Loading...
273920 �NHITE - GTV CLERK PINK - FINANCE G I TY OF SA I NT PAIT L Council +A➢y'y/ CANARV - DEPARTMENT File NO. �+ r �',��� BLUE - MAVOR Council Resolution Presented By Referred To Committee: Date Out of Committee By Date WHEREAS: 1 . On October 9, 1979, the Port Authority of the City of Saint Paul adopted Resolution No. 1562, giving preliminary approval to the issuance of revenue bonds in the initial principal amount of approximately $7,000,000 to finance the acquisition of the Radisson Parking Ramp located on B�ock A by Oxford Properties, Inc. 2. Laws of Minnesota 1976, Chapter 234, provides that any issue of revenue bonds authorized by the Port Authority of the City of Saint Paul , shall be issued only with the consent of the City Council of the City of Saint Paul , by resolution adopted in accordance with law; 3. The Port Authority of the City of Saint Paul has requested that the City Council give its requisite consent pursuant to said law to facilitate the issuance of said revenue bonds by the Port Authority of the City of Saint Paul , subject to final approval of the details of said issue by the Port Authority of the City of Saint Paul . RESOLVED, by the City Council of the City of Saint Paul , that in accordance with Laws of Minnesota 1976, Chapter 234, the City Council hereby consents to the issuance of the aforesaid revenue bonds for the purposes described in the aforesaid Port Authority Resolution No. 1562, the exact details of which, including, but not limited to, provisions relating to maturities, interest rates, discount, redemption, and for the issuance of additional bonds are to be determined by the Port Authority, pursuant to resolution adopted by the Port Authority, and the City Council hereby authorizes the issuance of any additional bonds (including refunding bonds) by the P�ort Authority, found by the Port Authority to be necessary for carrying out the purposes for which the aforesaid bonds are issued. COUNCILMEN Yeas Nays Requested by Department of: � McMahon �_ �n Favor Hozza Hunt I,evine _ � __ Against BY,a Maddox Showal sco OCT 2 3 �979 Form Approv d by City Attorney Ado by Counci Date ertified _sed by ' Secretary BY `' 1�1p r v by iNavor: __p.�.+��; �� APproved by Mayor for Submi�n to Co ncil \r V By _ -- $y � �� Plk13LiSHED N OV 3 i979 ;- P.O R T - AUTHORITY OF THE CITY OF ST. PNUL �k����:� Memorandum � • e�a °'' � TO: Board of Commissioners ' DATE: October 5, t979 Speciai Meeting October 9, 1979 FROM: E, r SUBJECT: pRELIMINARY AGREEMENT � OXFORD PROPERTIES, INC. SALE OF RADISSON PARKING RAMP--$7,000,000 RESOLUTION N0. 1561 AND 1562 � The Port Authority financed the Radisson Parking Ramp in 1978 with the issuance of a $5,500,000 revenue bond issue to cover construction casts. The Port Authority also provided additional funds in the form of a $200,000 appropriation from Accumulated Net Revenues and fc�ded a portion of the debt service reserve by appropriating $385,000. In addition, Resolution Na. 1270 required that a balance be maintained in the Operating fund to assure the avaiiability of an operating fund which, together with other income dedicated to operations, wauld be sufficient for a 3-year .period. Staff has been in negotfation with several firms and individuals relative to the sale of the Radisson Parking Ramp and have negotiated a sale with Oxford Properties, Inc. at a price of $5,500,000. The bond issue proposed, which is in the amount of $7,000,000, would pay the Port Authority $5,500,000, provl�i� an additionai �5Q0,000 as ccnstruction funds to Oxford for work on Block A, and a maximized reserve deposit of approximately $1 ,000,000. The financing would be for a 30-year term commencing November 1 , 1979, and the rentals by Oxford would approximate the following: 11-1-79 through 12-31-81 $30,000 per month 1-1-82 through 12=31-86 34,733 per month - 1-1-87 through 12-31-07 45,601 per month � and credit of the reserve fund to the last installments of rent on October 1 , 2009. The interest on the reserve fund would be credited to current installments of rent and inure to the benefit of Oxford. _ _ . Board of Conmissioners � � Octob2r 5, 1979 ������ Page -2- The proposal would defease the outstanding bond issue held by the First National and Northwestern fVational Banks and relieve the Port Authority of its current obligations under Resolution No, 1270, aitho.ugh it is not reco►�nended that Resolution No. 1270 be canceled since we may find it helpful for other projects in the future. The financing would be handled by a Loan Agreement and a Mortgage rather than a lease, and Oxford wouid be the owner through a Mortga�ge of the property with the Port Authority acting as the lender. The bonds would be issued under the Port Authority`s 876 Resolution and be 'A' rated. In addition to the normal rental to retire the bond issue, Oxford wi11 pay monthly fiscal and administrative fees of $2,000, which in the aggregate will total $668,000 during the term of these bonds. The taxes payable on this ramp have been projected by the Tax Assessor on the basis of the mill rate applicable for taxes payable in the 1980 at $241 per stall . Ramp taxes �s well as taxes on office space, hotel rooms and apartments are difficult to project because they are evaluated for assessment purposes on the basis of occupancy and profit or loss, The ramp analysis indicates a substantial variable in each of the ramps existent in downtown St. Paul and this substantial difference is occasioned by the degree of occupancy and income. In any case, there will be no taxes payable on this ramp in 1979 or 1980. The tax assessment method that exists in Ramsey County and throughout Minnesota is that taxes payable in 1980 are the taxes which were assessed for the year 1979. Therefore, Oxford would pay taxes in 1981 according to the percentage of completion of the total project on Block A, That means that '�` the Radisson Hotei and those deveiopments �y the City and Oxford are only 30� completed on January 2, 1980, the taxes payable in 198] would be 3�� of the total . If the project is totally completed in 1980, the first year that taxes would be based on fu11 assessments would be 1982 notwith- standing the fact that the Assessor must further consider occupancy and income before he ca rr arrive at the definitive taxes. We propose to incorporate in the documents an agreement that if taxes for the years 1981 and 1982 exceed $150 and $170 per sta11 respectively that the rental will be reduced accordingly. Example: . 1981 Assessment - 503 stalls @ $241 $121 ,223 @ 150 75,450 $45,773 1982 Assessment - 503 stalls @ $241 $72i ,223 @ 170 85,51Q 35,713 Port Authority Guarantee $81 ,486 . � ������ Board of Commissioners October 5, 1979 Page -3- Based on the known factors at this point and the millage rat� applicable in 1980 that guarantee would require a maximum of $81 ,486. If the assess- ment were less than $241 , it would have the effect of lowering the guarantee. If it were greater, it would have the effect of increasing it. The taxes based upon the projections by the Assessor would aggregate $3,750,000 during the term of these bonds. Because of the income that the Port Authority will generate on this project from the original issuance date through January 1 , 1982, and as an inducement to Oxford to acquire the ramp for $5,500,000, we �recommend that this guarantee be made. Oxford Development Ltd, and Oxford Properties, Inc. are heavily involved in St. Paul and the Twin Cities, as we11 as projects throughout Canada, the United States, and the world. Their current balance sheet reflects assets of in excess of $1 billion and a net worth exceeding $100 million. They are also proposing other developments for downtown St, Pau1 , including other parking facilities. � As conditions of the agreement and due to the fact that these bonds are issued under an IRS exemption for public paricing ramps, this ramp must be operated as a public ramp until the bonds are retired, An additional condition of the loan agreement will provide tha� Oxford not discriminate in its monthly parking rates whereby it would give to tenants of Oxford lower rates. � The Port Authority's role in this parking ramp was to expedite its development to limit the City`s involvement in tax increment bonds in this area and to construct the foundations for developments by both Radisson Hotels and Oxf�rd. That role has been fulfiiTed and it �zems prudent at this time that this property be put on the tax roles and owned and operated by the private sector. Oxford's substantial stake in this block and the total Town Square development make them a logical owner - of the parking facility. � Staff recommends approval of the sale of the property by Resolution No. 1561 and approval of the Preiimanary Agreement by Resolution No. 1562, EAK:jmo . . ������ . , ' ,,� � ..p� +�� . ' Resoluti.on No. 1562 RESOLUTION OF � � THE PORT AUTHORITY OF THE CITY OF SAINT PAUL - � WHEREAS, the purpose of Chapter 474, Mi.nnesota� Statutes, known as the Mi.nnesota Muni.ci.pal Industri.al Develop- ment Act (herei.nafter called "Act") as found and determi.ned by the legi.slature i.s to promote the welfare of the state by the � acti.ve attracti,on and encouragement and development of economi.- � cally sound i.ndustry and commerce� to prevent so far as possi.ble � the emergence of bli.ghted and margi.nal lands and areas of chroni.c unemployment and to ai:d i.n the development of exi.sti.ng � � areas of bli.ght, margi.nal land and persi.stent unemployment; and. . WHEREAS, factors necessi.tating the acti.ve promoti.on and development of ecoriomi.cally sound i.ndustry and commerce are the i.ncreasi.ng concentrati.on of populati.on i.n the metropoli.tan - areas and �the rapi.dly ri.si.ng i.ncrease i.n •the amount and cost of • governmental servi.ces requi.red to meet the needs of the � i.ncreased populati.on and the need for. development of land use whi.ch wi.11 provi.de an adequate tax base to fi_nance these i.ncreased costs and access to employment opportuniti.es for such � populati.on; and � � WHEREAS, the Port Authori.ty of the Ci.ty of Sai.nt Paul � � (herei.nafter the "Authori.ty") has previ.ously i.ssued i.ts revenue � bonds to fi.nance the acqui.si.ti.on and constructi.on of a publi.c parki.ng ramp (herei.nafter called the "Parki.ng Ramp") located wi.thi.n the Ci.ty of Saint Paul; and WHEREAS, the Parki.ng Ramp i.s currently owned by the Authori.ty and leased to TMD, Inc. pursuant to a lease agreement dated as of. November 1, 1977 (the "Lease" ) ; and � � : . WHEREAS, the Authori.ty has recei.ved from Oxford � Develop�ent P�li.nnesota, Inc. , a corporati,on organi.zed under the laws of the State of t4i.nnesota (herei.nafter the "Company" ) a request that the Authori.ty issue its revenue bonds to fi.nance the Company's acqui.si.ti.on of the Parki.ng Ramp from the Author�.ty and certai.n other related capi.tal costs i.nci.dent to : the developrnent by the Company of certai.n commerci.al faci.li.ti.es located i.n the Ci.ty of Sai.nt Paul, all as more speci.fi.cally i.denti.f i_ed i.n the memor•andum to commi.ss i.oners preparec3 by staff (herei.nafter the "Project" ) ; and � . � � � n,t�c� „� . _ • . . . �+ w ���.,ti::,� . WHEREAS, Sect�.on 2. 06 of the Lease provi.des for the � termi.nati.on of the Lease upon the sale of the Parki.ng Ramp by the Authori.t�►; and . _ . � WHEREAS, the Authori.ty desi.res to faci.li.ta*e .the selecti.ve development of the communi.ty, to retai.n and i.mprove . i.ts tax base and to tielp i.t provi.de the range of servi.ces and � employment opportuni.ti.es requi.red by i.ts populati.on, and the Project wi.11 assi.st the Ci.ty i.n achi.evi.ng that objecti.ve, and the conversi.on to pri.vate ownershi.p of the Parki.ng Ramp wil:l help to i.ncrease the assessed valuation of the Ci.ty and help � mai.ntai.n a positi.ve relati.onshi.p between assessed valuati.on and debt and enhance the i.mage and reputati.on of the Ci.ty; and . � WHEREAS, the Project to be financed by revenue bonds wi.11 result i.n substanti.al employment opportuni.ti.es i.n the - � � Ci.ty; � WHEREAS, the Authori.ty has been advi.sed by repre- � sentati.ves of the� Company that conventi,onal, commerci.al fi.nanci.ng to pay the capital -cost of the Project i.s avai_lable ' only on a limi.ted basi.s and at such hi.gh costs of borrowi.ng . that the economi.c feasi.bili.ty of operati.ng the Parki.ng Ramp . would be� si.gni.fi.cantly reduced, but the Company has also advised thi.s Authori.ty that wi.th the ai.d of revenue bond � f i.nancing, and i.ts resulti.ng lo�a borrowi.ng cost, operati.on of the Parki.ng Ramp i.s economi.cally more feasible; � � WHEREAS, Mi.11er & Schroeder Muni.ci.pals, Inc. (the � "Underwriter") has made a proposal i.n an agreement (the "Underwri.ti.ng Agreement") relati.ng to the purchase of �the revenue bonds to be i.ssued to fi.nance the Project; WHEREAS, the Authori�ty, pursuant to Mi.nnesota � Statutes; Secti.on 474. 01, Subdi.vi.si.on 7b di.d place a noti.ce, a copy of whi.ch w�.th proof of publi.cati.on �s on fi_le i.n the offi.ce of the Authori.ty, of a publi.c heari.ng on the proposal of the Company that the Authori.ty fi.nance the Project, herei.nbefore descri.bed, by the i.ssuance of i.ts i.ndustri.al revenue bonds i.n the amount of $6,000,000 ; and � WHEREAS, subsequent to� publzcation of the noti.ce of publi.c hearing relati.ng to the i.ssuance of i.ndustri.al , development revenue bonds i.n the amount of $6, 000,000 the Company requested that the bonds be -i.ssued pursuant to Basi.c Resolution No. 876�of the Authori.ty and that bonc]s i.n the total amount of $7,000,000 be i.ssued to allow the Company to fund the reserve requi.red by that Resoluti.on; . , � • � � � WHEREAS, the Authori.ty did conduct a publi.c hear�ng pursuant to sa�d noti.ce at wh�ch hear�ng the recommendat�ons of � the Authority's staff wi.th regard to the Company's proposal, as � set forth i.n the Staff Memorandum to the Commi.ssi.oners, and i.ncludi.ng the proposed i.ncrease i.n the amount of Bonds from � $6,000,000 to $7,000,000, were revi.ewed and, further, at whi.ch heari.ng all persons who appeared were gi.ven an opportuni.ty to . express thei.r vi.ews wi.th respect to the proposal. : NOW, THEREFORE, BE IT RESOLVED by the Commi.ssi.oners of the Port Authori.ty of the Ci.ty of Sai.nt Paul, t4i.nnesota as . follows: • � 1. On the basi.s of i.nformati.on ava�.lable to the Authori.ty, i.ncludi.ng the staff inemorandum to the Commi.ssi.oners, i.t appears, and the Authori.ty hereby fi.nds, that the Project consti.tutes properti.es, used or useful i.n connecti.on wi.th one or more revenue produci.ng enterpri.ses engaged i.n any bus�ness wi.thi.n the meani.ng. of Subdi.vi.si.on la of Section 474.02 of the Act; that the Project furthers the purposes stated �n Secti.on 474.01 of the Act, that the avai.labi.li.ty of the f�.nanci.ng under � the Act and wi.11i.ngness of the Au*hori.ty to furni_sh such f i.nanci.ng wi.11 be a substanti.al i.nducement to .the Company to purchase the Parki.ng Ramp and complete i.ts porti.on of the related commerci.al development i.n the Ci.ty of St. Paul, and that the effect of the Project, i.f undertaken, wi.11 be to encourage the development of economi.cally sound i.ndustry and commerce and assi.st i.n the preventi�on of the emergence of � bli.ghted and �margi.nal land, and wi.11 help to prevent chroni.c unemployment, and wi.11 help the City to reta�.n and i.mprove i.ts tax base and provi.de the range of servi.ces and. employment opportuni.ti.es requi.red by i.ts populati.on, and wi.11 help to prevent the movement of talented and educated persons out of the state and to areas wi.thi.n the state where thei.r servi.ces � may not be as effecti.vely used and wi.11 result i,n more i.ntensi.ve development and use of land within the Ci.ty and wi.11 . result i.n an i.ncrease i.n the Ci.ty's tax base; and that it i.s i.n the best i.nterests of the port di.strict and the people of the Ci.ty of Sai.nt Paul and i.n furtherance of .the general plan of development to assi.st the Company i.n fi.nanci.ng the Project. 2. Subject to the mutual agreement of the Authori.ty, the Company and the purchaser of tl�e revenue bonds as to the detai.ls of the revenue agreement, as defi.ned i.n the Act, and other documents necessary to evi.dence and effect the fi.nanci.ng of the Project and the i.ssuance of the revenue bonds, the Project is hereby approved and authori.zed and the i.ssuance of revenue bonds of the Authori.ty i.n an amount not to exceed approxi.mately $7,000,000 (other than such addi.ti.onal revenue . � ���ri.�r,fy�1 . . - . . � / k°^�@^ R , . . ' . y�ro a 4°.p'a�C..!� � . . bonds as are needed to complete the Project i.s authori.zed to � � fi.nance the costs of the Project and the recommendati.ons of the Authori.ty' s staff, as set forth i.n the staff inemorandum to the Commi.ssi.oners whi.ch was presented to the Commi.ssi.oners, are i.ncorporated herei.n by reference and approved. 3. In accordance wi.th Subdi.vi.si.on 7a of Secti.on 474.01, t4i.nnesota Statutes, the Executive Vi.ce-Presi.dent of the AUTHORITY i.s hereby authori.zed and di.rected to submi.t the � proposal for the above descri.bed purchase to the Commi.ssi.oner of Securi.ti.es, requesti.ng hi.s approval, and other offi.cers, employees and agents of the AUTHORITY are hereby authori.zed to provi.de the Commi.ssi.oner wi.th such preli.mi.nary i.nformati.on as he may requ•i.re. � 4. The"re has heretofore been f i.led -wi.th the � . Authori.ty a form of Prel i.mi.nary Agreement between the Authori.ty and Company, relati.ng to the proposed fi.nanci.ng of the Rroject, a form of Contract for the Sale of Land, and a form of the Underwri.ting Agreement (herei.nafter the "Agreements" ) . The , form of sai.d Agreements have been exami.ned by the . • Commissi.oners. It i.s the purpose of sai.d Agreements to evi.dence the commi.tment of the parties and thei.r intenti.ons , wi.th respect to the proposed Project i.n order that the Company . may proceed wi.thout delay wi.th the Project wi.th the assurance that there has been suffi.ci.ent "offi.cial acti.on" under Secti.on 103(b) of the Internal Revenue Code of 1954, as amended, to allow for the. i.ssuance of i.ndustri.al revenue bonds to fi.nance the enti.re cost of the Project upon agreement bei.ng reached as to the ulti.mate detai.ls of the Project and i.ts fi.nanci.ng. Sai.d Agreements are hereby approved, and the Presi.dent and Secretary of the Author�.ty are hereby authori.zed and di.rected to execute sai.d Agreements. � 5. Upon executi.on of the Preli.mi.nary Agreement and the Contract for the Sale of Land by the Company, the staff of the Author�.ty are authori.zed and di.rectea to conti.nue negoti,ati.ons wi.th the Company so as to resolve the remaini.ng i.ssues necessary to the preparati.on of the revenue agreement and other documents necessary to the adopti.on by the Authori.ty of i.ts fi.nal bond resoluti.on and the i.ssuance and deli.very of the revenue bonds; provi.ded that the President (or � Vi.ce-Presi.dent if the Presi.dent i.s. absent) and the Secretary (or Assi.stant Secretary i,f the Secretary i.s absent) of the Author�.ty, or i.f ei.ther of such offi.cers (and hi.s alternati.ve) are absent, the Treasurer of the Authority �n li.eu of such . absent offi.cers, are hereby authori.zed in accordance wi.th the, provi.si.ons of Mi.nnesota Statutes, Secti.on 475. 06, Subdi.v�.si.on ' 1, to accept a fi.nal offer of the Underwri.ters made by the • Underwri.ters to p'urchase sai.d bonds and to execute an . , , ' ! . . . �f�1C��v,�}��� � underwri.ti.ng agreement setti.ng forth such offer on behalf of the Authori.ty. 'Such acceptance shal"l bi.nd the Underwri.ters to sai.d offer but shall be subject to approval and rati.fi.cati.on by the Port. Aui:hori.ty i,n a formal supplemental bond resoluti:on to be adopted prior to the deli.very of sai.d revenue bonds. 6. The revenue bonds and �i.nterest thereon shall not . constitute an i.ndebtedness .of the Authori.ty or the Ci.ty of � � . Sai.nt Paul wi.thi.n the meani.ng of any consti.tutional or statut,ory li.mi.tati,on and shall not consti.tute or gi.ve ri.se to a ' pecuni.ary li.abili.ty of the Authori.ty or the Ci.ty or a charge . � agai.nst thei.r general credi.t or taxing powers and ne�i.ther the full faith and. credi.t nor the taxi.ng powers of the Authori.ty or the City i.s pledged for the payment of the bonds or i_nterest . thereon. � 7. In order to faci.li.tate completi.on of the revenue � bond financi.ng herei.n contemplated, the Ci�ty Council i.s hereby requested to consent, pursuant to Laws of ?�iinnesota, 1976, Chapter 234, to the i.ssuance of the revenue bonds herei.n contemplated and any add�iti,onal bonds whi.ch the Authori.ty may . pri.or to i.ssuance or from ti.me to ti.me thereafter deem , necessary to complete the. Project or to refund such revenue � bonc3s; and for such purpose the Executive Vi.ce Presi.dent of the Authori.ty i.s hereby authori.zed and di.rected to �forward to the � Ci.ty Counci.l copi.es of thi.s resoluti�on and sai.a Preli.mi.nary Agreement and any addi.ti.onal avai.lable informati.on the Ci.ty Counci.l may request. 8. The acti.ons of �the Executi.ve Vi.ce-Presi.dent of . the Authori.ty i.n causi.ng publi.c notice of the publi.c. heari.ng . and i.n descri.bi.ng the general nature of the Project and ' esti.mati.ng the pri.nci.pal amount of bonds to be i.ssued to fi.nance the Project, and i_n prepari.ng a draft of the proposed appli.cati.on to the Commi.ssi.oner of Securi.ti.es, State of Mi.nnesota, for approval of the Purchase, whi�ch has been avai.lable for i.nspecti.on by the publi.c at the offi.ce of the � Authority from and after the publi.cati.on of noti.ce of the . heari.ng, are i.n all respects rati.fi.ed and confi.rmed. . � , � Adopted October 9, 1979' `�� � � = i � � � � � �L� � �'�i, Attest . - �► Pres�.dent ; The Port Authori.ty of the C�.ty G,�� of Sai.nt Paul ' . � Se re�ary � . . � �`2 $ ,, ��� �'* �� x -^.' � i f ' : tj r�a a°i i 4 ar�.yY"s'7 .n�. rh��*rt �: �a�"'�'' � � � ,�. �.. a r�' � h s s � Y � �� � " *� }> r4H � je A k yi.� '� $ Ai 1.4.� 4' � y tl a ,� J � � } 'f � �± �! .. n�.."" � _ - r. � * �. 3� ����� �3 g�Y �`k ef « fi �t � ��� , j� g < � �,, * � , �' �� �,� „ � ����`w� 5.X����� � ���S� `�� � � , :x � t `�� � _ '"�V"�'7�s� �a ",�a r � � . . � �r �' � - ^''btk'z4 p , � � %�",�"�� ��t� y�` *�r���������� s �, 1 �',"�,A� `� � � . . g r � , �`R ` , ! � +�`� �' �.,, M ` -^��te�}c � T� #c, Prf _ *`^f�°'r� M1� K a �F �.� r _�'F � � � d� " ',� �t� .�� � � f -� � - � �� 4 �1 ."����. v � : � �} l i�. '� .J-.� � +a�-p { " .��,� : _= ���iay�° ���, ; � sa , t _ ; � - �� . � i' t �� r .� "- "� ; `; �"� � '�..� '`4 ' _ r ` ��{�t � � *: � � ��� �' 3 '. . Y� ,�.�f�+'tl � �. #t� �� .� " r' � k tF< �a�.,3'€¢},1£: sa. y�� . 1 �'" *�"�., Y Y �i u�`�� z �. k� -� ��`�'R n k ,�, � f :. *' v e �`� ���..,�� ���,"��r�X����` r f �*i t�. +r;.� ,p,+e � � �,: „t�*��...p ..x Z � '�.. } � T�� a`�'+�w'���n a�� �A � - � _ , � 7 .��� ���, g '� h c�k�s L. ��..��% �'��� �., X E , - ��, c.� ��r:, �.(,rY �"f�B� < � � ��. a .y . � x f � r . t ,r a'a � £�« �` jy ¢ ''�* � .. �fg .. � c,,..�. ' .� s�.�.. �.'r a, r� �4�-+y$�`: r'S+ .:�u�.�. � . A....Y p4 tt. H{'Ml" k '�"`�'Y. ��`�'� f ..*1� ; �.F.:� �.. .�� —'•; � r. � .��•�.•.. ,��^���j,����k i� � d I EI y� � f { S �. ., Y ".;a.8 f �'"��''�.�'fi �.���. �.{i a,�,. �"'� �} t �� �i, �� �j'° f�'��}����{ t� N� _W-�,`k�:i „'�� _ � � . �-� �;� �}� z 4 S �,G,� .. �; �1! � � ' �� v�'skt f ✓ �i ra�s��yj `�� , �» - �'��,� .. . � � u., �� '� � � � x � � ?�S � ¢ t� � � � �� t s _ ,� s� r �"� r r�.Ye$ 2 . 3' tr. "'��r� �� � ��' � v�`R � S� � �i� ���� � �¢ '�3��`��� � � ��� �� ,�g � '� � � �s � � '�� X" �t�r� '�ri' � } � � :�r � t�:. ��-� �Fy�,� s`�a����� ;'� � - � � J �r t "r�w §��3.�y������ �.kZ��'�,� S �F{ .� Tt y 4 � � Y Y� d � u{k�k�'�'," ,Y1'4� Sy,Y��d{�t9� i�l � {�1�p � ,�, Y� ,��.�# +. t , 1 � ,�t f�� ��t '' ak'F a�,` y� �x'�,�f..��l,ti k . ���'� a r �,� ��W � .� ,,,�� � '�R���.� ..� .� .: � ��' � �"� t � f r:�t -m3-r�k�+��S�;./t"�.i� �}� /!Yy"(,,��,, iy'" ��� g. �+'R �� ��': � V����'7�MF�! `1�� � • . 5 � '�,�� � �� +`�s4 ,� � t; t '� . �� �t"����y� i#� �� ��������� � �Y �:: �( % � ? k � } �£ ����� � ���� � ���^��� '�.�A��' �1F 1��'i'` t- t��� `Y;.9 A'��;v, .�� 7 C ��4 � �� , � >�� � i � � � ���� �..�� ���� � �� 4 Y S �� � �,( �. .�� � �� � ':5 �° E','��i �' }' �:��'�1F' y. � � .µh . ] i r d .i { �C �� E'. A g� "� t�.t s �, s � $ � ,� d�� u�� _„M ${ ry y�,�p�y�,� � -� � �'a x -' �,� �x -; ��y �+'� �} n k����fi�' ,: f� *r� ` � s�x y, ,�� ;, "{�?�f � '�'� 4� �.����,-� �},�.- �.� T: 8 � µ s� �� � . �a e s t ' a ��" n � ,i� ,� �'���.. '�'� .hi1 $ � +� k �`5 fiS � i�- : 4 _ �. �,ri - "°.E '� �"� #. � 3 �t� � � *-' ' �i 4� . �� ` '�" � R a a i� �5 ; �� �� �rr��`?� .. t � �4�. � r � rz kr i .�. 3r'S5��� � u� ,� ii �` .. ��� f` „} � � ' ,- `� � w� w �' ,# *���� : ,� �� � F� r�� '� � �� �''�'� +t = ,. ��� .� ��- � '� � �. "' �� ��'" � � � - g �a '2�,�z zy�'�'°"� �� �` � ��� "�R:;� 'f� acquisi��on �k ; , �,�` ( � . '�{A.� }.:q �, �"� ,��i�l/f �.��tnl�. '�III'������ � F �k 5� �k � ��"�il�, �o. ���µfE�� �F�� w ;� � �i. ��� .� � �ati � ������� `� � � V.,,,� � ` � , `�� '� �'�'��� :� � �; ` r���` " �-: . ` ,. � �} �,. �e,� � � �,�.:�: i _ , �, i' �' � '�,���r� y 'i�'f!.: �.+�; ��� *;��. �� '�� � �. �i'i�� ��"��i'�� '�,''�� �IC = ��� ,�, �� ��,�� �� �" �`] �_ '�i� ������ � � ��� � � ` �: � ;, � ` �� � ��'�,� � �z t ey,�` '�M^i�������� K4t���`?� ,+ '`�''e �:r i '�pk^ � f e�;'� r a.. y ' x ��E r t3 c��ta�"��k- . 3Y "4 ` � { .. i.K+�§ � � , �'°��� ����i }�� A �r ; f s,� ,_ �_' , , � r., t x 1 ��`�y���5' * �3 � s :``4 c � - 't ' tak �y�,� -' � �y,� '�"��:' ;: � � } � �,�.a k� k4�'.'�k ag t: ��� 4� � 1ry�. h n � d , t Y��, � t '�'�� fi� F t 3A :� y • 1.; ,C : '�'�'�`Y �': ��}�� � - �� � � ^� r ?� i z 1� k � 9 �� p �'� �r a�r - _ , z.� `F� n,' -z S,� �_ a z � �:+, �. �.*, J Y����4x�`�; , - „ � ^��- �,� , .,. ..� � ; { � f '�y s t ,F � r �.,�°'��,t+k�,.�.�v��e`, �3 ; R 1 Y S f x t`, s 7' _„41,�'` k.�. ��' �i vs�t � t � � � .��. :1 S'R; t 'S+ d ;{k � e �� ; g r �# ,� f ��` ,� �����t�i�����.- 156� � ��_� }h � 3� p � ,�s xr (; � �.c{��� � a � ���i����". r ' � a .� i .Y {-- t x�; �Y�'� ��'��.'r��'t � d ! ��� � �. s � t4 .�� Y � �.« �}t ��� �d y �. . 3 �� .:y �'` } �g { `''ER.'p-?F ;}S x �� . � t 3 d, '. � � - �_�� f s t � � '� ���� �� F � � 'a :. ' �. - ' *��'� �w� o� . i � b 4 ir s � � �rr a "��� � '� 7 � i s e� �` ��i��.i� f S�: 'x .Y s a ` . €�.a'�p.-�, �k �r �n�PT x# ��( ' 9 ,l �F � .' 4� -s' ����4-. }1 r ,g i y �E j,ut` � !� i � :� ; 7 F eV a €§.� '�� l 41 � t� .; � ���j4�� . � ° �ye ' � �� t r � ���� ��t ���XI+���� °} ;it � �': . � � �:. ;x a '�4����,..� a. > �:< z ' � ��;, � _a..� . ,�:. :� � _r.�`t-� � �.�-:4a�,rS�� r�SS,o'�.' - a......«,l�..�... .......,..�.s.,. ....�...,e�.......a.......x.....�..,,..r....�K,aaa��e,(�.raex.nn4.,n 1.»2...,s,..r..a�.....�n...a—,.....,�.s...� ._ . ,,._ . , «r. _..