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HomeMy WebLinkAbout10-28-1997 ECONOMIC DEVELOPMENT COMMISSION AGENDA TUESDAY, OCTOBER 28, 1997 6:00 P.M. PINEWOOD ELEMENTARY Art Room, next to Gymnasium 1. CALL TO ORDER ( ; o P.M. 2. ROLL CALL (Present = P, Absent = A) z. Carlson t/ Field Goff Larson Nelson McCarty (EDA Liaison) V Schmidt Quick (EDA Alternate Liaison) AO Sjoberg Bennett (Staff) 3. APPROVE EDC MINUTES August 28, 1997 Action: Motion Second ' Vote 4. SPECIAL BUSINESS � � 01,0 _ u Welcome and Introduction of New Members fv1.6 496,-ACA_ 5. EDC BUSINESS A. Consideration of Tax Increment Request by Pelstring Capital Action: Motion Second Vote Comments: 6. Report of Commissioners, Staff and EDA Liaison 7. ADJOURN (CO b7Y P.M. Next Meeting November 20, 1997 t'.tgj ,(.,G ECONOMIC DEVELOPMENT COMMISSION AGENDA TUESDAY, OCTOBER 28, 1997 6:00 P.M. PINEWOOD ELEMENTARY Art Room, next to Gymnasium 1 . CALL TO ORDER P.M. 2. ROLL CALL (Present = P, Absent = A) Carlson Fields Goff Larson Nelson McCarty (EDA Liaison) Schmidt Quick (EDA Alternate Liaison) Sjoberg Bennett (Staff) 3. APPROVE EDC MINUTES August 28, 1997 Action: Motion Second Vote 4. SPECIAL BUSINESS Welcome and Introduction of New Members 5. EDC BUSINESS A. Consideration of Tax Increment Request by Pelstring Capital Action: Motion Second Vote Comments: 6. Report of Commissioners, Staff and EDA Liaison 7. ADJOURN P.M. Next Meeting November 20, 1997 Minutes of the Economic Development Commission City of Mounds View Ramsey County, Minnesota • Regular Meeting August 28, 1997 City of Mounds View, Council Chambers 2401 Highway 10, Mounds View, MN 55112 1. Call to Order: The meeting was called to order at 7:35 a.m. by Chairperson, Dan Nelson. 2. Roll Call: Members Cindy Carlson, Dan Nelson, Ron Schmidt, Brian Sjoberg and Delane Welsch were present. Dir. of Economic Development Cathy Bennett and Building Inspector Rick Jarson were present. Member Rosemary Goff, EDA Liaison Duane McCarty and Alternate Liaison Gary Quick were absent 3. Approval Of Minutes: Motion/Second: Welsch/Carlson moved approval of Minutes from July 24, 1997 as amended by Carlson. Motion Carried 5 ayes 0 nays 4. Special Business • New Brighton/Mounds View Area Chamber of Commerce Executive Director Carol Frey gave an overview of the Chamber mission, membership benefits and programs. Ms. Frey passed out materials included the Newsletter,Membership Directory and Marketing Brochure. The current membership includes approximately 140 members. Carol attends the New Brighton EDC meetings and would like to be a more regular guest at the Mounds View EDC meetings. Chair Dan Nelson gave an open invitation to Carol to attend the meetings as they are a public forum. Ms. Frey encouraged the business representatives on the EDC to join as chamber members. She noted that the chamber is an excellent venue to learn business issues and keep in close contact with the businesses. 5. EDC BUSINESS A. Consideration of Application for Marketing Funds through the New Brighton/Mounds View Area Chamber of Commerce Director Bennett passed out a draft of the application for charitable gaming funds through the New Brighton/Mounds View Chamber of Commerce. She explained that the application was for funds in support of the production of the Mounds View Community Profile and an Advertising Supplement to highlight the Mounds View business who was the recipient of the Business of the Year award. The City has budgeted approximately$1,500 for the production of the brochure. The application would be for$2,000 - $3,000 to enhance the brochure and increase the quantity printed. Chair Dan Nelson asked how the brochure was distributed and suggested that we use the brochure • more proactively. Bennett explained that the brochure is handed out to all new residents and 1 businesses and is used in the material for attracting new companies to the area. By increasing the quantity Mounds View will be able to give the brochure to the chamber to mail out to businesses that contact them. Nelson suggested that we increase the amount printed to be able to mail to all Mounds III View businesses. Carlson noted that the brochure could be beneficial to businesses in attracting workers and that we should have enough to assist the businesses in attracting a quality workforce. Nelson suggested that if we do not get the additional funds that the EDA support increasing the budget to allow for the additional quantity to be printed. Ms. Frey, Chamber Executive Director noted that the City may want to use members for printing and designing. Bennett mentioned that they will be using a local printer Action Press. Motion/Second: Nelson/Welsch moved to recommend applying for Charitable Gaming Funds for 3,500 copies of the Community Profile and Advertising Supplement and to encourage the EDA to increase funding for the Profile if needed. Motion Carried 5 ayes 0 nays B. Discussion of Establishing a Loan Program for the Improvement of Multi-Family and Manufactured Homes Bennett explained that City staff is requesting that the EDC review possible loan programs, using TIF, for the rehab of Manufactured Home Additions and Apartments, Triplexes and Duplexes. Building Inspector Rick Jarson gave a brief overview of the current situation in Manufactured Homes Parks with faulty and illegal construction of additions. Carlson talked to a Chamber member who owns a Manufactured Home Park in New Brighton and in a member of the Minnesota Manufactured Home Association. She mentioned that trying to assist in the al rehab of older mfg homes is very risky. Recently, some lenders have liberalized the financing criteria for mfg home additions and/or purchases and the majority of these have gone into foreclosure. Carlson suggested that staff try and develop some criteria for a loan in conjunction with the park owner\manager and that they should buy into and support the City in its efforts to improve the living conditions in the park. Schmidt felt that the loan should not be forgivable and that any work should be supervised by a licensed contractor. Nelson suggested that the Planning Commission review the possibility of revising our code to allow construction of additions following the UBC. Motion/Second: Carlson/Nelson moved to direct staff to draft a loan program with the assistance of Western Bank and Chamber Member Bev Aplikowski to bring back to the commission for review. Motion Carried 5 ayes 0 nays Bennett gave an overview of the change in the tax law that reduces the multi-family tax rate and hopes that this savings will encourage property owners to make improvements. As an additional incentive the City may consider developing a loan program that would be an additional incentive to provide improvements to property. Carlson noted that there are several City programs out there and that we should research other programs prior to developing our own. Carlson also mentioned that both of these ideas are expensive proposals because you must deal with the servicing of the loan, possible foreclosure costs, collection costs and that the EDC needs to take into consideration what the actual benefit the programs will be in relation to the costs. • Motion/Second: Carlson/Welsch moved to direct staff to research other City programs and bring back information to the EDC for review. 2 Motion Carried 5 ayes 0 nays C. Consideration of Assigning an EDC Member to participate in the Development of the • Design Theme for Highway 10 Corridor Bennett explained that staff solicited proposals from over 15 consulting firms to assist in developing design themes for Highway 10. Of the 8 proposals that were received 4 were interviewed by Planning Commission members Jean Miller and Bobbie Brooks. Two firms were chosen to reinterview by a larger group that includes a member of the Council and EDC. These firms were SRF Consulting and Hoisington Koegler Group. The Council delayed taking action on this item until decisions could be made with regards to the ring road concept. If Council decides to proceed with the ring road concept a task force will be formed to work with one of these firms in developing a design theme. Staff is requesting an EDC member to participate in this process. Motion/Second: Nelson/Sjoberg moved to nominate member Ron Schmidt with member Delane Welsch as alternate to represent the interests of the EDC on the task force when it is formed. Motion Carried 5 ayes 0 nays 6. Reports From Chair, Commissioners and Staff: Commissioner Welsch mentioned that he will be unable to attend the meetings on Thursday morning since he teaches a class on Tuesday and Thursday mornings throughout November. Bennett mentioned that the Commission could change the meeting to evenings or another morning to accommodate Welsch. Nelson suggested that another morning be chosen. Carlson said that mornings are much easier since she has many other evening obligations. Sjoberg and Schmidt agreed. Motion/Second: Nelson/Schmidt moved to move the EDC meetings to Friday mornings at 7:30 a.m. through November. • Motion Carried 5 ayes 0 nays 7. Adjournment There being no further business before the Commission, this meeting of the Economic Development Commission adjourned at 8:45 a.m. Respectfully S : 'tted, Director of . conomic Development • 3 r Staff Memo To: Economic Development Commission Members From: Cathy Bennett, Director of Economic Development Date: October 23, 1997 Subject: Consideration of Tax Increment Request by Pelstring Capital (5.A.) At the September meeting I gave a brief summary of the request for Tax Increment Funds to assist in the retention of a business that is located in the Mounds View Business Park. The request is presented by Patrick Pelstring of Pelstring Capital who is representing the owner of the building, CALPERS (California Public Retirement Fund) and LaSalle Partners (Agent for CALPERS). The company (Portable Products) is interested in expanding in their location in Mounds View but would require the relocation of another business (Sims Deltec) that is also leasing space in the building owned by CALPERS (Building A). Sims Deltec • would consider relocating to another building but have invested an estimated $700,000 in tenant improvements that they would need to recoup through the move. Mr. Pelstring has submitted an application for TIF assistance (see attached) which amounts to a straight grant of $700,000 and would enable the retention of both of these companies in Mounds View. TIF Consultant Dave Maroney and I met with Mr. Pelstring to discuss the proposal and felt that we needed to evaluate other alternatives prior to making any recommendation on the proposal. Mr. Pelstring discussed this with CALPERS who is unwilling to review other alternatives and divulge any more information prior to having a sense from the City if they are willing to participate. The owner is concerned about the confidentiality of providing lease terms and rates to the City as this becomes public information for which competition can use against them to lure the company away. Staff recognizes the risk and therefore has suggested that information be passed through Dave Maroney's office. They are still not willing to provide the information at this time and therefore, the $700,000 up front grant is the only alternative for CALPERS at this time I have not discussed the proposal and/or other possibilities with either company at this time but have just been working with Mr. Pelstring. Please review the attached information and be prepared to provide • alternatives/suggestions for the Council/EDA to review when this comes before them in November. f r,' ;� yid PELSTRING CAPITAL CORPORATION 4205 Lancaster Lane North t@ Suite 1100*Minneapolis, MN 55441 October 6, 1997 Ms. Catherine Bennett Director of Economic Development City of Mounds View 2401 Highway 10 Mounds View, MN 55112 Re: City Assistance Fiskars/Sims Deltec Dear Ms. Bennett: On behalf of LaSalle Advisors/CALPERS I appreciate your consideration, on the behalf of the City of Mounds View, to assist with the expansion of Fiskars and Sims Deltec. As you are aware, Fiskars/Portable Products currently occupies approximately 50,000 square feet in "Building A" in the Mounds View Business Park. Fiskars/Portable Products has enjoyed rapid expansion and is seeking the ability to add another 40,000 square feet and, eventually fully occupy the 113,000 square feet of the building. Unfortunately, Sims Deltec currently has a long-term lease and occupies the space sought by Fiskars. Additionally, Sims Deltec has invested over $700,000 in leasehold improvements which is a major obstacle for their ability to vacate their space. On behalf of CALPERS, this application represents a request to provide City assistance, supported by your TIF program, to reimburse Sims Deltec for these costs to facilitate the relocation of Sims Deltec and the expansion of Fiskars. Both companies provide significant, high quality jobs for the City of Mounds View. Your assistance will be required to assure the job retention and potential future growth of these companies. • (612) 550-7980G)r(0800-642-6258���(612) 550-9221 FaxG)*tD pelstring@earthlink.net 411) PROJECT DESCRIPTION The Mounds View Business Park is high quality, class A office showroom park in Mounds View. Several large, major employers have located in Mounds View due to the Park's high quality office/showroom space and excellent access to 35W and Highway 10. Sims Deltec has been a tenant in "Building A" for several years and currently has a long-term lease on its space. Fiskars acquired the "Portable Product" business approximately 18 months ago and since that time has generated significant growth in the business. This growth will require almost doubling its current space and the company projects requiring the whole building within 3 years. Fiskars/Portable Products' only viable option in Mounds View would be to continue expanding its current space. By expanding into the Sims Deltec's space, Fiskars/Portable Products avoids the disruption of moving to another space and has the ability to ultimately occupy over 100,000 square feet. CALPERS owns Building A and has the opportunity to move Sims Deltec into another one of its facilities, most likely Building G, thereby retaining the company 0 in Mounds View. Sims Deltec, however, will not consent to the move unless it is reimbursed for its leasehold improvements of approximately $700,000. Building A is located within the original "pre 1990" redevelopment TIF district created for the Mounds View Business Park. This district runs through 2013 and generates very substantial tax increment reserves for the City. We understand that the Business Park, overall, generates over $700,000 each year, in excess increments. We would request a grant of $700,000 to be applied to pay for leasehold improvements and pay for the relocation costs to relocate Sims Deltec within the Park. The inability to provide this funding would force Fiskars/Portable Products into considering relocating into a larger, expandable facility, most likely out of the City of Mounds View. COMPANY DESCRIPTIONS The economic impact of this transaction is very critical for the City c 1 Mounds View. Both companies provide significant, high quality employment and Fiskars/Portable Products, in particular, has the potential for substantial additional ill growth. In order to understand this impact, we have provided an overview of the two companies, their current employment, and growth potential. Fiskars/Portable Products Fiskars acquired Portable Products early in 1996. Portable Products represents 1 of 29 wholly owned subsidiaries owned by Fiskars. Overall, Fiskars has doubled its revenues in the last three years to $529,000,000. Fiskars expects its overall sales to exceed $1,000,000,000 by the year 2000. Its headquarters for consumer products is based in Madison, Wisconsin. The overall corporate headquarters is in Helsinki, Finland. The Portable Products division, based in Mounds View, has grown from virtually no sales to over $25,000,000 in 7 years. Based upon current growth, the company expects to double revenues again, to $50,000,000, within 2 years. Portable Products is the premier provider of canvas tool belts, bags, and other portable tool organizers and carryalls. Portable Products represents a very synergistic blend of culture of innovativeness with Fiskars other consumer products which is one of Fiskars special strengths. The expectations for the increased success of these products, targeted particularly to the do-it-yourself market, are very high. Three main factors continue to fuel the growth of the Portable Products, as they • have for the last several years: development of new products, development of new marketplaces and the prospective acquisition of carefully selected products and companies. The Mounds View location represents Portable Products headquarters and primary final assembly and distribution center. The company controls nearly a 90% marketshare within its market segment and its principal sales and distribution is through major retailers such as Sears, Lowes, Target, Home Depot, Wal-Mart, and Menards. The company's growth strategy is based upon continued innovation and expansion of its product line and greater market acceptance. Portable Products currently employs approximately 60 people in Mounds View. Two-thirds of these employees are production/distribution personnel and there are approximately 20 management and corporate people at its facility. The management and corporate personnel base salary range from $20,000 up to $75,000. The manufacturing positions generally start in the $8.50 to $9.00 per hour and the company provides a review, with an opportunity for a raise every 90 days. • Overall, the manufacturing personnel average $10.00 to $12.00 per hour. Additionally, the company provides an excellent benefit package which represents a company contribution to a 401k plan, pension funding, medical/dental insurance, life insurance, and educational reimbursement. Portable Products anticipates significant additional employment as the company expands its operations. The company projects an additional 30 new employees within the next 2 years and they will most likely have employment more than double its current numbers, once they expand into the full building. Sims Deltec The Mounds View facility for Sims Deltec represents the final assembly and distribution facility for the company which is headquartered in St. Paul. Deltec Systems, Inc. was incorporated in 1983 as a start-up company manufacturing computerized ambulatory drug delivery devices (CADD" pumps). In late 1984, Deltec signed an agreement with Pharmacia Inc.'s Hospital Products 0 Division, an East coast firm, to distribute CADDA pumps. At that time, Pharmacia was also distributing PORT-A-CATH implantable access systems, manufactured by Nutech, another East coast firm. In 1986, Deltec, Nutech and Pharmacia merged to form Pharmacia Deltec, Inc. a medical manufacturing and marketing company of Deltec and Nutech productions. In July 1987, all operations were relocated to St. Paul, Minnesota. From 1987 to 1992, the company grew to become a market leader in drug delivery systems. Pharmacia Deltec was purchased by Smiths Industries Medical Systems (SIMS), a division of Smith Industries PLC of the United Kingdom in July 1994 to become SIMS Deltec, Inc. (Deltec). Headquartered in St. Paul, Minnesota, Deltec employs approximately 600 people worldwide. Deltec's goal is to assist patients in achieving an improved quality of life. Whether in a hospital or home health care setting, its products are designed to aid patients and care givers in complying with prescribed therapies, and in minimizing the intrusion of those therapies in day-to-day life. CADD pumps such as the CADD-PCAR, CADD-TPNH, CADD-Micro, CADD- PLUS% and CADD-Prizm' pumps are compact and lightweight, allowing freedom of movement during infusion. The pumps can be programmed to deliver medications on a continuous, intermittent, tapered or on-demand basis. They can be used in a variety of clinical settings. The pumps deliver medication from specially designed Medication Cassette Reservoirs, or from flexible IV bags with the use of CADD Administration Sets. Anti-siphon valves are either integrated into these products or provided as accessories to prevent unregulated gravity infusion that can result from improperly attached reservoirs or administration sets. A microprocessor allows the different pumps to be programmed for the different infusion profiles. The pumps are designed to minimize clinician pump intervention and maximize patient compliance. These ambulatory infusion pumps are designed to provide patients with mobility and an improved quality of life. The Mounds View facility is the company's principal final assembly and distribution center. As such, the nature of the company's 65 jobs is that they are generally highly skilled, and very well paid. The average compensation ranges from $25,000 to $35,000 per year. The company's current employment draws heavily from the Mounds View area and the company has a strong desire to work through this issue and remain in Mounds View. SUMMARY This project is unique in terms of the nature and the process for assistance. Although we believe there will be additional tax increments generated through the build-out of both the Fiskars/Portable Products and Sims Deltec space, we do not believe that the increments will be sufficient to provide the cash flow for this request. However, the Mounds View Business Park generates very substantial excess increments which can be utilized to benefit the local economy and to retain and create new jobs. Without direct assistance from the City of Mounds View, Fiskars/Portable Products will be required to relocate to other space outside of the city. • This funding will provide the justification for Sims Deltec to agree to relocate its 1110 facilities in adjacent space. This process will directly affect and impact the retention of approximately 125 jobs and facilitate additional growth, particularly for Fiskars/Portable Products, for an estimated 30 to 60 new jobs. Your consideration of this request is greatly appreciated. Sincerely, L TRI G • 'I AL CORPORATION • Patrick W. Pelstring Principal PWP\dp cc: Mike Thompson, CALPERS/LaSalle Advisors Kirk Brown, Portable Products • • r - '-a ,G ., ' a }, 0 PELSTRING CAPITAL CORPORATION 4205 Lancaster Lane North*Suite 1100*Minneapolis,MN 55441 October 21, 1997 Ms. Catherine Bennett Director of Economic Development City of Mounds View 2401 Highway 10 Mounds View, MN 55112 Re: Fiskars Funding Request Dear Ms. Bennett: I appreciated the opportunity to meet with you, Dave Maroney, and Rick Jopke to discuss the request for $700,000 of funding to facilitate the relocation of Sims Deltec and the expansion of Fiskars. After careful and extensive discussions with CALPERS, the only alternative that works for CALPERS because of their financial requirements is the grant request of $700,000 to be paid in a lump sum payment in order to relocate Sims-Deltec. Therefore, CALPERS respectfully requests that the City Council consider this opportunity at its November 3, 1997 Workshop Session. As a condition of final approval CALPERS will provide the City with the necessary verification of costs. Fiskars continues its strong interest in expanding at its current site, in the contiguous space presently occupied by Sims-Deltec. Fiskars is a long standing multi-divisional international company which any community should be proud to have as a corporate citizen. Fiskars hopes the City of Mounds View will permit it to expand in Building A at Mounds View Business Park and therefore become one of the largest tenants in Mounds View. Their only alternative, if their request is not approved, would be to relocate to a facility large enough to accommodate its long-term growth plans. Based upon current lease commitments, there is not another facility which meets this requirement in Mounds View. As such Fiskars' relocation would result in the net loss of its current 60 jobs and projected new growth of 60 to 70 people over the next 0 several years. (612) 550-79801(0800-642-6258c,ro(612) 550-9221 Fax*pelstring@earthlink.net • Please inform me whether this matter will be scheduled for discussion at the November 3, 1997 City Council Work Session. Fiskars would like the opportunity to share with the Council at that time the need for its expansion in Building A at Mound View Business Park. Sincerely, PEL TRIN C PI AL CORPORATION Patrick W. Pelstring Principal PWP\dp cc: Mike Thompson ID • COTY OF 1111003 Phone: (612) 717-40 Q[ Fax: (612) 784-346 046, • Partne0\\‘ October 22, 1997 Mr. Patrick Peistring Peistring Capital Corporation 4205 Lancaster Lane North, Suite 1100 Minneapolis, MN 55441 Dear Patrick: I am responding to your letter dated October 21, 1997 regarding CALPERS/LaSalle Partner's request for a grant of$700,000 to assist in the retention and expansion of Fiskars/Portable Products. I would like to stress that the City of Mounds View is very interested in assisting in the retention of a quality growth company such as Fiskars/Portable Products. Unfortunately, the structure of your request would be difficult to support certain public purpose guidelines without further documentation and evaluation of other le costly alternatives. In the meeting with Dave Maroney, Rick Jopke and myself we requested information regarding lease terms with present value comparisons, reviewing alternate methods of making a grant payment and other possibilities of relocating Fiscars/Portable Products. Without evaluating this information staff can not support the request at this time. We believe there are other alternatives that would successfully meet Fiskars/Portable Products expansion needs without disrupting Sims Deltec and incurring the $700,000 tenant improvement/relocation costs. In discussion with Mayor McCarty it was his recommendation to meet with the Economic Development Commission (EDC) prior to a presentation to the entire Council/EDA. The next EDC meeting is scheduled for Tuesday, October 28, 1997 at 6:00 p.m. The meeting will be held at Pinewood Elementary School, 5500 Quincy Street in the Art Classroom next to the gymnasium. I will include this item on their agenda for discussion. Let me know if you will be able to attend the meeting. I would strongly encourage inviting a representative from Fiscars to the meeting as well. Sincerely, Cathy :-nnnett Director of Economic Development • cc: Dave Maroney, Chuck Whiting, Rick Jopke IP INTEOWITHI s 2401 Highway 10 • Mounds View, MN 55112-1499 iSOYINKIT 'ec1'Ced oaoer MOUNDS VIEW TIF APPLICATION CITY OF MOUNDS VIEW411 APPLICATION FOR TAX INCREMENT FINANCING PROJECT: 1. Business Name: CALPERS/LaSalle Advisors Address: 1601 Response Road. Sacramento, California 95815 Telephone #: (916) 920-4051 Contact: Michael Thompson, Vice President, LaSalle Advisors 2. Brief Description of the Business. (Please provide # of years in business under current ownership and # of years in Mounds View). Building A is an existing 113.256 square foot, 10 year old office/warehouse building located in the Mounds View Business Park. Building A is constructed of decorative concrete block and was built during the first phase of the business park. Presently, two tenants occupy approximately 81 000 square fejt with approximately 32 000 square feet vacant. 3. Present Ownership of the Site: Building A is owned bv CALPERS (California Public Employees Retirement System pension fund) 4. Present Project: Building square footage, location of project, size of property, description of buildings - materials, etc. Attach site plan, if available Fiskars/Portable Products, a Iight manufacturing and distribution company is experiencing tremendous growth in its business and a need to expand its operation. They desires to eventually occupy 100% of Building A. Sims Deltec is currently Iocated in the middle of Building A and has invested approximately 5700,000 of tenant improvements in their space. Sims Deltec has no desire to move unless its space can be replicated in an alternative location at no cost to them. 5. If Property is to be Subdivided. Show Division Planned. • 4. Fiskars/Portable Products has requested that Sims Deltec be relocated so that Fiskars/Portable Products can expand into the contiguous space. Sims Deltec is willing 1111 to be relocated to like kind space and would consider occupying other space in Mounds View. This situation presents the opportunity to retain two existing Mounds View companies eventually resulting in 100% occupancy of Building A by Fiskars/Portable Products and providing a long-term location of 40,000 to 50,000 square feet for Sims Deltec. Should CALPERS be unsuccessful in expanding Fiskars/Portable Products' premises in Building A, Fiskars/Portable Products will be forced to consider other facility alternatives which include relocation outside the City of Mounds View. :• • (Attachment "A" Cont.) 6. Estimated Project Costs: (please enclose construction proforma, if available.) a. Land Acquisition $ . b. Site Preparation $ c. Utilities $ d. Public Improvements $ e. Landscaping $ f. Hard Building Costs $ g. Construction Management Fee $ h. Architectural & Engineering Fees $ i. Legal Fees $ j. Financing Costs $ k. Broker Costs $ 1. Contingencies $ m. Equipment $ n. Other (Leasehold Improvements) $ 700,000 Total $ 700,000 7. Total Estimated Market Value at Completion S na (Explain Calculation) 8. Submit an Itemized List of Eligible Costs Qualifying for Assistance (see page 1 of Tax Increment Policy). 9. Sources of Financing a. Equity $ b. Bank Loan $ c. Tax Increment Assistance $ 700,000 d. Industrial Revenue Bonds $ e. Other (please specify source) $ 10. Form of Tax Increment Financing Assistance Requested. Pay As You Go Bond Issuance x Excess Increment 11. Name & Address of Architect. Engineer, and General Contractor. na • (Attachment "A" Cont.) 12. Estimated Real Estate Taxes on Project Site upon Completion of Project (please show calculations). 11111 13. Project Construction Schedule: a. Construction start date b. Construction completion date c. If phased project: 1998 Year 100 % Complete Year % Complete 14. Estimated Number of Jobs: Created 35 - 50 (within 2 years) Retained 125 15. Average Annual Wage Level of Jobs: Created see attached (within 2 years) Retained 0 16. Is Job Training Assistance Needed? no TAX INCREMENT FINANCING REQUEST: 1. Describe amount, term and purpose for which tax increment financing is required and how the project fits into the City's economic development and redevelopment goals and objectives. CALPERS is requesting that the City provide $700,000 of assistance to the project. from the City's excess/pooled increment funds. This assistance would be provided in the form of a grant to be applied to pay for leasehold improvements and relocation costs associated with moving Sims Deltek out of Building A and into an alternate facility within Mounds View Business Park. 2. Statement of necessity for use of tax increment financing for project. • 1 9/12/97 Re: MVBP-A I Application Fee I I $1,000.00 0 I 1 1 Mounds View Economic Development Authority Date Check No. Check Amount Vendor: 9/12/97 12 6 0 4 6 $1,000.00 The First N.0 conal Bank of Chicago-0710 EVEREST PROPERTY MANAGEMENT CO. Chicago,honors Payaule Ihrougn FCC National Bank AS AGENT FOR CALPERS Wilmington.Delaware 2n65 LONG LAKE RD.SUITE 1211 ST.PAUL.MN 55113 62-28/311 PH. 612_-616.551X1 Dat, Check No. r Check Amount 9/12/97 12 6 0 4 6 $1,000.00 **ONE THOUSAND AND NO/100 DOLLARS** DOLL To The ay Mounds View Economic Development tt.. '/'�t�� Order Authorityar /� Of , ..„ If' / 260116tt' 1:03 / /002831:. ■ - S502 ?'' C • • IIII -0 PROJECT SITE MAP • . p .a,• 3 .... Z D�. U D — .z' — Q 3 -' i .. 0 A 41 a ..�.. s; .......... in•n y r tea.... Sl .. .D Bi = amu 0� i,. .. cu�Z�' 2 .. 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'� - 7i - ILILDPICI'A•MST FUDOR 41....411 � _ • FISKARS/PORTABLE PRODUCTS Fiskars Financial Information Portable Products Business Segment b Employee Benefit package Ventures Growth Guide (Portable Products is one of Minnesota's fastest growing companies) • 1996 % ?995 % • Net sales 2,097.3 100.0% 2.319.6 100.0% Cost or goods sold - 1,350.8 - 1,497.3 Gross profit 746.5 35.6% 822.3 35.5% Sales and marketing expenses - 327.6 - 367.7 Administrative expenses - 144.6 - 144.6 Other operating income 4.1 1.5 Other operating expenses - 53.2 - 72.9 Operating profit 225.3 10.7% 238.6 10.3% Financial income and expense (4) Dividend income 30.0 21.3 Interest income 21.2 15.2 Other financial income 0.2 0.5 Share of associated companies' results 2.1 4.9 Interest expense - 54.1 - 76.9 Other financial expense . - 6.7 - 6.1 Profit before extraordinary items and taxes 217.9 10.4% 197.5 8.5% Extraordinary income, net of tax (6) 479_3 29.4 Profit before taxes 697.2 33.2% 226.9 9.8% • Direct taxes For the financial year (7) - 74.4 - 80.1 Profit for the financial year 622.8 29.7°f 146.8 6.3°/a Consolidated Statements of Cash Flows (MFIM) , 1996 1995 • Cash flows from operating activities = Net profit before taxation. extraordinary items 217.9 197.5 Depreciation (3) 83.2 86.6 Reversal of items recorded on an accrual basis (32) 7.4 44.4 Cash generated before working capital changes 308.5 328.5 _' Change in short-term receivables 19.4 - 46.1 Change in inventories - 16.5 - 119.1 Change in short-term non-interest-bearing debt - 36.5 9.7 Cash generated from operations 275.0 173.1 Financial income items received 19.7 14.9 Dividends received 23.8 19.2 Financial expense items paid - 71.7 - 86.7 Taxes paid - 117.5 - 62.6 Net cash flow from operating activities 129.1 57.8 Cash flows from investing activities Acquisitions - 110.4 - 28.8 III Investment in shares - 128.1 - 111.4 Purchase of property, plant and equipment - 92.9 - 96.4 Investment in long-term receivables - 32.8 - 24.9 Proceeds from sale of operations 827.6 124.2 Proceeds from sate of shares 6.0 Proceeds from sale of equipment • 6.0 13.2 Net cash flow from investments 469.4 - 118.1 Cash flows from financing activities Redemption of shares - 37.8 . Change in long-term debt - 297.1 21.6 Change in short-term interest-bearing debt - 77.0 42.4 Change in short-term receivables 0.2 Change in long-term receivables - 1.9 15.5 Dividends paid - 52.7 - 31.4 . Net cash flows from financing activities - 466.3 48.0 Change in cash 132.3 - 12.3SI Cash at beginning of year 41.8 54.0 Effect of exchange rate changes 2.1 0.0 :• Cash at end of year 176.3 41.7 Consolidated Balance Sheet (MFIM) • 31.12.96 % 31.12.95 % Assets Fixed assets and other long-term expenditure Intangible assets Goodwill (8) 116.0 53.8 Other long-term expenditure (9) 17.4 46.0 133.4 4.8% 99.8 3.9% • Tangible assets Land and water (10) 125.4 123.4 Buildings and constructions (11) 121.0 120.0 Machinery and equipment (12) 209.7 209.9 .. 456.1 16.5% 453.3 17.6% Shares in fixed assets and other long-term investments Shares in associated companies . (13) 14.8 13.5 Other shares and participations (13) 937.4 818.9 Lang-term receivables (18) 171.8 133.7 . j. 1424.0 40.6% 966.1 37.5% Inventories and financial assets Inventories Raw-materials and consumables 135.2 139.7 Work in progress 90.1 88.0 Finished goods 239.4 246.4 Payments on account 2.4 0.7 467.0 16.9% 524.8 20.4°I° Current receivables Trade debtors 349.7 441.8 Loans receivable 0.1 1.2 Prepayments and accrued income 38.7 39.5 Other debtors 23.5 7.9 412.0 14.9% 490.4 19.0% Cash at bank and in hand 176.3 6.4% 41.7 1.6% 2.768.8 100.0% 2.576.1 100.0% ,- 31.12.96 % 31.'2.95 % • Equity and liabilities Equity (22) Restricted equity • Share capital 230.0 Z30.0 • Other restricted equity 291.5 282.5 521.5 18.8% 512.5 19.9% . Unrestricted equity - Profit brought forward 495.2 436.5 Profit for the financial year 622.8 146.8 1,118.0 40.4% 583.3 2.2.5% Equity, total 1,639.5 59.2% 1,095.8 42.5% Provisions (24) 4.0 0.1% 10.9 0.4% Liabilities • Long-term (25) Bond loans 0.1 55.1 Amounts owed to credit institutions 469.2 723.5 • Pension fund Loans 80.6 101.0 Deferred tax liability (23) 26.6 37.4 Other long-term debt 55.2 44.1 631.6 961.1 Less current portion - 77.4 - 51.9 Long-term debt, net 554.2 20.0% 909.2 35.3% Short-term Amounts owed to credit institutions 26.3 86.4 Current portion of long-term debt 77.4 51.9 Payments on account 0.4 25.3 Trade creditors 119.2 168.0 Accruals and deferred income (29) 331.8 215.4 Other short-term debt 16.0 13.2 571.1 20.6% 560.2 21.7% i i 2,768.8 100.0% 2,576.1 100.0% I c i r F r f al *------'.--- : . 1.• i I I ...........- ; 0 t '. I 0 :j . CL1 i 2 ;•! a i ....:::::: ->!i i 5 H, • i Cr: • :: - - • • ,' .;_.. ;••:...• ! 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I ' • • !'0 ii -: 11:1 -•. ; , . ;I , . ; 0 it() He ,:;0 act ....... : : 2 : 0 ; In I! i ! E. -•Z c..! . ' t i — !' °) - 10'. lin.'. 63 '" n• - i: '..11 i i I-• i':X. ; !i . • 1 i,,„Z•.; I t 0' if ;<- !. 0i_ .: ._:: ii !: ; i ' !•W ;I< ? . i; : • I -7 —T----T-' "-T— T 1--- -1— —1— --1-- AP ,.........., FISI..ARS Non-Exempt Benefits Group Health & Dental Benefits • Eligibility to enroll in Fiskars' Group Health and Dental Plans is the first of the month following 30 days of service. The Group Health Plan provides medical care for you and your eligible dependents. Premium costs to you ranges from $20.00-$30.00 for single coverage and 590.00-5100.00 for dependent coverage per month. The Group Dental Plan provides routine/preventative care for you and your eligible dependents at$1,000 per year/ger participant. The premium cost is a follows: single coverage is$3.00 per month: dependent coverage is$25.00 per month. Premiums are deducted on a pre-tax basis. Group Term Lifelnsurance Group Term Life Insurance is two (2) times your base salary, plus an equal amount of Accidental Death and Dismemberment Coverage. Premiums are paid by the Company. Accident and Disability Insurance Accident and Disability Insurance which covers you in the case of an accident (non-work related) or an illness lasting more than three(3)days. The coverage provided is 60%of your base salary. Premiums are paid by the Company. Vacations and Holidays Employees earn ten(10)days of vacation during the first year of service,twelve(12)days beginning with the third year,eighteen(18) days beginning with the tenth year,and twenty(20)days beginning with the fifteenth year and thereafter. Vacation days are accrued on a monthly basis and can be taken as they are earned. Fiskars observes nine(9)paid holidays each year. Employee jittirringniaranimani. • Employees are eligible to participate in Fiskars'Employee Retirement and 401(k)Plans beginning January 1,following six(6)months of service. Vesting in the amounts contributed by Fiskars to each plan is at the rate of 15% each year,,during which an employee needs to complete at least 1,000 hours of service. In the Retirement Plan,the Company contributes an amount equal to 3%of your total annual salary,plus an additional 3%on the portion of salary over$22,900 to the Plan. In the 401(k) Plan, employees may withhold um to 15%of their pay,with the Company matching 5.75 for every$1.00 of the first 6% of employee withholdings. Flexible Spendinr Account Fiskars'Flexible Spending Account allows employees to convert a taxable cash benefit(salary)into non-taxable benefits. Under a Flexible Sp=ding Account,you may choose to pay for certain qualified benefits before any taxes are deduced from your paycheck. The Plan has two parts: #1. You may pay for your group insurance premiums before taxes are deducted. #2. You may put money aside to pay non-covered health care expenses and day care expenses. Employee Assistance Program Fiskars recognizes that our employees and families can develop personal problems that may affect their job performance or quality of life. Therefore,as an expression of concern for the health and well being of our employees and their families Fiskars has implemented an Employee Assistance Program(EAP), at the Company's expense. Note: This benefit summary does not create an offer or establish an employment contract,expressed or implied, but rather sets out II for the prospective employee a summary of bezeits which at the discretion of the Company may be changed from time to time. 6/37 Fiskars Inc. Exempt Benefits • GroupHealth h Plan You are eligible to enroll in Fiskars' Group Health Plan the first of the month following 30 days of service. This plan provides medical care for you and your eligible dependents. Premiums are entirely paid by Fiskars. Group Dental Plan You are eligible to enroll in Fiskars'Dental Plan the first of the month following 30 days of service. This Plan provides routine/preventative care for you and your family up to$1,000.00 per year/per participant. Single dental coverage is currently $3.00 per month and family coverage is currently $25.00 per month. Salary Continuation Plan Fiskars provides a Salary Continuation Plan(LTD)which covers you if you become disabled or ill and cannot work. This plan provides for up to six months of earnings at 100%of base salary. _• After that, insurance provides 60% of your salary until the age of 65. Premiums are entirely paid by Fiskars. Group Term Life insurance Plan You are covered by Group Term Life Insurance up to two times your base salary, plus an equal amount of Accidental Death and Dismemberment coverage. Premiums are entirely paid by Fiskars. Travel Life Insurance Travel Life Insurance covers you in the event that a loss of Iife occurs while you are traveling on company business. This plan provides an additional $250,000.00 in coverage. Premiums are entirely paid by Fiskars. Vacation and Holidays You will earn ten days of vacation during the first year of your service and fifteen days 0 beginning the second year. Vacation days are accrued on a monthly basis and can be taken as they are earned. Fiskars observes nine paid holidays each year. Rev.1/5/93 Fiskars Inc. Exempt Benefits - Continued Employee Retirement/401(1c) Plans Fiskars provides an employee Retirement Plan in which you are eligible to enroll beginning January 1, following six months of service. Vesting is accomplished at the rate of 15% each calendar year, during which time you need to complete at least 1,000 hours of service. Fiskars contributes 3%of your total annual salary plus an additional 3% on the portion of your salary over $22,900.00. You are eligible to participate in the 401(k) Plan beginning January 1, following six months of service. You may withhold up to 15% of your pay, with Fiskars matching$0.75 for every $1.00 of the first 6%of your withholdings. 125H Plan Fiskars provides an 125H Plan which allows you certain pre-tax deductions. There are two parts to Fiskars Plan: Premium Conversion and FIexible Spending Account. The Premium Conversion allows you to pay your portion of Fiskars' group dental insurance premiums before Federal, Social Security and most State taxes are deducted from your paycheck. The Flexible 111 Spending Account enables you to redirect a portion of your salary into a tax-free account. The two types of expenses that may be paid pre-tax through this Plan are: 1) Unreimbursed Medical Expenses and 2) Dependent Day Care Expenses. Educational Reimbursement Fiskars will reimburse you for certain business related educational costs with prior approval. The reimbursement will cover 100% of the costs for tuition and fees, upon completion of the course with a passing grade. Approval must be secured prior to enrollment. Rev.1/5/93 • —".:1:: :;1,1s.1 7. Al•r.. L.:4 "•• `�`'iy4 � 7•. _4. r. e • 0 +: � . :' • - • THE QUARTERLY RESOURCE f0 ' SINESS • THE FIFTH ANNUAL . GROwTH ,... . . a GUIDE WW1 MIMI MINI . r . Growth has its rewards, but it also has a i' cost. The leaders of some of Minnesota's fastest-growing private companies reveal how they manage both. PLUS: • FAST-GROWING PRIVATE AND PUBLIC COMPANIES - • L, L)JIJJJJ�JJ .i i.; ;J J.IJJJJiJJ CASHING OUT: Selling your business In six months Kojo Benjamin Taylor.launder and s•ii nu Tiw CEO al one of SMITHSL� Minnesota's tastest•prowinq private companies TECH TIPS: Designing Wed pages that work 11110 2Ji,i1J J�,\J•fJi' ',Iii:. : : J1'1 J JJ-J'L II Miy 1937 J 53.35 a company is still atone one \ _ �= \ - �. 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