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HomeMy WebLinkAboutR10-Redevelopment Agency ........... - - -- . .. . REDEVELOPMENT AGENCY-RIQUEST FOR COMMISSION/COUNCIL ACTION en: GLENDA SAUL Dept: Redevelopment Agency Subject: INDUCEMENT RESOLUTION - VLACH APARTMENT PROJECT Date: FEBRUARY 24, 1986 Synopsis of Previous Commission/Council action: Ordinance #3815 providing for the issuance of multifamily mortgage revenue bonds. On December 10, 1985, the Mayor and Common Council continued this item to January 21, 1986. On January 21, 1986, the Mayor and Common Council, continued this item to March 3, 1986. Recommended motion: (MAYOR AND COMMON COUNCIL) . RESOLUTION OF THE MAYOR AND COM~ON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA DECLARING ITS INTENTION TO ISSUE ITS MULTIFAMILY MORTGAGE REVENUE BONDS; DIRECTING THE PREPARATION OF CERTAIN DOCUMENTS AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH (VLACH APARTMENTS PROJECT). ~~gi!.~1 Contact person: GLENDA SAUL FUNDING REQUIREMENTS: Amount: $ N/A Phone: 383-5081 Ward: 7 Project : N/A Date: M.rch ~- lQS6 Supporting data attached: YES/STAFF REPORT No adverse Impact on City: .Cil Notes: Agenda Item No. /0 ----..- -.------- - - CI'" OF SAN BERNARDltO - REQU-lT FOR COUNCIL AC~ON . STAFF REPORT ~ The developer first applied for bond financing in December of 1985. At that time, the policy for issuing multifamily mortgage revenue bonds was undergoing revision. The developer has now complied with the new capplication requirements and seeks bond financing for this project. Howeyer, ~ the effective tate for H.R. 3838 (tax reform) is still unknown. This .proposed . legislation will require that one half of our bond allocation be used for housing projects. This amount is unknown to staff at this time. Because of uncertainty of allocation amount and the uncertainty of the effective date of the above referenced legislation, the resolution before you stipulates that these bonds are subject to allocation availability. The developer is aware of this and wishes to proceed with this inducement resolution. The following is a recap of the project: Name of Project: Principals: . Issue Amount: Location: Target Date for Financing: Construction Schedule: Project Description: Zoning: Density: Development Review Commission Approval: Type of Construction: Reserve and development fee: Increase in Jobs: Rent Schedule . Market Rents: Palm Circle Apartments Leo J. Vlach and Agnes G. Vlach $1,955,000 3667 North "D" Street Third Quarter, 1986 As soon as possible after financing completion date - July, 1987 Construction of 40-unit complex on 1.25 acres. R-3-l200, 1 unit/1200 square feet 32 units per acre - meeting zoning requirement #84-91 and #85-112 no density bonus requested. Framed and stuccoed, 3 stories. 1% of 1,955,000 = $19,550.00 During construction only. 1 bedroom/$395 per month 2 bedrooms/$495 month 2 bedroom (deluxe, only 4 in project)/$550 per month 75-0264 . . . Low/moderate income - 80% or below median income: Very low income - 50% or below median income as required by California law effective 1-1-86. Tax Exempt versus Conventional Financing 679L I 2/86 Ie . Loan Amount: $1,700,421 Tax Exempt Interest Rate: 8.5% Term: 30 years Loan Amount: $1,700,421 . Conventional Rate: 11% Term: 30 years - . . 1 bedroom/$365 per month 2 bedrooms/$465 per month 1 bedroom/$267.50 per month 2 bedroom/$335 per month Debt Service: $12,983/month $12,983 x 360 - $4,673,880 Debt Service: $16,190/month $16,360 x 360 - $5,828,400 Over the life of the loan - tax exempt financing saves the developer $1,154,520. Per month savings is $3,207.00 . . . . SBE003-85/l288S/ak 02/21/85 . RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DECLARING ITS INTENTION TO ISSUE ITS MULTIFAMILY MORTGAGE- REVENUE BONDS; DIRECTING THE PREPARATION OF CERTAIN DOCUMENTS AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH (VLACH APARTMENTS PROJECT) WHEREAS, the City of San Bernardino, California (the "City"), is a "home rule city" duly organized and existing under and pursuant to a Charter adopted under the provisions of the Constitution of the State of California; and WHEREAS, pursuant to its home rule powers, the City duly . and regularly enacted Ordinance No. 3815, as amended (the "Ordinance") to finance various types of projects, as defined in the Ordinance, and to issue its special revenue bonds for the purpose of enabling various developers to finance the cost of such projects, and has amended the same from time to time; and WHEREAS, said Ordinance is intended to finance the development of industry and commerce and to thereby broaden the employment opportunities and to increase the availability of moderate ly priced renta 1 uni ts for residents of the City and to broaden the tax and revenue base of the City without any liability to the City whatsoever; and . - 1 - RJO ~~ - . . . . Ie WHEREAS, the City is authorized and multifamily mortgage revenue bonds pursuant to Code Section 52000, et seq. (the "Act"); and empowered to issue Hea lth and Safety WHEREAS, there has been presented to the Mayor c.and Common Council of the City of San Bernardino, California (the "Mayor and Common Counci 1"), an Application, attached hereto as Exhibi t "A" and incorporated herein by reference, by Leo J. Vlach and Agnes J. Vlach, as individuals, or thei r successors or assigns (the "Applicant"), requesting the issuance of multifamily mortgage revenue bonds in the principal amount not to exceed $1,955,000 for the purpose of financing, on behalf of the Applicant, a certain Project, to wit: the acquisition of an approximately one and . 'me-fourth (1.25) acre parcel of land located at 3667 North "E" Street, in the City and the construction and operation thereon of a forty (40) unit multifamily rental housing development. The Project shall include twenty-three (23) one-bedroom and seventeen (17) two-bedroom apartment units, a laundry room, a swimming pool, appurtenant landscaping and other improvements; and WHEREAS, it is appropriate for the City to take certain action at this time regarding the requests of the Applicant. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: . - 2 - . . . . . Section 1. That the recitals set forth hereinabove are true and correct in all respects. Section 2. The City is a municipal corporation duly created. established and authorized to transact buai~ess and exercise its powers, all under and pursuant to the Constitution and laws of the State of California. and the City Charter of the City, and the powers of the City include the power to issue bonds for any of its corporate purposes. Section 3. Pursuant to the Charter of the Ci ty, the Ordinance and the Act, the City is legally authorized to issue special revenue bonds for the construction and permanent finilncing . of the Project as more fully described in the recitals hereof. Section 4. This body constitutes the governing body of the City and is legally authorized to provide for the issuance of such special revenue bonds by the City. Section 5. The Project referred to in the recitals hereof constitutes a project which may be financed by the issuance of such special revenue bonds by the City and located within the jurisdiction of the City. Section 6. The Mayor and Common Council hereby declare their intention to issue multifamily mortgage revenue bonds of the . - 3 - . . . - . . . . city for the acquisition of land and the construction, equipping and permanent financing thereon of the Project under and in accordance with the Ordinance and the Act, in amounts sufficient to pay the costs of financing the Project in one or more series of financings and of paying the costs of issuance for the multifamily -mortgage revenue bonds and for the establishment of the necessary reserve funds to provide for the financing of said Project. Said Project is presently identified as the "Vlach Apartments Project". Any agreement for such financing shall specify that the multifamily mortgage revenue bonds which may hereafter be issued in connection with the Project are a special obligation of the City and that they shall not constitute a debt of the City and that the City's general funds shall not be liable for repayment of such multifamily mortgage revenue bonds. Section 7. The City hereby declares its intention to exercise the authority referred to in Section 3 hereof by issuing multifamily mortgage revenue bonds of the City in such amounts as will be adequate to implement the City financing of the Project. Section 8. The bonds shall be payable from the revenues described in the Ordinance and/or the Act. Section 9. The bonds shall be and are special obI igations of the Ci ty, and, subj ect to the right of the Ci ty to apply moneys as provided in the applicable laws. are secured by such revenues as are specified in the proceedings for the issuance of - 4 - . . . . such bonds and funds and accounts to be held by the trustee or fiscal agent, and are payable as to principal, redemption price, if any, and interest from the revenues of the City as therein described. The bonds are not a debt of the City, the State of California or any of its pOlitical subdivisions, and neHher the City, the State, nor any of its political subdivisionsls liable thereon, nor in any event shall the bonds be payable out of the funds or properties other than all or any part of the revenues, mortgage loans, and funds and accounts as in this Resolution set forth. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the persons serving as the Mayor and Common Council nor any persons executing the bonds shall be liable . persona lly on the bonds or subj ect to any persona 1 liabi 1 i ty or accountability by reason of the issuance thereof. . . Section 10. The details of such bonds, including the establishing of the aggregate face amount of such obligations, shall be authorized by indenture, resolution or resolutions of the City at a meeting or meetings to be held for such purpose. The City Staff, Sabo & Gondek, a Professional Corporation, as Bond Counsel to the City, the Underwriters, the Applicant and the agents and representatives of same are hereby authorized and directed to prepare or cause to be prepared the necessary legal documents, including the Proj ect Agreement, Resolution of Issuance, and such other documents as may be necessary to effect said Project and the issuance of industrial development revenue bonds therefor and to - 5 - . . . . . . . present same to said Mayor and Common Counci 1. The Mayor of the City is hereby authorized and directed to coordinate the efforts of all concerned relating to the issuance and sale of the bonds, and the City Staff, consultants, legal counsel to the City and Bond Counsel as referenced above are hereby directed to take csuch steps as shall be appropriate to implement such sale and delivery of the bonds including working with persons who may acquire vested rights as the result of such actions. Section 11. The issuance of multifamily mortgage revenue bonds may be authorized by appropriate resolution or resolutions of the City at a meeting or meetings to be held for such purpose, subject to the execution of appropriate agreements by the Applicant and the Ci ty as required by the Ordinance and/or the Act and the industrial development bond financing program of the City. Section 12. It is intended that this Resolution shall constitute such "official action" toward the issuance of the bonds within the meaning of the United States Treasury Regulations, the United States Tax Laws, and any legislation now or hereafter pending in the Congress of the United States which may require official action in order for the bonds to be exempt from Federal income taxation. The Project of the Applicant shall be the beneficiary of such "official action" for a period up to and including the day six (6) months from the date of adoption hereof. If, within such period. the City has not issued any multifamily mortgage revenue bonds for the Project or held a public hearing for the Project as - 6 - . . . ~ . . . . said public hearing is required to be held pursuant to the certain amendments to Section 103 of the Internal Revenue Code of 1954, as amended (the "Code") as enacted by Congress under the Tax Equi ty Fiscal Responsibility Act of 1982 ("TEFRA"), the "official action" for the Project of the Applicant as evidenced by this~. Resolution shall lapse. Section 13. At the closing of the financing there shall be paid to the City the fee set forth in Resolution No. 81-108 of the Mayor and Common Council, adopted March 13, 1981, as amended by Resolution No. 81-410, of the Mayor and Common Council, adopted September 24, 1981. Section 14. The Applicant shall provide appropriate covenants in the tax-exempt financing documents as may hereinafter be submitted to the City for consideration and approval in a form acceptable to the City Attorney and Bond Counsel and to assure that not less than twenty percent (20%) of the multifamily rental housing units included in the Project are to be occupied or reserved for occupancy by the individuals of 10w- and moderate-income as provided in the Code. Section 15. Prior to issuance of any bonds for the Project as may hereafter be approved pursuant to the appropriate resolution or resolutions of the City, the Applicant shall provide for the recordation of a covenant running with the land in a form approved by the City Attorney whereunder the Applicant (i) waives - 7 - . . . . . . . any claim under State law to a density bonus, as defined by Government Code Sections 65915 and 65915.5, for the property on which the Project is to be constructed and (ii) agrees not to seek or accept any other forms of public assistance for the purpose of financing the Project including, but not limited to, tax~increment financing from the Redevelopment Agency of the City of San Bernardino (the "Agency"). Section 16. The approval as herein granted and the final approval of the Project and the financing thereof are specifically conditioned upon the Mayor and Common Council approving the final environmental assessments and other environmental documents prepared or to be prepa red pursuant to the provi s ions of the Ca 1 iforni a Environmental Quality Act of 1970, as amended ("CEQA"), with respect to any and all environmental conditions with regard to the operations of the Project as proposed by the Applicant in the Application. All such assessments and documents needed to comply with the provisions of CEQA shall be the sole responsibility of the Applicant. Adoption of this Resolution shall not be construed as approval of the plans or concept of the proposed development, nor as an indication that the Mayor and Common Council will hereafter take any particular action toward granting any planning, zoning, or other approval relating to a plan 'of development. The Mayor and Common Council reserves its right to evaluate any future administrative procedures and appeals based solely on the information available at the time of consideration, including any actions or recommendations by or appeals from the Development Review Committee and the Planning - 8 - . . . - . . . . Commission. Nothing herein shall be construed. as advance commitment or approval as to any such matter, and the Applicant is hereby notified that normal planning processing shall be required, in accordance with the standard procedures of the City and that the Applicant will be required to comply with all applicable laws and ordinances of the City, State and federal government. Section 17. The issuance of bonds or other obligations of the Ci ty for the Proj ect as authorized and empowered by the Ordinance and/or the Act shall be subject to any changes in applicable laws, ordinances or regulations of the State and federal government including, but not limited to, the imposition of any calendar year volume limitation on the issuance of such multifamily mortgage revenue bonds. Section 18. The approval as herein granted and the final approval of the Project are specifically conditioned upon the conformance of all documents required to be executed and delivered by the City to the "Policy Guidelines on Public and Negotiated Bond Sale Procedures for the City of San Bernardino and the Redevelopment Agency of the City of San Bernardino" as said Policy Guidelines are on file with the City Clerk. Section 19. At least twenty-one (21) days prior to the anticipated date for the public hearing as required by TEFRA, each of the following items shall be submitted to the Staff of the Agency. After review of the items by the Staff of the Agency, the - 9 - . . -. ~- .... -- - ............. .......... . . . . date of the TEFRA hearing will be designated and a notice thereof shall be published. The items shall include: (a) Evidence that the Applicant is an entity dUly formed and validly existing and has the full right, power and authority under the laws of the State of California to own the Project Site and carryon the Project as contemplated by this Resolution. (b) A market feasibility study by an expert as approved by the City or the Agency, which study shall have been paid for and submitted by the Applicant at least twenty-eight (28) days prior to the anticipated date for the public hearing as required by TEFRA. (c) Payment of the TEFRA hearing fee of $10,000. (d) A tentative tract map or the approval by the Development Review Committee. (e) Environmental clearance. (f) Compliance with all zoning requirements obtaining of required conditional use permits). (i. e. , (g) Proof of land ownership or an escrow report including the full legal description of the property on which the Project is to be located. - 10 - . . . . . (h) Final Project pro forma. (i) Evidence that adequate sewer, water, gas and electric facilities will be fully installed prior to completion of the Project and that necessary public streets, sidewalks and- curbing outside the Project site, if not yet constructed, will be fully completed within a reasonable time after completion of the Project. (j) Resumes of the firms providing expert services. (k) Final renderings, floor layouts, site plan and elevations. . Section 20. The issuance of bonds or other obligations of the City for the Project as authorized and empowered by the Ordinance and/or the Act sha 11 be subj ect to the obtaining, by the Applicant, of a calendar year 1986 private activity bond allocation from a governmental entity other than the City. Said allocation is presently required for the Project by the appropriate provisions of House Resolution No. 3838. . - 11 - . . . . . Section 21. This Resolution shall take effect upon adoption. I HEREBY adopted by the San Bernardino at the day of wit: CERTIFY that the foregoing resolution was duly Mayor and Common Council of the. .City of a meeting thereof, held on , 1986, by the following -vote, to AYES: Council Members NAYS: ABSENT: City Clerk . of~. The foregoing resolution is hereby approved this , 1986. day Mayor of the City of San Bernardino Approved as to form: / 1 ()JL <(h,v )M.~.City Attorney . - 12 - . . . . . STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) CITY OF SAN BERNARDINO ) 55. . . I, SHAUNA CLARK, City Clerk in and for the City of San Bernardino, DO HEREBY CERTIFY that the of San Bernardino City Resolution No. correct copy of that now on file in this foregoing and attached copy is a full; _true and office. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Bernardino this day of , 1986. City Clerk - 13 - . . . . I . SBE003-104/1414S/ak 01/06/86 APPLICATION OF LEO J. VLACH , FOR MULTIF~~ILY MORTGAGE REVENUE BOND FINANCING CITY OF S~~ BERNARDINO. CALIFORNIA 1.1 PART I GENERAL AND BUSINESS INFORMATION " . The legal name of the Applicant is " Leo end Acnes Vlacn 1.2 The Applicant is a California individual which shall be engaged in the development, construction, leasing and ownership of a forty (.0 ) unit multifamily rental housing development on real property located on the Nortn end of "E" Street between 36tn Street and Kendal Drive in the City of San Bernardino, California (the "Project"). The Applicant thas--....- ut'L~uu -~o- ~-said- t'.ut'~. L.downs said property) (the "Property") and shall develop the Property and construct the Project thereon. ., 1.3 . 1.4 1.5 1.6 1.7 . The mailing address and the address of the Applicant is as follows: Hr. & Mrs. Leo J. Vlacn 10292 Deerhill Drive Santa Ana. California 92705 Employer Tax I.D. No. of the Applicant is: 33-0090237 The principal contacts for the Applicant are: Leo J. Vlacn . Telephone Number of the Applicant is (ll!-) 838-7815 The Applicant is ~ individual existing under the laws of the State of , duly organized and California 1.7.1 The Applicant San Bernadino . of California. shall conduct business in the City of California, County of San Bernadino, State 1.7.2 The Applicant was 'organized MK in 1977 1.8 The principal owners of the Applicant are: Leo J. Vlach and Acnes J. Vlach Said owners II18Y be contacted at the above-listed address and telephone number of the Applicant. Other legal entities owned or controlled by the Applicant are: none - 1 - . . 1.9 . . . The principal officers of the Applicant are leo J. Aones J. Vlach officers may be contacted at the above-listed telephone number of the Applicant. Attached hereto as Exhibit "A" are resumes of the Applicant and the principal owners of the Applicant as identified. in Sections 1.8 and 1.9 herein, which resumes include th~ real estate development experience of the aforementioned parties in Southern California. 1.10 The principal owners and officers of the Applicant are also the principal owners and officers of: N/A 1.11 Employees 1.11.1 . 1.11.2 The Applicant currently has no ( ) permanent office employees. Although the principal objective of the Project is to provide affordable rental housing to the citizens of the City, the construction and operation of the Project will create certain employment opportunities within the City. The Applicant is engaged in real estate development and has projects in the following counties in Southern California: none The sole business office of the Applicant is located at the above-listed address. 1.12 Professional services will be provided by the following: 1.12.1 1.12.2 . 1.12.3 The accountant for the Applicant is: .R.C. Amy Accountancy Corp. 501 N. Golden Circle Drive Suite 100 Santa Ana, California 92705 Principal Contact: Robert C. Amy The attorney for the Applicant is: Jeff R. Wheatley Attorney at law 2600 E. Nutwood No. 101 fullerton. California 92631 Principal Contact: Jeff R. Wheatlev The law offices of Sabo & Gondek, a Corporation, sball serve as Bond Counsel with regard to the tax-exempt financing for Professional to the Ci ty the Project. - 2 - . . . . . . . 1.12.4 The principal architect and civil engineer for the Project is: Michael J. Murohv & Associates Garner. Trov and Associates John R. Bverlv Inc. Principal Contact: Michael J. Murohv C7t4) 666-0459 1.12.5 The financial consultant for the Applicant is: Thomas E. Vlach Principal Contact: (714) 636-7615 1.13 The principal banking accounts of the Applicant shall be held by: sP.!~IIT";ty Pac:if"ic Rank W~11 St ~ HiohlAnn BrAnch San Bernadino. California Principal Contact: Robert Traffas. Manaper 1.14 The total development cost of the Project is presently estimated to be $1,945.421 Of said amount, $1.700.421 is anticipated to be derived from the sale of a tax-exempt bond or other obligation with a lender to be obtained hereafter. Tbe source of funding of the remainder of the Project, $ 245.000 , will be as follows: Source Amount Equity in existing land $ 245.000 PART II BOND ISSUE 2.1 The estimated total amount of the financing package and the proposed use of bond proceeds which proceeds in the amount of $1,700,421 have been identified in Section 1.14 hereinabove are as follows: 2.1.1 Project cost - $ 1,500,000 2.1.2 Legal, printing and related fees - $39.000 Financing costs and fees - $ 31,723 (2 points) 2.1.3 2.1.4 Capitalized interest - $ 37,125 (~ 1~) - see 4.2.4c - 3 - . . . . . . . 2.1.5 Other miscellaneous costs - $ 92.513 2.1.6 Land 'acquisition - $ nn"e Total: $ 1,100.421 2.2 The estimated target date for the bond financing pursuant to ~~is Application is presently anticipated in 3rd QUarter o~f 1986 The estimated target date for the other sources of financing is none The estimated target for the obtaining of credit enhancement, if any, for the bond issue is "one Construction is to cOllllDence as soon as possible after the financing package is completed and is to be completed by 3rd Quarter of t 981 . 2.3 It is proposed that the financing be in the form of a construction loan during the construction period which would have the traditional construction loan provisions in that drawdowns would be permitted as construction proceeds upon submission of requisition vouchers. Upon the completion of construction of the Project and the certification that all improvements have been completed, the lender will then permit an interest rate adjustment and a principal amount increase, as warranted, and convert the construction loan to a permanent financing. 2.4 The present proposal for the financing of the Project anticipates that the tax-exempt bonds or other obligations will be sold to a commercial bank or other such lender through a private placement or that there be a public offering of such securities. PART III FINANCIAL INFORMATION 3.1 The financial statements of the Applicant and all parties identified in Sections 1.8 and 1.9 hereinabove are included as Exhibit "B" hereto. 3.2 The Applicant is a small business doing business as a California corporation pursuant to the laws of the State of California and the Applicant would be considered a small business with regard to its relative size in comparison with other such businesses undertaking projects of this type. Although the Applicant is a small business, no federal small business loan guarantees are proposed in connection with the proposed financing as contemplated by this Application. PART IV PROJECT INFO~~TION 4.1 The Project as proposed by the Applicant shall include the acquisition of an approximately one and one-ouarter ( 1.25 ) acre parcel of land located on the North end of "E" Street between the end of "E" .. and Kendal Drive in the City, and the construction and operation thereon of a fortv ( 40 ) unit multifamily rental housing development. The Project shall include an appropriate mix of - 4 - . . . 4.2 . . . . ., one and two bedroom units, on-site vehicle parking spaces, laundry and ...i...ina pool. _. '0. appurtenant landscaping and other improvements. The preliminary Project pro forma is attached hereto as Exhibit "C" hereto. The Project shall be located on land more particularly described and included in the preliminary title report attached hereto as Exhibit "D" hereto. 4.1.1 The forty ( rental housing development proposed rent schedule: ) unit multifamily have the following 40 shall Unit Description No. of Units Proposed Rent/month one I bedroom two J bedroom two II( bedroom 18 . 10 . 4. $ 395 $ 495 $ 550 . . . . . . . . . . . (deluxe) . Low- and Moderate- Income Unit Description No. of Units Low- and Moderate- Income Unit Proposed Rent per Month one I bedroom two I bedroom I/. bedroom . . 2 2 $ 365 $ 465 $ . . . . . . Very Low Income Unit Description Very Low Income Unit Proposed Rent per Month No. of Units one I bedroom two ~ b~droom . I/. bedroom $ ~ ~7.50 $ .A;l.Q- '3 ~S; C'O $ . . . 3 1 The components and the estimated total cost of the functional parts of the Project which costs are to be financed by all sources of financing identified in Section 1.14 hereinabove are as follows: 4.2.1 Land - $ 30,000 - residual liability 4.2.2 Building construction - $ 990,000 4.2.3 Site preparation, engineering and technical services and City fees ~ $ 460,000 Total: $1.500.000 4.2.4 Miscellaneous items - a. 3% construction contingency - $ 29,700 b. Developer's overhead BRa prafit - $ 6,069 c. Interest during construction - $ 37,125 d. Real estate brokerage commission - $ none Total: $ 74,914 5 - . . . . 4.3 . . . The estimated construction period for the Project is as follows: 4.3.1 Construction of the Project would commence as soon as possible after issuance of the tax-exempt obligations and the estimated draw-down schedule for the tax-exempt or conventional construction loan, by calendar quarter, is as follows: Calendar Quarter Amount 1986 - 4th Quarter $ 480.000 1987 - tst Quarter 408.000 n - 2nd n 612.000 n Jrd n none 4.3.2 The planned Julv tst construction of 1987 . shall completed by be 4.4 The supervising civil engineer responsible for the design of the Project on behalf of the Applicant shall be Joseph C. Guastella of Garner. Troy and Associates . 4.5 4.6 The Project shall be known as the" PALM CIRCLE APARTMENTS. " The Projec~ is the development of a new multifamily rental housing development and is not an expansion or an alteration of an existing facility. The necessary infrastructure items and other public improvements must be installed on the Project site and the Applicant desires to obtain a below market rate tax-exempt construction and permanent financing of the improvements to be placed thereon from a combination of sources. The Project shall utilize conventional construction methods and for all purposes under the applicable federal tax laws and the laws of the State of California providing for or permitting the issuance of mortgage revenue bonds for the Project 4.7 The Applicant owns .(_-opl;-ion--~-_~.ce+- the Property on which t:he Project is' proposed to be located. (Any escrow to acquire the Property shall not exceed $ N/A ). 4.8 4.9 The Project will provide units of rental housing Bernardino. forty to the citizens ( 40 ) total of the City of San 4.8.1 Attached hereto as Exhibit "E" is an 8-1/2 x 11 inch map showing the site location of the proposed Project. 4.8.2 Attached hereto as Exhibit "F" are 8-1/2 x 11 inch drawings of the layout and renderings for the Project. A negative declaration pursuant to the provisions of the California Environmental Quality Act of 1970, as amended C"CEQA"), would in all probability be satisfactory for the Proje~t as proposed by the Applicant. However, the Project shall comply with all applicable provisions of said Act. - 6 - . . . . 4.10 4.11 4.12 4.13 4.14 . . . There are no permits, water quality enforcement orders, air pollution permits or variances or other evidence of actions necessary in connection with this Project. A sewer permit for the service of the fortv (JL) apartments is now available and will be obtained prior to construction. There are no local, state or federal pollution control agencies which impose regulations, standards or requirements withe. regard to the operations of the proposed Project to be undertaken by the Applicant. The proposed Project shall comply with all applicable City, County of San Bernardino, and other regional, county or basin plans to which this Project shall conform and the appropriate waste water and air quality requirements which shall be in conformity with all of the above jurisdictions. It is presently anticipated that the proposed Project will not produce any by-products or residues which would involve the ultimate disposal or the need for a plan to accomplish same. Recycling or salvage will not be a function of the proposed Project nor will there be any market opportunities generated with regard to same. Current land use designation affecting the site of the Project and status of preparation and review by City Staff of design and improvement plans for the Project. Land Use Designation zon~n _ RJ - 1200. State Colleoe Re~~v~lnnmpnt Development Review Commission approved. 94-91 and 85-112 Planning Department (Notice of Completeness Date) Planning Commission (Date, Action, Comments) PART V PUBLIC BENEFITS 5.1 The City will receive significant benefits by the initiation of this Project as proposed by the Applicant and particularly through the utilization of the financing method as is available under Ordinance No. 3si5, as amended (the "Ordinance"), of the City and Health and Safety Code Section 52000, et seq. (the "Act"). Due to the fact that conventional interest rates for construction and permanent financing for the type of multifamily rental housing construction contemplated by the Applicant are at such a high level on conventionally borrowed funds, if available at all, neither the Applicant nor any other persons or legal entities are able to provide the type of modern and attractive affordable rental housing that is needed within the City. - 7 - . . . . . . . 5.1.1 The Project will provide long-term affordable rental housing opportunities for the inhabitants of the City of San Bernardino. 5.1.2 Construction approximately the tax rolls of the Project is anticipated to add $ 1.750.000 of assessed valuation to of the City. 5.1.3 The useful method of financing provided for in Ordinance No. 3815 of the City and the Act vis-a-vis the use of the conventional method will permit the Applicant to complete the financing and construction of the Project within an accelerated time frame. The method of financing provided in Ordinance No. 3815 and the Act will provide new sources of financing to the Applicant and such financing will be made available at lower tax-exempt interest rates. . 5.2 The City will benefit. as can be demonstrated pursuant to Section 1 of Ordinance No. 3815, as amended, of the City and the Act, in that affordable rental housing opportunities will be generated by the proposed Project. The Applicant is not attempting to construct said proposed Project merely for the financial inducement that is offered pursuant to the Ordinance, but rather due to the long-term business reasons that are significant due to the location of the proposed Project and the real economic benefits available to the community. ..:t- There are no detriments that can regard to this type of financing will receive substantial benefits valuation of property, plus the housing opportunities that will residents of the City. be incurred by the City with for this Project, and the City through increases in assessed increased long-term affordable be available to the local PART VI COMMITMENTS 6.1 The Applicant by the submission of this Application agrees to comply and/or to assist the City in complying with all state and federal laws in the issuance of the bonds or other such tax-exempt obligations to finance the Project, including, without limitation, the making of any required application to a governmental department for authorization, qualification or registration of the offer, issuance or sale of the bonds or other tax-exempt obligations, and any amendments thereto, and any permit or other authorization of such governmental department, prior to the delivery by the City of such bonds or other tax-exempt obligations. 6.2 The Applicant further commits to cause and/or to assist the City in causing to be printed any prospectus or other written or printed communication proposed to be published in connection with the issuance, offer or sale of bonds or other tax-exempt obligations, prior to the delivery by the City of such bonds or - 8 - . . . . . . . other tax-exempt obligations, and, to the extent deemed necessary by the City, following delivery of such bonds or other tax-exempt obligations. 6.3 The Applicant also commits to pay all expenses in connection with the issuance, offer or sale of the bonds or other tax~xempt obligations, whether or not such bonds or other tax-exempt obligations are finally issued, and to hold the City harmless from any and all expenses related thereto, to pay items on an ongoing basis so that neither the City, nor its advisors, attorneys, employees and the like will .accumulate any claims against the City. 6.4 The Applicant will supply any additional information, agreements and undertakings as the City may require as a result of conferences and negotiations will be reproduced and supplied to the City and shall be deemed as supplements or amendments to this Application. 6.5 The Applicant shall provide appropriate covenants in the tax-exempt financing documents as may hereinafter be submitted to the City for consideration and approval in a form acceptable to the City Attorney and Bond Counsel and to assure that not less than twenty percent (20X) of the multifamily rental housing units included in the Project are to be occupied or reserved for occupancy by the individuals of low- and moderate-income as provided in the Internal Revenue Code of 1954, as amended (the "Code"). 6.6 Prior to issuance of any bonds for the Project as may hereafter be approved pursuant to the appropriate resolution or resolutions of the City, the Applicant shall provide for the recordation of a covenant running with the land in a form approved by the City Attorney of the. City whereunder the Applicant waives any claim under state law to a density bonus, as defined by Government Code Sections 65915 and 65915.5, for the property on which the Project is to be constructed and (ii) agrees not to seek or accept any other forms of public assistance for the purpose of financing the Project including, but not limited to, tax-increment financing from the Redevelopment Agency of the City of San Bernardino (the "Agency"). 6.7 The Applicant hereby acknowledges and recognizes that acceptance of this Application is specifically conditioned upon the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council") approving the final environmental assessments and other environmental documents prepared or to be prepared pursuant to the provisions of CEQA with respect to any and all environmental conditions with regard to the operations of the Project as proposed by the Applicant in the Application. The Applicant acknowledges and recognizes that acceptance of this application shall not be construed as approval of the plans or concep.t of the proposed development, nor as an indication that the Mayor. and Common Council of the City of San Bernardino, - 9 - . . 6.8 . . . . California (the "Mayor and Common Council"), will hereafter take any particular action toward granting any planning, zoning, or other approval relating to a plan of development. The Applicant acknowledges and recognizes that the Mayor and Common Council reserves its' right to evaluate any future administrative procedures and appeals based solely on the information available at the time of consideration, including any actions or recommendations by or appeals from the Development - _Review Committee and the Planning Commission. The ~pplicant acknowledges and recognizes that nothing herein shail be construed as advance commitment or approval as to any such matter, and the Applicant hereby acknOwledges and recognizes that normal planning processing shall be required, in accordance with the standard procedures of the City and that Applicant will be required to comply with all applicable laws and ordinances of the City, State and federal government. The Applicant hereby acknowledges and recognizes that this application and the exhibits attached hereto shall be reviewed by Agency Staff to determine whether or not a Resolution shall constitute such "official action" toward the issuance of the bonds within the meeting of the. United States Treasury Regulations, the United States Tax Laws and any legislation now or hereafter pending in the Congress of the United States which may require official action in order for the bonds to be exempt from federal income taxation (the "Inducement Resolution"). It is hereby acknowledged and recognized that a minimum of forty-two (42) days will be required by Agency Staff to review the Application to set an anticipated date for the consideration of the Inducement Resolution for the project by the Mayor and Common Council. 6.9 The Applicant hereby acknowledges and recognizes that the Project of the Applicant shall be the beneficiary of the Inducement Resolution for a period up to and including the day six (6) months from the date of adoption thereof. If, within such period, the City has not issued any multifamily mortgage revenue bonds for the Project or held a public hearing for the Project as said public hearing is required to be held pursuant to those certain amendments to Section 103 of the Internal Revenue Code of 1954, as amended (the "Code"), as enacted by Congress under the Tax Equity Fiscal Responsibility Act of 1982 ("TEFRA"), the "official action" for the Project of the Applicant as evidenced by the Inducement Resolution shall lapse. 6.10 The Applicant further commits to assist Agency Staff in the preparation of the comprehensive analysis of the Project, which analysis shall include a comparison between the costs and benefits of conventional and tax-exempt financing. 6.11 e The Applicant hereby represents and warrants that the undersigned is familiar with the "Policy Guidelines on Public and Negotiated Bond Sale Procedures for the City of San Bernardino and the Redevelopment Agency of the City of San Bernardino" as said - 10 - . . 6.12 6.13 . . . . . Policy Guidelines are on file with the City Clerk and that all documents required to be executed and delivered by the City shall conform to said Policy Guidelines. The Applicant hereby acknowledges and recognizes that the issuance of bonds or other obligations of the City for the Project as authorized and empowered by the Ordinance and/or the Act shall be subject to any changes in applicable laws, ordinances or regulations of the State and federal gover-runent including, but not limited to, the imposition of any cal<;,ndar year volume limitation on the issuance of such multifamily mortgage revenue bonds. At least twenty-one (21) days prior to the anticipated date for the public hearing as required by TEFRA, each of the following items shall be submitted by the Applicant to the Staff of the Agency. After review of the items by the Staff of the Agency, the date of the TEFRA hearing will be designated and a notice thereof shall be published. Said items shall include: (a) Evidence that the Applicant is an entity duly formed and validly existing and has the full right, power and authority under the laws of the State of California to own the Project Site and carryon the Project as contemplated by this Resolution. (b) A market feasibility study by an expert as approved by the City or the Agency, which study shall have been paid for and submitted by the Applicant at least twenty-eight (28) days prior to the anticipated date for the public hearing as required by TEFRA. (c) Payment of the TEFRA hearing fee of $10,000. ., (d) A tentative tract map or the approval by the Development Review Committee. ~ (e) Environmental clearance. ({) Compliance with all zoning requirements (i.e., obtaining of required conditional use permits). (g) Proof of land ownership or an escrow report including the full legal description of the property on which the Project is to be located. (h) Final Project pro forma. (i) Evidence that adequate sewer, water, gas and electric facilities will be fully installed prior to completion of the Project and that necessary public streets, sidewalks and curbing outside the Project site, if not yet constructed, will be fully completed within a reasonable time after completion of the Project. - 11 - . . . . . . . (j). Resumes of the firms providing expert services. (k) Final renderings, floor layouts. site plan and elevations. 6.14 The Applicant hereby acknowledges and recognizes that the Mayor and Common Council may, upon the conclusion of the TEFRA hearing. adopt a Resolution making certain findings and determinations in connection with the Project as required by Section 103(k) .of . the Code (the "TEFRA Resolution"). The Project of the Applicant shall be the beneficiary of the TEFRA Resolution for a period up to and including the day six (6) months from the date of adoption thereof. If. within such period. the City has not issued any mul tifamily mortgage revenue bonds for the Project the "findings and determinations" for the Project of the Applicant as evidenced by the TEFRA Resolution shall lapse and the Applicant shall be required to apply to the City for a new Inducement Resolution. PART VII FEE SCHEDULE 7.1 The Applicant acknowledges that the City requires a non-refundable application fee of $50 for each Project to be considered for eligibility. to be paid when the basic documents are requested. With the submittal of this Application. $500 is payable to the City. If this Application is accepted. an additional fee of $10.000 is payable for administrative costs. The Applicant acknowledges that the commitments in Part VI above are in addition to these fixed amounts. Thus, in tbe event that no closing occurs, the City shall be reimbursed for its processing costs. 7.2 The Applicant shall provide for the payment to the City of the expense of monitoring compliance with federal and State requirements for low- and moderate-income utilization as required by State and federal law. Such payment shall be at the rate of one-eighth of one percent (1/81) of the total principal amount of the bonds issued, shall commence after Project construction has been completed and shall be payable continuing throughout until all of the bonds have been redeemed or have matured. Such monitoring expenses shall be on ongoing obligation of the Applicant. 7.3 The Applicant shall provide for the payment of all expenses in connection with the market feasibility study of the Project to be conducted by a City or ~gency-approved expert. Such payment must be made by the Applicant at least twenty-eight (28) days prior to the anticipated date for the TEFRA hearing. 7.4 All fees of the City may be capitalized and included in. the bond issue as acceptable to the bond purchaser. 7.5 The Applicant acknowledges that the City derives its entire support from the fees for its services. The total function of the City is conducted on a self-supporting basis, and involves no state general revenues or expenditures from taxes from the state - 12 - . . . . 7.6 . . or any of its political subdivisions. No indebtedness or taxing power of the City is involved. Project revenues are the sole security for bonds of tbe City. The federal guarantees, if any, enhance these revenues and income and the security of the bonds. Pursuant to Resolution No. 81-108 of the City, as amended by Resolution No. 81-410 of the City, one percent (l~) .of .the principal amount of the bond issue shall be deposited in the_ City Treasury in the Industrial Revenue Bond Reserve and Develotiment Fund, which shall be used in such manner as the Mayor and Common Council may direct from time to time. " - 13 - . . . . . . PART VIII SIGNATURE 8.1 The undersigned, as the authorized principal of the Applicant as noted below, holds the prime responsibility for the financing to be taken for the proposed Project, and certifies that the undersigned has the authority to bind the Applicant to contract terms; that this Application to the best knowledge or belief of the undersigned, contains no false or incorrect information or data, and this Application, including exhibits and attachments hereto, is truly descriptive of the proposed Project.. 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