� . �i V '' I -1�1
ii i,�, l 1 "! j"; I �� ,I:�-�-, �,�!,., I
r! , "' �;,i �::: �;: �y � I I . 11' : � " I I
... . 1 : �. b �11
�'! I , 1 ? ." ,
1:1 .. . i �` : �
1 � . ...1; � 11 I i I. , 1�-i , : ,� i ,:.' t , ': : � - 1 . ,� . '': , I ��
. i ! t �! ; . �� : .".] ;, 1 ". ;�,, , , "i 5. , - .1 . 1 . I ..I .. ':_ � `4 .
F . �. �11 � � " ,�... , 1, e""". I . �� I , , I I . . % , � _:." ": , �,� I ! . 1 -:.
! �, . , ;:.. i : ,,�., ,,,, ,, � ,,,�',!' - �,�, t '! '�71 ,�, � , _� I ., �: �: �. ; . . � ,, . ,., � 1 . -.1, ;,:,:, , I �:,
.
M ;I 0 W �. j ,"I"", ; �61P:'� Lri 6 "i' 1!�-`,;, .�': ,, , -;, 4 ',�.t",. _ ,:,!; . I is � -;4,,. � "
1. �, � .. �, tip" .� �,��.:�, . ,� "'..'' ., it , "'', ., ;". t �
, 1 ; o. I,- ,' �, ;j , .". - - : ;it I,, ".'.1 ;�:.. ��;, �..'� ,_.'' I
1, � ". % � k, �1; I.. .,�,!: I . ''. �.;:i a � I I
, , ,�, . ,,,,, ir;:�J: 1.
, " 1.1m I , �, I 1, ;iq Y - i . - - 11 II I!, ! ..
I I : L 11 pa , Oj .". ,� 0:".�$1,1:,fi 'In:, , I , , ., � ; I, .. , �,� I :1�1� - , ;, - . , ,,, , . 1*1 � i- . � �, _ I ... � ; t I . : ..
�1 I � U* I. �.l 4FF14, lol , q " ,,�,j � I , �,, . ,,, " , ; t ; .. �. , . :: . �., � d . . , .I . ", :.:. : ,:r. , ,
.�� vylq,
i, n NM I .l, ;'Ii� ,�,� ,:, , , .. � , , - .
�-qi I� jj,13 "I " . �'; . .. , .
1 ` , I P& , "'m ( 1 W'_ ,..I I I ,, I ,17 . ."P_., ."', ","�:, I 1� � - ,� " ; 1 1 � I " I " ;, . :. , - �, �r I ,
I �j : �R , fll� ,, NGWIII� -1 . I Opl� P I;iji�; "N , j; ��i : I :� ,.!,;� ." . � ,�:" %,, ,. ;"", I .
qoigp, , , r I "'?,.", -.!,,: " __ - �,�, ,,,;� , ,. _ '' , ,. �, ; ! I I'. 1
Ag"im � IN ., , "�",.',. , ,, � , �. . , I I i_.., . - .
I , I 4 I 1. . I :.�X , , , ;1 ..1. _ , :, _'. I I
� �% " '101 I 1. 1, 11�;il� 1 �, K _;;� �`,,.141`�, -.1-'. -
; i ! . . 4 ly. " �, q n , ,PW ,�. '' � -:, ��:"!"
I , � " r ;% �r " "r,. '� !r 1�!
I � 1 �1`11 1 ' I, 4 . i a 1 , Df �. 1,1 L�,'I , �l " , - ..
.
.
I . ,; 1 "w'o . ; � ".: , ��, , . i � , n", 1 _1 I .
I E t I - � . ... , ll,ri�: ,� 4"'! :� , " , 7' ' 'r �",' ��;��', '.'.,::��, :,� 1! -
; - - $ I . ' , -,;�!� �`�,,f�%'� " 0 r [I t i";
"I , . � - , ,, .!� 1�;Iij , :
I 4 04 � � �� i � g � 'J T 4 : gl� I , � "j;t ' .�.I,�'': . . . , ,.., 1 ,1 I I
. I , r f I� if;.; � : � ,
, T , .. 1 1 C' .. r , Ii., i,� � ,'.. ;� �
I N , ', . I 51� ;��,11, I ��,�!�'. I ,I, � � . ,� �11 �
919 , . I'll! A 4 . N A 11J. � ;�:" �: � ,
", milioT P " i -I -doll",1 1 7 —j-, .,�J,ii ".0 .6 lg �:',!�i:::- � ;:" ;:�,� �.;
w � ,,, r. ., j_ .. , '_�,
P. Q A, p;, ,�. �; , !� . - "- " ". r.`i ", j, , :,.'. 1. .:,r . .1.
..... .1 . . P ',� I, .1 ' ' .",;, -'"I:: l �,�.,:;:�:!"",;,;,:�;!�;l�!;i� : :.�!�; t:� ; i. ... ... 1,
� , P A T�7 40G!, :' �Ir.'I'�`.`! Ii"' _ .. ; '-:it �,- 11 I;; ,, ,, :;,
I ,� "I �hii, ,�, -, " . r . ,;: ,
. I , ;z .,� '4', . I- I " ., ,,r,, ,,,, �,, ��� : f ,�,, � �� ... �:J t �� :, "', I
, 41 Ig o. . , - .� ,�C'p _ 't , ,,:t � , ,�,!., !I;�!,�: ..:; ;
, " 11 % 11 �� " " 1-.".� it, I " . . 1 1: 1. � �....,
)M! Io.�' . . - � ., ,!I! I'' 1 ,I:�,
I- �14 I 9 I S�Inl&' - o ll Il :: -,.� , , !��,;i,� ,:,�;, ": I :, �, i �:, �,;��
_ - I N 1W , 1:1 4ii;1;11 4, 1 K, : :, I � . , IN�l " , �; ,: ; :.: fii,�J: : , ,::,�� I - ... ,
'14 � F. f� -1`1f%1`I j 1� : , r",, '. '. : � i f, : � j i i . -
. , W , -1.1 I q"� . �, , I I , ;' " - 'r . I !�, '. 4 ,�rl � 11 .�. r�, I -Y : , - : �
I e -_ ,,r I , t ,�� " 1:
,
il , & . ,; " e , '�4;;,lij ,L � .r,. ;� � wil � �
1, � I - ii, l;RA , , ,, qi , . -.- . r _ � - ' I: ` . 1 :', ' : !,
1? , , 9 I � , i I , .: , . .1 , i : I 1
I.- I . I ;�Ii�,!- :ii, ;I , "' ;
" _� I., � L.- . o'. A%11 '.., " , I �','T "! I , , .. r - . � , , . ` 1� ", . .:![ ; . �� !! � ',!!]: " y .::I I �
. �� '.
� , 'I . ', 6'i , � I . I : � , �. " I 41:1'; r" 11 , � . � " i� i l 1 ,� !.,,, 1;
I I . i I N . jI; , ,,,,, 's I
v I', M � .- . . . I
i 1 4 : v V , . P VIM � .. . `It� ,�'�!.'. 11 4 ', -,
"�
,., _: . I . I . . � 11; 4I , ..:� - ., , I ' 1-11.� ,,;�,, ,,,, ,-,, -%; : 'I i I I
1 . I � li h ". *1 � . L 7 � ,
, ___ I 11 ,,, " I ., 1 . � �, ` 'I'll �
I , 'I� � � - , .� I �_` i. - : , . I'll " !"i , � , ".., 1, ,; � � .1 ,
�
�
- , . �; t ! ; : : �. � Y�,. � k im mis . .. - � . " T, I., ,
.
.
. I t - . , " , ,�, I ; � l � �. ,, I
t
t
t
. � . � �'m t , I .. , �, . �,. ,� I � :.. �
. � " 4 , ,,,, �,;, - I . , , :;! .
.
i. I . I 11 � , , : , , ; : , I : f , , , . I � I "! , ,�, �i�; 1 : �,�,� . : 'I
; . 94 , ,� . . �l �� .:!*, I," I , . ; 1
I L� , 1 I j t . r � g � li�, � I" I: - . I I . . ; . I 1 ; , , I! I �'.
"
7 . . , : t , I ! IN i ; I I � . � � I 0, I. � 'T �W1Nof'Lj1r gfj _M,T � ..,.�, :4I . . ,
T " 1 57, ig , w
, I I , , ''Ill', 11� I �', . I I � . . .. ': ; : ;,; . 11 i '4 , -, - ; i . ., � ` _�,!" . , . . .. . 11. .. . . �
� I i 'Hu � " r ,. 1 :", , I
,: :', - , : 1 j �t � I R I
; l � i � ; �); K . �. . I 1!; . ;1, :,::::!:.. , :, I - t,��i '' - 1'. � .� - ", , !i` , , I I . ". , ,�. . I I . 1. .
I o � I . . . - " '.� ". ',;� ,�' '..'� ,11 i !;�!;�, _ " ., .", . I ff ' - ... . t.. . .
: I ,: I i . . , . . :�t il I ,, . . � * 1�1 ", PD v f - . - :,. . t .
.4 ,I ,:: , ; , , . . I 11 I Ill Ill � , ... .1, . _,,., �: L 1, '', ., ,�� 1 -, ,,��.,�ij , - . 11, "
; , '' � . col , !!:11 :�,i' � � :,, , 111. m" I , � ,,� t -�. '! �,i:, ., �F,T ': ; : - 1,:. ., . �_�'I"IP'j 4,tj'� ", ' � L ''; . I
� 1, , ; . It . � ; , A! � , , .1 . 1. .
�, . I . , , , ... -, I 4 I " , , , , ,; 1 , I I .
.
... ... T; . . . . , !M; ;� � . I.Y."! I ., . ,I " , .,:, �: J�; 'r : 4 .".,; �* � . . t .I, . ;. . . .. . , I
. . . N �� I, fj V ,�.� 7�: �.� I , !). li,�i.,: I A 11 � I ", f , I , : , , �, ,w . 1 .�ril � ` 1; r . , ". L � . - �
* . . . . . I ,,, . ', ii� .1
I .1 .. � . " ". . , � I . - . :
. . , , , , if ,"�, : �,, . - -,-. - � 4 , : 1". Ii I - , I ` 1 r,;t fi� � �
I ... 1. . _,__,,0 -l'i... "i - : . � � . . , � . , 1K, ' - . I
. : I �! . . . I '. , � -' I , , .. . .! i; �. � 't.. .,W I ' ; I - . . illo- I .. .1 I
- . -, 4 1 . .1 1 , ��11_1_11_ , . - , - , .1
I ___ I" , , , , I , '_:�� -19, .. , 1�_.��If�7,1, 1 F I
J 11 .. I �I; i !�;, , . - I 11 .%si .
, I I RAV % .1 I I- - ( :o �Ii ; �, -� - 11 . . � ---
. , .L � *� , , , , , , * - : , �! 1 4� 11 , :
I I . i `!�;i;:; 1.,_=..
.
. . I � 1 ' 1 � 4 a � , I t �_ I � - .. '. W* , - -
I., .. . .. -0 . !�ii 1"'] �;"� , �o -1 .11 0 4 . ,
I - , , , " "I ' ,I.L.� ia , q , * .;, � �, F. t� f ll� , I - I I
- � - ."_ ""Z ,.: L9 I . I . . . . . ." , , ,* .��. I 1 . .. .
.1.1 e J, .�:: , -M .1 --l;i I..'a � '. `� , . . , I I - . . I . . , .
.- . � ,-: . " I f : . .,.--.-.-- � - . , -r—
. , , I
, 1 � s , ---a . .. ,-
- I , .. -,�;� 4" — . '. 1 _. � .
.1 —1. !�rl� _W, _ F
.— , , , , �; _. I ,—.L , � ;-� , I
. 1! 1, . ..1 . I - _W� :. f limm.- 41� 0 1 1
I.I.',!,�1II-: .. ...: � .� - "' '" . � ,..";.'1�,1:,!.q"vIr! W, .., . .... 1. . ". 11 11 C
.
. - 11-1. q � . 7"Z .._ - I . .__4wl,n,:,.-;:;.,,� ,� -
.. . . p I.. I � � . . . I ' - :"t`!� ... if - - 7 - �...." . I i�t,; ,�i:"...;,..,�"!,.,�.,..,.",��,�.�,.�'. - " IV W. i . , , 9" WIN �, M. I ME
:.. . . _=, ..' I I 90441�ll 41, �, , - �I.,Z". v . —IIIIII, , r'. , , I
',11T;. .1 . "i' ::."�,:" " M�',t,'t:! ,. I igp . I — I
.� 61 02' ip. I ,?i , ,� ,Z `;!,-, 51g i ,, I
I ... I ' 4.:. . �:: UW" 6'11"4llr1 t' 0 - '� . I I'm 'CaP I j " 7�i;4 O -ig E ."� Mll . "" -.- ` .. .... ,, � ......... .. ,:-K�—OQT�."
------ - �: �� :, 11 "I 11:21� " 141%" �;�.= , . �04y"O k1A, ," - ( ." . , W, �= 'Mir-I
�, .. - .. I ... _, 11 ... .. .. ... , ., .! :, 1�.'n!if:,,!,,�,� ... '.�,� ... 1..;I�.,;,.,;,:...,., ';- -1j I I , I r;,. . . I
" .: - , , �! _ ''.... - ,;:i�� 1.1, , , ::. W =�4� ` ""'
. _ .1 . ..., . I ,. L ,I,, �.; .,.,,.,_, ------ j:1, I 14� , ,: : 1 .7 1 "Tr ;, 11- !.� 4;,!, I . .
� — =� —I =,:�vfo_ -.111111111''.. . I , : . . I
. - - - - - - FrF :, . ; . .� �. L I... .. . �'.
I I .. . . :: 1', : , ;�. I I I I .. � I I
����.. . ,., . . .1..1 � I � ; . ........ �.. * I 'r�lopi,�� ,, ; , . . , " I - I - 4-41— i, .. 1� . � I .."..
- ----., . . . I 1, _� . . ..... '0�11":dr-11i:,"Al�i" .,�..;..:, � � . . ..." , I rf . �, 1 . I I . . ""� �1111111111111111111111:111111�� - 1. :_ . - I...",
.... , - � . I ...... I.., I �.. Z �, ., I
!!! , , li � . �-�: , , , ,:: :. ,-.! ,_ 11 1, � I I � ... _.... .
�� ,;Nl,I1L I I
, . , I _._ ,. I
.,., �, � — , :1 � ��:�111164� — . ., .
Plilx m .1 , 1,1 .,:_..,, �"I-". . 1-ro"Ohi-
., , 11 .,
�� � .. I ... 1. i . 11 . I 1,
VAICi ! . . . . . . . ............. .... , . " '_ . . .... . � .
I I I.. I ., P. , . .. I _ �
; ' j: _ - . _p. -
, . � :!! ..... .:�i; �it,�11 � oi��: 4 , j - !�,i��;: .',`,!I'l . I t" , If .. I 1. ,, '�'_"�-' - .... i' "�
- : 4 !,).�� I . � . . i I , , . ;:.'; '.'.:� �1111r: .. . . , .1 . .
d " ,I 'm �.., 11 i . . :01 ". li,�": ,III P.�"!::;� I
, , , , 11; � .1 . . �,.�.,,
U111 1. n MI Q , g?.:� I � - - 1 � I . , ! �), "_ , . '' I �
11�!17"N 1' , ; 11P
,. , " y,r� �,. : ,.1I.,.,t I'll .
. Ry ��;�!;!� !I . ., , 1 I . .: ,r,j i L `: �' �jj .
. ,I , . mro.1 h �M "I � . . . ",
" ( I t ""' i 1 '.�ii. `4 1, , 411,,�IrZjo�fp , �1,o 1�1 I I I'! : � :;; ,,I ,,, I.- " 1 . . I .'!� 1 , ,,�, � ,,
I . ......... ,,,". � ,�� I. ! ,�_11,, 111.1 . �� L , I t �:. . _ I . .
fl
, r ,,, ,
... ... M11,; i r. ", ,
go r � - .v �"�:'�',. ", ,. ��.,.,T .,,-, - ,o,!;.1l4-q"U, I.. , I . o .1 �:
! ......... "I'll", .;lil";i. I,111�.l ''I . ". ; i;,�-I'; " . . , .: �� �, ;*! .l ,.,.,� :, ., ., ;�;.� t 1 I�� .
I I I . , . I '.. . .. ` �),.,, I , , , , � " , %t�u I I I . ;� � : .1 . .
. "I ��R , I I � -1 . , I ,,, I I . �I
I � . I - � . I . , . . �1 � � t:; ; �. ,
I
. I
� :�: I �.. � 1".. . . ..."'il ,1,'�',T,�W., Ow 0 , III It � Lay: 7, " , . ? . � " "; r �';�' �li,�4 , it �� J , I .i.; I., � :: - �` I ! � :, ;; ,, 4 I. . .
1 I . "I I I ,." 1 , � ........ I 1.1 .. 11i 1!:'i4;1'lI1:_, 'i ,;l -. ,. , ' � . ....... ...... .. . "' , 1.� t'; " ,� I . . . : , I . . , . . ..
.
I I . . ::,:: " � �", ,r, ,, : : I,�-,�;I�-� , � "' ,,; . J*,.,2!!�� 41 I. .... I '' , : i 1�!YiI% .
I t ; ,.� i'. . . - J ,:1 ...... -o'....." �, ��,_,, ! !� i i�; �!��i II : � _� 1 ,1 1� � : . - I; I , , . .. ... I , I � .
� I .� I ''. Z� I ,�)� '� "";4I 'I.;.:-: � "', . . 'h' ;xl�::!:� ..� � i �11:! I �: .
� ... , * � � '!' � j �, . ". I , � . �;. I ". i � I . _�, � ww,ll '� '. L !. [;' 1 - 1. ., . ; : ::. �: I � : I . .1 ..
. . . . . .;,.. , ; . . -* 1: , . , . ,,,, .. ..... ' , , - � - � I . � � -� "'R� VOW. 'tft " '': I I
. � , . ,� I.:.,!-,!.' I I' ::.�,!.. I . . . .. I . ,:,!,I �;�:� ;. " , . ,�, . '_ I., 7 . :� : , , ;-i " .� -;,].;. .. . , , . ., � : I
" . I I � ,, 4 ": 1 ,, . .! , I , fI 4I:� J ": , " , - . _.;%I�: ;:,!!`�:', ,, ., I , .;� � , I.. 1 1 � . I : .1 I.. I I ::,
I I . � I . �. I 11.1 ,� I . , . I � ,. I ".,. 11 � 'j , I. I., .", ,: ,. :, .,` I ' 'r, ', ' : 1; 1 , I. , I I I .
11 I '' i 1;11111:��,..;�' . . ...... . " � I 'I .; `:, �:! , ;,i I , , , I I . I .
; . 1, , ; 1 , :: " ' ,, , !.,I . ., � ::. .�. ; z , . , .
1. : � . � . . . �', . ,I , � ','L * 1 1;, � � '' � ' .. P, t 1� I .
l � , ,, , .11 I . ;i ", ::: ' � I' ;�.'-A...
� : I 1: I �-.,,.,., , � . ; 7 ,�., ,,�,,j,,I,,:!,�',... . . : jj. ... . .. I I , � , , ,
I
I . .
� I . . . . . I 11 11,1.;.,� . 'I. . . , . .... _ . I . . . .
I I L I : . � � . , . : . 1. . ,.:,, .1. : .S . . I q , . �: �!il.��., 'I �, . ,� I : .: � . , . :,.:�.:": ', 1 1,4 I � , . 1 1 :
, , � . I I . , . . _1 . bhW .,;. ' , � ,;! "!"', ., . . . . m , I
. 1 �L ' 1. . � . � � I .� �?� "'', '1j.' � . :i ll I . . L L" ". 11 I .1 , .� .11 , ":iw.� , . :. " I t L . .., .. I I ; ... I L , - I -
`�'�'IL �., ' '10� I.. T', lot. , " oo. .
� '�' � . . . , Il.q "I .:� 1� . I
. ,1;:;;; — �1,.. 1-*- . ". I ., 1, 1 .";;i � ,Ii . 11.11 .
. , ; , , I . . ..qIw'o I ,:, ,,, . .. .. . .11 ... I , , I .... ) 4 ,. .. ,,�'jr ", �:
., . � i ;,if . "I , w
. . . 11 I 0� z jlp$$41ita;;.� , ." , . ., ." "I I
Tal 4,JW ;w4*X?,�lI4.'rA _ I. I , r, "...""i, `, ... "�1'
'!otI"!:!.I.�.� � '' '��t� :!�: " . .. �'. . I ., " . , 4;"! I
1 , ISIt , _ , ..I,-, ,
,,, !I ..!!��ootr_ I I � - ., I , I j . .,., I � � I t 1 I i , ,
'A.'.. .1. o'- '. I I 1. ""ll' i, .1. I - I 1 �1 1 ;1' ", � . "., I
; L, '' 5,-,-M�� V"i'll ''.11I : .:! ;;! 1. 'i�: . , 11 - 'i�; . .. _�', 4 �,r I . 4�1 . .... ... _," - -, ,� I;-,,
o4_: � ,. ,.,�i,tI;'rT' I i I I L,f " * 4 "! , +, �. . , . - . , 4 . , 'L � � . "�!, I I
, 0 �., J ,� . 1, Pmw "i �i� ,�. I
. Iv. . , 0 14 1� '1
4 ii" i- � - ,__ ': I I *1 i , 1, :. I? '. , � � . . - I i0l . ..::.:" .1, 1,11 , , i , I ., .,:;,: �.`!Ii% I I
. . I, I , i 1 �:l � i i , : , 011rt-uglo,I�4 .. ,:- f � . . 11
1 ! 11 I i., ",
t .. I �� I" - I - ,.. � - . I 11 . : , o �j,q j I 0;,04io ,.jj,i�l :� 11 j . I
, ,';:! "' - 11, r 11 I , . I � �� I'l,", , i , I�, .:
I . 4 : ` ��;. ;! : l!", , I 11 .1`11i
..
L
.
. I . .111. . ., 7 !- . ,.;, - 'i �,l I; i...� .;,! . .I�'.
.
I I:! .. L , t�'Ii�, 4'.' 1 F��. ! , .. t ! i�� I ,65h ! ,: �, . r: �, ;I ;
_
� . . I .. 14,1�';!`w I. I,.,;.., ,i � ; I 1;�', 'I � I I
. . � � :: ". ,,,., � ,fl��,�;,il,� ,,� � of , . , ''. " ' I I . .., �
. . , - k .!� 4
. , ... L '"' —, , � . . . I
.. . 1.4. I - - I I'll �'..,!, 1. � : �: , � - ,,:,
, " I 111. � 1 i :'' "
"
" ,
;I "' , � I ,
, "
,
, 't'", ,
�
`
11 , I
I. 'i
I
I ` " ig� �
` �
.
I I' "I " I , 0 �
i
. i"i. � " I N
11 I
.
.
I .
. 1, MI 11 1
I , g'.1,11 ` I
� l I
I , - ,
L� 'Ili
g I �, � "I �, R
� 1
—7
9 I —
I
. I
.
.
I
�
.
. 4 I
I
,
I I I , � , �4I I. , r I., : � . L' "",;HH�,�.Il�,�:i ; .. -, I I
. ,: , , ��: j: I�': I : ;': ... YJ �.�:-;!:,; ..."! , . , , ; � . . I
" t :: , , .:, '�'O: �, , � ,,
I , , ::. �: "' . �, ' ,:j1:. O " ''I' , .1 I
.. I '..
I , ., �� I
. . . I . !. I, fl. I1: !i!.' ,;! I1; : , :1 : :, P. :: 1 ;' ":, "I"
. �� , ', " . . "O.'.., . . . , 11, , , � � . 1 , � , . .
.. . . �. , : ,.: .;; ' I ' ' , .
I
. � :1 I I . I " '' " t - ' 1'11`11 : I .
. . .1. I I I .H1 �: ., .j I
,;"': I� � I , .:... , 14 I. r ��', 111,i � I 1. .1, . . . 1 1
`;,, . .."'..,", ; ;�, _,�` I " , - j ., . . .,:.,�� :.;: ,
.t :',!*, ", t 1 '':.:, 1:1;., 1 � � ., � .� :: : I �, . . , _ ." ., . , ,,.i�', .
l �;,�;;" ,i:�!: i: :.j j � �. , , '. ,') , ,.;, :., , . , .:� , .1 . .'"'. 11 I
i! 1: W . "I : 'j ; .!''. ,, 1-!' ! ; !.,..., " i:!� ��.'� 'i , ., -
. I. ; � ! : .. , , I, i 11 -1 �!.:. , , . ;, � .I ': ': " - :,;t` .I,:,!.;(i :; . . .... 1 , .. . ..
� .,; ::,:. "I. I �1.1�,y j i, � I , ; t � , :, ", I 1. . . I � :. . 1.� :..: .� . � ",::.;' I '', i:" , I . .... .. , I .;� - I I
� , . ; ,, I i j��i;:� 4 "!;;"- J �'h
� ,;: � '':: : 1 , �., � .r. . .J '� , 1 !`� . ,, . .. , I I;;::;";" � .. .. .... I . I.: .
'� I �.., I ., � , , �': , .L ,: � ,
. 11 , ' �'. , .... m .. .. I . , , .. I .i-' .. ,� , "�,�,�. . I I,. : L
,� i ,!! :. I ! ::. -.� , r. .r . , I ..:`, I "'.Y., .�i::,. , , :, II. I :, W!�, ; : . , �
. . . . . I . . : : ' ., �, .. 1 , I., I V"' I
;..;,� !" I 1 .. . I�� , � . . .� -
:!�::L I . - . . .. ":�: L' :!;' , � !i I!., .
,
I I :: ��i - :: 1;: .1, 1
., .,4 . I 1 �� .! I ;I :.
I
: , : � I .. I.. . . I . . .
. ' , �;.�.; 1 , i m. I !. , ., 11 . .:� . . . �
; - ,, t.. -, I I . I I ,�:.._, , ,
. , 2 � I I �4:: t " i . I 1 it !. . � . . .
I , , � - I. 11 ,.,,� I 1:1; Jl :1 : I , ; f; , . . 1 .. � . " �, T �4. �-��,,". ,.4��',�, t�:� ` - ir ! r � 1�:;�!!:i'�Ii:i�,,"'�T : � ; ". 1. 1.i.:.; 11�." , , �. 4 �. " - I , ;� ',-: j I , . : - ; :- .. I
- . 1. I � �- :- . .1 .!, �._ I � ; �:, .�,,_ �'..,.t: ! � . . 1 , I . t , .'' ... L, .",::.; 1 ' . . � . � , , , .
, ,. �, � , : . j . ,. . I . . . � 1. I . I I I . , � I : ". 1. . _ ,* : I .I ,1,.,� . ,,� ,- � 11 �: I :1 r. I I .,:, I ... _ 4, 1 I
I I 11 I , . I 1 . ii I� _ �i.,::�;��4 ;;: � , L:' . . 1. ,�
. I . . .. � L t ;;;;; , ''.., " "? .., I �� .;� - �
.. : I ,:� - I.: I '.,:, ,�' .ir..-. " g 1 4':�,-: , t i:!ii.;:T :
�:, :. :�`:�::��:, ,� . � �. i [ , �I'jm,
: :::: . ; - It. � !,�:�,;��; !, 1 �1; , ,r, .41� ; 0 .�;';, .1 ,.
, . , ; - Y - ': .' 0�,t:�, 1: �� .11, .1 ,; 4 ! , !: t��' . r.. 11 !i
I 1 . . 1 . . , . . , .:,.:. �.: �;. �' �::�.� �::;fl; ;. P'I�::�� I I I , , I
I : . � . ;�i � *��; ��� � ���!;�:��"",�� �:�:; :��.�,,, ,;. . : ," �,, '.. ;-:�;;'i '1'.".�.!,'.:��r � , " ., '; � . � ,, , . .. - . ,� _ ... r ... i i .,- i ,, :` ,;,� '!:�j4,, .
. .. . I '!;it '! ,
I . . . . �!: . , I . � I " , 1! !:;; , �:I;j;
I -1 � I . I I . : ; , % ,.,'�i .I, t� ,:� � I
�.. ., 1 z , � . . 1, �. : ."".. . ". - - �,;:�!�:�` �`, - i .�,'�,,� - ii ", � ; d,"'. 4 _.. il ,,� ;:!.. , lIr.�':, I
: . : . ; t : ..': ., � �� . ,
: . . � 4 . ,. ,� ,. ,. I1�I: ,,;�:;�, �� .4 : � ;i: ��:`tl. ! �� ! t��: ! "' " 4�, ; - , -;* i:
. . , . , � , � . �.. , . -: -,:;�, ..:,..,:. �, I L, I ,,': ',!,��,i*, I . - '..� I I I - i 11 . N ,
". . , I : , : I I 1.11. ., 1. � I ": , , . r �:.��:! �t �, .� ,,� -:. � 1, I
. � , 11 ". " %;;.�::!� '�- gil! ��, ii! it �L., , ..:�, :i.� 1�i.��Lj," - I:, ,_ .11
, i � . I . . :` !� � L �. I ; ;; ,. I i_t '_ 'Ll 'i f':'! ��' .,���'; -� .. '� ';i T ;'i! . I 1
:�!I! ''. I . I � I ", � - 1 . , . 1 1, :; -, : ,, : ,�:� . I I ; � L ":. I 1 11 I �
, I I . .. ; . " ; � ; . 'i
. . . , I I I . . , I , : i..", , il,'��',Ij ,! f i t i :� i I :;
:,i . . . , . I ,: ii. I ,;.!: ,!�.,;;.,;;!- I , I , : _!�iI�
�,;I , . - ,, i '. .,-;� � , , ,:: �',I�i�. 1, t ; "' r� � �:im:::�:; ;�i:.!�; � If:, ;! I il,'�f�.I: ,! I. :;.,�-" I I , .11
, :� . : , , ,I � 1 �_:,;. .. :, F ,:11; 7 �; 1 LL . I 1 � - I : �:
I , ., i' , I ;; 1 : �:;Q ', , I 4.% 1:..';! : ! �:. : I
11�1�1 i :, , �- 1, . , 1.� . . , I I ... , - .',� -,*;. � i .:'. i: ,�:!�'! f;;.,:n ;!I I i ,... , , , _ ,
, ., -- -
. . . I., . �: - ;,:,, " , , ;4 .�;`,. 1 ;::� j,;:; !� ,!!;:"�jt: :,�'� .�4 , ;* it
� l � � I ��,;: I , .,� , , ' - I . . :� ;�., I T . . �.�. I I , t
I � ,,:� . , *1� .Y, �:1 .�,.: :� 1! �� I: ", ,� . � -, j!:.� , :'i! , I" q " . li��- �.'Il , '
,; "... .. I . ,,, , I �. ;;; I , X�: �'I I 11 .. � ; �.: 1,
I" ; ,, � , i , �.. ,�, , I . � I � , :; .: ',!! - ":,. . I �!.`VI !:;: . ,I; ,
. : f:�,'-�'j l * . �� �
�
1; .1 . ,: � � , , , I I. ., , lr,,�_, ,1 I I �; i 11 . "I'l
;. l�;, j� If . 1.1, ' ' '!, 1. . I r I fl .
, I . , , - I., .. . . , �
., , I.. � ,. � , , . , _; � �I .'� 'r�:I:i L:;!t. ;,; ;, I: , : ; ... ,� : I �� 1, ,! 1 :� !,,I..Li,�j, , , : , �, , � .:::
� . , I � _� , , � � 1
, ,I! ,, , ,: � , . ; - I. - �, 1; : , . :�,. ,.. ., , ; �.. �,,;. ; , �... .. I . . .
,�I I I :�f�
1:1., 1114'.. r I I I . ; 'I I , 1, :;', ;:, � ". , ; I.. _4 � �., I .i.! i � ;; j�f i ,
' 111 �j L.:' ! : . , . , .!::: it : .; 1: :;;:"
, � , I ,! �, ; I, .:, �, �I,- �.. : %:Y� �:4 i�:l: -�,::: : :,:;: , , ". ,� � 'I .11, . , I � 1� ! .�;; �
� i �.. : .�:! i � . , I 1 ; 1: , ;i , 11:1
. ,. :: - ,, , , r -, , � ; � 1, 1:. i4 , : ,..., � 1 ; � , . ",.j t ,; �::;;i i �6I . � . I li! I I . I �
, I t d _ �.. , ," , , "''::, "
, . . .
� I I I I : ; ' , � " , ,!�,, I - �:1 � i . ! . :�:' .�;�T .;; � ! t � `I�I : I
1.1.4 �I:
�;4�� i, ,.;� ... : :.:.,'4: I .::� 1.�, �� �I l Ii :� �,,.:. i 1, � I : . I I ;!, � 11 . �, 1.
.. ,:! �� .:'.,!,;!� ,il, . I..
I �,;'i..- I ,:� . 11 6. �.. ,;�'-�!;;:;, i: :�;: 11
. I . . ,:! "! . ;, I .. : . I
L � - I , , ; , di , I.: , 11 .
I , iI ! : � . ,,1,r,! t I j � I ,,,-�.:"! I ;�i i; I
i �. I- ' -i I. 5� 1, � I
1i;1 !, � I r . I
I ; , �,:!i t .1 , . I ''.
,; f �! P , ' _ ' oiL I .,�
I I .. �i I ii , I , : i . ,,, 1i � �
�: ,;: 1 : , ;'. I �� : !
; � "�i:.,. I , ��,!, I! � r �i.. ,� it i I p;
, 1�!.� � � I " i:� " .
I � t�
,. .. .�,�: ,
IIIlI 11;�f�, I i , I I t *� ;,� 11� il
, I !:; -1 y. it _ , I ..;, I I., � ;
J:.I: :� lj,.!: 'i:, : .;,: "� � , �, � ..
.1 1 - ,.!� - � I ,;:: �i 'I " t , i ,:-
;��i� .:t I. !
i - , d . .
I ! . , 11 ", 1 -, I I, � ." it �t . �, .� !I
; ::; � , I ;,
� I I ( :I . - � �:iii4i V '::! I . 1
I; �;' �: 11��,` I il. ll �;!,�' ;�I.., 1� !
: � : I" ; i,
IJI'i 11 i !!. 11 ; " !
I , 11 I'll, t I I I
,
I 1 : I:: ;r, ;11,i;i�-;:: . .11 ;! I 1 .. !!. ; I - �
. . f; t ':;;;� " I
i .:,
� :q I .. : : t ,�,,, � - * -
lf i , 1 " � I f, -,.- . - I ,. .
I ! ;;"o 11 � . .
11 Ir";.1 ! � !luliin,ll . .. 1.
� ., I 1 , 1 , T ��, ,,I .1 .; .
, : .. ... . .. ... 11� � 1 , � 1 �"! I 'r. � ; lIw 1�1d, , iii "', . 1. .
,I, 1 1 . . . . . . , 1. gg,,..� , 41"V - , i I "
., ,� ii i;,I)Kit , ..... jflrlo;4 ""' . - �
,." - - il: ,Rj!�I ',':ij �li� il 4i 11 li � i 111.1 1 -�,I," r.r:� , - . , !7 � I
,,�,L, ,,,
, ! �,;O,�ijl!jllii!:4��Pl I 4 .,�,
,T , , I'Jl,,�Illl -, :. : e':
. . I 01 ��, " ! � I - - 1 .
. , .
It I , i Ap;,; I I
I I ifi pilk; 1 1 I � lli - 11 " .
I I i� .� I �, I i I ,C
.1 - ;
.. 11 ;1;iiZ1 � � I ��
. .� L "� ,�I. ' , I,- .. - , ,
;! "' ., � �', .. .-
ti � . . . I—, . . .
� .. . .:. 111, � . 4I t i : , 1 I
N I '.., , �l " .
I�g- .!Ill , , (It'l. I . . .,,,�Al.,, 1. I � .
� , I ff" R , Oili,,, j�,,.i I ... I I I'll .. . " i " -_ lim ho , �&. d "E"El I .... ... -- .." ., �, I � .
��J� ;�� I "I". . N ,'� I � , , , .., 't r.� , I'll . , .�;;.., I � 1 -,;
'I i1i"" � it, i, V11, w , f; " fL� i , - . . . ." 'I 1, .
. � 4 1 Isili .�, I [l �� .* . . . '':':' , . . . I ; � I
I I __," , 1 , 1 11 .�I P��'!�,�;� v " I 1 I.",! ` . 11 ,." I lr� � I I , ,.
I . ] 4 4 �, � , �Iq;, ' � ` . ' I � I 1, ,,�.�� �,� _ I , , , " ;,.,. . I 'L ' ; r ' ,.t , . � . _ �, . . I . . I . '., -, .-, I
I , 11m, -. ji;.i , g , , � , L : ", " I � . , ; ,
� _I� , , .. � ,, ,,r I . �tt �. ' I , ;, '. � �! 11 . . ,
. Ip .��, 1 �! ! !��IiI!_,; !;. L, . � ,1 � . ; ", . , I I ". I I . �- b,
, '" gq,! , � , . � . I . ,,, �! 4 - , Q ,, r,.,' :L' , ': �I . 1.
,,;' ,��!!�" Mr ... . .. ,M;l 1 � � , , - I � . I �1 �, I, �, . . . , ,. , �!? N 'I I 11 I , .
I 1, �.� " 1, t I i p, Il . I , � I& " - , �, ; :, S�11 , ? 1, � , , I : ,, . ", " I , , , : , :1, I , ': . , I
I � ., .,� . q _, i ,�r y 4, . ., ,; �
ii im I � � ,�I . I I 'o , li , 1 114 ll.'tlil 11, 4' � - . ,: . , ! . � . I . . . . .
K I � ,L j . ' 1 ,. " ' , I
, I I I I r I ll � r � 1 , .."! p.,'w %146t4li. I-f I 'i", �� N , ) , P_ r , ,.,,,,, vo �41 , :rd . , vxqi,','� �,IO:n liI"I'Ll, ., � - ... 1�04�,' 1 '� �; !; I ' I : , . � ? .. � � I I
i ii.41 . , ,
� I""�!Iz"Ii') �R .1, o .4 ,,, � ;; ,pr, I I - . .. . ... ;, l", 1$ i � . , . , _ .
" , �� - , :,, .1 , L 1, `lt . , ,'' � - _%';, .. ''.. "' - - I f, ., � ,. .
- p4�Io, L 'F! I . � ,�, I I . ,,� . � '. j,"�I,�Io':Iiy;! oo, ,, ' 0 I ,., . ,;, .
:: 11 ,, , ��:�j to -, .1 1"", � , , ," - ; . '" ,, " t . � I i , , , . . .
� 4 11, � .. I 1 1 1 !1i�?A I M:�Ifi .,�;;� ; , . I
� p , O jM ., ,.,, '', , , l� . " 7 ��.q t, , ; , I I ' IF I
r " .; �� � , ; , � .
, '�' 11 '; . �;J�j�t'
0,. 4 1 1
�% 1�1� - . I . ., rW ' ' " r , oi ,. 4 - ' ""' ' ' ' � I "Y' q�,J �:; , , � : , I :, .. . I ., .
".
11 i "(I . ..... I Op;]�, , _ I , �
. , "I , 'TL . ' : 1 I 1 14 F � . ". 'I L ,I, 11Z�4 1 , ... . . , : .
, ! ... 1. , , - .4 A : 1, � , ;
r . � �
; - , : . . �
.....
lo 1 1 1, I !", �� f �11 . I
I �' . � � I , ! I , ":: . q � I o , u: I I", , i � .�, . I ' 1 , �# � g lii� : �; : : �.Ir i , I ,
t , I I. ,I
I , I .... � 'jf,`� 1 , 't 'Irl ii' I ' '.� I � 11 � , p , I I 14 11 I I ., ��, " t , 1 ..! . ,. I 1 N r, ; 1. � , I �
'44 1 1 ��t , 0 tie li" :,:- " i. . : .4 .., . . . �i : AW: , ��, .1. I . � I _ , , I
, I ,4 . 1, :11 ., 1,� 1, - t ,�'? � :
;� I 1. ., Yil: ,.: �: I: !;:;:,:: � ;� -0 _ ,�. , ':, I:., . ,,., r a ... 'o it I
TI , " , � 4 , Ip . - I .1 � I �, , ,.� I . I. I ., . ,,,, � � �
. q """, . I, . I , �. �"j ,w .... :";", � . , ;. . . . � . ". I"' � : , . it :i . I ." I I -, " "P�, _ �
, , ., .. "�, t ', .., ,. , ", I 'b,, � I , I � 4 f. � , I 'T
, : ; �I,.'JIl ,,o:; , . a . , I ; I � , :, ,-�;I,:� " ;�; ��!! . . � , . . , ; �._
I
, i �. ; , .. .. I .; . , 11 1 1�111 fr t p, I I I Y fli, I I - -, 'N ; 1 ' I ., , , . I , . . :
I :a 11"'i � , , , . , ." . "� . I I ,, , _ : 1 . .: . ..
I � 1, I 'I . , , .. " .."..", . .; ,� ,
. " ,. I . I , �, ., 1 .11 1 , r,,.",. , , � - I - . � I �'_` .14". �, wl
1, t ". � � I , ,r - - T A - , .t,: I : ,: -. 1",'. � , I . I . . . I , It owl , . . . - � I 11 . i R I I
t I.. , il. k . a _:�.I.;:,; 1 ,. ... - . , �`�:I". "", . , :" " ,� .1 .. I I I ,. I . "I .. .90 0, ,*ml
4 -!,,, . K � I 111,1 I '11"IIIi., I I . I. "" I � . .. .1 - ,
" 1 .1_..:l'-." . I , , , q I ':.' .I, I 'r . I'$ 1�1,.'-' - fo ll.l. " I ,; . I . " 1:.; I ...... . � - - �
. . . ,!!,�;, 11 � I I- , 11 , 1: !v . X!, : ''; "", ,
.
1 � 1 . " . I ll, I i ' p 1, 1 4 ,�,;":: I- 'j, � . I " I ". : � :!, !� I , , % ; f -, � , , - I ;� - , T , . .� I ,
I , , � � J , . ; , , ___ I � I
. L. .i *: .1 "I . . , , .. ," . " - , . �1 .1
I . I" 1 . , . P 4�
.,- :"���*�." . , I %` - ot,
. I , , L ! ' ,:, ,-� " I � , '" _.
III , - H% - . . . - .1 i .L; �i � � iii "': ,, .',rl " ! , � �%
. "� . , : ... , '. '.,�_ x , � I :� � - ;, , I :1 ., . " . . I ,
so I e = i . 1 ., i . i ; . I � . I I _1 *- , 11 "Ie�. P."
R1 . . � . 0 : . 11 . , ': o . . I I A
.
I ii,', 6 . . 4 , 7�'.,_ 10 A"- w . i : !ff, *� :i , ,� 0 ;� ,, � ! .. � : �, � ;� . R . .. . �
,, '. ".."_ � 1� i � i I 4 ,q .."
�1 . . P,
) i- W ... . � ,. 1 � 11 �I 7. - I . .? � I � , � " _�,.. , . . , , ,:� tv X,
.. If: ,�l , ....q , , L , . * I . . 4 4, wi �_,,:, ;I'T- -
I ji; i , . 1, �4 � . — 1. � , , 1, 1, . I 11 "4r, _ , _ . .
i .1 , .�, i : `1 � I " , ____ ... 1�1 . ...... ". . 7 "� T ...� , " -1 ., , , , ; � . 1 : .: � - . I ,; . . .. �, �,. �
,.: lf�h - ��: . _
. 11 1. .. I ,�%, 1, " I I t . W ,,' q ' �',�.�
;' ,!l , : I - �. , ... � =,- ,.,:,, -; - ., 40 " � k 'll,
'. ,11 , � � "', , - ; .4 \ � — M,, ., � . . ....
, .! � ,z L , ; � ' Ir
,: 1 . �:�, Po , � I I o Il 0,
,r ;, % ,, Ij , , � !Po � . . , ft". - 14
1 1 I I � I " 4 ' 11I � . � - .. R ,"- . .. "
; �. . . I , , ; , I I . . .'4 'N 1 '11,
- I I III . I 1 1. I
, � .... ,,, - L . - ;�<-;�*
�,',';11!!!F� - ., -- -#"-w It .� ,
I ` .� , . .- .1 11 - - _�L . " " .. �
I -. Ibo. 40 . I 1 .�' .1 . . * I ... I - - . , . . tr, "It" , -
- .1 , 114I! - I- . 4; 1 :l. � I ::":, , ;,;,4 I 1. . . . , , I
I ,,, . .. ".. ... � '� _: . .1 . I ,
7 I I I I , ,,; I 1 , I 4 .. , .I.
, i � ,1 1�:F. - � , I � . '.., I ; . I * .� I .;. . � .. I WII
1�w A .,ir N - . . W,L : , '... 4 . " . ".1 - � � - , I
� I � . .. . ,: - � I � , . .� . I . . . . , tl! 'I t
;9- 111 'I 1 1 , I I 4 1. I . - . . , .! ,
,�. I It I 111. 1. - "i�' I I "* � , - .- J. W;4i,1; ri".11�1;'. 11 . , ! "I � �., 0 I ., � .. ., - , . it' k 11
. � . . I , ,� r' . . ... I I I - !IIi;Ii ." � .1 L;::., , 4 9 � -T,r . 1j. � I .�, I . ,
I I � I ". --1.:i.1_., . I __.__ . �, , . , . . , I � I . ...'' . ,. " ..%,
. .. �� 1 - ; : I � I �". �: �: I . , . I . � , - I ,.o� I I
7::: - I - -:�*, - - i r F. 1 1 , 40 " t'JOURI .. - - . I . . I I . ,�.11 .
, jj ,, 1111 �1,1,[11- ;I, . .. r ,,,."., � ": ,, I 1 1 1 1 1 � I .. �, � . . . 6 1� . I , " .
. " � i 0&- -�-, I I " ''." . Ob=mo-��,0,1,� . " � , I I ,� I . . . "
1 . ..< I 6-, - : � -- 1�1. . 1 , . 1. 4.At _�'; , . .
. . . . . �,:_ . -kwa,If� "' , I ". 'e r'. j; � , � ::, , --� ` " .
. . Ir �: ; "'. I I I . I ... I . � ?! , - I" L ,.. .... � � I 4" . I. � �,,� , � �_q,, . . .. - - , 7 C , - �, I �
...... . � 1, .. , .
',ot4l. I - ,..o ""4"t-e , 1$' L , � 71Z � -+� = , . i l
. � I ; ,:;;,r - -_ _ ' . 1 , . _� . 11 1. � , ... kliliil� ,�, � �_ .. ":, _ �., . . . . . . . ". ";:. . . . I 16 ...... 7!
1 .. ," . . . .- il 1 . .J 11 .- . .- - I - � . , ..' .... .... ," . " 1. - 111�1
. .. �... "Aa*,�'1_4�i Fln", "I - �ap '_101"i ,� I :111., 4 1�.I 1111� I _', ,
�. I I � . ...... lfj'.�'!ilr,�� 0'�,'!! __�_�_=o I I " 11 ;. -1 .:, I
, I ... .. " ,,4I;.,"--�kl"I�l ... f� ...... � .-�;�A `; I .1 I ,-I , " I t
. . . I . .., . : 1; ; .,�, I ,
I .
� � v l��:� ,�":", '_ � : - : 1, ' I` 1 —, �Wjl.7 - I . . . , , ., . I -1 � . � ,
I ... I I � W� W , . ;
I .:. I . _1 . . I . . . . .. I . . , _ .., � 11 . � . .. - C;:� ., -i: ; , _W� :., -�, "' N � - I . I..., V*_ "
11 *_ , IL . I I .. ... I I — ... .". , X -4 '.
I- _11 .- .- I ... 11, , � - I � 'T'I , 1 11-- �
. — - . ., ,., .. 1 11. 1 1. -1 17 1. '1 , .. A, rL P 4 , , � 11 1i . I � � . I I lk�:� 41l N I� �
. I—— ',;.. 11 . I" .,
, � , ,�� " �':. li,,I�. 7 _11 011flOOK. _. ��`, � .
.... . ', .... .. "''. '1, - : I b !4"11" - Ii,� . i :�" , . '�� Q .,�,� . . �4�L:' $ "
. I . , I .1 , I ! ; ..." , il..' , , ,, , .1. 11
- I �.1 .� , $ .� I I 1 O 1 1 ;!,
11 �",;.,111i� ;� ...... ��,j;.
I, I T i�,.- ... I.. , ;":._..I. . ", , �; , II . I . � ,,,,,� . �11' , r " I
� . , � 1, I�1! llo� ,, ,
, " I
.. - I, � _ A�., I 411 ,,� %,�, 4' I" : ,
I ;I 1, . . 1 Iff .:. � ''! "
. ' ;� ...... ; . 1. .. ." 11,l: V4 " I I ' I L :-" , I - . . I " al: I I 1 , " :. I? � .. . 11 1. I , ,
�Iii I L �!7: '1L1_,.;I'I,,j:,,:.1... i ... ....... o:':%. . �_ ..!� .. .1 I -, .. I :: , ft - I I .
,
� .1. 1. I ',.'If'Hj'lilj.j11jtj1!'l, Nil ;1 'r A
�� I .. . . i . . I , . . L ........ I . I I ,:i�i!.!:,!�� . ': . ,,,'4 �, �'!` , , "." 'fitiil'I"I .. :" ., A I T rmoti:,�� : �
. �,.'"�, I .. . I ., L I' ' - i " , ,; ,
1. ..� I 1_ , : , I .11�1_ ,� " -
. . * ; .;:�1 - . . , . � . f 1 1 ... �S,:.w, .
: !!:I;; :� :,::, *,;;! �` ,!'.. ` ... ... , , , ". I , , :
"! , � I �,U� , ,, � ..'r , : !: ,, ;,! !I,
, I .: : :!;�, jt�: � ": : i � I r f �p � , o t . � - :� O !4 # 1,11 1 I I I; ,I, � '1
.�� j , � ]�, .,. . . . . . . . , ; " , , I "" , . �, .
. . . .; . , . 1; .. ., 1 4. 1 I - h;'t �, i ,,,� . . I . I
1, ..... . - I , I . , 'O , � � 1; 'I $1.1 I 1
. b.. �; - �.;,:;' I; ,I I . I , . . .
, I .
. � I :1 I . I'll �. � I I . I . . I . ..�. � .:, I' - ' r ,I', ... .'....,..... . . I � . . . . . . . I I., I N. - �_Ilhvllr .., . ,, 11 1, 1 �`. . . , oal,.%; d I$
� .. I I I. I . - . - �4 ,III , :1 .
. I . : � , �i 1 ".., I . . .k ,.. , 'I 'i I 'I,
. " . 1 , ., , I I I . .. 4 , ,* 4,11,�_,
w , . ... ... : 1!: :_,.� , ..... . lis "" � ;il "� qj , ! �� ;.1l.A;1" Wo I -1 , , . .. _ �_ . - ,L -qr-.,r ,,, I I 1 , .. ,- � , 1 4 _�. M
� 'j�4' 1 , ;.' I... 4' , , I I , . �q� � 1 ,
I � �. 91:. ., ,,,, ,;- . ! . , , - P, !;.!,� Z
,
,
I '�-,.-�.,�f," � . :: �:;Vow .,,�� L' , 1. � ,�, - i : . � :. . . " � .,,, '' I ,!; ,:,� JK* 4��
. , I'.. �., !:: " p i ! ��-.:I,:..� . �"w , �.��' !"I : I ' 1 , 4 . I'll-,,; � iI �'! ,, 4 " � , r
. � .11'' 1 . J.' I . , "I'Mill NP.I li 1: . � li�� i , 4 . , . :. I!
I . I ." I . ,,",L�':I'�l!,I�,��' .�,, ',." , -�r�- � " - I � . � ,-� ,,! �,4
.,.;,.. � . �. . . . . . !.. I . Ir I -. .;, I . . .. - ., , ", . I L 4 , . 1,
. 'i �.... .. , , . 11 :� to I.,
. . �,.�,,, ". , �,;.i; ..
. I . . , 1'r . I I ,. I . .; : !1� I ,, '. ;
� , . � ,..,I:;L 1 i4 - P. � ,.; . :1 , ill6i.�, :.;.!: I I . - .1".'. , , i , I , ; ,:'O'i. �
I ',, �. t . I - '', I . 'I.",, I . Ili I" I I : �j , ; I jl� lI; � i Ti t.,f.:;I1l j ii ��, " .-, � '—'.%��,
. � . I I , . , 'r ' ykl ;1 _;1. � I I .; �:
_. . .:., .1 _ R,rq I , in! . I ., � ;
.. � ,r 1. �.. I ii , . &4 'l1�, jl , :!ij '� j , i ''. � ,:�.. 11 4 ;I
I : .., �!i:: , ,i,o, . , , - i. ". � ", !"I,;,,,�� " � .' .', rol ::�� *4 : , �,;� i� ! ; ` I�,o;, .
:.. I ,.., . �. �"r',,, ., . .. 11 ,o: : .1, - I tp, I '. 111 � , p p" . I 1
" " ,
I � It, I "!
. : : I . 1 ,,� ,t. . , .!j,T . , , ,!�Fa, !�� � 11, � � ; , ::I , I. .�,, !; L'. l ". 1 .. . I. . � , 1�01 1 1 i�, 1 .11 ;� �
I I : , : 7 � , ,101:1.�,�"4� . .,�:,,Iil 11 O R ,1 . j :
, ` W!- " �� ,;,Ilf, P . 4 1"t �.,;;.. � , 1�
. _ .�.,. "".'� .'! , ;. , :l; , I; !!;l `ii .7 i 1, 1 1! 1; � I I
I �!t !:�
. , I - ;,;� ,, :,.� , _ ); L; : 1 1 . ., V.,: I I ��j ; " I � . - . . �
. I I.;.i: �;![";; .... . I ` 1: I:, :��ili! "I � '! : I': i, I.: - , , ,, � , I .
. ,, .,. . ,, . ." � � i I
. ,. . _� �! . � I I .:r I 'I . 1 ill . ., i It � ,,, i I 1 , " i - U�jj: I . �, I - I ,,�, . , ,
, i ,. j � j r,i' ! ' 111 I!; - �' .. ' ; . � . . ; I . I . lak i H4; .1 . 1
� 'I' KII I . .. i. .�4
, , -1:A I . .. ; ". ��i �i! ,! I . ,!!�, 1 1 , 1; Ii!h;', . ' ", . . I . :
,. � I 1:;I�. tIi; "if;,, . � , - ; 1 .-, , -1, �i'�p,`.j , ,
, .. ; I", .1 � � ��.";!,
7 , i
. . : ,.ii , � j , , , ,1. :' . � I
. . . ,1 . ,,, :`,�;� '. .. � gli 1 � � _ iIi;I? , for . , . I I � .; I .� , 1, `� r, 1�
. I � �, I , . � 11 , Iri`,, 1 I 1 , � ":!?!I I ,�!�!!� ��i'�,,I�o',��,'�ll;�.','.I,lli',��;;,�:",.;�:;�, :. w. I I I ":,"! � 1". , ".:, '.1.1.1.
. ,, � , �, I 11 , , ... , ..,
I I 11 1 . .��I ;.-:. �;� ,�"!, ."`..,-�;�, . . ;:50,;, ,, N�,.? I . . I ., ,.: : . ;. ' .. 11 ;
. "'; ,;, � t 1 ., . 'i :il "; : rdI:i;I1, ; i ii ,: f �; " . I . 1
. , "... ",:" A I . 11` I, P " , , ;,� ! �ii� �!tl -i" " , , i ;. t , .
-11 . - -.; .." ,.. ".- I .� I , :! , : - I ,+ I I . I ..., lh+�, � . :�-:�i;.�llm-' .
+ I. ,. 1 p'' Ili � 1` �� :Ltf : I ,�Y �p. � , " I... ill � ", q . , , � 't" : 11 : ..I:��, , . .. I
.
11 i'l. ili 1 .- I 1 , , ,:fi.; , . Ii:', ; +, :!f kl,;,�, 1 , !',*1.4� I'; . . I gi!;P,�'i ; :IT�� ,,!,,,,.� +� -, 11! .,:,.,., , , . . I I ! '! �t : . , , . . , I + . I ,.I "
. .. ; .:I. ":: � � '11, t I ,
:. o ill � P . ,:,::,:. "Y ;;�: N.o., �" -
. , . .: :.", ,;�:, , I i , � , I , '. � . , I ,:.P. ' . "��". V , : . i � .... f I .. f ,,,,.. � '� i'l +".. l'... . I .1 , . , � 7 " , : . , :,`�, i ,I
. . ,; :;� il. , . .. 1. , ., . . ,11 . ! i��i�i:`� ',, �,". , -�;;',;,:'v I �..:�.. , 1; hi "., t, � .� . I . . "!, --ii, �' :,,, ,, ,I " ,!, ; : 6 � ",::, f pw; , I.,
.I! . it. , I'..: " . I " � . 1 ; . ..,. I � l .L . . _ .� _ �. ., ,.,:. .. . . . . w ,. . I . I "hNN" - I., , � ! ; . 1,
�.!,;.: , "i..." , I .1 .. "" �' 11'' .. . . L ;. ..,
4 ,L, .1 . I .. ' '�' I `L1 '' I .- I I � . I, ... ,�� � . . .. 1 "; 1, ,. . . , :,
, . ' �41. Itl `14j`.1`IJji,rji! ,1,..L", I . . -I . q�
. ... k . . ' . �, 1;�,j ,,� . + �,";:!,� 1 :�., i;i . I:!:,1 t ., � . 1 ., 1 :,:�, .`.-�, ,1 , i f, j+qhl :. ... , ,; I 1, , ,.,. � , ,
I. , I .1 . , , ij , , -j�i',!,:�".- � ... _ . + I � .11 . �. . .1 .. -,-,. .;:.:, .
.1 ''. 1. I., !41,10: i -,4 : , .;; � . ,. .:;.. � , � � , ' . " ., . ". _., ,� ... ! ,Ily!,:�.� .,;,I : .. , .. , r, 1.r� -, .I.r;L!+ ,' ,:'Im'� ., . �:�;:-:� , ., .1 I � .. ... . .. :,,�. , , ,
. 11: V' ;..;,. , � , , I. . 1 . 1 � i : . ,,, " , . . 4�11 .% ..'r,* l �, . . 1. - �. ... , I , , . ". .., � ..,!:P + . - ., - . . 11 I ,
. � , A.�. . . . . . ; ,'�.L ri� �.': " I .. . . 'I I `;,1�,':, l�i ,, ;: I f: . , " I ., . i ,, If, : ': , . , � , "a I . .'� ,� �� " ,, i,4 . . . 1.. - . . ,
. - I - - - I , . . . - , + :'��;�'. l,' 'I . : I ,.1:i; 1, : .,. 1. I .1 ,,,, ,I i, .
. I I 1 1" T . , ,:,;, ,., ". 'i . I ... . I . . .. - .;�n! `;'.... I, I 1�
, .. � :1 �,� ...., .4. oq, . . :i .L%�; ':1L It"'.. I ,� :. . I ,." . - - � . . , P - .
. , . '"', �!t . ;. "., . I �, : �, ,;:, �, . 11, . :: I :1. !:;', "' �
. ! - : '. , � !j�,. . . I . 'k:lp, . . -:; , .. .... , � :, �: t [ ; 1.' 1 .I , .-:;lA r '' I I I , . I � I Q-! I; . , !!, .': I ) "... .. , 1 . �. . I
. .... - :1.1 ;01"'. , . � .
. � :, . ��', " '0 � , � "-.;, .i,!� �:. . , � �.l " IV ' � -, �'. ''� . " , , ,. I P, -4;�: ti �, �. � �, ,, �: � , ::, i :,! i, ,;�;, , I .. '� , ,
v I . . � :,� J ' ! w I �� I. ,. ; ; � �illjtlj: 1,� � !, i + . I + -, :.. . + .! il 1:;:,:" , , . `..�, ! , - ...
'r I : '_ .W'-:.. " '�-''!: :: , 10,11 , �I�,. ., . ., .. ^I �I.Ali � , . . . . I , ;. : . : !, 1 . I:.: . , -1 .
r z I I , ,� . !, ! . " I , , - I :' ,.14P..
0
I
I I . I . . I I � I : ; . , " : 1�1., I . '.* I. ,: . . . I I I . I . . , . ., I : � . . . I .
� . ! I � I I ." �, � I ; I .1 : ,: �.� " ..:::. ., . . - ; ,." : ... l ,: .1", . , �.:_:; � . i. - I,! � 1: "t ' i '.%:%',: I ,:; . . � . ., . , . 11 .. 11 ..
I . I I I 1, I ,: : � �. . _� �, � I � `:i�� ''� . : .. 1 " .: , . ;,:'',. , ,� , I , ,,, ..:, - I:!. ; m .:
. . I :1 .� . . , . , . . - . � ��, i; I l , , ,; . _ :. , , 1 , ! . ...: � 4 . I I
. ..i . . , � . 1. � I ''I I . 11 1. , , ... , .� '.�_ , i .:. l "i ,, :: � " I ! , �, . � 1 .1 ,: ". � �'�i , ,' , .� . T '... , ,� � . , ,: . 1 , . �, � , . , ,� . , q ; , . l.. ., � , . : : � - ,, 1 , . I � .
. I . . .. , , , ! . � , . : . . ` , '! : i, , ?, , t -.". � i ,�!; ,��. T.'i "I:;::. I. 1.1 F -,�..;!:!,! , ;:1 , ;.." 11 '':, j : 11, .% �: , . ., i:: . �� 11 , . I . . I . I .
. , ,�l I �, ; I ,� .: i,� . ', , 1 I .. :i ,, p , .i I , i , . . 11, . I � 1. I
� , . , . , : I II , �. I � I 1 . I :�, 'I , , , ,", . 1 1 '. , :.. ,,� , . ;, . . . I , I : .
. : " , "i l '. " j ,',,�� : , ;* : . - � . '. , ". i �, ;* I , ,. , . . .. ., . . .
I ''. . 1, . , , .. , . .'', , ; i , .. ,,, , ; I �I,�,'. �� "' , ��. . . , , , ir .. I � � � . . . I I
. I . : . I . . , , , , I , : � I!, . , "i , , ,! -, ::; . '' .;.; ,,� - � .. � '. : ". 1. , ,"," �: I-! ,�:, I - , - , . .� , �, . . , . . , . I . . ,. I .
� , I I I , - ,� ,� .. �. 1, 1 , i ,, ,l I , I . , , :,; � . ,� , , , ;l I :, , � I . �'ii i ,, F ,� -, , � - , .'. . . . I I .
, I � . I . I 11 ,� I : l., 1 , .. .: ; I , . j , , , . i .:. , �,:. : ,� �t I'. .; , . . " � �, , �... i : , , .. I �, ,: . ,�:: ': . , , , �. I ; 1,
, I I; �, ", I", . �i.! I j i, � 1 , I ;"!--i, ; it ,::". .� 1. . � l � ,��: .:' , ,,� . I I I : ; -,; T�I! ;�P t .!!, ,* ,I! : � " i. �.. . , . , ! � , ,.. .. I :; � .': , , � 1, I . . I .
. . .1 I I . . , ., . ., I " I '' : ,,;, '' ; I 1; , " i : :" : I - ��i , I �;, , .o. 11 I . I I , - 1 ,, . ., , - . �: - � , . I � , � : t I , � . - � ,' , . . . �
. I . � ; .1 , , :!'' � I. ' I I Il '' -11., I - � . � - - , ..., I "I , . I;",j I: I 1 , [. "', . 1 , I �'; .,.:;', � 1 ; . .
. I ,. ..:, ,, . :' .." . , .i 4, , . . I ,
. . ,: . , � , . . . I . m ; ; " , - I , 'p.. " :i: :� .:.t - "I !1 I , 1. t.111 ..; L I . . ,�! :,:, . I . I t .
, I 1. . l I . "I -1 .: : l i, ,: " , . :. _ I , : ;, ! I . . ..� % ,. ; I , j " , I ; . , . � ,. :1� , ;,; , . . ,.:. '.I I ., I - . . . , . I �
, : �,I'! i�l I! , "., -4 , i'l,.,lt4, 'i .i,i� , ,T ... .,'I,:il� � � .. , ,. , 1; , � . , . . �
.1 �. t , , , l, r - 1 ::: � ; , I , ". I , 1 , : "� ,� . ,;. , _� I , '' . '' ,,,,'i�!;�" ;'T, I t i ,. , , 'I, !, .. 1 .. . I:-,:- �,4'� :_ . . , :� .:,� �. � . � . �
I I . , : , I I ... l, I I ;. - i- ,,, . I :t:, �. I : ! i.:,,,I -, �: ! -,- I j � .. ., t ':. I _; 7. `i, i .; -.i:_ I . I. . t' . I I . . . �
. I . , . , I ,� ,,, , , !i;' . , ll[ I . , , " . , , . . : , , ,. ,, I I , � , � , . - � � I . . . . �
11 . . . �. . . ,�, I . ,I , - I . , . '... , - 1 .1 I I I . I , 1 �. .; , I . I . I , ., , �', 11 I i! . ;,,, - �� ' I, , .. I , ,: ., , ;. , , , , , I . ! . .
I � - ,� I ... . I ,. , � . I . 11.1 , , ,�,, , , � ". . , �, I ,�,, . '. , � 'T'. ,I* " 1 1 . "; I i� ,_ : : I .. T. : . .1 ., I I I I . .
I . . .:, , , : . . I I . I I ; I .'. 11 , , 0 , . I I :�: , - i I t , I , I t - . ,!I , ,, .. '.I., O � ; I ! � i �I, !� , ., I' �j: I i,'�. l -,!!, ,'.I I I v.: j I lii!"� I ........ � "I .. 1 1, �� ,,� I �,: -, . :! ,. - 1. - . . � . . I . . 1, I
. it .1. , � I II! ::"...: - r I I � - I ,
, I : : i �, , �� I i!�!�:ii", 44�4. '! ,:: -:,' ,, ., I . � .
: 1 . , I . I I , . . � , . I I :1 1� ..0, . ... , t 1, , ; '', � .. , I I .1 . � , " l .1, � ;i. -, ilkl � , , I ....... . iiii;:* i:1 ��
� I � ,, I I I , .� 11. I .,I .". I " , �,I,I, lT. , I! ,!!" 1 , I . ll , d . !", . I T; .
: 1. . . . , - , . . . .. , I i : �,- � - . .. . . ,,,, �. - .11 I I .! l , ' ia %, I . 1, ;;i , . . - I 11, i I 1 . ".., . - ; . � � ,
�,.", , . ,.; I . ,� _. �. ". . ��,,�;.. . � J , - , . I � . I , :. � I I
I . . � . I . I :: j, , "i ,:: , . I I r ; , I - � I , ; ; 1 ,��' ,, ,, . ,. "'� , .. i . ::ol ". � � , I , . ": ��, :iTl �, �` i I :I` �;,; 1 i- � ., , 1 .1 " ".. � , - t :_;." �: , 14 ., , ;,� I - ;,!: 11 ,. it, ,.I , .;� .. , . ., . t .
. . � i I . , , ,. 1, . , , i, � , 1- I I , � ... it, IT !i . , - * ,'� : , T;* j , . , Il �l . !,; ;� I ii::, '�- I I ., . i�,;.ia: ,'�i I. I, I- :4 :, . � . * � i , '.
. .1 ! - . . . I . '': ; �, I , ,, .. I . , .1 I . . 1� , I" .:, I id, I. ,�, ,." ': *' *":: 11 �� . . � : I , � I
. j I . .."! I ,�, I 1,1� �!%: ) ,p ': , I - 0 ,
. . �.l . , ij!: ij I � , , �� i 4 . I I
, ., I I , , ,, . . 1 ": ,�:,�,�; "': . : . I I.. , : ! . ;iii 1; , . I . l , Y,!! i
.
I ; I , , , , . . , , , 1 - I :.: . . .... � : ,�, I I . "i'l. , . . ' I I " :; �� ll� : , 'l . � . 1, l . ,. I. ,;. ': :!,. 1 , I I - I` �mi�;111:, .1 :�. � ' i 4 1
. . � I , l. : ; I ,� . i. ,, �, � ': 11 :.: I - , : ., 1, � ., t*'. 10i t ;, .
. . . � , t. ,,, "; , -� . - � Tl� � . I , Ili- a ..: _i I 1 1 ,I; ,I .. 1,11 ... . � ir :; I. q; I ,
, , ��:�:::;. ; , -, �. i"., i ..A; , " " . , ii;�. -, ! ! i ;� I _ . , t.
: : I . , � , , , . . 4 . , . i , 1 .; , ,� ; I. , I ,, - I , I . ,-. , , , , , il . �;.�: T I .1 :. � ;� l� � , , - ", �� - . I I
� � , I , , ::� : �� ,: . ,�,� , .. . .. ,. I . ,,, .�i. : ... :, , ; 'r l j:� :: 'i I' �) , 'I". , , 11 , . .�,,e . ; t I ,
: �,," , . : I ! : .;, �. . " I H
: :: `T: � _, , - � , , : ; . � I . I :, � -� . . . .. . ........ :, ,:.; ,�! . .... ... ,: . . . .. i �, - :i
, ": , , i l .., I 1:, 1! ! -J;J`1 1� "' I , -, I !�
� :. ' �� , .'I ,� I , I �i:, I , i Ii. .. :: ; ; ��
. 1. , l � - 1� ! � .. ,�� , , ,,, :,,,- ,_ ,, . 1" I ,;,�, - q ,: t . �'! ,::, ; I : ! 'III I ,.,!:. - :�� ; , . �
I I I � . I . . , i I I: I , " � . ;!
, , : � " ... 1 , .1 1i; i"..,' ., , , ,." � �� :.I I 1. I j 1
I . , ,, , -: :: , :i. , i ! : I : 1 T�!�.;I.l
, I I , 11 � % . .. I I I" , i .. . I :, , � ; ..... .. 1 I L'. I ,, , � �l ," ,:i I I � il �, Fi t I " .
* _ i � , i J " I I IL't - 1,
I . - O , "', I 1 '�,�,U. ,.I
, , 11 5 :"
I I .
, ji I , � I ,: ; . t . � 1�;Ji, I: 4 T ; I : I I 'ji -li
. , I .1 : , i, .; I ! , ', , ,,, , :, , : .',� !;i!: %!!� 1 ; ,�l I I! :I W,:! I . I :
.
, � I , 4 , , : ,T:. - I � . I , : :'.,: ,�, : � � , � ; : I ,: � . i t .: 1 " I. 1 - , ,,.,I " , ,: , i : :
. , ., '. , , l , ��� .� I , 1 ;I: ".. !i%�T;: i:
I I I . . , I � , , , , , .. ., ., . . 1 ,. ". �. - : . '' I I �..: �,� , , ;I� : , - , l ;:i � It: ,!ili � !,;!�. I it, ., .. t : I
, , : r : , - ., I , �. , 1 :�, , I � Ili! � ., ' I .. I I., i.:". , :II... I j [ , �
, l 1%T1 ,: i I , I
0::; I , . ,. : ; ��
. � � . , ri l" i , ; ` � �T�!T . " I i , � q ii ill � !
,;i.! , ,'' , , , . �, : :" I : 1 j l�
. ., ; i '. , , ;. �. I i - : ,�, I , ,- .: , " t " J " ,�; ,: ;!. � j �
. , , 1 . I, ll ; , ; ,; ,�:" I ; . �' : ��
.,. I . - " , �., i ., - .1 . � , . , , . r ! . ,: ';.'�. : , .. I.:,, ,,� ;. , i . 'i . I .!� ..: It. � I i i %':!z I I I : I , ; I ;
. . I I ,� I � � , , " , : m I , I - i - � ,� 1 11� I t . it I I ,*,.! I 1: i
Ill � ::];, ill � i 4 , ;1;511�; !,�,;
: ;: �: .. I . , " !�! ; 1 %, , I ,�,!: I I i �
i - i , . 1 T ." : , 1, .!,:,
. t -4 �, � I. , 41!,� , ; i � I
� I :..� ,:, 1 , , ,: . , . I , �:. ,i , . , ,: . . '! �i ,;� - ,, ,�:% :. .1 I lil'-,il! I . , j�, !!!I i ,
� :: I i .i �� i4d 1:,� ;
.1 . I I .1 . I
, ,tl . : . ,. I , . .4 I , 1. .1 ,,, ,� .�, .. , , l��:: . it [I'l . : I " i 'l . '. . ll - � � . 11
� 1. . I �. 1 , :. ;, , , , : :: ,,, ,:i� _ Ill ::. l ��� '.1 " Ili ! : ; j .' 1111
I i , . , , ,, . I ., , I 1. .. .1, , 'T 1. i ", :I: I I! : �� :1
t ". !; ;�,: ll ll , I I
� � :.I : l 1 , ,.. . , , , lidi I I. '.":t -, T � I I I �, I , !:-, li . t,!:. "I 1 I � ,�, �: T.. !
. 1�
I I ii !'' : i, � i';! ., : , ,y� .1 - , 1 ; 'T� "I 11 _ M, I i I, I.:. :! 1 q , I ; �1, ' I, I . , I i I �:
i:,- � lo� - :;; ,� - " 1 1: r , . . I . I T " ,, i� , , : ! � li,ui;,� i
.. ii .'�� � ,:.,: . � 11 :"f ,,'!��, i.. I 1 � . i
.1 i�, ,. 1. . , 1.�,, I I :.,: 1 ! 1: q ." I , T . . . �! t , 11 11;; Ili, I 1". I p. ! I i i :
i , .., -, , , ,, � , I i t ! fl i I , I it ;, l, . I I -
, 1. I . 11, .1 I . . '' , : - .. it �": t I;! � I ,,,:� , I :
, fi� . TTTTT .1 1. i !� �
,
: "! -1 li I :, .p I 1. ; : ;;I
i ; �, 1 i i."Ifil�.'i ,. q ,�:
i li: ii iii1i"i-I "I" I I r li"IHY .... "" I`t I : .
.:,I i , Iii : ? 1,: i IT i", , I 1 " I i 1 �, �, 11 11f ilij i 1�
.! 11 I ` .. � . ; I. �
i ! � "'i iiq: ! . 01 , : :: I �. I
i i:� i ! ;��! I., ;1111 .
I � 1: .. ", � " , 1� ,- 0: 1 1 'i.l.�; 1 1"niiii ...... 1`11. l . i !� 1: 1i ��� � ; i I il i ,]:;�l j
I- 1! I !, I, ". j!! ,! It !"i ",
,
! ' I i i 111i �.11'1' , ;� ! I ."I
I Ni�.� y 1 i , ' i 1, l , :!:.,� 1 i�: :, i, - :! I q 1, j
I t it I ; : :i::l i 0i I , I , �. . : i l! ! , I �: ,
I ;; !I ", , I �Il 1 I ... Ilt 11, ;� �! , , :!
.�'.,, � !.. . I I � l l.�, Ii I �ii ii i . , ,
. .
.... : 11 ! .I I., , l � 11 1ili i � jI1;11:j ." , t ; -i . . i . . I
. .,
� :11, I �, I :. I . i I T.,1. .,tiiilj,!:;If�:`, J,X i li: , , � . .; 'i ,,, I , it. ti . ":,� � , " I : I : ;� I ,
" , , ,
f :: I ,; ... V j , I 11- " i!�! "� , i ., � " i , il I , - "'
I . Ii'�!. . l I 1 11.1 1 1 I I, I . , '. ; .. ,
. ,` I M 51ilhi Id !� . � , I ; :� 1: ,� !, ,l: .
, I ',,� . Ill , �, . , I
!: il, ll� i :'.11 ,I , :1 1; ," , ,�, , . I .I ,�i ; ,� ,"I 6 r , , , . : � i ,.� , � , I
I t T q ," 'I'll-: 111 t ; yhill "Ill .1 ".. " � i , ., ,, , fl ! 1�,14. i t . - .; ;�itl .1 11 '.. 1 �.., : i : ' I.,. . . ".. ,. ..
ii;�;! ;:q.i I , 1;'l 1 . . ,,, q - 1: - - - I j: � 1 : "I 1, I , �:, ...... I , I.,� 1�, I : � , . ,
.
Q & Vi - I I . ;; I .. , . :;, , , , . , . i . .
1: .1 I III 1.4 . '. _. ,�: . I .. , ��!` !; ;; I I ;
I � it IPI; it, ,, , . ,.., i .."'.". ..... . , 1 1. .,.11. l ', 'I ,., , . . ..... , , , .... 111:",.: - , � I. ..
! lij-!�!iii: yip:l;�Ii �,;I!'i�j�ff , ''I � .� ., �A N!"I , " "' ,
R I , l' ;Y ,:
." 11 . I . , I .. i � 1�. I . , 1j ::;.. -1, ". I . , . , 1.
. i�tfi`i " I , ,.! I li I � ,, I '.I .
[1 1 1 l , 1, . �. 1:� . . i'T , , V. � I ", : io;,;;�,,Ti�.;� l -
i , Ui` ��i�i il 011 'I"All"MI I - . .1 �: I'll I " I ,:, � "" , . . I .1
: Wi lli � I I I , IN . I 11 I ..,. I � I I I ;. I , . l . I 1. I .1 I., - . I .1 i 1 1 . 1 ;I il , .
� h �l . H . 1 �.�� � ; it , w ji . " � I , I . , ,111 . "I .1. I .
: �1 !�,�,� 111 :" . " ` .; " � : I . . I ,,,, " , , I . , : ,
�' �, .1 7: -- . I , r - i 1 . . .
I l7r .. I , I , ,� , , , I ; , ., , r , : , A ,,!., - t� ,,' t . ,L . I
! 1� I i 1 1 I 1 I 11 1 T 9140 , I " . I,,% - - .-;JAZ� !!;i I � . )L �., �'ri!,I,li�,,. ��,, , l,i . . � ", % . ': I�. T: , I . , I,l,� I
. 1!11 Fl ilit I 111 - - . I '. � I V , I 11.�.: l. . , " ii , T � j ': i :,,� , I . I
, i - ", I
- Z . , I I , r A I I i", j", .,
I , � - - � I M�t ..., I _- I.` - PIVI , I- - li,� - , l � 6iEe� I t'ilit . . I i :i .I; I ;:.. , -! � ,
.
a ,,w r:Jr ;, .."...".., l l,aiii , �';l - ,!: . . . .,.1k% 7ik�,- It , C - .7T;.-., .11 , , !. ill I � . I"! , I ., I i ,:",� , , . ;
!!I, , T.li, . , " Liao iii .- III - - . I .,". - -lial : i 11 .. 11 11 q i'l %, !,. I �, . .
i! I W- -- W&N. , owl - I " ''��"I-�r�:1�,:�,�i:,,:,,�Llij�'...V,,�,r,lhirs: ux.%*. lk .- nil , i.. "'Il" � k * - - - , *1
o�" . I . . , . . '11110. jwqr&%u0 � ".., I ', . -�" III it " , ji�",!
I
I fl.
I ,
..
" �';` , 11 . ....... R. I �
I , � t � , If I
I 1. r
t 'I i�li,� I, I � -.- ih�.,Wl ms
, - - ,
: 0 i P &W i -.7 �.;��IPI �, . i:" A I at , "" 4 4 4 it ik. I IF .1 � � .
" �
I 11 __ I ; g li'l, I ,W . " I ,it 1 , �, � I 1 ltl . L . � ,
- ; , '' , . , 4,_-, ..,, ,,,,%1'V"zr.1; vilift mm,i � I . . I . il l ". - . I .
. � I t' ' . pwiiil ,p-i - '- . `4% ". 11 �Mavel;1,��tlj� i &-I &%% i . VOW . .Z � I .". I .. I
4a I . .. ..-- _"lli ,*iF- , .. 4 m,"Mr : , It, A%li , T." 1 909"
I , , 11 i 41 -.1, 1, .
�", , . . I - jrv.,ilws,UlI'6I,l` , . I : lllll� 1:1010 "MIPW � 15 W " �M III I m r.�v � M.01" tl � , ,
.. 11 , "' '.." W 1� " x L�i�,=�'1 _.�' . iN..: ll, ,
I .. I, .; "'. " I ' l l . _ - I 111121 ll.
- i;. � , 'll.o.," . . , - p � I . "121M.Nil , T`,-,XMMm v � . � "S%riti 15: .-- ---
I _ it ". , .. � 1. 49&" . cl,� _�_ I I At 1 1 ,11 1
I 1: , .1-1 - I . N-Vi l ll� I tiI, I � li !; 1 1 : 1 I i A I I . I ...
ow: , : - " " I—. " d " r " I ulf, P I It 4 , � . I, � i IRS. -
"'... ; 1 I
, 1. . A I Wing
.- ..,;, . ow , �w Ii I I-' . , ::Ii . :t1j, I I I _M___
,low ; , momm omammi an
. ... i . . . ...: .1 ,."i.,:,..,I.,.I;;,;IAiQ4.'41"Q' 11 woompmr--l- _.- I
,% : Iiiii xq%lli
. " __ - ___ :: ,
I .. i I; ii I
. . I 1 � .. ,; .1. 11 ". - ........i I 11 14 I 'i
.... . . .1 I I . - � . - Ill
� . . ,,, I . . I ig -4:11% i:,-1 5M -
. I ,.: . A - .11 ... i� A , ,. - I
*n, . . - .�.�i,��",'.,.,.."".�";:.:;."�': I .�, I , , ----- - __
I � LA � ji; � , ,., ;il �.; , I . -
. ij� ,,,-,, : , I i I :�,-;,: ,.. "Wil
P . .l i�, : . i .. I I . - I
.1 -,r;,T W I `�: I , "'. - i I ,F� -
� �,Iil - . fu * 1. t p . �- 1 44._
.,
� . 4 �),r,!, � I I ... I ,_ - , , . . _1 � . ik . . I
. . I ...", : I i I I :1. I !,:L' :i ..,.,.. 1 �. .. 1 1. . � . , I .
.1 :_. ,, - � , ,.ill:: 1:;il, I ! I .. r , "I'll , , ' 1 . I I I , - �` I I ;i�,,,
��� ... iil: ;; 1,� t ,, l ... .. . � . I . I 1 . I I � . ; ; ... � 11 , ! I ;;
. . . . . I IR 1 : I , ,
I i � �� I I � � � I 4'6�. I ,Ill I J,�'J,r . 5�i,,W�'�.'
. , I 1 fl I ,Ill I _
. . , 1, ";: l . j I
�, - !1� . , , , 'L.': ''!:', "l!" ! MOTOR V, I I'll .
, I'm ,,�,��! I , I I I ! " ., i ,,� 'll I ' , . ,"il
I .
, i :,,...11:, , I I � I I , . i m `
,i. � , �., i , 11 ` .': Yi.!:.'' I �;,,�':,: ,_,;,:,:: , I I , I � . ,,.� ,, . , i � t �: " I ": �. . I I
- I - . .. ; ,: , �. : T I tI ; ." , - I .1 I I . . . . .0i [I "'
. I . i ! ., I 1 ... ....... '"'lit "'li ! ��: ; , ..���., !: :."�'..�,':�l". l , ��' , :,::. l . , t , ;..,�'';.. ,`,:r'.. ''. ' 1. �vt
. .1 I , I'li ..,11 1 ,,, �, I ,;: . ....
. 1 : �� I ll. I I.P. 1 , . . i � ..:': ,'.,. ` I.- I I ",.,;, , ' '' . ; ' i! ' ::. i: � 'I. l!...;, I r, � M 1 !! 0 107
, . . 1 . : 1 : 11 I I 1 I , , , ". , ., l, 1 , , , i �;ill! `.,i!,: �;..1111]_; i,,1 ,.!'I I;i�: I . .I, I ; [ !.,. ! I , . . . v 11-1 � N , I
I I . . I I I I 1 " , ,., ;::,. ...... 1 I �'ii; , ,,, l � : , i , � " �� I , ,� � . I ll! , .t
� , . 'I l, '�.' " 1
1 !i�� � , T ol .. I 11 , 'I [ ,
. 3 R
'' I
. � � . , , , 1 ';;.� ".:";� . , L jrrjj,� ?Iuml,"i 'R 11i �l , 4:
I . I I I :j ",. ' ,:. :; _";!,��;, ..1. I :.. . , :� I I �
1, ," , '''. " ".. � , q - -1-1, i I: �:, ,�' i. , :i I " ,: .; ...:, _i � I I �."
I 1 . ..;,,, j ... .... i,;' T,I�,. ." i ! , . , . �� !! I;
. I . , i� ''. I . . _'. ,;.. , I , I'.' ,;;'i': I . 1 *,::�. r,.i , I" * t,.; l,:. ,, . :. . . t :, : � ,.�. . . ; ..
. I . , -, , .::, , , I . , .1�41
. . : . ''. . , ..., ., I..., ..;. . . . �., �. ,,, .. , , �.,
I �,� , .. I . ; . : j , 11'. i "::' ' �'; �.. � , . 1"...'' _ -� I*, . , " ..., '' �il 1
. I . . -!� .1 -I 1� �, �� , .1.11..� i I 1, I. . ". .:l, . . . �_ I , . , ,. , . t .1, N
. . . . � I , ; , ..: � ,:: : ..'... ".: 1 '', - .:;!:!: ...,.,:, I,:: ,:l 1 .",: 1 . . . , ,'! 0 ::,�, ,, ''. I _ 1, �:*,.''_J-_:i_ I " ..! - - , , , 1. . I
� . . . . , . .""...'''', '' ., ,,:.�' " , ., " . :1 , ;:, .� .,;.::. - � .. �: �. � : I ..,
.;, , . - . I . ., L.,.. , ''.: _r ,,,,, , � I � I", . I..,:;: Ill' - I Ir' I ". . :, , "" . . : ,�_ I 1, �: , 11 .i�. � 11 " "i�,� . . I
I . r , ; , 1 M. i :, ,,, I!; .,:,; �,:: I!- - I - . .... ,�. T ,j I:!-, * ,, ' 1 . .. , . , I -, i . . . :1., , 1: -: I.., Ili ! .I:! 1. , ,. I . : 1 . .... I . I . I I I . . . I
I , ;!t I . .. , ,:,,,: � I .:.; � � . , .1 �,�'!',.. i l'. ' I l , l ,:I14 , :-..:,.''r- l. 1 411 I . ... ... ... I I 1. .. . i. _ " , �:��.:��!�::��':�ii: ��� I I
. I , : . .1 I , .. " "., . _ il , , " , I..:.! ...... i I,y� . ; . , ., . ., ''."; . :: �.,*_ .1
I :. . � . '' ,:"._ ...i:, ; ,I; ; � .. .... . ':.., I '. �11 � -* ':;,. , ,*i; '' : . . l . I., ''" '' . I . � .
__ I � . I — 1, .1 I I �, ; ,.. , .-_, ..; , "''; ,,I.!.,. 1" ; , I �., _ :.
�
. � .. ... I . . ; l I I I :...� l I .,:" - � , 1�.: .�', il � - .. I , 1 .t , *,.: ,,i; ,,I " i I I ' '.1 i � , I I : I - - I .�, . ,.I, __!_� , , � I I I �. I .. I . . ..
I I. ii I . :'. . ..'� , 1: III. '', �. : i'! ! I' 1; , , . . :
i . , . _.� ,.!. i .�!� ,:; �.:: : .,� , , :: , - .- ;:. .
. . .. . I . .. ,,'....r �'.. .11, I ;'' , I It ..!:, * ,,, `.; ,; , I : t ..,�'. I.:!::! � ': ,: , i� I, i l", �
. , .
I . . ... . : ''. I,.:, ,;i. l : .� 1, 1, Ill." i ..:, .:.I l� �, i . .,.I ' .. .... . `l I I . . - �11 I 1:. . Iiii ` 11 I ".. . . ; :!:��:, !. ,, .��i,� i� :_' . . . . , I . I . .
. I. .1 ,, '. . ., . I :.''. %I IT � T''.. , . , , I , .; �:�:� � I .
I , .."., , `� �, l! .:r:. .:�;! I— I .. � . I .
' * ' " : ' . 1, . _ , , ,: ': �, - .11'..., � � I 1, I ., � , ..", ., , , l.i . . . I . ., � .
. . . ,. � P . .r : i, � , I'— .'' I . I . ,. I.,"', _ i:l �'i�. "J, .I, ,,,;,, I i . l't, ". I I . .
� 11 , : : , I ...." , I . I; . .1 'Il _Ii.::,-- � It, i., _'� l I 1 .�,.� � I ': Il �.:. � . � . : I -
. r � 1. . ., : ".:I " 11 "..' 1 . , � , � ". , , -, _ I; :,: I . I .
. . . _1 ! r, , "!: .- , ... , ,.. I , , ., , .,', � - �.. ..i' -, it ., � I I 1 . . '. Ili. !. t , : � 1 1, _
�'. .. .. ", . . .1 . :., . q , �' %I,., , I :..., �., - 1 ". . , to", i� ! .,,,, j �!,i, . �i, ,; ... . ''v i . , ., I i ,
I'll . . I , .;:,.. .. �.. l - Iii'. . ", I ". � .. ... . . , , . .
. . . , I .!�, ", : 1� '.,. .1 ; . - i I.; i I , I � I : I , I
- . . . � � , � I-. : ; 1 .'. I. i . : ',
I I � .' � ,,, ,. . f' � ". . I I
. . . . . .. l : I � .o,;,"i� .,: * . . ''... . ',:I ". '. . ; K.: _"; :..., � I t .
. , . . . , ..!''. oi,o ,, , i.;, ,,, i .. i " 1, j ', . l ,�,,, I , ; ; : . � ' .1 ,.. I . I
I I
. I . . I . I . I ; .1 . : 1 ,,�. , ,:'i';l, I *� 'I :,:,' .11 ; .-!' �', ; . I . ,.,�,i : I i t '': ...:;.i ; : 1. , I.. I I . I , 1 I . - I . . . . I .
1. :1 .. . I , , .. i ..... " ;11 ; ,.. i !,j:- , , I . 1 'I 1, .l , I I I . I It. .
. I I I �. . . . I . , ': 1. ... , � , ,.! . ,.., , 1, � , - ,�. . .. I . , '' 't'.." "!:, ,,:, '.0 1 , - 1 1 [ ��. ' .,. ! l . :_, i . I I
. .I, .f, � ,! l ., _. � I
. . . . I 11 , ", , . .'. . P ..''..''. %', ", ; `.. .., . .. . I . . . .
. I � � I � � . . , . ... .,;: '' . I 11 1, .I I ..'.., l.., T �_ I . I ,. ..,, ' o: , 1, 1 , :, - _. , . � .
. . . '. I ! � .. ,, . 1 , :,r,:_.. ,::i'. " , �::i d " , , , J ,,,, , , r . I' "I., �
� I . . . � !. I ... . ", "pl.. I . ;i , ,
I I I _ "'11,1 , -I I , , '' '' 1. I I ..... . �'' ;: l lil; p; ill - ,- - I , ',. � , , , . � . I I
. I , ". 1 ., . l I . . . I I
. I '.1 "! "".:. �.... '.111 ,:,., .. , ...., i.11 1: . j " j , . _I I I,. I ..; � . .
. . :, ......, l �, ; �_.;'': ', �. . ' .. . - -, , ... ,'T�.'_:". : ,..,�i.;;` - ; 1.�Ii! , I . . I I
I . , � 'i � :, , - . v . l ,�. .. ..''; i ,. , .,
. : . . , I . 1. ,�:.,� ,-I '.. �
� , , : ...�. I I-; . b - l �l ". ! . ,..:_..,l - I. :: !I . .: i _ ,. ,..
. I . I . . . . � .: , : �..� ,�, - . , :,:, i� : � !_:"
I . � . � . I . : I - � I , , I . _!., . : �. L � : , . '' !!;;, i, . I, .1'...._ . I .1 1. __ ., ,.: , .� .!:, I , I . . . �
. . I , � . ; . . l l , . I � ... 'It I ., � I . , . : . , � , ..... � I
. � , ", I i : I. t l . � :Z :' �:., - -,;.,.: . '' I '' ....'' : 1 .: , 1, . . I I I .
, I . : ! 1 1, -, �I! 1 I;,.'i, 1 . � I
: " I . - 1 1�1 , �,,��::.,, ... t .: , . * b : , : . .
. � ''.. . . . : . , I : �� �, � !`.,:� �i:��: �� ��: '' � : :i:li � ��:�;;i !t �:, � ' i;, . . . . ,1 i,i,'';:,t �� 11 I : . � .
I . . : , . :... - 1 I.. .. ''. . '':_-, , I ,. .. I . ; . . . .
.. . � .... 111. . I I . . .
.
1, . 11
I
.
: 1
I
11
I
I ,
:��
11
t , ' it
I ,j , r
I
,�, , : I
:1, I 'i .
ii'l .11 Ill
! I .; I ;11
1; I l l
i l :�. I Ill
,!;; ,!
i :11
T (
;I. 11 ,�Ii
11 .
i il
ii �!
1 :
I
I
.
s
,
'I
I
1.
;
! ��'.
� �
.
I !
j 1 v 'i
�
.
!:
I , � .
;A
1190MIN -1 M� vil:.,
,
.1 "
ril 3
. . I � . I . . . . I � . . � : . , , . , -, I ": 1. ''. . ': � i..i , ":,� . . I . , . , , , , �, ''. . I .
I : : , , ] ,:.T . . , �...
,, . I . I I.:,.:! �''::.. .1 , :, '.,:�::% I ., , �.� , � :. L I -.1, . . ! .
I � . . .... � - 1. ,., I .: : , � ;. � ,� l . � . .1 � . " �". I.,i . ..! '' . ... �::i_'
. . I I . . , , , .. I I : ;, ; - l l`j, �. I . I.- a ": ,:, '' - , . . . � I l.i.... -... , . . . I . . . I
. : . I... . . . I ,, I . .: ,:. .i .. !� l l. ..; " J,_ � , ., ,, I , "...., I , .. .1 . :,.m :.. .1 I . I . .
. I . I I I ,; , ,; I'� ,!; : : :. ,. : .. . "., . . , � .; , . . � �. . I
. _ , ' . ,-,-: ;:� :; : �:: �:: . :,� . ..: *,� I� I'll : 11 . � .. I � . � I . I
. _ .. ....'...'... ,:; - 1. I - . . . ,.l I', . I , : � .1 . .
. I. I : , , ,. .1 � . I 11 . , . :. .. � - .11 .. It I . r. ,,:, . . ,.,''I� z:.! � ,�� d ! .l i . . �... .
I .. , . . . , . .. .., I., I-. : '', , ''. I 1. .1 � � I � .
. I . . I - .� . . .� , - .1 � . ,; .:, , I . " �.�� � � �l��i� "! �.:_ - I ,.1.:... . I * :,� , � , . ]., - . , . . ��; . . . I � . � . . I . . . I I . . �
. . . . - - .,!,. :'',� ....., . , I ,; it ! . I I - . . I . . , I
� I . . : I , .:; . . " � �,.::.. �I ,!: O i: : , , . , �. ��,, ,� i, I ' .� ! ... :. . . . I .
. . . . . I , �. � ,: ,�:,, . 11 , 1. .... ., ;,.': . . ., , ,.; I .... :��i�:�'� ��.� � �i�� �� ��!�� �� � l�. ��,!� � �� , , . . I , . . I I I I . . � I
, ,
I . . I i r. I ; . , ,! :�; I - I ,:..�', - d '. 1 , I I il. ..;. . � i �': �,�� ��� : . i , * , - � .
� I . . � �... . . I 11 -. ..� , � I � , " I I I
. .1 I .
I .. : � . :'i * � i � i�, �, m ! i: , !: : � : : . .., ".. ". _. . , . . � �. I � I
I : I. . I ., '. i . ;; . I _ . . : 1 r .
� � I . . I , , , . IT,: I. ; 1. I .!: ,::i! ,::, :.,. I , . , : : , , 1. �.'. * 1 ,, ,, b ,. . .1. . I 1: I . . � � .
. . � I
. I , , , lc :: ), I ". ,. ..": , I . ", ���i�,�, I � �;, � , '. , � . '. ,
. , ,., . , ,
I . . '' i ! � I.: � . : , ; ._ :1- : ...., � I 1, �, : . I .1:, : . . - . � I I . I . �,;.. . � � . , ,: r. 1". 1. 11 �. _. � . . 1 . I I
. 1 L .:'. .. .., i, �� i,. . I .. � . I
. I _ , , , : i I: �, . I ;.: I i : , �7:; ;�; : � � ��I� ��� it ' I I � : f .. ''
. : '.: : , : . , I I : ,. . . � " '' 1. I ; . .
l! ' - * . - . ., ! , - 1: .� "'* ` I: ..; I I
. . I . � � � I . .i I .:, - : :: i - . ,::" ... '. ,: , I . � : " . , ;� �, ,-. - - ,: I I
. . I I ; . . . l . � t,'r %. i : i ' 'iT i, ...'.... - . I. p mil� I.:.) :i �:' :' i � L - , p �:;�' . . . . .
--- I I . ; I , . . I , . . ''. ... , I I .. ... I . . . _.: .. I �
. I -_
� I .
I � . I , I . i, � I .1 I I I.: I ; , , � , * ,. r ." .. �.: . I . - . , ." �:"!..: I I '.': .' m. " ' ", . , . : � ;" ,I : r ',� ,.. , �. , :_%:-, � " I , . . . . I �
. : , I I I . .. , . .. l . , ,; .!:,:,.�.�.:l�:i.�.:. . ,:. � , i .
. , *i : `:.. 1"'j" j4.1 ' L ... : ��'i, � , , ,:. . � , , .. .. ,
. I . . I . I I � , . t 1 �: I , : , : I , i ; . : , I. . . ,�: 4i � � . � , . - � I _ , ,- - ... , I .
. r .. , . : , - . .. i . . , .. T i ��:� �i,._, .1: *i.. I 4.- t , , , , . , �� .. I
, , i �, . , , '' :, � "., .:'. 1. ; r � , I -.:;:'. �� , '. . � :!�� I 1. . .
, , , , , ''.. �! " " 4 I r: "; I 1 � . ;_.�, �,�,:. : , . �. .
. ,. � I:- :� �; .1 ,r, ': ..:;. � -., .i:. i-l: .__ :"!:11-1 .!!''.. ;i - . ., -�: ": I - ;; - '. .. .. I . I �, iIl. 4. ;. �'. . . .I
. . I I ;: 1 �;; � . . , . . � I . I .
I I . ; . I . , , , - I �,! : '� � r ' ' , . . . � . . .�., . :,� , :,�', ;, r . . I . . . I 1 . � I � . .
I I . , . I i: ; I I , , , T I !; , , , .!;, .. I I . . , 'J .� I ., : . I 1, - T : � . 1, : - - ,� .,; * � �_-�., ,t � i:i�, 1 o li� , : . . , : . : �. .. , , i ,, ,:�: Z":;:;;-ill�":!�`r� F -��.i.':,r�",:;, - , ..; ,I,. � .. . I . I .
: I . I . ... .. ; , 'o,: � ,. ', �., ,. � ',:��'':. ,:,:.., , �:.!,�"..!;: . .� . . , i. :. ":, , ,� .".:� �, t, a''.., - I i. _ i �., �, ,:�_ � ..; ..l., ". � . . I
,� :� , . . I . .. I �.. ', ". �: ", , , ,, � . , . ,i, I , , i,:, ., '..., i � ":,; ', .:� t :, , - V. I' , .1. . . _ , '.. , .. , . " , 71 1 . r,, . ., . I I.. . . . .. . . . 11 I � . � . ..
. I . r, . . � , "T. ,, : , , � . ;::,., ,,� l.'' _, I-,,, j �,�. � � !;� -1, -;''. �..: .. ., , l'.., � .: - , ": " i,�, , " .1 . I � I .
, . I . ".11 .i. .. . , . , . I., :!, ...�. ,,, " : * , :!��:. ,- -:;�;:. 1 .,..:,: :" ,.. ;......: . i � l , _ ��: :_,,,:;. , . I .. . r � I . I
I I ,, �, i., I I , .: ,,, i, ,; :, I ,� , tj:I .,.,. I I
I � 1. , . i � .... . ".11, , ,-.1 . , ... I t ; .: T:.;t, ,;,..�. . . I ., ...I , , � .
. :�i ! ,. 1 ! I. ,:. _ . _ 1. . , , 7 � it , _ ; . .. .. r I .
I . , I , %..: , � . . . .. .. : , ,� , , ,:!, �,� t . I ,�� � t . , , . I
. I . : ,: . . , , ; ,�. - � ,:; 1, , i; �, . , : :l ' .1 ;- 'i !!.T, !; ; � , � :" : .; :. :i" � ,� �,-" _, ,: , l_ ,r, ! , * '. .. l . I ., I , , . . , I . . I . I . .
, . ,: � : �.; � �, :.-, t . ,.. . t , ,. . 11 . . . . . I . ,, ,r , " " , . . . . ; ::::! ..l,�. ;! :� i-.'l, , .I ,:i , . .': - : � ,:. it . ,: , . �., , �- I I 1. . . . . ..
I I . � I . I : I : , �: ; .: : ...". : ,,,,�,:; .::, . ,;. i, " ; I. �. . . . :! �. . , ., ,�, ; " : .:, I. ; , , , I I I
I _: .!.. ii Ii - � , , , I ", I .. I., : , :! I' . ., ': ;� , � � I. . 1 . . . . . I , �
li 11 !! -:' � , � �,--% ;, - ;' � j , ! ;� , " I . :�, i, . 4. ."'! . I ".: , t , � r, :� � I ,:: � - '. .]:. , - , , ; t : � : , ,
I 1. . � I i ] , .. :. . r ' � :" , I, , :" , . I .1 , I !.�: , . ,.� T , � , , .: � � .. - , � I � I �,,� � � � L, , il ' :.. . , , . ,
, -
I , I . . 4 , � : . : I . . _ ,% ' � . I , . , I. . i l .� . . i '. : : . _; , : :. , : :� . : ! I " I , �,::, ! % . I : . , , , .i I , . ! , I ;.. I 1, �: .'. !, : : � ,.f . ; , �.� . .. , � : I - , t j , ' :: 'I , : ':, I � : " � . , 1 . i :�, ! ., . ,' . : . . , � � , !. ; i . , . ,, : , , � , . I I I
. . I , l . - t :: - .: I I , , : "I '; ", ,; , . . . r I —. �.. � ... ,.; X ;, �� . ,.!,� i, ql ,�;,: :'' I 1. .
I .
: : , I l � . I . ,:,i , I �!, F ,�I`:j �i ..�l ,:;, .�; �::�, �j.i�. 1,; -' ','� i ::: I . , I . ! . I -; l '! ! I ,..! ',;.il, I �hi t - I I, ,�- ;-:, il''. �'�, " i .,;,- ,,, , I , . I . . � ., . . � � . I . .
� . I I : � �� , : I I �, ; i, : 1 . :,-*i : �� 1` I , ' , : r �l , I I I � I .
:., - . .1:1 . t ,.it ;:'., ;, ,,�.' ."I'' ... ; I ,. . ,.. .", ,I� ,:�.;: " I : ; i . I � i - j , 1 , 1 ";:: 'i .t:,� �., i�! I _, ; .11 .* : : � i - � � : � , . , . t .
I I . I . ,. � - �: .., . : i .. I., . 4; ,; 1 : : t
I - I , . 1. I i:;i, . :-:.,:[ _�' In , �:, .��i; . -
I �.. I I I � ,:. � it'i ,;�,, . �,,:! I.:,.� . , � . l ". : i7.!., I � � ., .1.4!! I l t . �; :�- : :���i��:�r:'����'j-'r'�!i"'�';!'I��;: : , d . I . . , ,
I " , - " : .. . . I , . , 1 , l t 'I � , :. ,..; , ,
I.. : 1
il l .1 ..". t, I .1 : ,
.1: . I , ,l;i,.!; ',� '.`� �,l,-, it '.;,:, JI,�,.I.%,.I r _KV :
:, . ; . I I. " _. , ;,, ,,:.:,: im."i li-i � �,,:, . , ., : ,., _ `. '11.1 - i - . �
l .�, ,. " , � :;i;;,: . �I I. i i ti 1 � ;�m� ,
,: 11 , I - '. . � . , : . - � . � . , � I� , . 1 1 �!-. ,q.ijj 11! .:; " ii :i ll : �- 1 " . , -
� I : - " , � , � -,. * i I . : : I ; 7. F; , ''. p . ''i i'%d. ll:j;.,,��:�:Ill, . I 1. I . _.!.!::,:, T;' ,.�Il i ! ! 'i, , j ::
� - ''. i ".. I I .1. . I . I I ..: : i , I ". , _I rl; �: , I ,�!�",:i ,,!.,,.,, i: ..,! ',.!!' - - �,,i ";:;: t " � ii, , ,_�, !�! , I � T . I � l sj tt '� ;� 1.11,
� . - i l t l .: 1 7 ,�;
l I . , . . . . . . i ; - , - - , i � I . � ;
.T` ,.. �,. ..l.'i'il 71, ; �- : ,�, :� I it, ; , I ' , I %, ;,:,,,li,,:: m ;
: �::;, , .1. i t ., I q� ,�� I::�i,;�,;!ii, t 1: ol
, �; � �: ", - , , 7 111. ' , I ; t l �i . i 4 ; ill x
:1 : � '', ,_ : ' : :': �, �: .tI: -' I 1 .:, " j ..,11 1. ,,"! .: ', 1:1 ". i � t ! .,!: 1 .-I � , !! I ; .:: I �
, . � t . . . - I : r , , � , , . , . , : , , . ,. , - I I . i :!,:. 1 .. ... ;., . .i I , ! 1! , I
, , I ; I :1 r : : � j I . . , �
- , li, � 1� 1. I :
l I I; , ''. ., I. !,i., ,,, ,I 1 . 1 ''ji 7 ;.,.;;; � .. !..: ,!� - � .
. i . . , , : , , . ;. ,: � � : - i::, i l , - . 1 � ., - �! i: I -
I I., I 1. ;I- "' ; I I I . . . ,,,..,I : ; :T :"i i i j a `�,",:!!I;'
. . .1 �i . !�,-' '�; 1 �,.;, - . I, f
I I �: I. .. , � � . t : ,, , . , � .'];,� ! l�, : :: I - "'... I I . I -,Ill�: � �11 I
%,�� " 1. I I., .. , .- � ; 1, . :. Jil ,,
�. - �i:,. i,"�l: " , .? i! :�.�! - I, ,� .1 Y: I ,,r. I '.. �!T�� !j" ,I , I
i - "ll.4, '' i ! �;!i :, -,:, ; : � �P;
c 1. 11 ,;��".-�'"',. !,,�111 :1 , ,i,;;� ;l, 11 jill!:'. ; !]o
, I �;:�,1�1! , l ". "; �;�, _ , 11, l� 1' - ',::::1"1 : i: � . �: I I
,� 1, ,r .. - - ,, . . ,00
! 1�i:;�: i ,.�;� I :1 .. , i j i : � -i
:., , . :�� ., , ,i.t!�� � , I ! : : 1 I I
11 I 1, .q: ., :_ :r; ;. I ' 1" t .
: :I:,. I 1 I� ,, , :� � ll� ll ,; I i.."Il ' Ail. I it
it. ,, ! ; I t I , I . , jj: � j !.. , ' '. 1�il � 1,
. . : ; ; I I ; i , ,��, ; i ! !I :i ;� , � 1
: :: , t ,,�' � 41 1 , , ., :1: l l;! I
�, *i l , , I . . 1 , , : � : ::; I I : I . �
I !; . � , i'd , , .l ... I .::: ; I �l
11. I t 0 ,; i7 W: : m
I ��i � I T l , ,
,I I . i I ! 1 I : ;�
I I 1 I I I :: � -I �,;T -!
� I
� ���
�Ii (I I A. I � I i!� . I ; . ! !
. I , �
,:! , t !I !:. - �::!� : !::; : !
'I I 1: , �l '' :: I' � "I
i , �Iilill i .. 1,11�'. ��*.!��! b I :1�:.; !,;: , :: `11�
I jl� .1 .. . �� :i:il .. ,,, ."! :i til:lf I ., * ,
i ;; , i� I t .
!Id � i I t�� i I 11 ::
: I ,�: i i
ti",
., . ilir I
!!I � I'�i � I !.,I I . 1 :, � . I j
�i: 11 ;: : i, ;:i: I �
!I! !; i '.1 ! I I ,
�;
I !!, : ; 11 i I
I �I
.
11111
j _ I - ,
I `
,
"I 11 . ,
,
..:., I 1.
I 't' '� ., , p ,
l!" 111'�i
1i i - I
,��i ]. 1 I
11 I I .." &,, � 1
"' " �; I I
I , '7�! 1 1
I , � !I
, jil ", , . , : I 11
R1. 1
�. 'i ` III
I ll i
,� l �t ;
IT �.l , I , i - �tl
I
lgl
� i ; i
I i
"I i .
: I
� �
M r,
11 , '' , , I I
. ... . �4 � I I
I . � .
� � : . � .
. , . . I . . � .
,. ti! � , 4 1
, I.... . .
. . . - :,:': " I ... I . . .
I,� ::�t I : :.. .
. , I.-— . g 4 �:::::T.;,�l,:..I��: 1 ,� :. , � , . I
, , I , I . : i:::
. , ��j I
. ,. I I , ,
. - , .1. .. Tl�� 11.,:;�; T .: , , , ,
. ..1..l.:-:!l T i': .
� .
I I " 1111 I I 1� ". .:,; . . , . 1 1 I I I . 1 � I .
. . � I , ,, , � I '*
.
. � "...
L .
'I:l:,.
� "' i ; .: -
. "I ' :II _,
, , ,
I "I'll 11�� : l T .
. . !..[!:� I � -
I I !`l`l..1..l'_._ 1 i 1, I :I.
. . . I ;qj"�:OV j �
; Ifl!I�.: l�i I 'ji� .;
;.!,. !'Iil;i�i�,'j�Ty;�-i
p, � I .- I,
t . � . . I T':, . . I .
f ": �il . I � I I
. . T, qjj �, 11. -, I . , .. I I I
I I 1, . . , � 1:1:i � III: � . . , .
I pi 4 ... ... . . . . .. .... ..... .. . . I __ , .1.1 ii �: "'' ,, .`; - "; . . I . . I I .
IN
R M . , L . ,. '. �,Z. � -1 - : ..I' , - ": �X, ,. . - . � . � ... . I 1. q .
:1 . Ir , - . '' i � : % _ , i , "': ... :' � . .
'i I * , I ; I I, ,,, '. ,. , ,
` i! , I . ;:,:;,�;i ... - ;: I, . . , , , . . I ,."., � , li, _:.".,:.%,�l. " , . i I ,,, :;: - ,�', ''. �.! 1. . . �
, t , .'IT I ,� '0: I
,� . I _
1, ,I ,, 1 I , � 1 It ,,;! .1 . .1 .. 11 l: I.: j,! i ::. i.. -' ; :'' .;
� I '1 - li" ; ;: ". �:: ,,.!! I 1; !%, I ii,!,. , �
r �!!!i' ',.� � I ';� "." ... L 'I '::!::.1 .::, .. I ., .t. .. . �j ": ,, ,'.,:�,:.. , !';'�!; . . . ,. , . .. . . I
IS l ! I , !:I i it C: ... 111, , . 1 .,,;. ri,.,(it, . I - I I : I . I
t ;7 t ! , ! !,�,�!`j �Ilt . P � . I. l., . I -, ., . I . �
� I _ , " ,,! ," .. j "I I, , "I.: 1, i, I , , - . I . � .
.li - �,; ... . ... I
I 1 `i!.4 , ; I , ; J: . I
.;, ..� ,:, !lt!!!�� I � : I .
. " - --tir.i'll ,,
� - ..
....... . __
. ..... _
- . i"T , i! � 4 , �,:i � - lllll.�, 1, I
",
. . ",!�
. . �� T, , " , I,l "; I , 'l,jj�i'i`j11j!:i 1, ; �
1! 111N. ��,
Q R I 11; 1 ,".1,
.
1,�,:I�
- . i, , : . I. ip.'.
, ''! lili" . t , .,
' I , I- il
. ii _". . i I ,,, 0 � I[i� , ... . .. .
: . I ;,: ! %:.:,� �'':...� .1, l ,., I:I l,1t F I. I I : 1� I., �::. .:1 : I - I .
.... Vl� ii �� , I " �",-�im��,�'ll�i - . i : .1 ''. � I ,� ! ,-1 I.., ! .� [ ,T.l: �;�: .: i 1 1
_,;; ., �i ' , ��-: ....... " I , I Ii I I ,'', . � 1 I . ,.. . - .�
,l . it, , , . '. . . I � I . I
,
I 411.'tti,ittil":,�,'��l,,"d",dkl�I , , - I q I n . , . . 1, ,. I ! 1 ,,, � :: . : . : I .1 I
,
��!.!*�t IiA - � � . :. , :� .
. I .... � "t, "i1 ',, . l : I , , ' � ,
j :,T�.: , ''T Jil� � [,� d 'i j ll�[ 1 !1 , J I'i ": , :;., . 1 �: : 1* . . . '. I I
I , r � I .
4 "i-it" I "I", " r " , -,I ' I d - I : . ; ; . �
.1 . . l I 1 . i.. 1 .1.
� - .,
.� . ........ 1 1. 1 1. I , I "' .I. I " :.. . .
. �.�-i:'-;ill;:i:,i�1�11; H, " :, : :
1! III I
n IT li ., it ,
", ,; ...... iij , ; .4
V ..., .,� ",
"
10 _;. P�::"::�:;
. . I i, 1.
- : o , , !..I
. I ,:� 1
.., ",:.` :; 1_.1_.. __,., r t , .
,.,."g I . , ... I
'pi l'ji �
' -, : q !;iI 'i ! -,' ' ', ;-,�, .::.. ll`�i!: ,,, .. �,I� . ... 1� - �,."' � - : I I
1, iii, poiIii �,!:!:J ;
, 4 I 1 VnI1_11, I P%
.; 11. � Il . ., i ,,, '' I I. III ,
... ,� l:;I� :;;,:�:�:",! � "'.. : �!l? -` . 1 . -,I-'l[ P ; r. ,I ,II�,1;.!;:i�:!I''.'"'*, . I
l ". . I "ll ) _- , '' � P- li,. I, , ,"O".. , I I . I "= - �,;�;� - I .. . .... 111. � i
": . .; :, , r ' I'' 11, t I t Z �ij . - - - - ,
'..'
... �
. 1 '. I.
; I Ill 4.
. : , 1 :
. � I I
I P,
I '
� j 1:1 ij-, ;11,::i
r I I ll.. : 11 ,.: �
- '"'i'd ., . . .I
: � "'. l l'� :��:' t �. - - - .. Ili.., , , q _. I -_ I 1: ,::",I, I—: .''
� It � ______ ___ - 11 ! . i .
I :,..l ;;' - tL .� , :; .,:,::"�i �� I .
AI . 1, . i:.", ,,.;.--: , ! ,;, ., l' :[;�:,�;';,�ri!,�;�',, . .
�.
.� I 1 skii
. .11 a -, I! "' '.I ...... , .
��. " ".. - -
� T, - .,
. i . I
I I
T W.T I I... � il'l:�� i .. .. .. , .." . I . i 1
1r__ Ill- , . '. . - - . "
. ... I—, ,� 1, . q
. �- 9%
: , . � .- 111:���lillll� i, ='_";��T: i
, I
. i. "' .:,� 111111111111�lI"ll,ill I 1. I ; jL__,_,____.__,.
: , r
14'�C\ 11�"
- I . piii
i " ,
: `
� I I
Z i
$ . I:, : I �:!Iii I ilililimtli�i�imi
I i .3 I
,,::
; ,, 'i 'i ... I �� iio�,: I .-.____.1___._._1
.11 ! .
-111111 . .... . .. _ � ,,�:! ,w- , iii , TL I .. I:_ "11 , . A . I I . .
R 11 1
. .: -
. w P, A - �
Ir . aL . 'i 1\i
"m _* I .1, �l ,�,� le �, Tl��.', T I . �. __ _ - I �11`., I -
%, . A& .i I - �
._�Z,I,il, . .. �; ..L . 4 1 1 1 1m , I ..
� I : I
. , 4; I ...". :. i.:
i ; ,I, i M
� I
_ * ... =.;l__....11._ .. I I
,.111.�' w � , - !
1 I. I I'll, 11111'��'� , .. . _... ��:_
:, .'.:':.r .- 'I'..' ,��,, 11I."��,r.,,,,�,7-,;:,i"c,��'�',",,,�,,,!;i:����:� 'I ... . .� . . " ,__�_- .- - _J� ..... ... _., -...____1... .. � .. .... I .. ..., 1� � :-, ..:_...
I . .- /' . .. �".,,,!i,.,,I.l�r;,:!',,,,,".,,�,ili[,M �, ll!!!,ll I I * . : I .1 . , . .
� , ..., � � , �!��'i�;i' i i,l:i�, Rj�jil; �jll. jj:!!'Ii�� !"I.: �, ,�I�, I;,I'l, I'll", I . . I �,! - ; P
�l ... 11.1 Ilil,,%I!�,�!,I[I,1111 . ; %! !ii! . 61110 . : I .
I : 1I., _1.1: .11'"'i�.;1I.It"i, i", .'', . I 1, Ij�.Il .... .. 41
I � . .. : *
.. : 1:: - .1, ... 111.':�,,l ..'!".r 4 :::��; 71111,111�1 ., � 11 . 1,
.1 9 . ; . ;, ...I��,�.1;;I�ii,�l�l�,�i:i;;!!!��,, 1: R!1�� ,I 1� - I . I I . .
I I . .., ..1. I .. r., [I , "! �" !9!'y
I . I . � . � ::` �*.� , " ,';, ..; T�,�. l,`:�;��!�!,,�, ):��ii ". . I �l .", '.. � .... 1 .. K .. I .
. :;': i�' � . ... . I .-, , ., ,,, l��illi�ll�!��i %1:1 I, .mi
. . q �' : .1, -4,111' _ll, , I ill' .. . ,'�� I 11
I .. .."!!, goom"", :, !, I .. I
. ;,::... , ., . 11�1 . . . . . . .-
- . L . ;,::_..�`-� "! "I % r:' TioiTv". , � : i
, - � ;"�,ll- 'il", , " "I - 11 .. -
��
.., I I . !I, �1!1'4,il :1. . 11 Pill �, -1k,", I l 11''. .. -, , I .. I I'll..
. . 1 1,;:�.'" I . 1i iriI . 1illQej1
, - I I I, Ill .1. l I �_ P. . � : : - O,I,Y.�,-�,,H;.,",I;�""",,,",�l,�,,,�r!:I�,,,,,,,,,,,�!1,1;r,iilil!l�!li:i!�,��.1.,!.,. :. 77177,:Z�; �:�:.:,-,I, ; .: I , � ., '�.';'.:. ,
V1 1. , , a. I
,� * T . , , 1 , " It - . T!,�
, � " -
:,i-�.::::, . "iI ,,ri,,1, '', ,, ... j
� �. ,� Piin I
, ; I � i
MI
: I :1 . ..."" - _, I
�. , 1i � ,W.�,"":L.iii!��,�il�j:Z, T.,,..l:p1,,jim ;'�I;l,lt,:ll;�;L.t
. . . . : It .... I�:N.lU.,1117j011i, 7. M1.11 ! . ; V ..'� I �
. , � , . 4, ;1[il i"Iti!
. -i- �. ." ..,;:"i:I., I,! I, 1-:1 1:
, - I '-�t.fqqlli� . 141� - ilhii�, 1;1,;I.I� I �
I . � iH;,jl:I 411�1 "
._:. . , I , � , , ' L. ;�.iiii
- "'I'll],
�. . .;ii
I I, ;ik. ��i;zwi ,:,�
. I .viri, ,
. I .
.
''.
; I �:.:!�l-!Ill,�,:"�l:�.i;!;!,�l,i��I .
,i:�:i; �j : mi .,I,:,;j:l1 _ I. I . , .
I _ .. " . __-I ... Ill l, i:i�. .
11 i,:;,,
I - . . I ... L "I ..12.1 I 1. . �. I I. .11 I , --:, ,;,:I:;: `%,.; � ,,, "I i�.. 1:
_ - 4 ,�: .: 11; ...... -....,.-- . � . I 1111.4l'..I , : `:-,;i:!; , , .; i,; � ". , ,..:,:�.. � �' :.: �i
I __ - ---.----
, I .
- It , . 'I, li . . .... �...; . l '. - , ,... r�ii.'.::,.,.,., , I ''. ..... "� 11 ''....
ii .1 ., . "" , . .111.1 .. .- �,�:',','i:!�C" , ,'!,.jr ,4,Tib:: 1:' ,,,� , " .... ''...., , . , . , ill, , �
��; � ",:Ii�14"�,"."7,",:�";;;Ii�!::�,�!,�!""!
I . , � !! , :. it P. ., .,!, .. , ._ 4 � ''...
l 1. :. .11.,..�'. I .111, 1;.i�, % ,�
I 0 i:
11, ... .
I., I . ; .
I 11 � --joMMIll
. .
* - � '. I
I
I - _,, ., I - -L . . 1 I .
. I .
.. � ...� � I . . i, . I .
, 'i : '!:'., ". I . �. .. I . . ` :
. ,., � ; , �
. I - 1�1 .
, - I ,1�:.:'':, , ,
. , i'' ",
. : ....: . � 1:il:: �!! ;:-:;;lj, Ili .." V-;,., " ,;;, 1� , J.:_ .,:;, :;,
. , I I . I
1. 't I. I ! ti lli.i . . 1
!.:� " i
. - ,. 11-111,; :;--, �� I � ,i, .
. ,!, " . ''� ...... : , ..'', . _ ...... . I;. : I ,.,; ,
.,. ...., -:Til , T: � '� ..1. ." "'11 . ".. .. , 'I * , : , ''O lI..:lII : I ''�.:,
R 11 .. . ; . .� , . �
. I . I i I ii I I.. �,;,:,; �.. ��; '' :" :;,:; ,,; '. . , , L
. "I. I 'll .1.1 ,
I I I �,,.`Illvl.i, � . It . I , �
I . .- 1 11� l ... ..11 ' -
� ill:! I !! ,411 L ',I,., I i;: 1 .':,� ,'i.i .
I . 11 mirr7 ,
. :;�I : i t I—,
� .iIiii ji , �,�,,.�:,,,i,,,,,�"[",I��,,"!,:,;,. ��: ,.,,,,, r,, , ' b.", I 1 . I !,�:l . I ,,� '. 1 - -
- ii, �� , �111. l . . 1 I I I ,.. __ 1 . 1111 I
. �� .. . ,,,,, i ii 1,�, "..., l "', � ! �!! . �: ll,,� l, . ,
, . I ,.I ,� I , .;i,:,.l,,. - ' ''!..;�I'T'.: !. � .. .... '. " I iIl.1I I "..I..., ,
. I . � - I 1 - 1 : i ,, 'I' , , . , : '- , ��������il l il li � l l I
*I .:, ''I ; I .: I., : . -!-i I Il I :
I
i: . ..�, , :_,� I ,.,.,,:�,; 4'. . :'l -i TI ,.,;!�,',���l,.�.:7',o4,,iill������i I
,�P�Il . I M.
,. , �!: .� .
I , " .
I. .1
. , . .,:, , ,.:, : .
', . ,. I
q , , , - !:: , , . � . .. .
., �: I , . '':, . . 1
. :: I . I.. i .:. . . I I
,: .:. 1 ,, . ;..,.. " ., ., 1: It . I .
, . .
.'. I l 1 , "�� ''� � . , 1 .7.: .. .. , . . ,. .. I I
, . � I I . , �
I,I. . . .
1. : m : d . . � I . .
l,'!' ,''I "..'' ". i � . I ; . i,.!;;. _ `. . , , . . : . � . . : . . .
, , . . , ,. I I I .. I I
- , J.: , . .
111, . ., . l 1, . , t I I �
. : , .;. I i :.. . . I
, :'': :. ;,;,. i, 1: , ,.; .. I � .:,; , �. - . . . .. . .
�'! . ,," . I , . .- i I .� . I . .. . . . .., . ..1, . . .. . . . I .
=&;_ . ,
. I � I I ,
I .
I . ' ";: I I ,. 1 . ..., .. Jr - . .11 -1 I 1
1:
. I iL � � :j)" . ; - I . J." . . , -
.
I : I .... . .. 4.1 '� " - t
lg� . , ,,, 1� Iil IT,
. . .;:, I.11.11.1T,"". - "I'll , , . 1 . - "i
I . 1 I I - T, , , 'i 170.*�� ,� - iI,lZ
I - , ,i,,,, .� , t,11 i . , I I , ,
: , . -l!;;l, ., Q1q I .... I . �. ..., , , - * 1-1 - : , tl� .: ,;. l
. � � I I 1"., I :: - -
11 , �:PI .
I :: ii ii � I � ' 'I'll .',�.: .. ... .. .1 ,:,j ", I I I'll .. .. t,,.,i, i � l i-W! I I!" ."li,',, ;- ; �, I, . .
I , t �
I , !i - "
: � I � 1 :: I ! , � I . ; , ;::1 1 I 7 . I 1;111 I" ,�l-111.,,j� 1-h ,"I."ill ,,,, i i,,','i,,i,l,`,,T.,1�-1 .. �" ...", ..
.. 1 . I I , _";r'-ill", ,�: ,.-. Ill , I r"'Ni - ... . . I . . I � .
;:,� ;, Ij I F'I t�ll .i ,,-;;I, 1 q, j l` �
V . qD , ,, 'n, I t .1I j :l' [ i1 I. . ... ,I,l , ,,III �,:lil�,�Fl! ; .!!T 11 I ',!:�iIm .." , l". 5iZ� :� , .:, .
, . " .. I , �i: ' , , - till , . 'i , - . - - ": -
OWN I . I :L� i , . _ 1 11` " I I , " . . . 'i
', i." , I 1`:!, - - .. ; - I � ; I . h.I!T_ ,� : .1-4".., -
" :"'',
`.jil.!,�,� ''
� I , '' � _ . ,
t , .. . ..� I I . .
..
I . . I .�:., '. " ''.
, " . . I
. I � .. . .
No � . .
" .. .
- I
7 ,i !m � I .
. 1 �� �. .1 . �
I. �� I . . � I
I . I . I �
- ..", , ,:, ti � . I I
. . � , I
... -.% 1 ,4 1 . * .. .
r i, � �1�i,!1111 . � I
1 1 �1: - - ,� - , ii "l , i . ...
�� .1111, �11: .I1I'Tj,;j 1 1, 1 .1 tU,JiI10:: l�;,); ��l I -� � , - �,,, V, _. . .... � ,
.,�;IfI141i"'i
... . M 1, " '!,, " I ; ., "; %,iit�. .. : ,:, '
I
I, . 111,
___ - I T� ; - 1- , _ ,,,, , , , , "'.., i 11.11; l ' � '';, 1 Ilt.". -,-,I. I , , . , ,. . � . .
!a I'llt! ....... .. .. , ;!�;�61 . � . , , ,:,. . .�.,-:,.Il ! .�'.. 1:'i ,. r ,,
� l--,.;.:�i 'I .
� WW�4111 1 1 -1 I low � I' ;-I ... ,4l;)j; .; : l,;;,mI ..... . .. ; . ;; ,
i!:j I , ... . I . ... t ,.,r,, ,� � Iii `I l. ',, ,.,, ii; I I ...... 1.1r. 1.1". 11'1.� - ,` - I �.. ".. ,- ... 11�
. it , ": : . , g"jil"ili�Tl i! l o .. 1INW g , :�Ti�i�� ! I.- , .1
. ��;"i.�I ..5.l,I4;,I�,t4;,i; 'i''I". T. , , "H%lIIlI I 11'.1, j " , :�ii;!
; �; � ,UT, l "I!:. : ,,, I i , . '. ' :,. 1,;:.i,. I ".. P ;, .. � I.goA,ivi.;N . ,
'IC I ' III t 6.0'. l: I' :: !j�t�,lll;,;I:d 1 ", . oilli I
I l!': :: .4 � 'ni, `!:,:i Il -! lti - I'I I. .. .. ... �, ,1 "I I.Il ..... .. , Ii ii , . . I jil 'dil" I ij"I�,jt_ r j l:"'�! 11 I "1 " -� �.:;:,',�,:,: : �!,; �, , l ,
I I � . . .... J . '� li..,!l;i; 1 . '�.I'� ,.I II . ,; , '11. ' ' ...'' � 1. . 1:,.� . , " :-;:;'.',:,i,'!:,l.! -`t iw�l: .i: [.,.. ' li, , I ..." . , . , T _ ,. .I., :,,.;., i ti, * � ;l. ,+;;;�-',;�-
� � ... 1 !!Il:.. 1.1;;:ii!T� "l: :; , j i�:.�� ! � .L�T.'i!!�� !;� �Tii,i!llit:,:�;;.,rl '1!;. . I .;,i ,I. ,Yt iii ,tTl Tl: l I- ,, . ": i,-,,� " . , . � ] ,� "
, I . I I I I I , . C," !: . !::;l�
. I ; . , -1 ,I, .-,Iii � . . � � 1. , " "
I ., � I .
,� I I 1 . . ..
�� . . . I ... . .�
� �. i, - I
� . .. I . .
I , 1 , 1;_ "i'll 1 1,i' . . 1
;. r ., 1. . . r
im :, liii� , '�p I I �
�, � , ,4 .,_ I : . . . . .
.. ,�, . . .
��i:: .. 1. - . ::.. I � I ..
- I .
__T;!i - ;
r
1 b ,:" +
,, III J x I �'I , ''I.-
! n I II I' !II t I 1. d ''
i;t III,II IPY 1I 11 t
.,J4 iF I: l I� 1 1 I n
i'I.ii{I II1K + rt l,h 1 r.{I I 1 1 1 II I
ICI; ,1 III 11, r I:' r
Ilh ii 'IIII �I Il it Y11I I4{, III IIy 1
h 1 1 1 l d l ,,
11 I :I 1 I II �,1 t t ,.!
41 "Irkl d Iltln il,pp'ul iwt .;t IL '� I
NI''F ! llh �A.11: Iiy JI If',I r 11 J t, 1I I '1. 1 I
11, cld II} VIII' I y x ;l r 6 I q T I I ,I y I
t1� 11J .'Ih III FII IIII IJI 1�'III 1111h� r�r �I 1 I + 1 I '' 11 I dl 6k' III f 1 1 , - 11 n u..
I,I":I.IIµt'Iilr'lliixy 111 ,!Ji1 nII� 1111 +Ir FIAnt 111tl d1"" I' I' 11lll I I
1�q��4P� J;;��I �� IIF IIPIII ly'I + fII ,�1 117r d I "•� J?I ;r 41J r �11 +,1 I I ,1 J. { 1 k !I 1 y
�U:.yJ'y1I ly'I'hJe.ylJe Illi 1 " Y Y r r: 11 1' I, 1 '1,1 yil I I a FII
IP'I: �k Ir II I1f I 9 r N 1,17 , 1441 IIII I If I 1 l -�
ylI �6 ifr' i.a F
,� !r'rF�,� i•I�d I l l 11 1 I I tl
h�I�lll'IM Ar�'II K141k'h�l II,�1 III I dk,ttl I' N II 14, v: d T�hj iN. dI' ,II I i +I ' I, I
�I'fmPJI41��trpW�Jl;li1ylI�GkFI����'14F'II� IrrIFIIF I'�an'IJI^Jlipl1lri+ IkY }il ill tt :IJJ �:'1 II IIS i? }
tMu�l�'Id I �ihl�flj i'I7 �hl lll`71 !y1, Id41 IilIi JItIIfF '4MyIYII dllir IN^H�It iulld'� i , + I- III 1 I''-'
'I!r I!, �I 1 I Ian h I'IS I k,,d1.J'I I I u' { r I r 11 !IIII a F I..!-
"Lh t U!h,it,j1f l :dp J II
q I Id�P 1 p �1' W,d^;L'dl�d 11 lr I'rJl till 1 rr PTI Jllr ,.' Y,1 K s P t '1 I II �' 4 I - II t,:
+pp ,ii!)"'l , :-p' »1�E111+Iap i'I,I�.I� I� " Ill p"'+lI I, 9'l l: IAhtIL I I f {IF ' n. I'� ;III ahr' 'Ii lh + IILI j''I '!'I I h I t K' I r ' I J
IICY� 'I IJfl a N hl
Y fr y. I, 1'
• JIb,1A, in 1 Y 'YY�II II II "t IIf"I'7' AI ;iylhpl 7i1p, 1 �'W�A vulu�' I �t.:l l: I.,n I 14r,.1, IIID y 7: I I ..
11 11„ N'I h uv 'NI,
I Ilfrl Ij I7p,IF!I�7'II Iinl ,0 rih'. JJ'! h �11'��Mi:' : (y 1 .,I.Iv:N•i Jdi 7CI i'� YJIII, .0 r ,° O lI it Ili lI ! i : 1' ? �'; rt �'' !._;C �
t141r��iY" I.Iyr�[fp� II 17iJ: IM'r ♦✓ f,4 1I r6 IP I•'I F tlW w. 1 V IIII I
1IIlq tl I,I IJ5.1 L `' l ll ,�I NI� 111t�1,"+Hr',�1. It; 11d 4 +'e ..E!I r1i761'� rIU Il rl J 1 Jr I I,I rl t... ,I
I 'f'ry lfik• ftp. f �I,a. I I I'u1.'IS �I�I I,I'1 PG T-J� I I IIaV ! k I"f M, h h I dl x IkaJ II rl p.l r! '4I I I
q ' IXpF 1 1111"ihNt IIIA@ 1ppI Iili ;,�I' 1 ^ IjII n { !II I i��h F, yh r rlL� t�h' r r .5� � IIII I F'!�' k u1 i !XI i - •K J+ :,I::i' :I ,WI II �I :�.J I ,:
IHY n . ;d G D IiI h I.Jtf IPI 'L Y6 41 JI� I rp y� w 1 1 4 m
I pplj� 1 : K.I:,1.I I�,',1 g: n II �; 4lib - I !,I dli'�b It I�IErI �' fiJ'I III hl'11 ill;Iit�tl +l'y h4'I d'"}Ihl dlilb 7°''"'fu 11';T�I i31'Jy;,a tu'.4.i.w�:J II
d I�I l,�lp �1141h1' I• yg Mild GI I I 1 IliI� I'QP M
�u��� I.h .: �:,�,y I�rI1 III kl I:xr•�i�l P61111'p I�IIh�Aad� 11y'idT ^r I 1
. II, q;{ Y h Sly Il'Ir I ,1 1 1 1 I'
IIi V. I 1, fi I .I I + FG 1111^'' I 1 lh Nli IgILai III 11 I 1{r it ! III-IV, r rr' " ,.t n
1I Eb h u"9r• `p�, p 5',' r r iiJ �. r , `J"� [ 15 ir'- III III Jr I J!Nr t1 G� �q jl. I I t u d' + d 1 1
IF IN 'F! :I° +4'� ���� 111 ! F 1 1 I I ,Ih! I 4yI IiL r it r]:u I h FIi',r' h 1..: I J
,.I 61 IIII IdJ lll�l II „i'KII� h Y I
.I re , - H n,�� J�. '. �I1, 151IIII t �I �'Ir1 �f lNl'114j !q 1, p Ipp Clll w. i II r l I I 'i
5r td, v: Ci,1 1•ys, ,.'�..G!':.Ir',, .:r,fetmd'inn,bh19�Aulllnl�9�1P�gIrl��fII4��,rlln:;r4ll�'°I'.n1G1r! I,:.! uhl:,J:;i .I:'.. ::�'II I 'I
k. Ir?I1�III1 III 11:r�.!I,II II IIy irlrTll I' 11 j lj' 1'1 a;,� ,. -F r _ _ ...
Ilhh''pI` A a lI h111�LIr I,lt,lllldllrL�� ti I �G�''
',41 �II ^!N�10ii! I�F �Wi l"Pl lgl l 1 I t:tl,�• •' _ , }6pX,g-1- r,^!6crw i4[+4iaFid. 1W] Hi w'y'a"""'uL:.� u''""J° �, �w .;�, 1': a, la��:, II 11
:! 111 J IIIIIp NI'rl I ... a. Nw ., :,..
411 �' I .: 1I' r >;°- of F�t G76a2 (I I I, rU' ^
II
... ,tilw,wwr',
II tl
i.Pltd,h•P.1III '•('II.11ypI' ,' , ,, ^ �.r':i IyNI N ; .: ..r, _,,. .:,
u{n.,n1,141 til' •,1. p ., it tln :I. tl; :i.l1 : ^. 41 Inl III`•�p ,'A'Ir' •'! : II.:I'.J ^ .1„ I.,,4::IAn , Y �k,. a I, 1.:,1.:6Au:'
I'1., '4 �. 1 .... �„I„ f 1�1'�y� I.d,li 611 11 ,� 4t P 'I��A,"11, �I. :' Ilii! l;'�b .__.. .... _......-_ 1 In :.,171 „' 1:1.,11 �' ,... ,.,: : I II:
p '' t dl .r 'f 4i� ,„ ! (J �'11dM'�F1 P'kpW14; a 1�'! l; I,In .,�1 :;'!! I..
a Ir ;r41 Idplq N.,I II hh11 I1 ' :;�' 15� "I. I[{ :y �Cli4fr.L`4.Ir�o r,r �'k '� �pG. �l� wmtir Rvb9at4� "
'i .1 1 lu ,.I 11J'�I1 IP!rrI� .11i'Fr� pyll!I �1„u. dh�l: k,: �jj,* 4N IM'f'”^lop h"r "4'I: F :q4, kY 041, Ip MM:R'47 , , lIj ,'' ,.r�
Il:r ° �' h IdII;I;"l 74pLIINp, ,r,!,I:k,N '11y� .r 1 Iu 47 Jpl IhgI wry ,y rr hlr.M 1 rwmn "I Its;.,' n .I: „`I .
d '� yyI I !n �. 1nY, Iql ��� Irr -I. I. IH ..r wJl lh` YI'N' 1r. 11:11 �p4
11 I":.';1. .:. :'.' 4 ,.- 11 F 'I ::' II Itil''. r:li:Pld�llitu .ih:xnl,,. �1�jpy I1 (, .,P ri ...-,-_
N 1 '?9','1 + i j
..I. .�- ILII JI:.'l,.l iitf �� �y, I,I .,�p1 ;1" 1 ,b5: ._. .' II I JI 'I I r II 1,i1 1.,,r f'ti ''i 1411
E I I d
:, , n r ' . d': ,: �'�G I
.r. "d�' ro,r MIN. A.:, .:yIIMR iq k� Ili i'I,,, PIl II , '' �. _... P tt III �.,: II III .:I ut„ �..° _
.'. ..:..Ilr...�nu: .1 lr: 11 Illn I t41n.hPl' 1'll r'T' '+R, i J ".. I1. 1 IIII II 41 ;
b ll..;:.,
�, �r�-, _.... «,"'�y m,.� M"7i II?I,K it�iINYN .Ire' aIII' Ti u,.. r. II 110;11 {+"q5n u',:1 1 ii IJ 111 ^, I'.1'!K\ . '
'.. r 4 r �i,i''P�u , :. Fp Ii 1 A "JP''1yxlj , ,l t`,"tl 4 .'N '� I'IPJIha,An,l'y: ! r 1., : re.
....„ u f r I 1,1111.: „Il .
, , • "ry psb X114 UN w � 4 JII n 4 M .t c FP fi �^�m i i yr rx"w1, 8 I' rr d.t b " r
i
g - •,I
m,"m.,,r,,.. '71u i u':,:I',,!... ::.o,;.: :':.'. I. i. 1 .4::. ':.a 1 1w1::p•4�.If 4"�;.:1 r::ll+;ifll'9P'1 ..i;^!t'!rl "r,. w. :-:r:.
o r ..I .. rT1 ._ ., :. s .. I; I. 1.11.Ii,N.. I .: „ 9'4, .m5M c,Jk. II 11"'li, 1 'I
„ , N Il;i P' r :r i 1. i, .,. :"... , : , ...1.. i.. l 'I :�,::: 1. ..!� 1 :'I ', v :1... .: t l ",1 :. ,"I :- .,h!:....iI �:. Ilm ,k . '1 .'.J rl"""r:j II r
PN���I 1 u, p 1Nud N ,u I 1,..; A 1, :! r,, .,I, 1. 1. c„n'
r, J1� : �r„ ..,, ,..1 ,:II 1111: N I., ,11.11x1) �1 ,: 1. ', .:.. , :.:I -..., :.:'.-.::, :..11 I ,,,,r;,,. I '., ,! K"". �1
n h, a 11r 1.:.I �rll Jh.t'::11, 1,:, 1i,.1 d ,1,1: ..
��.. ' ,b.I..iN ., �tl ,I :! I. ;.I1. 1111 :t. 1, ,::�.� 1:.:.1' I.� :'; :1:: .. .,,: ... ,. I'll:.:':a .-
J.1.yr1��'1:.,,.,,t. rlri!lt rl 'll''h., !.�'I' ,. :.'.: .I :. ....,,.. n„ , .:., :. „',::. •':;:,. �,.� Ir 1 III -
!,,! 1 III I. .11.1,.: ! 11::.r t"' - }I�
-.n 1 lw IYW r�: �I I L 1 II !'1 II, I Ii"1 ,;, I J.. ''' I
"�I , .•. :'', J1 1t;1 '! i �,1 I I ,;I 1 i:,l 11, 115 11:.°I 4J .:w.d :1.Iu,:Mw,IN1:L"r11h11'JIf4111 1! 1:L a ,_, r '"
Ih Illi
,u✓J I, ,. III '1..; .:., '_� I:1!II "111'1x. 1 r 1 ..r ",,, 1.. " 'AP _r
.. : :Tr;,o lu 1,. :h:ll I, x 1
�ll
:.' � :. (. r:;" II .. I J 1 :::, I , II r P' r tll 1'L,F' IIII N 4
:I.. ::.. ...Ir ,'...,. :,':'-: :'::.; I '_:i:. I 1 u, .' ,I�I 1u,'u,l,'F I. I lli'r': I,IS;ti NII 111 uh�.'6 jMILukI!IN �! f» I 1 'iN R 114 1 ,'I W, l4 lu d I
...:..... I ,: I.,nl '.
:.:. A 4 !I 1 11 11' 1 d l „ 14. IIf „ m FI In 144 x 114 1G 1 ,i �d n I u
1',."111 i1 X1111. 111111h J,�rT. II JII' ..
- ..
I.
:: I III r� 14 I,, I.iih' I IIli4 �I;It r1 i r n"I'
r.'.. .::.' r "I :, r ,,. .I. .I I ,:*r.'It 1.1 IvIF11! JI 'il l u1d;: IIII, ' !::11'1' I.o ., I :.t::� 1 11 -. I : I .1. : ..
.., :.1c..:1 &,:�,' ::amu,, r {1',;1. !�t" rt'iln::rl JYlllr'l l'1:: 111,11911�1Nx .!u.1 '1�r I' I :I ,
I* IY „r,w1 Ir1:.. y ;,,y "" I,1 A I* P^wl,::, I�, 'ed" - f�!!'!. 1 '""9+` a"fIY'!>.' . , .. I.: I, . „I, ..
r 'C' }J.. „Wl "M.T'L M'r':^' !•TP""^'':'t'u+I �r� vi:IIA,N ,• 1A�r :F''� : : ::: Ili "� I' !1.
I n!Lr I I'M. Iw It' 1 -ii 1 1 1 I , Ji 11f:'.'I
�� ','.. ., ..«, -1:✓'4 I . ,6a ' ". II I, I 'i �. ,..I':' ,>:.: .:"� r; "-I.,. Pop.l..'. ',
�_p_c d 1 I J ,,I i. r,h r_
dW' SiN, . "I"1i'I!�N.MII + „"�C 1�i, h',ui�✓'' 1 �, J I a Il x111 I' 1
w!� "L x, I F A u:' I II,uI I.'.rlr 11
PI' m „4JF"'M F '" ,,..,��'�'y�„d' 1 nl IIII 1:1 ',, I I. 1 I rII l J : j I JI » '' I I �F Il _ _
,L"t,,.,, I.I `� I::.'P 1 I 11':11 IM Ip7 I',:. ICI IF11''y JI
JNk,p. uF, ..,,,"J.dl �I'I :; I 1 11 FI1 J -,lain Idl I I:,.:,yr I, t' „.1411 y 1 i I : NE �,'ll M „ Ir, l �,� 11,,, IINi.:';, r l N.::: ,.r I, ;' .
yl P ,JI yll J 1 U u I
n ,1 HN,I 1 1'il e.v n,611�.. 1u I::.,"k dlu , k. N� rl µ lfr 'K t 1,t n', '.I.:.: n `N N 1 , ':, 1 l n:' 1 1 ;.i�' " .
.. i' : , l P':. 11 :I , ' I' 'l;: .6.!j:yll II 11'!'II1f r i y1,! 11 11.r 1:..II.gp1 h I... n�,,r f FI li:. n I :'I ::Ia l 1 .I
,. n „ r'.. 1,Ir^,.,. I:,rl„ .I ' ,''. ,:: + „i:; 1 F 4 :'I1 11
..,. ,, : :, ,.,I , 1:1 '' !. I ''',1", r 1 II .I. .:� b 11''1 h :. I.r �i It I,..:
Wtl I 1I ".ii. 11t; ,, 1 :ul i "' 'L., r..,, I ,I1'1..1 ., .I. l :JN.r' 1 1..1 I'. y r. I^.:' rIl II 'I 'i:: h Jl, r J �I
II : h 1' I.. ,. I .I.:.. 1' •,,1E I 411 . I 1 . r .y , 1';11 I t Ii - G 1
r F,I ,y : 1:1 .., :: -1:r, %' I „I 1 i, I..y�I. I 1 61 I': "1 :-I''' - r I
�flldyd'p!,.;., :1:,. / .r... Y I,, t,. .1;u ";:; '';rl'., b ! :.a �.•I:I! 1qJ 1 1.'!{ w :!'1 11. 1
i 1111 1:.:_:. ,; ,,,,..; 1 1 ,.,':., I. .I•r ':, :: 1 I., i:r. J,. r1. C ..,,: ,1 ... 1 . J�„ 41 ri:.: I II,
:.,. i.,,.l_141f_.. .1 :..,, Ir,, 1 „i.,,1.•.. I ,11•„,1,. .h. t., 1. 't -,I ,.., r,;, 1.. w. n
.., ,: ., is '.1r I ,. ".,. J.N ,.: r. YI .1 .n, ,.. ,I Y IIIA ':'1'L I "I
1.' , , .. .., ., . . ,I. N. ... - ,., ,, .' I'.' �. ,, ,I. ... ,.,N ..: ,,. ,.: 1 'liF'i1'! �' 1'i.�1:. q Y. ,, !'rl
,.. :,,� I.,:. I',1 „ .,,. '.:.' I ::'.11 r .::,�1 J. , :',1r� n. XI� :r?I,i a ':y 1 ,1. II I
,.
dki y a I ,i
...,. ..: .. ,:. '. n ,. ,. ,. ,, ., ,. :, .. ,.. , .,,: L. , 1 :: Li III. r' i'4 I I r I 1:
, ... .. ",. 1 1 -'1,. �_::. ':” :I 1. amlu.l n.; '�.K� 1I 1 ,'.'Iii I ,'', ,.
I I r7, I 1 a I' r
„_; ,.:, n.. '[!I n .aii1 P :.I. ,_ I, 4 '.16 w i :y I ^(' 1 r' ''1I
,... - ,:. :.,:r 1, ,i„„ I :1. '•.. 1.. ,I "I',I. k. ,:1 IIIA., In �:'„1, .,, �, '�' 7
: ',:. ,... ,, .' .....::., .I. ,1.. 1 .' I :1 .7..41” "1 d . t''" ..I. .
..:':: :, :, �. ., :.. ,.,.: 1.., ',. I. �,,, .I..,,. I�I :jl,'.,. II ,1 �,I 11 '.'+ 1 :I ...,..I .N „I.
,
I,. ,:r'..I.:.....n,.., :1 �.I.:I I,,..., I..,ni:ylt'l 1?fl C;F4''.Gf!'i11,1;41L I ,,i.: :I; 1„li:�f;,. 1
..: ,: : :,.. : ,,,,1., C i 'Il 1. 9 I .JI! .I r 1',:,f^; I I !' ,�'” 1
..• �',�Ir p k J I l
.,,
r:I! I ti
, �I
i..�' ,. 11 q ,.111,. JJ I r
.: .. :: ,: ,. ,::': . ,. ... „ x n I, :.1. .I .,I Nw:,'; IM 11 1 E l ...n'i11. .L'i n.",1 III' III,'i , L': 1.,.
:. : ., ..: :I., i.,. I:. ,N�n.'1.,, r,....., ,., n, II III :, F "'''Ii'I.
. - ;. .. .. . I ..., ,: ,I.'I 1'.i„ ,,:.,141' ",,:r, lh II:. : J 1'11,! ,.11,1..,. 1 . .I.., •P r .. J::: Y I', 'Ayr ,.III I I:' '.
., .. :,,,. I ...... 1 I I,,,,,, ,;,,.,,' �I IIII t' .I. e, ,",.
.. ,- . '. ..:. I .,a. I.A 4 r,l ,;! , ,.:I �IIr „r..
-.. ,. ...,.. .:. ,F .. ,. 1 ..1, ., I. I.I ,.... ,,L -1111 1 1;,171 I'.,; ,: lye . 'h:''''1 I t•l' 4, 'Ir r '.:, I,li,;.
,:: :. ,.,.1,: a :,...d.:N. 11n„.d 1. IJ:,1, ,I ,.,-, h1. 1..,!I„ n rI,III I u ,. �. I. ,,.�
I.....I 1. ,, ,�„ 1 .I', 111.1, 56111 111” ! r. ,.
I: :Irl 1 I... , .,,.I t1 d4 ':''; j11. ILI,"!I;1, p. ,. r
: 1. .: , 'I:. ',1,. II 1;I.i' 1..'„ rA I' '''' .I., :Ila
.:,, I '
:.. .. , I �:: •:" A.. .. I : ,�. I I,f p: ., II. :d1.. I I. i4 i', �a l y :'I�r1 I' 1
',. :.I -, ,.. ., i... t ,.,.. IJ..�,, II:,1 .: N :,. _1 , j. h I.
' :1.:. :, !r .�. II. I. .::F 1,1 :. ,.I, :II,. , '•II:, .,,il 1. I, 'l 11
.. .:.. .. .. ... I,....,: I ,'.L. rl"1I 1J: ,.�: ,. �. .:,y I.' F,. ,.. I IN. :r,ll ".l ,Il rl
. �: .:.: . .._ ., 1,..r. P.... 'i ,I,' ,. .J ,.. - I II,. i .I.I ,Iv lr_I.. a .t If. I 'P .1 I. I•.
:�, , :. .. ,. I , �..:. I .,., ', ., I' .., I r,. ,. r., ,,. II :I,1 1, + II l , ,.... I� II ,... 1 III Y Jl.,�{1II i�d IA I I, ,Ju k I, r',,, I •� 1 -I. ,
;1 .6... ,..1.,., ,..1 „-: .,::',1„r�„ t:''d,, ulm J1.. ,,.1 , I..I ;fi 1,.1 I 1 I,�
:,,. :. .. .., ,: 1�.,r1. r ,I :.I .,,. I.I ,!I. ,.. Ii .I ,, .,.I .:1 r. .1.. -1. ,
... I.. : .. „ .,I. ,.,N. ti,.. ,I 1..„ ,,,1ICrr., 4 II, 1 rl �..,II"!P: N1J' r,. „y-1. :u I
.. t, .. :I.. , , J„ : ! I i -I ,. , ,I b: ..,. I I. .,.I. .. d 41 d 1 ,1 , ,,, - 1 ,: I . 1 ! .:
.... ,I,., ::u„. I..', ,.I , ..,,.: ,,,; q.. e.. 1....,1 „, n:N. 111 .. 11i„ „I!', II a. :,d,, IN. �: ,,llld v
.I I.,. ', I ,.r -.... "', ,41.1. . ., df .. k . Cn t { h, 1, 1::ry„ 1.4 : PN "I1K 1Y 1 'h 1 „ I
. ,. } l •,.. , .. :. ., ... 1.., ,d1r I�,. kd P „II N ! .,,I.. c.l y 1
., : .. s.. I "t. .I ,. , l u.. , .h . '' Q .,, ,1,14 I d, ':.iA : 11 hi.�n 'x
'll .,, . 1 .ISI; : I .1 n. Jr..,
'- � ..,:, :..,. .,:: :.,, .:I .. .11::1:, ,., ,, ,. I. :, ., ,, . .. LLr .l. �, . 1. I ,I�: ki: ,•'A �: :.�. .J. I :I.: �,L 1 �.. -��, .. -
. :..: .I-...J,I .1 I1.' ':N. ,�,. I. y , 1�,�. Iti. ,.,1 ., 1,.,1, 11 ,v h.,.l r. ,,,'Iil ..I:,�. .?n,� ,! 1.
.. :.i. ,I „ .._.., 1, : 1ro1., u. 1...�,.,.i 1"',,!: r'� t,.l.I.. �..:I IJ,i,I, I N rI 1 ,I �J i La11f�. � N Id°,. , 1.,. ... 1
,. .. -.,...,.I. .I ,.,. ... ... .., ,, .,.., ..I,.�,:. I...I. ��;,�. I, 1.J� I, .1..,1,1 d,ll F...,� 4 x ,, a.. •4 .4,.,
.: .. .. :,.. ,...I .,...... , I.I. .. II ., .I., ,, ,.. .. .,.1111 .. I,I. I1.. 11 1,1; ,1 �I, ..,N. K+'p. 1.' I ly 'I''"w'E1..IIJ1"M''�r 1
,.. :., I., ., .:.... ,.,..I:I.. ,. ,. ,,.:. :,.... 4,. 1,..,....,. ? ., ,I.. I,,..IJ1 4�., 1..'n,, 1,,:,, u' .1„ ':!:.II".. 1 I: I
.. -::.. - I, :,:..l...r I,."..I..,.. 1,.. 1 . 1.: ...,.. ,Inti,: I.r ",,,.11,1 ', I kn,I�, 1.111 Yyl* rA r y. is 1 .
„'Iul ;,r,J,"11 1 16 . 1 �. t ��r u... I.,G
,:I,.t .,,: ,:.. n.., , n'. I i ,11.,111 ,� o r; h'' IF.. rJ!.J 4 1 P� I„ . n., Ix d �1 14 l Ido I r 1 t I.'
,.. :.,.. ,:,..', II+::1•.,,.,1 1 �'r...:: ,.I I..: :,I :II I..::. 1. III:; !!!:iy: I, IF'.dl ,�.,,. rl, I1N�,. ,. III;I:i11MN, I.:ny 1 �.' 1 .' �'. ,I !I �l Nvi :I�I. :li' k 1
-. _ II :. I. G ,:..,,,I nl r.,.rl x.,,1,!1."111 K, 1 J!� h 1,, .1,,II !'H l'I•I{N� W nll:,�. , I!I i;r:'.'
I
� . ; , , I - *rl: I l.. 1:, '1_ _"",,;�','.:,�.�!.,,
1 1 1., ll:
1x
4 y1
I: r �
w
t. up iJfi',x 6 r1 �',, ,4a 1 a!
1 r II I' E'IJtul!r ,�J III I
r{ k
41J `, HI 7 1 µJr ry,njl tf171.'J I rr,
N � t I a ❑ Y el r 11 r 1 11 d, I
11 } �4 r 11` I h.
it I I ' u J 11131 FJ r w,1�I91 ni �4I II .
1 1': I t "_. i'uI �Aj J! °,' yp:f ,"a ,j„J , f Iq,E�rr."r;l -i�
.1 d y, I1 1 bd40.li -I III i',d n,pK nrill 'yryf�y?tJ.
''•I -•.•i ' I.; P'114411Mh 'I`fi r rI 1n IIaHI� ��pfr^1P. .SIF hFa 11 r`,1,/•'�l'i'.
'rr Irt 't lr p'1 1i7 l �1.'+i,�lI ? !J'S 1J,t'y✓tr.TR. wljlg�,rcd6
+ qll
4, ' r b41 , . �' I''1 Ip AJt prI Mli 1MIh1i :hr I, k�il .� 1 dP,I, : ' �r"A(1 LL4'� u
tt 1 FN 1 Iq t ti ^t N N 1 fp�,�,P71. I uhF x' i �L d
iie
I1 } 4 k{' 1 oeitJ I1 t11i. I � �i i l i '�, r1F11” '� 1 ��k �`iyj�3 I
rrlul iFi,''�� U�llij��Iwa� lr 3 �I i 10
M4yHa"� til
'Ji III r G*y 1 �t 41Jh''4 ilryl'M1j1 T� F{� �MfF�?F �,`^"7I
I. AI 1 I ,iCln 14� 1'IE 11 "t 'P{, 10 V ,i /„'� .�;,A. `C fy �f.,t. ll4
:,y 51 1 i I ` h IMI!�kdI III,'II�� "�y1r ih j�, J� I''�4�.IIw�I y X�'. 'b n�-" I b i 1fl:Nq,,
1 -,i 11 J r'. 1 N �; w q u y '4r� 9i����I t �r�p ±j',' y b�,'�
N P1,' 4 , I 0: ,,"i4" IA udG'I, IkuIL�4t ,I, r? �FPAJI" r'@ r"".4 ufl, x41.1, ,dau,!'i'li
I1 I 1 N II..�I Ix J. q yrfl !I,IxI, In1•y '�'.q^y,µIi i 'r j d ^h, ���,�,
*111 M j .k#' "`ald Jd lmt`,�11 hrinCw �4C7N'ilr; ��i''dF"
,t �l bJJ, I wpb; r h is k if e'
n a,A
Ih aJ T NI t 'h 'q Al Jfr 'j4q'"Y r� 4 LL�P� S"' �ti"LrY ^� ,i S�.,r1�'� ,�A,d,�1r'��N
!I JI 1 trrm+f4 '� N'4'M xl h h4U� '�{T!N r" r�, Ir's,1'F'""�
Rx : S i J �! '''T. Ip"t .,! � I� 1,
J;
irGr I tJ4"I , I r 'C �d�q °I I Oil �v"y p �'rl d�� r9�,
,� : " I ,h'.I d KI 'V. 61„If d' I'`! :�•r NN ..r'I' {� ` t Id.�d � ���-�h'
!. q l” d 4. •Ma iid11R„„raµty,'�rg"q!r "Y� A- r.J 1
dl It�'7 41 f' ! rS rf 3 q t r Y1r�” "yj� lq [1.Qa .14 Kr �
ti, IA tr �,ry s,q.r J " Lw 4? Pw •��°11�9 L Of , tI r aGi
x e E "��rl� P��7 r
d ik h ay^A' ti I rl e, t �l'Y.lny J''�•,.+iPu1'Y'.,,, R'', .7N : •�1,.
�i' r 6 s r u� In."°"d uN LP�3
4
1,
Ili'
'j4� r
r 1
, I '�
l
1 nll , y III ,
in
P, tFxl�w{' N�j j l I II %1.,Gl1r�i�`yy k I r II
IIIdl��ldt1lµ' c�'�r6n H"Gj�`
nu 'FII ' I rq'i1P a" •I I ° ”
r,.
�m 101,11 - � I I
X'i I; cE,S "PJ�,'� I d I.rI ..
�, d 1 I I
rP I, I , J.1� 1ai2i� IM JJi
III I
j.2J•TknNa�W'I'1' li yrI L pu I ' 1 t �I: ,•1' ,1.
'. r Y ,I� !1�� r��'�;,, ''' Ww 1 m.1 I�f„ III II,',1, 4. I B
irEM'.r41Plrtiw.'el'di P,��, 'Ns ". II!IgIxN ..i''lyl ..yaN4dM61 , Y' .. ,
�+ A`. n ` ; "la I jp.y '[:!”, .m ° " �, ■., -
aS rm' w ,: • . •
�r
A 'N p v
" 1',F'. NYi�'-ak .. ,`' ^' ., .1 ,I.^9`r;d NQ ' 'wj4p0
fN 4i0 .,` ' :.,Pr Nr1 y' r .
d-. IF,, au ,",: NG",allllr a„III ,.n: ^ 'NF '�'� I`"war1` „
I' ��-III���
n 4y -` 4 J4''. - q A • �I I� . M '�,,y, .IJNN...n�
A a�
.. ",rill ) + ,; �: ul'.�r'�1 'I .B F,Gp�fl:'
't,1 r: wy
n' 1a r j'I,
a. '1F '��, .r5 'QF 'N, �au,'.'
I'x, '�, lo.41,; ,M rl , "'f'p ,x5 1,1, '.T 'l •'1. ,� laF, 4JIl„`..4N:,
1,� rry �«, lJ
' T'gb�v4 "�'M yl F
1-1-1 L u mAl'IP'I ^I �' + :' •� ` p
k1 IA 1
,
''p'
r
N r', ,ur pr P ,,I
Ift '4
t�'�''iY 9. !kN'Ik
i.4!+ 1
.. •! rlK�r ,r� J'f 'y
�yy
Mgr . y
I.IJ,!�:'.1i"',J'II
�
4 h+',�
r :a.
.uWy ' d -.
d r� U�qw
FI.
j� 1
•nl 'FI Jpll ,µ ,'...r . :¢N T >?I •
�1
ru
:'r^ I , K'.. 1w.i It
�. �,a;r
1 t N sf7' .drp-
,n ;
�,"_
�. ,_ 'Ar'. :, , ,. ,,
T.
\y aB ib ..nur+�' ..'. .�.w+•.eY`� -VS.
1--4.li ryzo-K ..."'"' �- I .' , 17, ,'...,
1yp,� *r����
'.^.m,-, '':.T;�l''''� J ,,.7 4Itliv. ,pp� -t 'MA ,,.n„y�.,
,._ F .. .,, .. '"+r., ',
... !'
_�� I: t, I II 11..x. ”, .,,•
.J,M^ JF"-
y' d.,
� " ;'Sa171,', ...,1n 1iT 1 „ j:r"^1'piGlw'I.I'7T.':'°.pi"ay Nµ?ii5�1N .. ,.. _
I.
«,_.... 'w"'Wi'W4 'W'' '� ,'IL 11614 yll II �II'i LI � u1.'Y a,II `n. � M'wyW'YI1 ^wN,,•�, y. ..�"'.'.'
,: I �' 1 k'.,I Irl WIM, d I I I�,I IM ✓Jdlr '
., ... �'1 F'"'
ok-'-`r.� .- -.'M „--"_'; «...
.,v � N,,... �T ••-
"" ~-_,--e .,.,. E'a."r N �.
.. -
..- yr".I q„p'R'Wy` �W.�,,. AM' �»i^
u. ...
,,.... _..n.�
pqt.
J,w1 m 1 d t1 ta4clr---" ,", !f!'°RW :L HwWyl:;w' ` I " ,;,rT -....
I :.y .i1,
.. R i t
1 Y 'p 1ay �.tl1 w1Y, " .."1W1�w1 • ^.m ^�
.:111.r4tL m,j,
r 1 y I -: iIl III II '. I: is y 1 ' J „^n,l J "'
IIIIrl h Ill;k'I +I III I II I•i 11A'll Ir I.11= ,ly r
.,.,; :,lit ....,
,�' 1 14 h
.,."+ y "I' "i'w 4 ':I:L{IdlJdu. 1 II I'n I
,_ �,..,.--y,�,.n 41.x...4 k. "r,N l
..
h
.. III
j ,�'•Pi
t ,N T om y
I 11
n Lti^ N1
'rvM 'r,
�N�I� IE,n .-...0
r
� ,.. n q
IF- ',I ."A4nItl 1 I, ... ,.rr ,rakriyygq, ,..' Y,",N: i....
! 'a"I,,,,1,.'nMr„p�19•'. oy.,..,
1 :1,1 I: ,........
,y„1'
1*1
'
hh l II c
y1l,l'}�.,y.,:.,+✓'°'w„e"r
N
rti'
IL
.. .
*...4
1 I •,-'"'r°' .^
4,::i S'1 P "''Jl� �"'y*x M .,1 '• , . -, .. - . •� �i .q},
�T J 1 w ,.,�I�F , •y. : ".: d'TY �r'�Typ"yyr" _ .r^,.
'O,1 yP1yw dl pL^ ' , , I�"._ " ^�a " i P'4"",,,+. %�'� N �1
'may 'p^I I�d°!h�In IWM,M `e•�s .,"'I �111,"'n,"
.,n:l.... 111 IIi J', NJ E'� ..''4 I rIM IJ :�_I_^,',�'y�'J W "!.. r,,�Iy n.' , -'tl '" ., ' ,.,�•_,.�"� ^/ 4.w i"-,-�Y _-,
r '
� �F+�„y,l �::
:.'.ur'"M��"..+"
It to """'',��
"A'i,':., .
,
.
Jr
- �I' ^'M 11'P 'Y'-WUI'r'N.'°�'`' r. (. Y �p�
14 Jy� �- 5 '*11
"y+T :P.<.'" v'.�,,�y. t y ! "'", 1 •'
I» 4• �,
d:�" rs`NN"r r I ✓
. II l e 1r 41 ''L p„r , MN„n,N• ,T,Iw,1'yMd,li M ..P.jLil�'I .. , Wul M _'u I� 'Nryw"�,l �,y +"'i •Iy,Nlr,d, i u "!':
Y'7 1.,dCr,.l,'� .
r t �c r W^Myd y C1 y„ t
NY'r•+elY n MI I Y ,,�,p •' """
dr. ,..
t ,,,� �r wir}�fBNiJ6!l„nt•-li , :ii ,r"•�Jp' 6xw!:r M1 �y,''"'.1. p ,,,1 ,�.p.,i:1 ' ,.Il � * ^JwM " ••..ft'p" lr'Tw.,r' � "_'w,"�+i" •^' ..
.. :kPdR-iI'uWW'1,-04d114) V� n��KK''ritit,l4,Wx.N�' w,", �1"':'N ",' MI 'u , .:1 �.�4�%"-
'^ P'Nµ`'pI W., v,kA'I"`1R". .4C tJ '� « r ,, 1
,Nud TI+r'P 'PtII f I .. 7 r tI..,,,,,yNr,I, . „ t ,y, ..
N . ,1,,, .'u.aF:.,
k.. d. nM r., 1 •+aldgplr{�r 4 r .k�M . '..,.,�, - t e,.'I.1F -y 2 _ d. .+w.1.1u,.r'� .yip,
.'..: I.IIII,!FtJ )Sly! y1,S'„ I. .,, 'r'".{ .., ., T' il' r1dIN .Ir.. ... 4 *'L;�14 1 '('..Y ���W^'ryy,." .
Own _ 11 r _ . 1 1 'd'1,.' ..Nr,3P"�`Aw.:i ' '� nye, h wI.
1 w,1 '-- 111..,»If,d' _ - ..�,` - MW%r. 1 r ,eprG;'�'R,. - .
City of Maplewood, Minnesota
Maplewood Mall - Hajicek Property
The Hajicek Property consists of approximately 80 vacant acres
located adjacent to Maplewood Mall. The property has been viewed
as a catalyst to helping intensify commercial uses within the area.
The property has recently been purchased by developers. The buyer
has already indicated they will likely be requesting some form of City
assistance to facilitate the development. Housing will be the primary
use of the land.
Below is a matrix of tools which could be used to facilitate
development:
2 SPRINGSTED Page 13
Page No.
Community Development Block Grants
Contamination Cleanup and Investigation Grant Program
Economic Development Authority/Housing Redevelopment Authority
X
21
Economic Development Fund
X
25
Eminent Domain
Livable Communities Grant
X
27
Minnesota Investment Fund
Municipal State Aid Street Fund
X
31
Redevelopment Grant
Revolving Loan Fund/Interest Buy Down Programs
X
33
Special Assessment
X
35
Special Service District
Tax Abatement
X
40
Tax -Exempt Financing
X
42
TIF — Redevelopment District
TIF — Renewal and Renovation District
TIF — Housing District
TIF — Economic Development District
Transportation Equity Act for the 21 St Century
X
50
[User Fees
X
52
2 SPRINGSTED Page 13
� SPRINGSTED Page 14
City of Maplewood, Minnesota
Housing Replacement Program
Although not a "study area" in the form of defined physical
boundaries, the program's continuation is dependent upon its ability
to remain capitalized. Through the process of redevelopment and
development in the other three "focus areas", funding sources for the .
housing replacement program may be created. The tools listed below
can be used either directly to accomplish the goals of housing
replacement, or indirectly as a potential funding source.
The City of Maplewood established the housing replacement program
to improve the condition of single family residential housing stock on
scattered sites. Through the program, the City pays for dilapidated
houses at fair market value from willing sellers. The structures are
removed from the property and the site is graded. The City is able to
resell the lots at a lower price. The program initially used surplus tax
increment proceeds from Districts 1-4, 1-5, and 1-6. This amounted
to approximately $687,000.
With the purchase price of the homes at a much higher value than the
sale of the lot, the fund balance has. rapidly depleted. A steady
funding source is needed to allow this program to continue. Several
of the tools listed below could be used as a source of revenue for this
programa
On the next page is a matrix of tools that could be used either to
capitalize the program, or provide mechanisms to achieve the goals
of the program:
k'A SPRINGSTED Page 15
City of Maplewood, Minnesota
N'SPRINGSTED Page 16
Page Na
Community Development Block Grants
X
18
Contamination Cleanup and Investigation Grant Program
EDA/HRA Levy (source of program funding)
X
21
Economic Development Fund (Source of program funding)
X
25
Eminent Domain
X
26
Livable Communities Grant
X
27
Minnesota Investment Fund
Municipal State Aid Street Fund
Redevelopment Grant
X
32
Revolving Loan Fund Source of program funding)
Special Assessment
X
35
Special- Service District
Tax Abatement (Source of program funding)
X
40
Tax -Exempt Financing
X
42
.TIF —Redevelopment District
X
46
TIF -Renewal and Renovation District
TIF —Housing District
X
48
TIF —Economic Development District
Transportation Equity Act for the 21S` Century
User Fees
X
52
N'SPRINGSTED Page 16
City of Maplewood, Minnesota
Economic Development Tools
What follows is the educational component of this study with a
definition and description of economic development tools.
Some of these tools require a source of capitalization in order to be
effective, such as
♦ Economic Development Fund
♦ Revolving Loan Fund/Interest Buy Down Program
Other tools can provide the source of capitalization for these
programs. Examples of these include:-
♦ Tax Abatement
♦ Tax -Exempt 'Financing
♦ Tax Increment Financing
♦ Special Assessments
♦ User Fees
♦ Minnesota Investment Fund
NA SPRINGSTED Pale 17
City of Maplewood, Minnesota
1. Community Development Block Grants
Congress authorized the Community Development Block Grant
(CDBG) Program in 1974. The purpose is to provide decent
affordable housing, a suitable living environment, and expanded
economic opportunities to low and moderate income persons.
The U.S. Department of Housing .and Urban Development
(HUD) administers the program.
CDBG funds are distributed to metropolitan entitlement cities
(50,000+ pop.), urban entitlement counties (200,000+ pop.), and
states. The Entitlement Program receives 70% of total CDBG
appropriations. The state allocation is known as the "Small
Cities. prog ram.
The expenditure of CDBG funds must meet at least one of the
following three national objectives:
1) benefit low and moderate income persons,
2) aid in the prevention or elimination of slums or blight, and
3) meet an urgent community development need.
A minimum of 70% of CDBG funding must principally benefit low
and moderate -income persons, and a maximum of 15% of
funding may go to public service activities (e.g., childcare,- job
training, or substance abuse).
Maplewood CDBG Activities 1996-2001
1996 No funding for city -sponsored projects
.
.......................................
RamseyCount Nursing Home Thera Tubs 29000
............................... .................................. Y.................................... g..................................................................... Therapy
Ramsey County Nursing Home 69,000
............................... ................................................................................................................................................................................................................................................................. .................................................
:
1997 No funding for city -sponsored projects
1998No funding for city -sponsored projects
.
......................................... :................................................................................................................................................................................................................................................:........................................................
1999No funding for city -sponsored projects
.................................... :................................................................................................................................................................................................................................................... :........................................................
Van for ISD #622 :40,000
..................................... :................................................................................................................................................................................................................................................... :..............................................
..........
Family Service Center Devel. Resource Ctr. 651000
2000No funding for city -sponsored projects
........................................ ................................................................................ ...............................................................................................................................................................
.:.......................................................:
2001 No funding for city -sponsored projects
..................................................................................................................................................................................................................................................................................................................................................
Total2037000
...................................................................................................................................................................................................................................................................................:........................................................
Housing Rehabilitation and Weatherization Activities
Since the inception of the owner -occupied home improvement
programs in the mid -eighties, 159 Maplewood homeowners
have participated in Ramsey County rehabilitation projects:
■ 69 Emergency and weatherization improvement projects
■ 80 General rehabilitation and code compliance projects
� SPRINGSTED Page 18
City of Maplewood, Minnesota
2, Contamination Cleanup and Investigation
Grant Program
The Department of Trade and Economic Development (DYED)
can award grants toward contamination investigations and the
development of a Response Action Plan (RAP) or for the
cleanup of contamination on sites which will be redeveloped.
The contamination investigation grants will allow smaller
communities to access sites believed to be contaminated but
which are typically not addressed due to limited financial
resources. The Contamination Cleanup grants address the
growing need for uncontaminated, developable land. Jn both
cases, grants are awarded to those sites where there is serious,
imminent private or public redevelopment potential.
Eligible applicants include cities, port authorities, housing and
redevelopment authorities, economic development authorities,
or counties. Cleanup Grant applicants must have a Minnesota
Pollution Control Agency (MPCA) approved RAP and a pre -
cleanup land appraisal vs. cleanup cost criteria. Both
applications require a 25% local match, participation in the
Metropolitan Council's Local Housing Incentives Programs, for
Twin Cities Metro area applicants, and the expectation that the
site will be redeveloped.
Both publicly and privately owned sites qualify for this program.
Investigation and RAP Development Grants pay for part of the
cost of performing a contaminant investigation and development
of a RAP for the site. Contamination Cleanup Grants can pay
for part of the cost of cleaning up contaminants under M.S.
1156.02 or petroleum that is not eligible for the Minnesota
Petrofund and that is determined by the MPCA to be attributable
to petroleum.
The program statute directs DTED to rank applications on the
following:
1.
Tax base increase resulting from cleanup and
development of the site.
2.
The social value of the cleanup, demonstrated by the
number of jobs created through -cleanup and
redevelopment, etc.
3.
MPCA evaluation on the reduced threat to public health
and the environment as a result of cleanup.
4.
Likelihood that the site will be cleaned up without
government money.
5.
Amount of the cleanup cost.
6.
Commitment of local municipality to pay for the local
match.
SPRINGSTED
Page 19
City of Maplewood, Minnesota
The total legislative appropriation for this grant program for
fiscal years 2002 and 2003 is $7 million of general fund dollars
for the cleanup of Superfund contaminants and $12.4 million
of Petrofund dollars for the cleanup of eligible petroleum
contamination.
R-1 SPRINGSTED Page 20
City of Maplewood,- Minnesota
3. Economic Development Authority--- Housing
Redevelopment Authority
The following bodies have varying special levy authority through
consent of their respective City Councils:
Body Levy Authority
Mn Statutes 469.002 HRA .0144% of taxable market value
Mn Statutes 469.090 EDA .01813% of taxable market value
The defined purpose or powers of each body is as follows:
HRA — Purpose
(1)
to provide a sufficient supply of adequate, safe, and,
sanitary dwellings in order to protect the health, safety,
morals, and welfare of the citizens of this state;
(2)
to clear and redevelop blighted areas;
(3)
to perform those duties according to comprehensive
plans;
(4)
to remedy the shortage of housing for low and moderate
income residents, and to redevelop blighted areas, in
situations in which private enterprise. would not act
without government participation or subsidies; and
(5)
in cities of the first class, to provide housing for persons
of all incomes.
EDA — Powers
(1)
An economic development authority may create and
define the boundaries of economic development districts*
(2)
The economic development authority may acquire by
lease, purchase, gift, devise, or condemnation
proceedings the needed right, title, and interest in
property to create economic development districts.
(3)
The economic development authority may sign options
to purchase, sell, or lease property.
.(4)
The economic development authority may exercise the
right of eminent domain under chapter 117, or under its
city's charter to acquire property It is authorized to
acquire by condemnation.
(5).
The. economic development authority may make
contracts for the purpose of economic development
within the powers given it in sections 469.090 to
469.108.
(6)
The economic development authority may be a limited
partner in a partnership whose purpose is consistent with
the authority's purpose.
SPRINGSTED
Page 21
City of Maplewood, Minnesota.
(7) The economic development authority may acquire rights
or an easement for a term of years or perpetually for
-development of an economic development district.
(8) The economic development authority may. buy the
supplies and materials it needs to carry out this section.
(9) The economic development authority may accept land,
money, or other assistance, whether by gift, loan or
otherwise, in any form from the federal or state
government, or an agency of either, or a local
subdivision of state government to carry out sections
4.69.090 to 469.108 and to acquire and develop an.
economic development district and its facilities under this
section.
(10) The economic development authority may sell or lease
land held by it for economic development in economic
development districts
(11) Foreign trade zone. The economic development
authority may apply to the board defined in United States
Code, title 19, section 81a, for the right to use the
powers provided in United States Code, title 19, sections
81ato81u.
(12) .The- economic development authority may exercise
powers and duties of a redevelopment agency under
sections 469.152 to 469.165, for a purpose in sections
469.001 to 469.047 or 469.090 to 469.108.
(13) The authority may operate and maintain a public parking
facility or other public facility to promote development in
an economic development district.
(14) Government agent. An economic development authority
may cooperate with or act as agent for the federal or the
state government, or a state public body, or an agency
or instrumentality of a government or a public body to
carry out sections 469.090 to 469.108 or any other
related federal, state, or local law in the area of
economic development district improvement.
(15) An authority may study and analyze economic
development needs in the city, and ways to meet the
needs. An authority may study the desirable patterns for
land use for economic development and community
growth and other factors affecting local economic
development in the city and- make the result of the
studies available to the public and to industry in general.
(16) To further an authorized purpose, an authority may (1)
join an official, industrial, commercial, or ; trade
association, or another organization. concerned with the
purpose, (2) have a reception of offi,cials who may
contribute to advancing the city and its economic
development, and (3) carry out other public relations
'iii SPRINGSTED Page 22
City of Maplewood, Minnesota
activities to promote the city and its economic
development.
(17) An authority may accept conveyances of land from all
other public agencies, commissions, or other units of
government, if the land can be properly used by the
authority in an economic development district, to carry
out the , purposes of sections 469.090 to 469.108.
(18) An authority may carry out the law on economic
development districts to develop and improve the lands
in an economic development district to make it . suitable
and available for economic development uses and
purposes.
(19) .After authorizing bonds under sections 469.102 and
469.103, an authority may borrow to provide money
immediately required for the -bond purpose.
(20) The proceeds of obligations issued by an authority under
section 469.103 and temporary loans obtained under
subdivision 19 may be used to make or purchase loans
for economic development facilities that the authority
believes will require financing.
(21) An authority may sell, at private or public sale, at the
price or prices determined by the authority, any note,
mortgage, lease, sublease, lease purchase, or other
instrument or obligation evidencing or securing a loan
made for the purpose of economic development, job
creation, redevelopment, or community revitalization by a
public agency to a business, for-profit or nonprofit
organization, or -an individual.
(22) Supplying small business capital. Notwithstanding any
contrary law, the authority may participate with public or
private corporations or other entities, whose -purpose is
to provide seed or venture capital to small businesses
that have facilities located or to be located in the district.
Levy dollars for each of these entities can be utilized for a wide
variety of. housing .and economic/industrial development
activities as defined in the statute.
HRA's and EDA's can be created by resolution of the City
Council. Several cities have both an HRA and an EDA, with
varying economic development responsibilities assigned to
each.
Using the city's Pay 2002 taxable market value of
$2,246,631,200 billion we calculated the total amount of dollars
each body would be able to annually raise if they levied the
maximum percentage:
1 SPRINGSTED Page 23
City of Maplewood, Minnesota
Maximum "non -bond"
Bow Levy Amount
HRA (outside levy limits) $323,515
EDA (inside levy limits) $4079314.
Additionally, each body has varying degrees of authority to issue
and levy for the payment of bonds over and above the maximum
levy amount.
The benefit of using . an HRA or EDA is that these bodies were
created by statute for specific purposes related to housing,
redevelopment,' and other .real estate -type activities. An HRA or
EDA is generally authorized to be able to own and lease
property, buy and sell property, and any other number - of
multiple activities related to development and redevelopment.
City Council's primary function of oversight and policycreation
does not always put it in the best position to undertake
development and redevelopment activities.
VA SPRINGSTED Page 24
W
i;
Cit of Maplewood; Minnesota
YI
4-. EconomicDevelopment Fund
An Economic Development Fund (EDF) is an internally created
account used to provide a source of funds for various economic
development and redevelopment related activities. The EDF's
most significant benefit is its flexibility, with the City Council or
development authority having control over the expenditure of
dollars from the fund. An EDF provides the necessary "working
capital" to meet the community's economic development needs.
The recommended process for establishing an EDF involves
adopting a policy governing its use and identifying methods of
capitalizing the fund. Other cities have capitalized such a fund
through proceeds from a general levy, EDA/HRA levy, land
sales, administrative fees charged on tax-exempt borrowings, or
other administrative fees. Use of tax abatement (on new value)
to capitalize an EDF can also be" very effective and have
minimum impact on the local taxpayer.
RIA SPRINGSTED Page 25
Y
}
Cityof Maple wood, Minnesota
5. Eminent Domain
L{ (Minnesota. Statutes 465.01,117,469.126,469.131)
All cities may exercise the right of eminent domain for the
purpose of acquiring private property for any purpose for which
it. is authorized by law. Its use in the process of economic
development or redevelopment is authorized by the city's
designation of a development district within the boundaries of
the City. Within such districts the City may:, among other things,
acquire land' or easements through negotiation or through
powers of eminent domain. In order to obtain land. through
condemnation, the City must pay fair market value for the
property.and prove a public purpose.
N'SPRINGSTED Page 26
City of Map wood, Minnesota
6. Livable Communities Grant
The Metropolitan Council works with communities in the seven -
county area to help them grow. and redevelop by providing tools
for smart growth.. Through the Livable Communities Act (LCA),
the Council will award 4 types of grants to cities to:
♦ Clean up polluted land for redevelopment and new jobs,
♦ create model development or redevelopment that
incorporates efficient use of land, a range of housing types
and costs, commercial and community uses, walkable
neighborhoods, and easy access to transit and open
space,
♦ create affordable housing opportunities, and
♦ develop innovative and inclusionary housing that includes
a variety of housing types and prices, while demonstrating
cost reduction through local regulatory incentives.
Tax Base Revitalization Account - Restoring Land to
productive use
Cleaning up polluted land for redevelopment and productive
uses creates jobs and fuels the region's .economic engine. The
result is a cleaner environment, revitalized communities, and
growth directed to central cities and older suburbs where costly
infrastructure like roads and sewers are already in place.
Since 1996, the Council has awarded 95 grants totaling $36.7
million to 24 communities from the Tax Base Revitalization
Account (TBRA) to clean up and redevelop 811 acres of
contaminated land. These projects leveraged an additional
$1.25 billion in private investment, creating over 9,700 new jobs
at an average wage of $13.45 per hour, and a net tax capacity
increase in the region of $25.6 million.
Livable Communities Demonstration Account - Creating
model smart growth development
With 3.4 million people expected to live in the region by 2.0201
the region must find smarter ways to grow, preserve open
space, protect valuable farmland, and decrease traffic
congestion. An increasingly popular choice is development and
redevelopment that is accessible to transit and has a mix of
residential and commercial uses.
The Livable Communities Demonstration Account (LCDA)
provides funding to cities for model developments that create or
enhance town centers, gathering places and other destinations
for community residents. Since 1996, the Council has awarded
70 grants totaling $35.7 million to projects in 29 cities and multi -
city coalitions. The grants. have leveraged over $864 million in
21.1 SPKINGSTED Page 27
City of Maplewood, Minnesota
private investment and $275 million in other public investment.
The projects have included 5,400 new and 400 rehabilitated
housing units, including 48 "Hollman" public housing units.
Local Housing Incentive Account Building affordable
housing
Affordable housing choices are key to economically healthy and
livable communities. Cities have difficulty attracting teachers,
police officers, day care providers and other essential workers to
communities without housing choices for a mix of ages and
incomes. The goal of the Local Housing Incentive Account
(LHIA) is to help expand affordable rental and ownership
housing for people at all stages of the life cycle throughout the
region.
Since 1996, the Council has awarded 51 grants totaling $8.1'
million to help 39 communities build or rehabilitate affordable
housing. The grants leveraged $191 million in total investment
to develop 1,060 new rental units, including 7-60 affordable to
households with incomes lower than average and 157 Hollman
units. Other accomplishments include:
♦ Rehabilitation of 539 affordable rental units,
♦ development of up ..to 328 new affordable ownership units,
♦ rehabilitation of up to 131 affordable ownership units, and
♦ home improvement loans to 1,100 homeowners.
Inclusionary Housing Account - Incentives to lower the cost
of housing
Metro area residents should have an option regarding where to
live and work and how to get around the region. The Council's
Inclusionary Housing Account provides funding for housing
projects that include a mix of housing types and prices and
demonstrate cost reduction or cost avoidance through
regulatory incentives -like density bonuses or waiver of
availability charges -made available by the local community for
selected projects.
Using a one-time state appropriation, the council in 2000
awarded 11 grants totaling $4.2 million to eight communities to
develop 112 new affordable condominiums and townhomes,
and 475 new rental units. The funds leveraged $106 million in
investments for the projects.
The City of Maplewood received a grant for $100,000 in 1998
for the Maple Pond Homes project. The project was to acquire,
rehabilitate, and preserve a 168 -unit rental development that
was. federally assisted by a Section 236 mortgage and project -
based Section 8. The development had two large 3 -story
N.A SPRINGSTED Page 28
City of Maplewood, Minnesota
buildings, one with 69 one -bedroom senior units, the other two
with 99 one'-, two-, and three-bedroom apartments for families.
All units would be -affordable to residents with very low incomes.
In addition, Maplewood applied for a Livable Communities grant
for the Hajicek property, but was denied. The City of St. Paul
received a grant for redevelopment and housing in the Hillcrest
neighborhood of White Bear Avenue and Larpenteur in 2001. A
portion of that grant was combined with the City of Maplewood.
"Maplewood is also planning to apply for a housing grant . for the
Gladstone neighborhood near Frost Avenue and English Street.
kl SPRINGSTED Page 29
City -of Maplewood, Minnesota
- 7. Minnesota Investment Fund
(Minnesota Statutes Section 116J.8731)
The purpose of the .Minnesota Investment Fund (MIF), provided
through the Department of Trade and Economic Development
(DYED), is to create new and retain the highest quality jobs
possible on a state wide basis with a focus on industrial,
manufacturing- and technology related industries. It is also
intended to increase the local and state tax base and improve
the economic vitality for all Minnesota citizens. Grants are
awarded to local units of government who provide loans to
assist expanding businesses.
Eligible -applicants include cities, counties, townships, and
recognized Indian tribal governments.
All projects must meet minimum criteria for private investment,
number of jobs created or retained and wage thresholds.
Eligible projects include loans for land, buildings, equipment and
training. Funds may also be used for infrastructure
improvements necessary to support businesses located or
intending to locate in Minnesota. Working capital, retail
business and industrial park development are ineligible costs.
$500,000 is the maximum amount available and only one grant
per state fiscal year can be awarded to a government unit. In
addition, at least 50% of total project costs must be privately
financed through owner equity and other lending sources. Most
applications selected for funding have at least 70% private
financing. The Government unit keeps the first $100,000 repaid
on the loan and the remainder goes back to DTED. Many
communities use this money to capitalize a revolving loan fund.
The current budget for MIF is approximately $4,000.,000 per
year from the State and $3,500,000 of federal funds, which
totals $7,500,000 of funding available.
The interest rate is negotiated. Real estate can have a
maximum term of 20 years and machinery can have a maximum
term of 10 years. Applications are accepted on a year-round
basis using the Business and Community Development
application. The approving authority is DTED.
The funds are disbursed as the costs are incurred but prorated
with other sources of funding.
j� SPRINGSTED Page 30
City of Maplewood, Minnesota
8. Municipal State Aid Street Fund
(Minnesota Statutes Chapter 162)
Eligibility for the Municipal State Aid Street Fund (MSA) is
limited to cities with a population of 5,000 or more. Presently
about 125 cities in Minnesota participate in the system. The
MSA system consists of over 2,200 miles out of a total 16,000
miles -of city streets in the state. Each MSA City may only have
20 percent of its total street miles in the state aid system. The
source of funding is the state gasoline tax.
The City of Maplewood may use the fund as provided by law for
the construction, improvement, and maintenance of municipal
state aid streets. The legislature may authorize municipalities to
use a part of the fund in the construction, improvement, and
maintenance of other municipal streets, trunk highways, and
county state aid highways within the counties in which the
- municipality is located.
The statutory formula for dividing the MSA fund is based on
population and money needs. One-half the fund is divided
according to population and the other half according to each
city's money needs for its MSA streets. The money needs are
based on the costs of reconstructing the roads over a 20 -year
period. The apportionment to each city also depends on how
much money is available in the fund, which varies from year to
year.
The City of Maplewood will receive $1,282,289 in state aid in
2002. 30% will be allocated for maintenance of state aid
roadways and 70% will be allocated for construction
improvements. However, the 70% has already been allocated
for specific state aid street improvements for 2002.
What follows is a chart that shows the amount of MSA funds
Maplewood has received over the past 5 years.
Maplewood MSA Funds 1998-2002
�....___...._....,.,..�.....___.._....._,.._..._._. Population
Construction ���....__�....__..._�......�,.��!
Year 1 Apportionment_
Apportionment
I Total
_ -
1998 517 715
_ .. . _. _..�
332,921
_
850 636
1999 I 5429174
390,063
932,237
2000 5762417
4209315
I 9969732
2001 601, 922
! 480, 428
1, 082, 350
_ _.� _.,_ .. _.__ __ _ ._ .._ ..
2002 619, 383
i.. __._� _
662,906
-- _ �
192829289
� SPRINGSTED Page 31
City of Maplewood, Minnesota
9. Redevelopment Grant
(Minnesota Statutes Section 116J.561—116J.567)
The Minnesota Department of Trade and Economic
Development (DTED) offers grants to development authorities
to assist with costs related to redeveloping old industrial,
residential or commercial properties. The program only applies
to sites where there was a past use and the need to "recycle"
the land for a more productive use exists. Grants can pay for
land acquisition, demolition, infrastructure improvements,
ponding, environmental infrastructure and other costs on sites
where a subsequent redevelopment will occur.
Eligible applicants are development authorities, including cities,
counties, port authorities, housing and redevelopment
authorities, and economic development authorities. Examples
of eligible costs include land acquisition, demolition,
infrastructure improvements, ponding, environmental
infrastructure and other eligible redevelopment costs.
Grants pay up to 50 percent of the redevelopment costs for a
qualifying site. There is a 50 percent local match from the
eligible applicant.
The program statute directs DTED to give priority to projects
with one or more of the following characteristics:
1) The need for redevelopment in conjunction with
contamination remediation needs.
2) The redevelopment project meets current tax increment
financing requirements for a redevelopment district and tax
increments will contribute to the project.
3) The redevelopment potential within the municipality.
4) The proximity to public transit if located in the Metropolitan
Area.
5) Multi -jurisdictional projects that take into account the need
for affordable housing, transportation and environmental
impact.
6) Job creation.
A restriction to the grant is that at least 25 percent of the funds
must be awarded outside the Twin Cities Metro Area, unless an
insufficient number of applications are received.
The average amount granted per project is $500,000 to
$750,000. However, for the fiscal year 2001/2002, there will not
be any money budgeted to the Redevelopment Grant Program.
The Program operates on a semi-annual grant cycle. Deadlines
for applications are October and April 1 of each year.
SPRINGSTED Page 32
City of Maplewood, Minnesota
10. Revolving Loan Fund/Interest Buy Down
Program
Revolvina Loan Fund
A revolving loan fund is established to help a community provide
low interest loans to businesses locating or expanding within
their boundaries. As loans are repaid, the communities place the
moneys in locally -administered Revolving Loan Funds (RLFs)
that can be used to fund future economic development
opportunities within each community. In addition, property tax
levies, special assessments, tax increment financing, and
Minnesota Investment Fund can all be used as revenue to
maintain the fund.
The City of Maplewood can provide below-market rate loans to.
borrowers for projects. When the loans are repaid, the funds
are returned to the RLF, recycled, and used to finance additional
projects. Loans made with RLF funds will address the high cost
and short supply of capital for business development by
providing flexible loan terms. RLF funds will increase the
accessibility to capital and provide an additional incentive to
financial institutions to make loans to business that. otherwise
they would be hesitant to make loans to.
Loans made from the RLF fund must identify a public purpose
based on the importance and benefit to the community from all
perspectives, retention of existing jobs, and job creation when
applicable on a case-by-case basis. Eligible costs include, real
property, machinery and equipment. Assets pledged as
collateral must be approved by both the city and the
participating private financial institutions.
Examples of maximum terms for repayment of loans include:
♦ 5 years for working capital,
♦ 10 years for equipment,
♦ 15 years for real estate/building.
Payments should begin within 45 days of note and will normally
be based on equal principal and interest payments. However, if
the first year cash flow is tight, the city may def.-er principal
payments for up to one year. All loans should have a call
provision in which immediate repayment is required for
businesses leaving the area. Loan applicants should
demonstrate an acceptable level of project equity as determined
by the City.
i%1 SPRINGSTED Page 33
City of Maplewood, Minnesota
All applicants should provide current financial records and .a
proforma to the City. The proposed project should be consistent
with the City's Business Subsidy Policy.
Interest Buy Down Program
Through an interest buy -down program an authority, usually an
EDA, HRA or City, will provide an incentive to a potential
developer by paying or "buying down" a portion of the interest.
cost on a conventional loan. This program allows for an
increased rate of return to the developer, thereby generating
significant interest in a project.
The interest buy -down program provides minimal risk to the
City. The amount of the subsidy is agreed upon in advance.
The City enters into an agreement with the lending institution
and sets up an escrow account depositing a year's worth of "buy
down" payments. The lending institution withdraws the money
each month after the developer makes its payment.
PA SPRINGSTED Page 34
• City of Maplewood, Minnesota
11. Special Assessment
(Minnesota Statutes Chapter 429.01-429.31)
Special assessments are an indirect form of taxation. They are
a required charge on selected properties for a particular
improvement or service that benefits the owners of the selected
property. Special assessments have three distinct
characteristics. 1) They are a required levy a city uses to
finance a particular public improvement program. 2) The city
levies the charge only against those particular parcels of
property that receive some special benefit from the program. 3)
The amount of the charge bears a direct relationship to the
value of the benefits the property receives.
Special assessments apply only to real estate.
Examples of public improvements that cities may finance
through special assessment levies are:, street and sidewalk
improvements; storm and sanitary sewer systems; steam
heating mains; street lighting systems; waterworks systems;
parks and playgrounds; and recreational facilities. Additional
public improvements include: street trees; dikes and other flood
control works; retaining and area walls, including highway noise
barriers; malls, plazas, or courtyards; district heating systems;
fire protection systems; highway sound barriers; gas and electric
distribution facilities; and parking lots.
There are several issues to consider with special assessment
financing. One of the key advantages to special assessments is
that by charging the property owner for the benefit received,
they prevent or minimize the possibility that a property owner will
reap a financial profit from the improvement at the expense of
the general taxpayer. Areas of discussion include:
♦ Special assessments are a means of raising money
outside general city tax sources.
♦ Special assessment bonds do not count toward statutory
debt limitations.
♦ Special assessments provide a means of Levying charges
for publicservices against property otherwise exempt from
taxation.
♦ Special assessments lower the cost to the community of
bringing undeveloped land into urban use, and of
increasing the usefulness of urban land.
%i SPRINGSTED Page 35
City of Maplewood, Minnesota
Other issues regarding special assessments include:
♦ Special assessment administration can be difficult — the
administrative procedures require careful execution in
order to avoid court litigation.
♦ Cities have frequently - used special assessments to
underwrite premature public improvements.
♦ Because the city generally *bears some of the cost of every
public improvement, land speculators sometimes urge
councils to undertake unjustifiable special assessment
programs.
The availability of special assessment financing often
tempts city officials to underwrite the cost of governmental
programs that should be an obligation of the entire city.
♦ The City has the burden of proof to show that there is
benefit to the property at least equal to the amount of the
special assessment.
Two serious financial problems from special assessments can
occur if the city does notconform to 'a long-term city financial
and capital improvements planning program. They are:
If the city frequently undertakes special assessment bond
issues backed by. the full faith and credit of the city in an
unplanned manner, city credit might be overextended,
resulting in higher interest charges on all city and school
district borrowing.
♦ If special assessments, along with regular property taxes,
become too heavy a burden on individual property owners,
they will encourage tax delinquency and imperil the city's
credit and borrowing position.
-V_A SPRINGSTED Page 36
City of Maplewood, Minnesota
12. Special Service District
(Minnesota Statutes Chapter 428A.01 - 428A.21)
Minnesota Statutes Chapter 428A defines a special service
district as a specific area within the city where special services
are rendered and the costs of the special services are paid from
revenues collected from service charges imposed within that
area. The service charges can be fixed on any equitable basis,
but shall be reasonably related to the special services provided
and shall be as nearly as possible proportionate to the cost of
furnishing the service. The 1996 Legislature authorized certain
cities to create special taxing districts to finance improvements
and maintenance activities in commercial areas without special
legislation.
The governing body 'of a city may adopt an ordinance
establishing a special service district. Only property that is used
for commercial, industrial, or public utility purposes, or is vacant
land zoned or designated on a land use plan for commercial or
industrial use and located . in the special service district, may be
subject to the charges imposed by the city on the special service
district., Other types of property may be included within the
boundaries of the special service district but are not subject to
the levies or charges imposed by the city on the special service
district.
Two major advantages arise from forming special service
districts. The first is that special service districts work financially
when other traditional . public finance options may not. For
example, upgrading or replacing public improvements in
downtown areas do not lend themselves well to special
assessments, user charges or jurisdictional -wide property taxes.
Oftentimes, the financing of downtown improvements are
politically brokered packages of all three revenue sources, most
often arrived at over an extended timeframe. Special service
districts tend to more closely match the beneficiaries of the
improvement with the payers.
The- other major advantage is that special service districts
provide a new revenue_ source to fund operating costs. If a
special service district requires services beyond those provided
to all other property owners, such as police patrol, snowplowing,
street lighting, open space maintenance, or promotional
activities, the costs of these services can be funded through the
district and not through the city's general fund. In times of
constricting general fund revenues, a new fundingsource that
closely matches costs can provide an opportunity to local
officials to challenge a specific group of property owners
demanding special services.
i� SPRINGSTED Page 37
City of Maplewood, Minnesota
The primary disadvantage of special service districts lies with its
creation. The process for using it is complicated. A citycannot
initiate the process to create a district unless it is petitioned to
do so. Property owners representing 25% or more of the net tax
capacity and 25% of the land area in the district subject to the
service charge must sign the petition. The process to impose
the service charge is subject to -the same petition requirements.
The petition only starts the process.
Following the receipt of the petition, the city schedules a public
hearing. After the hearing, if the city decides to .create a district
or impose the service charge, then a copy of the summary of.
the ordinance or resolution taking the action must be mailed to
the same property owners in the district notified of the hearing
within five days of adoption. The resolution or ordinance may
not take effect for at least 45 days. During that period, the
action may be vetoed if property owners representing 35% or
more of the net tax capacity and 35% of the land area in the
district subject to the service charge file objections. If a service
charge is initially proposed and approved for a multi-year period,
then the second and subsequent years are not subject to
petition and veto.
Housing Improvement Area
Minnesota Statutes Chapter 428A.11- 428A.21
A housing improvement area is a form of special service district,
but pertains to housing improvements rather than business
improvements. A "housing improvement area" is a defined area
within the city where housing improvements are made or
constructed and the costs of the improvements are paid in
whole or in part from the fees imposed within the area.
The City would establish a district by ordinance Iand list the
specific housing improvements to be made. Improvements may
include those to common elements of a condominium or other
common interest community: A "housing unit" is considered a
one -dwelling unit, or apartment that is occupied by a person or
family for use as a residence.
A housing improvement area cannot be established unless
owners of 25 percent or more of the housing units that would be
subject to fees in the proposed housing improvement area file a
petition requesting a public hearing on the proposed action with
the City Clerk or other appropriate official.
RA_ SPRINGSTED 'Page 38
• City of Maplewood, Minnesota.
In order to establish a housing improvement area, the city must
adopt an ordinance that includes the following:
1) description of the portion of city included in the area;
2) _'basis for imposition of the fees;
3) number of years the fee will be in effect; and
4) designation of implementing entity
In addition, the ordinance must- include findings that without the
housing improvement area, the condominium associations or
housing unit owners could not make the proposed
improvements, and the designation is needed to maintain and
preserve the housing units within the housing improverhe,nt
area.
The ordinance may not be adopted without a public hearing.
Within* 30 days of adoption of the ordinance, the governing body
shall send a copy of the ordinance to the Commissioner of
Revenue. Notice of the hearing must be published at least
seven days before the date of the public hearing, and notice
must be sent to the owner of each housing unit within the
proposed area at least seven days before the hearing.
An implementing entity may also impose .a .fee, following a
similar process to the establishment of a housing improvement
area, on the housing units within the housing improvement area
at a rate, term, or amount sufficient to produce revenue for the
following:
♦ -housing improvements in the area;
♦ reimbursement to the entity for advances made to pay for
housing improvements; or.
♦
pprincipal,
payment ment of rinci al, interest, or premiums on bonds
issued.
Each condominium association located within the housing
improvement area must submit a copy of its, audited 'financial
statements by August 15 of each year to the implementing
entity.
VA SPRINGSTED 'Page 39
City of Maplewood, _Minnesota
13. Tax-Abatemen't.
(Minnesota Statutes Chapter 469.1812-1815)
Minnesota Statutes refers to tax abatement as the capture or
deferral of property taxes. Under Minnesota law, taxes due on
real property subject to tax abatement must still be paid as due.
If tax abatement is in place, the appropriate. portion of the taxes
can be captured and applied to development purposes.. The
captured taxes must be used to offset the costs agreed to under
an abatement agreement..
Tax abatement can be used to capture taxes on land and
existing buildings as well as new improvements. Limited
restrictions exist on the end use and current use of tax
abatement. The maximum aggregate amount of abatement for
a political subdivision is the greater of 5% of the current tax levy
or $100,000. Examples of the use of tax. abatement include, but
are not limited to:
♦ Commercial
♦ Retail
♦ Industrial
Cities, counties, towns, and school districts all have the authority
to grant abatements. In addition, the county and school district
affected by the abatement have the option of declining
participation. If one of the jurisdictions should choose to
decline, the maximum duration of abatement is 15 years. An the
case in which the city (or town), county, and school district all
participate, the maximum duration of abatement is 10 years.
In order for a city, town, county, or school district to utilize tax
abatement, the following findings must be made:
♦ The benefits gained must equal or exceed the cost to the.
political subdivision; and
♦ it must be in the public interest because it does one of the
following:
1. Increases or preserves the tax base
2. Provides employment opportunities
3. Provides or helps acquire or construct public
facilities
4. Helps redevelop or renew blighted areas
5. Helps provide access to services
6. Finances or provides for public infrastructure
k-114 SPRINGSTED Page 40
City of Maplewood, Minnesota
The abatement approval process is much simpler than tax.
increment and consists of the following steps: calling for a public
hearing, publishing a notice of the hearing, conducting the.
hearing, and passing the abatement resolutions.
Dollars generated through abatement carry a minimum number
of spending restrictions compared to tax increment.
� SPRINGSTED Page 41
City of Maplewood, Minnesota
14. Tax -Exempt Financing
(Minnesota Statutes Chapter 474A)
There are two options for a manufacturing business to utilize
Industrial Development Revenue Bonds (IDBs), which are a
form of tax-exempt financing. The first would be to apply to the
city directly for assistance and the second would be to apply to
the Department of Trade and Economic Development (DYED).
In the latter instance the City would not be directly involved in
the process.
a) Application Through The City
Industrial Development Revenue Bonds (IDBs) allow private
borrowers to finance the construction, renovation, orequipping
of manufacturing facilities. A private borrower can be a
company or corporation, a partnership, an individual, or a joint
venture. A manufacturing facility is defined as any facility used
in the manufacturing or production of tangible personal property,
including the processing resulting in a change in the condition of
such property. It also includes facilities which are directly
related and ancillary to a manufacturing facility if such facilities
are located on the same site as the manufacturing facility and
not more than 25% of the net proceeds of the bond issue are
used to provide such facilities. These ancillary facilities can
include office space, warehousing, parking facilities, etc.
IDBs can provide the borrower with a complete financing
package. IDBs can finance the costs of the entire project
including the acquisition of land, the construction of a new
facility, the renovation or expansion of an existing facility, and
the purchase of new equipment. Additionally, IDBs may be
used to refund existing revenue bonds. Research and
development facilities, warehousing, and retail space cannot be
financed through the use of Industrial Development Revenue
Bonds.
Some rules and restrictions that apply to IDBs financing include:
♦ 95% of the. bond proceeds must be used for a
manufacturing facility.
♦ Up to 2% of the ' bond proceeds may be used to finance
the costs of issuance.
♦ All of the bond proceeds must be used within three years.
♦ Bond proceeds may not be used to acquire used
equipment.
♦ Only funds expended 60 days prior to or any time after the
adoption of the initial resolution can be paid with bond
proceeds.
�1ti' SPRINGSTED Page 42
• City of Maplewood, Minnesota
♦ IDBs will retain their tax-exempt status provided that all
capital expenditures of the borrower, from . all sources, at
the location of the capital improvement project, do not
exceed $10 million. That amount .covers a six-year period
beginning three years prior and ending three years after
the date of issuance.
♦ The aggregate amount of tax-exempt bonds allocated to
any one borrower or single tax payer cannot exceed $40
million.
The average maturity of the bond issue may not exceed 120%
of the average useful life of the assets, being financed. The
term of the bond issue is negotiable in order to conform to the
needs of the borrower.
b) Application Through the Department of Trade and
Economic Development (DTED) — Small Business
Development Loan Program
The Small Business Development Loan Program through DTED
provides loans to industrial, manufacturing or agricultural
processing businesses for land acquisition, building construction
or renovation, machinery and equipment. Projects must
enhance the local tax base and create or. retain jobs. The
Minnesota Agricultural and Economic Development Board
(MAEDB) makes small business loans through the issuance of
industrial development bonds backed by a state -funded reserve
of 25%.
Eligible applicants need to be manufacturing and industrial.
businesses located or intending to locate in Minnesota, as
defined by Small Business Administration size and eligibility
standards; generally, those with 500 employees or fewer.
The minimum requirements for a small business development
loan program are new capital investments resulting in a
significant number of new jobs and other beneficial economic
impacts.
Eligible projects include land acquisition, building, machinery
and equipment; building construction and renovations;
development costs such as engineering, legal and financial
fees. Working capital and refinancing are not eligible.
There is a minimum of $500,000 to a maximum of $6 million
available. Generally, 20% of the project costs must be privately
financed through equity or other sources; 25% is required on
equipment transactions.
SPRINGSTED Page 43
City of Maplewood, Minnesota
The interest rate is at market rate for similar securities at the
time bonds are sold. Rates are fixed for the term of the loan.
Real estate has a maximum term of 20 years and equipment
has a maximum rate of 10 years or 80% of useful life, not to
exceed weighted average useful life of assets financed.
Applications are accepted on a year-round basis using the
Business and -Community Development application and must be
received by the first of each month to be considered at that
month's MAEDB meeting. The approving authority is 'the
Minnesota Agricultural and Economic Development Board.
The funds are disbursed upon execution of the required loan
documents and sale of the bonds.
See Exhibit III for the City of Maplewood's Tax -Exempt
Financing Policy.
I VA SPRINGSTED Page 44
City of Maplewood, Minnesota
15. Tax Increment Financing
(Minnesota Statutes Chapter 469.174 — 469:1791)
Tax Increment Financing (TIF) uses .the increased property
taxes generated by new real estate development within a
defined geographic area to pay for certain eligible costs
associated with the new development. The value that is
"captured" (i.e. the increase in value over the year the TIF
district was, established) generates property taxes. These
incremental taxes are collected - by the Authority and then
appropriated to the project. -The incremental taxes are used to
subsidize eligible project costs such as land -acquisition,
demolition, public and site improvements, and related consulting
and administrative costs. The value of the property prior to
development (i.e., the "non -captured" portion) continues to
generate property taxes and is distributed to all appropriate
taxing jurisdictions.
The defined geographic area is referred to as a tax increment
financing (TIF) district and is the area from which TIF funds are
generated. A TIF District is located in a Project Area or a
Development District, which is the area in which TIF funds may
be .spent (with certain restrictions). A Project Area or
Development District may be the same size as the TIF District
or they may be larger than the TIF District. Also, a Project Area
or Development District may contain more than one TIF District.
The justification -for use of TIF rests solely with the "But For'
test. In order for the City to create a TIF district it must make a
finding that the new development would not occur "But For" the
use of tax increment financing. Counties and school districts
are particularly concerned with this finding because they will not
realize any enhancement to their general tax base until after the
TIF district is terminated. The term of a .TIF district varies
depending upon -the type of district created.
Project costs can be financed with general obligation tax.
increment bonds, non -general obligation revenue bonds, or pay-
as-you-go notes. Tax increment revenues may be spent
outside of the TIF district but within the boundaries of the
Project Area, subject to certain restrictions. For redevelopment
districts(certified after June 30, 1995), the maximum pooling
percentage is 25%. For all other TIF districts (certified after
June 30, 1995), the maximum pooling percentage is 20%.
Pooled revenue must still be spent on TIF eligible project costs.
New for 2000, an additional 10% can be pooled for low-income
housing.
P-1 SPRINGSTED Page 45
City of Maplewood, Minnesota
Tvpes of TIF Districts:
a) Redevelopment District
A redevelopment district is a type of TIF district consisting of a
project, or portions of a project, in which one of the following
conditions exists, and is reasonably distributed throughout the
district:
♦ parcels comprising at least 70% of the area of the district
are occupied by buildings, streets, utilities, paved or gravel
parking lots, or other similar structures and more than 50%
of the buildings, not including outbuildings, are structurally
substandard requiring substantial renovation or clearance.
A parcel is deemed "occupied" if at least 15% of the area
of the parcel contains buildings, streets, utilities, paved or
gravel parking lots, or other similar structures;
♦ the property consists of vacant, unused, underused,
inappropriately or. infrequently used railyards, rail storage
facilities, or excesive or vacated railroad right-of-ways; or
♦ tank facilities, or property whose immediately previous use.
was for tank facilities, have or had a capacity of more than
one million gallons, are located adjacent to rail facilities,
and have been removed, or are unused, underused,
inappropriately or infrequently used.
"Structurally substandard" is defined as buildings containing
defects or deficiencies in structural elements, essential utilities
and facilities, light and ventilation, fire protection (including
egress), a layout and condition of interior partitions, or similar
factors.. A building is not substandard if it is in compliance with
the building code applicable to a new building, or could be
modified to satisfy the existing code at a cost of less than 15%
of the cost of constructing a new structure of the same size and
type.
At least 90% of the tax increment from a redevelopment district
must be used to finance the cost of correcting conditions that
allow designation as a redevelopment district.
The maximum duration of a redevelopment district is 25 years
from receipt of the first tax increment.
V-A SPRINGSTED Page 46
City of Maplewood, Minnesota
b) Renewal and Renovation District
A renewal and renovation district is a type of TI F district
consisting of a project, or portions of a project, in which one of
the following conditions exists, and is reasonably distributed
throughout the district:
♦ Parcels comprising at least 70% of the area of the district
are occupied by buildings, streets, utilities, paved or gravel
parking lots, or other similar. structures. A parcel is
deemed "occupied" if at least 15% of the area of the parcel
contains. buildings, streets, Iutilities, paved or gravel
parking lots, or other similar structures;
♦ at least 20% of the buildings -are structurally substandard;
and
♦ at least 30% of the other buildings require substantial
renovation or clearance to remove existing conditions such
as: inadequate street layout, incompatible uses or land use
relationships, overcrowding of buildings on the land,
excessive dwelling unit density, obsolete buildings not
suitable for improvement or conversion, or other identified
hazards to the health, safety., and general well-being of the
community.
"Structurally substandard" is defined as buildings containing
defects or deficiencies in structural elements, essential utilities
and facilities, light and ventilation, fire protection (including
egress), layout and condition of interior partitions, or similar
factors. A building is not structurally substandard if it is in
compliance with the building code applicable to a new building
or could be modified to satisfy the existing code at a cost of less
than 15% of the cost of constructing a new structure of the
same size and type.
At least 90% of the tax increment from a renewal and renovation
district must be used to finance the cost of correcting conditions.
that allow designation as a renewal and renovation district.
Maximum duration of a renewal and renovation district is 15
years from receipt of the first tax increment.
V1,41 SPRINGSTED Page 47
City of Maplewood, Minnesota
c) Housing District
A housing district is a type of TIF district consisting of a project
intended for occupancy by persons or families of low and
moderate income. Low and moderate income is defined in a
number of federal, state and municipal legislation. A project
does not qualify if the fair market value of the improvements,
constructed for uses other than "low and moderate income
housing", are more than 20% of the total fair .market value of all
the planned improvements. The fair market value of the
improvements may be determined using the cost of
construction, capitalized income, or any other appropriate
method of estimating market value.
For residential rental property, the property must satisfy the
income requirements for a qualified residential rental project as
defined in section 142(d) of the Internal Revenue Code. One of -
the following conditions must be met:
■ At least 20% of the units occupied by individuals
whose income is 50% or less of the area median
gross income,
■ At least 40% of the units occupied by individuals
whose income is 60% or less of the area median
gross income, or
■ At least 50% of the units are occupied by
individuals whose income is 80% or less of the
area median gross income.
For owner occupied, residential property, the property must
satisfy the income requirements for qualified mortgage bond
projects under section 143(f) of the Internal Revenue Code.
The requirement states that. at least 95% of the units are initially
purchased by mortgagors whose family income is 115% or less
of the applicable median family income (3+ person family). For
1 and 2 person families the percentage is reduced to 100%.
The above requirements for a housing, district apply for the
duration of the TIF district. Failure to comply results in a
decrease in the duration of the district from the maximum of 25
years from receipt of the first tax increment to 8 years from the
receipt of the first increment. If at the time of noncompliance,
the district has exceeded the duration limit of 8 years, the district
must be decertified effective for taxes assessed in the next
calendar year.
kl' SPRINGSTED Page 48
City of Maplewood, Minnesota
d) Economic Development_ District
An economic development district is a type of TIF district
consisting of a project that the authority finds to be in the public
interest because:
♦ it will discourage commerce, industry, or manufacturing
from moving their operations to another state or
municipality;
♦ it will result in increased employment in the state, or
♦ it will result in preservation and enhancement of. the tax
base of the state.
Tax increments from an economic development district must be
used to provide improvements, loans, subsidies, grants, interest
rate subsidies, or other assistance in which at least 85% of the
square footage of the facilities to be constructed are used for
any of the following purposes:
1) Manufacturing, production, or processing of tangible
personal property;
2) warehousing, storage and distribution of tangible personal
property, excluding retail sales;
3) research and development related to the activities listed in
1) or 2) above;
4) telemarketing if that activity is the exclusive use of the
property;
5) tourism facilities (as defined in M.S. Section 469.174,
Subd. 22) —not applicable to Maplewood;
6) qualified border retail facility (as defined in M.S. Section
4E9.176, Subd. 4c) —not applicable to Maplewood; or
7) space necessary for and related to the activities listed in 1)
through 6) above.
In addition to the uses specified above, tax increments may also
be used to pay for excessive site preparation and public
improvement costs in economic development districts containing
bedrock soils conditions in 80% or more of the acreage of the
district.
Maximum duration of an economic development district is 8
years from the date of receipt of the first tax increment.
Page 49
V SPRIi�1GSTED
` City of Maplewood, Minnesota
16. Transportation Equity Act for the 21St
Century
The Intermodal Surface Transportation Efficiency Act of 1991
(known as ISTEA) authorized Federal programs to address four
national challenges: (1) safety, (2) continued growth of traffic
and travel and its attendant congestion, (3) environmental
concerns, and (4) demographic changes. Through ISTEA, the
Federal government .has invested more and has worked with
both the state and local governments to invest better.
In 1998, the Transportation Equity Act for the 21St Century (TEA -
21) authorizing highway, highway safety, transit and other
surface transportation programs replaced ISTEA. TEA -21
builds on the initiatives established by ISTEA. This new act
combines the continuation and improvement of current
programs. with new. i-nitiatives to meet the challenges of
improving safety as traffic continues to increase at record levels.
It also focuses on protecting and enhancing communities and
the natural environment as we provide transportation, and
advancing America's economic growth and competitiveness
domestically and internationally through efficient and -flexible
transportation.
The State of Minnesota is allocated a certain amount of Federal
funding each year for the TEA -21 program. The state is divided
into eight regions, with Maplewood being included in the metro
region. Cities that are interested in receiving Federal funding
must apply to the Metropolitan Council by the specified deadline
each year. The applicants are judged according to the TEA -21
criteria addressed above and then awarded the funding based
on their ranking.
Several authorization requirements exist for the use of TEA -21
in Minnesota and the following items are required in order to
authorize federal -aid projects:
1) An approved project development report.
2) A complete Right -of -Way Certificate #1 or 1A as
appropriate.
3) Required permits.
4) Approved plans.
5) Engineer's estimate.
6) Special provisions.
A project must be ready for letting before the Minnesota
Department of Transportation (Mn/DOT) will authorize it. If a
project is not authorized by its sunset date, all federal funding
will be withdrawn and used for other purposes.
NA SPRINGSTED Page 50
City of Maplewood, Minnesota
The use of Federal funds for TEA -21 projects is a reimbursable.
process which can be complicated and time consuming. It is
recommended thatJocal agencies start the preparation of the
above .named documents ahead of time. The Metropolitan
Council will not extend the sunset date for any project.
Maplewood- has participated with Ramsey County on the use of
the TEA -21 funds for projects in the past.
SPRINGSTED Page 51
City of Maplewood, Minnesota
17. User Fees
Connection fees should be established to recover the capital
cost associated with providing the necessary infrastructure to
provide the _service to the customer. These would include the
cost of providing treatment capacity together with the cost of the
distribution or collection systems. However, many cities
establish connection charges less than the actual capital costs
incurred to provide the service. There are a number of reasons
for this including, but not limited to, the desire to encourage
business and residential development, to keep charges
competitive with neighboring communities, and. to encourage
new customers to connect to the system for both economic and
environmental reasons. However, it is important to remember
that to the extent connection fees do not cover the costs
associated with providing utility services directly related to
growth these costs are paid for by the utility's existing customers
through higher rates.
The City of Maplewood has PAC, SAC, and WAC charges. The
commercial rate for the Park Access Charge (PAC) is 9% of the
market value of the undeveloped site and the residential rate is
$1,200 per single dwelling. The Sewer Access Charge (SAC)
for commercial is $1,200 per unit, based on usage i.e.
restaurants, office, retail, etc. The residential fee is again
$1,200 per single dwelling. The Water Access Charge (WAC)
.for commercial is $150 . per unit, based on usage i.e.
restaurants, office, retail, etc. For new residential, the fee is
$150 per single dwelling.
It is important to understand that while connection fees provide
a valuable source of revenue for the utilities, they can be much
more volatile than user fee revenue related to actual sales.
Connection fees are dependent on the local economic condition
and will rise and fall' accordingly. However, the fixed costs
associated with debt issued to finance the necessary capital
improvements will need to be paid regardless of how much
connection fee revenue is collected.
PASPRINGSTED Page 52
Exhibit l
City of Maplewood Business Subsidy Policy
1. PURPOSE AND AUTHORITY
1.01. The purpose of this document is to establish the criteria for the City of
Maplewood (the "Grantor" for rating of business subsidies for private development.
Maplewood shall use the criteria as a guide in the processing and reviewing of
applications requesting business subsidies.
1.02 The City's ability to grant business subsidies is governed by the limitations
established in Minnesota Statutes 116J.993 through 116J.994 (the "Statutes").
1.03 Unless specifically excluded by the Statutes, business subsidies include grants
by state or local government agencies, contributions of personal property, real property,
infrastructure, the principal amount of a loan at rates below those commercially available
to the recipient of the subsidy, any reduction or deferral of any tax or any fee, any
guarantee of any payment under any loan, lease, or other obligation, or any preferential
use of government facilities given to a business. -
1.04 These criteria are to be used in conjunction with other relevant policies of the
G rantor.
1.05 The City may deviate from these criteria by documenting in writing the reason(s)
for the deviation. The documentation- shall be submitted to the Department of Trade
and Economic Development with the next annual report.
1.06 The Grantor may amend this document at any time. Amendments to these
criteria are subject to public hearing requirements contained in the Statutes.
2. PUBLIC PURPOSE REQUIREMENT
2.01 All business subsidies must meet a public purpose.
2.02 The creation or retention of jobs may be, but is not required to be, a public
purpose for granting a subsidy. The determination that jobs are not a public purpose for
the subsidy and that the related wage and job goals are zero shall be made following a
public hearing.
2.03 Job retention may only be used as a public purpose in Cases where job loss is
specific and demonstrable. The City shall document the information used to determine
the nature of the job loss.
2.04 The creation of tax base shall not be the sole public purpose of a subsidy.
2.05 The wage floor for wages to be paid for the jobs created shall be $10.50 hour.
The $10.50 wage floor is the minimum that the City will accept. In most cases the City
will require higher than minimum wages in order to meet the intent and public purpose of
the subsidy policy.
r,;A'SPRINGSTED Page 53
Exhibit
30 BUSINESS SUBSIDY APPROVAL CRITERIA
3.01 A1.1 new projects approved by Maplewood should meet the following minimum
approval criteria. However, it should not be presumed that a project meeting these
criteria would automatically be approved. Meeting these criteria creates noncontractual
rights on the part of any potential developer.
3.02 To be eligible to receive a business subsidy, the recipient must meet the
following minimum requirements:
a. The subsidy must achieve a_public purpose.
b. The project must meet local plans and ordinances.
c. The recipient shall provide information demonstrating that granting the subsidy is
necessary for the proposed development to occur.
d. The recipient enters into an agreement pursuant to these criteria and the
Statutes.
3.03 The business subsidy shall be provided within applicable state legislative
restrictions, debt limit guidelines, and other appropriate -financial requirements and
policies.
3.04 The project must be in accord with the Comprehensive Plan and Zoning
Ordinances, or required changes to the plan and Ordinances must be under. active
consideration by the City at the time of approval.
3.05 Maplewood will not provide business subsidies to projects that have the financial
feasibility to proceed without the benefit of the subsidy. In effect, the City will not..
provide business subsidies solely to broaden a developer's profit margins on..a project.
Before considering a business subsidy request, the Grantor may undertake the help of
independent firms before underwriting the project to help ensure that the request for
assistance is valid.
3.06 Before approval of a business subsidy, the developer shall provide any required
market and financial feasibility studies, appraisals, soil boring, information provided to
private lenders for the project, and other information or data that the Grantor or its
financial consultants may require in order to proceed with an independent underwriting.
3.07 Any developer requesting a business subsidy should be able to demonstrate
past successful general development capability as well as specific capability in the type
and size of development proposed.
3.08 The developer must retain ownership of the project at least long enough to
complete it, to stabilize its occupancy, to establish the project management, and to
initiate repayment of the business subsidy, if applicable.
3.09 A recipient of a business. subsidy must enter into a subsidy agreement with the
Grantor as described Section 4.
3.10 A recipient of a business subsidy must make a commitment to continue
operations within the City for at least five years after the benefit date.
3.11 Any business subsidy will be the lowest possible level and least amount of time
necessary, after the recipient maximizes the use of private debt and equity financing
first.
SPRINGSTED Page 54
Exhibit
4.- SUBSIDY AGREEMENT
4.01 In granting a business subsidy, the Grantor shall enter into a subsidy agreement
with the recipient that provides the information, wage and job.goals, a commitment to
provide necessary reporting data and recourse for failing to meet goals required by the
Statutes.
4.02 The subsidy agreement may be incorporated into a broader development
agreement for a project.
4.03 The subsidy agreement will describe the requirements for the recipient to provide
the reporting information required by the Statutes.
RA SPRINGSTED Page 55
Exhibit 1l
City of Maplewood Housing Replacement Program
Introduction
The Maplewood City Council has been discussing the condition of older housing in Maplewood
for several years. A concern of the council has been that if a single dwelling deteriorates to the
point of becoming a detriment or an eyesore it will have a negative affect on the surrounding
area. As such, the city council has made a commitment to improve the condition of the single
family residential housing stock in scattered sites with the Maplewood Housing Replacement
Program.
Goals
The following are the goals of the Maplewood Housing Replacement Program:
1. To keep the Maplewood housing market viable and values increasing by constantly
improving and upgrading housing.
2. To eliminate problem housing by removing housing that can only deteriorate because its
basic quality is inherently low.
3. To have a program and plan that will benefit the whole city and each of its residents.
History
The Maplewood City Council and the Housing and Redevelopment Authority (HRA) have been
discussing and reviewing the condition of housing in Maplewood for several years. In 1992, the
comprehensive plan identified two related issues about housing and neighborhood quality. The
first issue is naming the steps the city can take to prevent the deterioration or abandonment of
its older housing stock. A second issue is to identify the steps the city can take to prevent
neighborhoods from deteriorating. Specifically, if a single dwelling deteriorates to the point ,of
becoming a detriment or an eyesore, it will have a negative affect on the surrounding area. That
is, other property owners may not be motivated to care for or to improve theirproperties if they
live next to or near a rundown house.
Because of the above concerns, the city council hired Quam and Associates in 1996 to do a
housing program concepts evaluation. This evaluation was to provide the city with a summary
of the following program issues:
1. The type of programs (home replacement, existing home transformation, area
redevelopment) that would be most effective in updating neighborhoods and conserving
existing open lands.
2. The possible funding sources for such a program.
3. The cost effectiveness of any housing initiatives and the positive impact they might have on
the taxes and revenues of the city and the school district.
The housing program evaluation completed by Quam and Associates determined that a home
replacement program would be the best program for Maplewood. This is because there are
properties that have deteriorated and are inconsistent with the character of the rest of the
neighborhood. It is important to remember that much of the housing in older Maplewood
neighborhoods was built before zoning and building restrictions were in place. These are often
%�' SPRINGSTED Page 56
Exhibit 11
the houses that are now deteriorated and an eyesore. Removing an existing eyesore property
and replacing the worst home with a new home that sets a new quality standard is an effective
action for change.
In a meeting on August 2, 1999 with the HRA, the city council again discussed possible future
housing programs. At this meeting, the council directed staff to prepare a housing plan that
would replace dilapidated houses with new, higher -value replacement homes.
On August 23, 1999, the city council approved developing a Housing Replacement Program
that would:
1.. Use the surplus tax increment proceeds (up to about $687,000) from Districts 1-4, 1-5 and
1-6 to fund the housing program. The city must reasonably expect to spend this money
within 3 years.
2. Buy vacant or dilapidated properties from willing sellers at fair market value.
3. Demolish any dilapidated houses and other structures and rough grade the lots.
4. Deed the vacant properties at no cost to an agency or group that will use the lots to provide
new housing for low -to -moderate income persons. Such a transaction would be subject to all
Maplewood zoning and building requirements.
Note: Because the city was going to be using tax-exempt bonds to fund this program, the
city may only do no -cost grants of property. The city cannot sell the property or provide low
interest loans with the tax-exempt money.
The council also adopted resolutions at this meeting that provided preliminary approval for
the sale of $719,094 1999 General Obligation Tax Increment Bonds and authorized the use
of excess tax increment revenues from the Carefree Cottages to finance debt service on the
bonds.
On September 27, 1999, the city council approved a resolution approving changes for the
Development District NoA and changes to Housing Districts Numbers 1-4, 1-5 and 1-6. These
changes designated that the city will spend the excess funds from the three TIF Districts on a
housing replacement program. The total funds available to the city to spend from this program
should be about $687,000.
On December 13, 1999, the city council approved several city staff requests for the Housing
Replacement Program. These included amending the resolution for the 1999 Tax Increment
Bonds. The council made the amendments so that the proceeds can be used to reimburse the
Sanitary Sewer Fund for the cost of sanitary sewer improvements directly related to the
Carefree Cottages Phase I, II and III. The improvements involved slip lining a sanitary sewer
main to decrease leakage into it and to increase its capacity. Decreasing the leakage has
caused a decrease in the flow through the sanitary sewer main and a corresponding decrease
in sewage treatment costs. This will result in about a ten-year payback of the improvement
costs by decreased treatment ' costs. There was no need, therefore, for the Sanitary Sewer
Fund -to keep the $646,929.86 reimbursement for sanitary sewer improvement costs.
At this meeting the council also established a Housing Replacement Fund and transferred
$646,929.86 from the Sewer Fund to the Housing Replacement Fund. These actions created
p
the HousingReplacement Fund, set a budget for the fund, and most important, gave the city
more flexibility in how the city may spend the money in the fund.
PA SPRINGSTED Page 57
Exhibit I!
' General Policy Guidelines
The city shall follow the standards and guidelines in the Maplewood City Code of Ordinances
and in the Maplewood Comprehensive Plan when administering and operating the Maplewood
Housing Replacement Program. The Director of Community Development shall make the final
decisions in cases or issues of uncertainty in the program.. Anyone may appeal the Director's
decision to the Maplewood City Council for review and possible change.
Practices and Methods of Property Purchase and Resale
1. Maplewood will only buy vacant, substandard or dilapidated properties from willing sellers.
2. The city will have an appraisal done and will only pay fair market value for a property.
3. The seller of the property is responsible for properly sealing or capping any -wells on the
property.
4. After the city closes on the purchase, the city will hire a contractor to remove the structures
on the property and rough grade the site. The city also may have a survey of the property
done.
5.. For a buildable site, the city may do one of two things with the property. First, the city may
choose to deed the property at no cost to an agency or group that will use the lot to _ provide
new housing for low -to -moderate income persons after the contractor has graded the site.
The other option the city has would be to put the property up for sale by sealed bid. In either
case, the new construction would be subject to city staff review and approval as outlined
below and all Maplewood zoning and building requirements. The city council shall approve
any property ownership transfer.
6. The Community Design Review Board (CDRB) will review and approve all new house design
and site plans. The construction shall include a garage at least big enough to hold two motor
vehicles. The design of the new construction shall be compatible with adjacent and nearby
houses. Staff shall consider the following when reviewing these house plans:
a. The height, bulk and area of the existing and proposed buildings.
b. The color and materials of the proposed buildings. f
c. The physical and architectural relationship of the proposed structure with the existing
buildings (including the architectural elements),
d. The site, layout, orientation and location of the proposed and existing buildings and their
relationship with existing topography, landscaping and vegetation.
City staff or the CDRB may require changes to the plans or may add conditions theydeem
necessary to ensure that the proposed design is compatible with the existing neighborhood.
The city must make the following findings to approve the proposed plans:
a. The design and location of the proposed construction and its relationship to neighboring,
existing or proposed developments are such that it will not impair the desirability of the
existing neighborhood.
b. The proposed design and location of the construction are in keeping with the character of
the existing neighborhood.
SPRINGSTED Page 58
Exhibit 11
c. The proposed design would be aesthetically pleasing in composition, materials, textures
and colors.
The developer or builder may appeal the staff decisions about design issues to the city
council.
7. If the property the city has bought is substandard in width or area for the neighborhood or
area and it is next to publicly -owned property, the city may choose to keep the property for
open space rather than .transfer the property to another owner. The city council shall
approve any property transfer or decision to keep a property.
8. If the property the city has bought does not meet the city's zoning standards for lot size or lot
width, the city may choose to:
a. Grant variances to allow the construction of a new house.
b. Keep the property for open space rather than transfer the property to another owner.
c. Divide the property and sell the pieces to the adjacent property owners.
The city. council shall approve any property transfer, variance or decision to keep a property.
This plan was approved by the Maplewood City Council on January 22, 2001.
�ti SPRINGSTED Page 59
Exhibit 111
City of Maplewood Tax -Exempt Financing Policy
Your application must meet the following requirements for approval of tax-exempt mortgage
revenue financing:
1. The project shall not require a significant amount of public money for City improvements if
the City Council determines that the site is premature for development. City
improvements include streets and utilities.
2. The notes or bonds shall be for an issue of not less than $300,000.
3. Construction must begin within one year of preliminary approval. The City Council may
grant a time extension if you show just cause.
4. Contractors doing work on projects funded in whole or in part by tax-exempt mortgage
revenue financing:
a. Shall not discriminate in the hiring and firing of employees on the basis of race,
color, creed, religion, national origin, sex_ , marital status, age, disability or the
need for public assistance.
b. Shall pay employees as provided under the United States Code, Section 276A,
as amended through June 23, 1986, and under Minnesota Statutes 1985,
Sections 177.41 — 177.44.
c. Shall employ Minnesota residents in at least 80% of the jobs created by the
project. In addition, at least 60% of these employees shall be residents of the
seven -county metropolitan. area. Resident status shall be determined as of the
date of the project's approval by the City Council. However, if the contractor can
show that these quotas are not possible because of a shortage of qualified
personnel in specific skills, the contractor may request a release from the City
Council of the two residency requirements. These requirements shall continue
for the length of the construction project.
d. Shall be active participants in a State of Minnesota apprentice program,
approved by the Department of Labor and Industry.
e. The above requirements shall apply to all subcontractors working on the project.
5. You must use Mary Ippel, from Briggs and Morgan, as your bond counsel.
6. The project must involve an existing business that the City wishes to expand or a new
business which the. City wishes to attract. A business is the manufacture, distribution,
sale, storage or making of any merchandise, real estate, produce, food, housing or
services which will produce income for one or more individuals. An existing business is
commercial project that has operated for at least one year in the City. A new business is
a commercial project which does not qualify as an existing business.
a. Existing business criteria: The City will consider any expansion, relocation or
rehabilitation of an existing business for approval.
b. New business criteria: The City will only consider a new business for approval if
it:
1) Offers at least 400 hours per week of new, year-round employment, or
2) Involves the rehabilitation of a vacant or scheduled to be vacated
structure, or
kA SPRINGSTED 'Page 60
Exhibit Ill
3} Is within a designated development or redevelopment target area, and
4) Has a. low potential for creating pollution.
7. The1ro'ect must exceed minimum code requirements by including at least five of the
p
following features into the exterior design of the project or site:
➢ Brick
Building design should be a distinctive, nongeneric style.
A noticeable increase in the size and quantity of landscape plantings over what
the City normally requires.
Underground irrigation of all landscaping.
r
Significant extra open space, other than the required minimum setbacks.
�= At least 10% more parking than the, City code requires.
➢ Walkway or sidewalk along all street frontages.
All parking stall widths at least ten feet wide.
All signs, shall be at least 20% smaller or fewer than allowed by code.
.
8. You mustpaY an administrative fee to the City of one percent of the bond issue up to a
maximum of $28,600. This fee is in addition to the application fee.
2,1A SPRINGSTED Page 61
Exhibit IV
Sample Tax Abatement Policy
I. POLICY PURPOSE
The purpose of this policy is to ,establish the City of 's position relating to the
use of tax abatement, for private development above and beyond the requirements and
limitations set forth by State Law.. This policy shall be used as a guide in the processing
and review of applications requesting tax abatement assistance. The fundamental purpose
of tax abatement in is to encourage desirable development or redevelopment that
would not otherwise occur but for the assistance provided through tax abatement.
The City of is granted the power to utilize tax abatement by the Minnesota Tax
Abatement Act, as amended. It is the intent of the City to provide the minimum amount of
tax abatement, as well as other incentives, at the shortest term required for the project to
proceed. The City reserves the right to approve or reject projects on a case by case basis,
taking into consideration established policies, project criteria, and demand on city services
in relation to the potential benefits from the project. Meeting.. policy criteria does not
guarantee the award of tax abatement to the project. Approval or denial of one project is
not intended to set precedent for approval or denial of another project.
DIFFERENCE BETWEEN TAX ABATEMENT & TIF
The primary difference between tax abatement and tax increment financing (TIF) is the way
in which the dollars are awarded to the project. When TIF is awarded to a project by the
city, the other political subdivisions (the school district and the county) are requiredto
contribute their portion of the increased taxes to the project. Conversely,- when tax
abatement is requested, each political subdivision has the option of granting its portion of
the increased taxes to the project. Subsequently, the dollars generated for the project with
tax abatement are generally less than the dollars generated with TIF.
III. OBJECTIVES OF TAX ABATEMENT
As a matter of adopted policy, the City will consider* using tax abatement to assist private
development projects to achieve one or more of the following objectives:
• To retain local jobs and/or increase the number and diversity of jobs that offer stable
employment and/or attractive wages and benefits.
• To enhance and diversify the City of 's economic base.
• To encourage additional unsubsidized private development in the area, either directly
or indirectly through "spin off" development.
• To facilitate the development process and to achieve development on sites which
would not be developed without Tax Abatement assistance.
To remove blight and/or encourage redevelopment of commercial and industrial areas
in the city that result in high-quality redevelopment and private reinvestment.
To offset increased costs of redevelopment (i.e., contaminated site clean up) over and
above the costs normally incurred in development.
To create opportunities for affordable housing.
2 SPRINGSTED Page 62
• Exhibit 1V
• To contribute to the implementation of other public policies, as adopted by the city
from time to time, such as the promotion of quality urban or architectural design,
energy conservation, and decreasing capital and/or operating costs of local
government. -
IV. POLICIES FOR THE USE OF TAX ABATEMENT
a. Tax abatement assistance will be provided to the developer upon receipt of taxes by
the City, otherwise referred to as the pay-as-you-go method. Requests for up -front
financing will be considered on a case-by-case basis.
b. Any developer receiving tax abatement assistance shall provide a minimum of twenty
percent (20%) cash equity investment in the project.
c. Tax abatement will not be used in circumstances where land and/or property price is in
excess of fair market value.
d. Developer shall be able to demonstrate a market demand for a proposed project.
e. Tax abatement will not. be utilized in cases where it would create an unfair and
significant competitive financial advantage over other projects in the area.
f.. Tax abatement shall not be used for projects that would place extraordinary demands
on city services or for projects that would generate significant environmental impacts.
g. The developer must provide adequate financial guarantees to ensure completion of
the project, including, but not limited to: assessment agreements, -letters of -credit,
personal guaranties, etcetera.
h. The developer shall adequately demonstrate, to the City's sole satisfaction,. an ability
to complete the proposed project based on past development experience, general
reputation, and credit history, among other factors, including the size and scope of the
proposed project.
i. For the purposes of underwriting the proposal, the developer shall provide any
requested market, financial, environmental, or other data requested by the City or its
consultants.
V. PROJECT QUALIFICATIONS
All tax abatement projects considered by the City of must meet each of the.
following requirements:
a. The project shall meet at least one of the objectives set forth in section IV of this
document. - -
b. The use of tax abatement will be limited to:
• Industrial development, expansion, redevelopment, or rehabilitation; or
• Commercial redevelopment or rehabilitation; or
• Office or research facilities that satisfy specific zoning requirements;
• Residential development and redevelopment may be eligible for tax abatement
under a separate set of policies and only with the recommendation of the HRA.
• New commercial or retail development is not eligible for tax abatement.
1 SPRINGSTED Page -63
Exhibit IV
c. The developer shall demonstrate that the project is not financially feasible but -for the
use of tax abatement.
d. The project shall comply with all provisions set forth in the state's Tax Abatement Law,
Statutes 469.1812 to 469.1815, as amended.
e. The project must be consistent with the City's Comprehensive Plan, Land Use Plan,
and Zoning Ordinances.
f. The project shall serve at least two of the following public purposes:
• Job creation.
• Increase of tax base.
• Enhancement or diversification of the city's economic base.
• Development or redevelopment- that will spur additional private. investment in the
area.
• Fulfillment of defined city objectives, such as those identified in the
Comprehensive Plan.
• Removal of blight or the rehabilitation of a high profile or priority site.
VI. SUBSIDY AGREEMENT & REPORTING REQUIREMENTS
All developers/businesses receiving tax abatement assistance from the City of
shall be subject to the provisions and requirements set forth by state statute 1.16J.993 and
summarized below.
All develop ers/businesses receiving tax abatement 'assistance shall enter into a subsidy
agreement with the City of that identifies: the reason for the subsidy, the public
purpose served by the subsidy, and the goals for the subsidy, as well as other criteria set
forth by statute 116J.993.
The developer/business shall file a report annually for two years after the date the benefit is
received or until all goals set forth in the application and performance agreement have been
met, whichever is later. Reports shall be completed using the format drafted by the State of
Minnesota and shall be filed with the City of no later than March 1 of each year for
the previous calendar year. Businesses fulfilling job creation requirements must file a report
to that effect with the city within 30 days of meeting the requirements.
The developer/business owner shall maintain and operate its facility at the site where tax
abatement assistance is used for a period of five years after the benefit is received.
In addition to attaining or exceeding the jobs and wages goals set forth in the Subsidy
Agreement, the borrower shall achieve at least one of the objectives set forth in Section IV
of this document.
Developers/Businesses failing to comply with the above provisions will be subject to fines,
repayment requirements, and be deemed ineligible by the State to receive any loans or
grants from public entities for a period of five years.
V,_�_ISPRINGSTED Page 64
Exhibit V
Sample Tax Increment Policy
I. POLICY PURPOSE
The purpose of this policy is to establish the City of 's position relating to the use of
p p P Y
Tax Increment Financing (TIF) for private development above and beyond the requirements
and limitations set forth by State Law. This policy shall be used as a guide in the processing
and review of applications requesting tax increment assistance. The fundamental purpose
of tax increment financing in is to encourage desirable development or
redevelopment that would not otherwise occur but for the assistance provided through TIF.
The City of is granted the power to utilize TIF by the Minnesota Tax Increment
Financing Act, as amended. It is the intent of the City to provide .the minimum amount of
TIF at the shortest term required for the project to proceed. The City reserves the right to
approve or reject projects on a case by case basis, taking into consideration established
policies, project criteria, and demand on city services in relation to the potential benefits
from the project. Meeting policy criteria does not guarantee the award of TIF to the project.
Approval or denial of one project is not intended to set precedent for approval or denial of
another project.
II. OBJECTIVES OF TAX INCREMENT FINANCING
As a matter of adopted policy, the City will consider using TIF to assist private development
projects to achieve one or more of the following objectives:
• To retain local jobs and/or increase the number and diversity of jobs that offer
stable employment and/or attractive wages and benefits.
• To encourage additional unsubsidized private development in the area, either
directly or indirectly through "spin off" development.
• To facilitate the development process -and to achieve development on sites which
would not be developed without TIF assistance.
• To remove blight and/or encourage redevelopment of commercial and industrial
areas in the city that result in high quality redevelopment and private reinvestment.
• To offset increased costs of redevelopment (i.e. contaminated site clean up) over
and above the costs normally incurred in development.
• To create opportunities for affordable housing.
• To contribute to the implementation of other public policies, as adopted by the city
from time to time, such as the promotion of quality urban or architectural design,
energy conservation, and decreasing capital and/or operating costs of local
government.
III. POLICIES FOR THE USE OF TIF
a. When possible, TIF shall be used to finance public improvements associated
with the project. The priority for the use of TIF funds is:
1. Public improvements, legal, administrative, and engineering costs.
NA SPRINGSTED Page 65
Exhibit V
2. Site preparation, site improvement, land purchase, and demolition.
3. Capitalized interest, bonding costs.
b. It is the City's policy to establish the following types of TIF districts:
1. Economic Development Districts
• It is desired that the project result in a minimum creation of one
full time job per $25,000 of TIF.
.2. Redevelopment Districts
• The market value of a redeveloped site shall increase by a
minimum of 50% of the current market value.
Other types of TIF districts, along with specific criteria, may be considered on a
case by case basis.
c. TIF assistance will be provided to the developer upon receipt of the increment by
the City, otherwise referred to as the pay-as-you-go method. Requests for up
front financing will be considered on a case by case basis.
d. A maximum of ten percent (10%) of any tax increment received from the district
shall be retained by the City to reimburse administrative costs.
e. Any developer receiving TIF assistance shall provide a minimum of twenty
percent (20%) cash equity investment in the project.
f. TIF will not be used in circumstances where land and/or property price is in
excess of fair market value.
g. Developer shall be able to demonstrate a market demand for a proposed project.
TIF shall not be used to support purely speculative projects.
h. TIF will not be utilized in cases where it would create an unfair and significant
competitive financial advantage over other projects in the area.
i. TIF shall not be used for projects that would place extraordinary demands on city
services or for projects that would generate significant environmental impacts.
j. The developer must provide adequate financial guarantees to ensure completion
of the project, including, but not limited to: assessment agreements, letters of
credit, personal guaranties, etc.
k. The developer shall adequately demonstrate, to the City's sole satisfaction, an
ability to complete the proposed project based on past development experience,
general reputation, and credit history, among other factors, including the size
and scope of the proposed project.
I. For the purposes of underwriting the proposal, the developer shall provide any
requested market, financial, environmental, or other data requested by the City
or its consultants.
IV. PROJECT QUALIFICATIONS
All TIF projects considered by the City of must meet each of the following
requirements:
� SPRINGSTED Page 66
Exhibit V
a. To be eligible for TIF, a project shall result in:
i. The new construction of a minimum of 25,000 square feet;
ii. A minimum increase of $25,000 per year in property taxes; and,
iii. Have a market value of at least $1,000,000- upon completion.
b. The project shall meet at least one of the objectives set forth in Section II and
satisfy all the provisions set forth in Section III of this document.
c. The developer shall demonstrate that the project is not financially feasible but -for
the use of TI F.
d. The project must be consistent with the City's Comprehensive Plan, Land Use
Plan, and Zoning Ordinances.
e. The project shall serve at least two of the following public purposes:
• Creation of jobs with livable wages and benefits.
• Increase of tax base.
• Enhancement or diversification of the city's economic base.
• Industrial development that will spur additional private investment in the
area.
• Fulfillment of the City's Strategic Plan for Economic Development.
• Removal of blight or the rehabilitation of a high profile or priority site.
V. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS
All developers/businesses receiving tax increment financing assistance from the City of
shall be subject to the provisions and requirements set forth by state statute
116J.993 and summarized below.
All developers/businesses receiving. TIF assistance shall enter into a subsidy agreement
with the City of that identifies: the reason for the subsidy, the public purpose
served by the subsidy, and the goals for the subsidy, as well as other criteria set forth by
statute 116J.993.
The developer/business shall file a report annually for two years after the date the benefit
is received or until all. goals set forth in the application and performance agreement have
been meet, whichever is later. Reports shall be completed using the format drafted by the
State of Minnesota and shall be filed with the City of no later than March 1 of
each year for the previous calendar year. Businesses fulfilling job creation requirements
must file a report to that effect with the city within 30 days of meeting the requirements.
The developer/business owner shall maintain and operate its facility at the site where TIF
assistance is used for a period of five years after the benefit is received.
In addition to attaining or exceeding the jobs and wages goals set forth in the Subsidy
.Agreement, the applicant shall meet the qualifications set forth in Section IV -of this
document.
Developers / Businesses failing to comply with the above provisions will be subject to fines,
repayment requirements, and be deemed ineligible by the State of Minnesota to receive
any loans or grants from public entities for a period of five years.
i%i SPRINGSTED Page 67
Exhibit Vl
MAPLEWOOD ECONOMIC DEVELOPMENT TOOLS STUDY
ACTION PLAN
The purpose of this component is to develop strategic goals, strategies, and an action plan utilizing the applicable tools identified within the study.
Goals
Goals focus efforts on reaching a future position, establish alignment with the City's vision and mission, and translate conclusions. into 'Meaningful an
desirable results. Goals are broad statements of results that require coordinated action or collaboration and may involve multiple organizations. For this
exercise goals will span 3 - 5 years into the future.
Strategies
Determining strategies requires an evaluation of the costs, benefits, and consequences of each method, approach, or course of action. Formulating
strategies into action plans provides the basis for developing requests for resources. Strategies also indicate how results will be achieved.. Strategies
g
are methods, approaches, or responses taken to achieve results. Strategy development leads to action plans or detailed descriptions of steps required
to achieving the goal. More than one strategy may be needed for accomplishing each goal and one strategy could cut across more than one goal.
Action Plans
Strategies naturally translate into specific action steps, It is the action planning phase whereby we analyze the condition of our work processes that will
deliver services. Action planning provides the City with a process to translate plans into action and results. Action planning can also clarify the resources
needed (budget, staff, time, etc.) to accomplish the strategies and goals.
SPRINGSrTED Page 68
ACTION PLAN WORKSHEET
Maplewood Mall - Hajicek Property
TASK
START
COMPLETE
REPORTING
CURRENT
Goals
ST.RATEG=LES
OBJECTIVES
TACT.LCS
OWNER
DATE
DATE
INTERVALS
STATUS
1. Develop
1.1 Evaluate
1.1.1 Establish
Make contact
the Hajicek
the current
current
with developer
property.
state or
condition as
condition
baseline
Contact real
estate agent(s)
1.2 Determine
1.2.1 Begin
Request
potential
constructing
developer to
assistance
methods of
begin application
request
processing the
process
request
Request
developer to
identify the
project,
sou rces/uses,
gap, and what the
subsidy would be
used for
Review and
analyze
developer
request.
Determine need.
Determine which
incentive
tools/programs
could be used
Negotiate
developer
assistance
package
ACTION PLAN WORKSHEET
Frost and English, Gladstone Neighborhood
TASK
START
COMPLETE
REPORTING
CURRENT
Goals
STRATEGIES
OBJECTIVES
TACTICS
OWNER
DATE
DATE
INTERVALS
STATUS
1.
1.1 Complete
1.1.1
Define the
Redevelop
due -diligence
Understand .the
boundaries of
sites in the
on the
redevelopment
redevelopment
area of Frost
redevelopment
area
area
Avenue and
area
English
Street
Create a database
and site inventory
Complete a parcel
analysis to identify
value, size, use,
owner, etc.
Create preliminary
land use and
redevelopment
scenarios
1.2 Gather
1.2.1 Open the
Send letters to
input from
lines of
owners and
stakeholders in
communication
businesses w/in
the
between
the redevelopment
redevelopment
owners,
area
area
businesses,
neighborhoods
and the Cit
1.3 Gather
1.3.1 What type
Schedule and hold
input from
and how much
a developer focus
development
development
group discussion
community
will the market
support
1.3.2
Begin a series of
Communicate
public
with
informational
businesses,
meetings to
owners,
discuss options
neighborhoods
1.4 Use
1.4.1 Focus on
Outline
infrastructure
the improv's
infrastructure &
improv's to
that will
capital improv's
incent
influence the
planned in the
redevelopment
redevelopment
area
time schedule
Prioritize
infrastructure &
capital improve
1.5 Use
1.5.1 Attract
Determine which
available and
developer
incentive
applicable
interest in the .
tools/programs
redevelopment
area
could be used
tools &
programs
Conduct pre -
qualification
analysis for
specific tools such
as TIF
Determine
potential incentive
$ projected
1.6 Select
1.6.1 Find
Research potential
developer
developer to
benefits of
implement plan
retaining
established
businesses
Determine if RFP
needed
Either RFP or
work on priority
projects with
existing bus's
ACTION PLAN WORKSHEET
White Bear Avenue and Larpenteur, Hillcrest Neighborhood
Goals
STRATEGIES
OBJECTIVES
TACTICS.
TASK
OWNER
START
DATE
COMPLETE
REPORTING
INTERVALS
CURRENT
STATUS
DATE
1.
Redevelop
sites in the
Hillcrest
area
1.4
1.4.1 Have a
Maintain ongoing
Communicate
coordinated
communication with
with St. Paul on
approach to
St. Paul PED
adjacent
redevelopment
project(s)
Contact proposed
developers to
ascertain level of
public involvement in
their project(s)"
1.5 Gather
1.5.1 What type
Schedule and hold a
input from
and how much
developer focus
development
development
group discussion
community
will the market
be able to
support
1.6
1.6.1 Open
Begin a series of
Communicate
communication
public informational
with
lines
meetings to discuss
stakeholders
options
1.7 Use
1.7.1 Focus on
Outline infrastructure
infrastructure
the improv's
& capital improv's
improv's to
that will
planned in the area
incent
influence -the
redevelopment
redevelopment
time schedule
Prioritize
infrastructure &
capital im rove's
1.8 Use
1.8.1 Attract
Determine which
available and
developer
incentive
applicable
interest in the
tools/programs could
redevelopment
area
be used
tools &
programs
Conduct pre -
qualification analysis
for specific tools
such as TIF
1.8.2 Select
Send out RFP
developer
Make final developer
selection
Housing Replacement Program -
TASK
START
COMPLETE
REPORTING
-CURRENT
Goals
STRATEGIES
OBJECTIVES
TACTICS
OWNER
DATE
DATE
INTERVALS
STATUS
1. Retain
1.1 Examine
1.1.1
Determine which
and grow
financial tools
Determine
incentive
the Housing
which could
adequate
tools/programs could
Replacemen
interface with
methods of
be used as methods
t Program
program
ongoing
of capitalization
capitalization
Determine which
tools/programs could
be used effectively
to accomplish goals
of the program
1.2 Evaluate
1.2.1
Discuss with other
strengths and
Strengthen
communities their
weaknesses of
existing
approach to
current
program
accomplishing
program
similar objectives
Invite housing
developers to
discuss methods of
increasing
effectiveness of
current ro ram
1.2.2
Evaluate feasibility
Determine if.
of City as housing
program can
"developer" or rental
become self-
Vs outright lot sales
supporting
to private party
Evaluate other
methods to
determine ability to.
self-support_