Loading...
01-242Council File # O� - ay a ORiGINAL Presented By Resolution # Green Sheet # �O���q� Referred To Committee: Date RESOLUTION APPROVING A REDEVELOPMENT AGREEMENT AND A LOAN 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 WHEREAS, the City of Saint Paul, Minnesota (the "City") and the Housing and Redevelopment Authority ofthe City of Saint Paul, Minnesota (the "HRA") have been engaged in on-going negotiations with Centex Multi- Family Communities, LP, a Delaware limited partnership, ("Centex") regazding the redevelopment of approximately 17.7 acres in the "Upper Landing" (the "Project Area"), which is generally bound by a line 75 feet east of the center line of Chestnut Street right-of-way to the east, the "Pilot House" parcel, , the north line of vacated Shepard Road to the south, Wilkins Street to the west and the south line of the right-of-way of relocated Shepazd road to the north which property is more specifically described in Exhibit "A" attached hereto and made a part hereof; and WHEREAS, the Proj ect Area is in the City's 1987 Riverfront Redevelopment Proj ect Area and Riverfront Redevelopment Plan (the "City's Redevelopment Plan"), as amended, and included in the Tax Increment Financing Plan for the River&ont Renaissance T� Increment Financing District (the "Tax Increment Financing Plan for the District°), a redevelopment district as authorized by Minnesota Statutes, Section 469.174, Subdivision 10; and WHEREAS, the Project Area currently consists of improvedparcels which are inthe city's 100-year flood plain and are contaminated by industrial pollutants, and will require extensive prepararion and remediation prior to redevelopment, including but not limited to removal of buried shuctures and debris, removal of contaminated soil, filling, grading, piling and compacting of the site; and WHEREAS, the City, the HRA and Centex have agreed to certain tenms and conditions providing for the Centex redevelopment of the Project Area, which terms and conditions are reflected in the proposed Contract for Redevelopment (the ° Contract for Redevelopment") to be executed by and among the City, the HRA and C.entex; and WFIEREAS, pursuant to the Contract for Redevelopment, the City will loan $6,000,000 to the HRA on an interim basis, and those funds will be re-loaned to Centex pursuant to the terms and conditions as further detailed in the Contract for Redevelopment, which loan is not a business subsidy because: (a) the loan is not a loan assistance at a rate below that which is commerciaily available to Centex, (b) the loan proceeds will be used for remediation of environmental contamination, and (c) the project is a housing project with only incidental coxnxnercial and retail facilities; Page 1 of 2 oRi��Na� o, - a�t� 37 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota as 38 follows: 39 40 1. The Council hereby approves the terms and conditions of the Contract for Redevelopment in 41 substantially the form submitted, and authorizes its execurion in the manner provided by law. The Contract for 42 Redevelopment shall be executed in substantially the form subznitted, with only such changes therein as may be 43 necessary or desuable to complete information, correct or clarify the lan�uage thereof, or to make such changes 44 as will best effectuate the intent thereof. In the absence of any of the authorized signatories, his or her designee 45 shall execute the Contract in his place with the same force and effect. 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 2. The Council delegates the authority to approve, execute and deliver future amendments to the Development Agreement in connection with the transactions contemplated thereby to the Director of Department of Planning and Economic Development, provided that such amendments do not materially adversely affect the interests of the City and are acceptable in the form and substance to the City Attorney, or other counsel retained by the City to review such documents. 4. The Council hereby authorizes the Director of the Office of Financial Services to negotiate with the Executive Director of the HRA on the terms and conditions of the $6,000,000 loan from the City to the HRA, and understands that the loan will be re-loaned by the HRA to Centex pursuant to the terms and conditions in the Contract for Redevelopment. 5. All documents, instruments, certificates and other items, including deeds to real property, necessary to implement the Contract for Redevelopment shall be executed in the manner provided by law upon approval of the form thereof by the office of the City Attorney; orovided, that this pazagraph shall not apply to the issuance of bonds, notes or other obligations as provided for in the Contract for Redevelopment. Such obligations shall be issued only in the manner prescribed for the issuance of debt securities by the IIRA. Benanav Requested by Department of: Blake Bos tzom y/� Col eman r/' Harris gy � LantYy L�` Reitez Fosm Approved Adopted by Council: Date ��_�_�' �� Q� _ Adoption Certified by Council Secretary BY� by C'�.tiy A'torney y ��� f � By: / �� Approved by Mayox for SubmiSSion to Council Approved by Mayor: Date ay: � BY� ... �" T� "— U Page 2 of 2 DEPARTMENT/OFFICE/CO UNCIL PED CONTACT PERSON & PHONE Allen Cadson 6-6676 MUST BE ON COUNCIL AGENDA BY (DATE) March 14, 2001 DA7E INITIATED I GREEN SHEET March 5, 2007 �l�y�'recmr W � Ci[y Att \� � Fnancial Servic¢s Ok. N et-a.`t} ruo 107698 �City Council �Ci[y Clerk � Fi�a�ciallACC�q �� �Mayor or Ass't TOTAL # OF SIGNATURE PAGES (CLIP ALL LOCATIONS FOR SIGNATURE) ACTION REQUESTED Resolution approving a redevelopmenT agreement with Centex Multi-families Communities LP regarding the Upper Landing site and the approval of a S6 million loan from the City to the HRA. RECOMMENDATION Approve (A) or Reject (R1 PERSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING QUESTIONS: PLANNING COMMISSION 1, Has th(s person/firm ever worked under a contract for CIB COMMITTEE this department? yes no CIVIL SERVICE COMMISSION 2. Has this person/firm ever been a citY employee? yes no 3. Does this person/firm possess a skill not normally possessed by any current city employee? yes no 4. Is this person/firm a targeted vendor? yes no 5. Explain all yes answers on separate sheet and attach to green sheet. INITIATING PROBLEM ISSUE, OPPORTUNITY (who, what, when, where, why) The S6 million loan will be budgeted at a subsequent council meeting. ADVANTGESIFAPPROVED Construction of 600 units of for-sale and rental housing units and cleanup of a polluted site. DISADVANTAGES IF APPROVED DISADVANTAGES IF NOT APPROVED Property will remain vacant and polluted. TOTAL AMOUNT OF TRANSACTION $ COST/REVENUE BUDGETED (CIRCLE ONE) YES NO FUNDING SOURCE FINANCIAL INFORMATION IEXPLAINI o ► -a��- Interdepartmentat Memorandum CITY OF SA1NT PAUL TO: Council President Bostrom Councilmember Benanav Councilmember Blakey Councilmember Coleman Councilmember Harris Councilmember Lantry Councilmember Reiter FROM: Brian Sweene}� Bob Schreier Allen Carlson� DATE: Mazch 5, 2001 RE: Resolution Approving a Redevelopment Agreement with Centex Multi-Families Communities for the Upper Landing Site and Approval of a$6 million loan to the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota Purpose The purpose of this report is to request the City Council to approve the attached resolution regarding the following related to the redevelopment of the Upper Landing site by Centex Multi- Families Communities LP: A Contract for Redevelopment between the HRA and Centex Multi-Families Communities LP (the "Developer") by which the Developer will purchase the Upper Landing site legally described in E�ibit "A" (the "Property") and redevelop the site to accommodate in excess of 500 units of multifamily for-sale and rental housing of which at least 20% of the rental housing will be affordable to households with incomes at or below 50% of the area median income. 2. The sale of the Property to the Developer for One Dollaz ($1.00) and other valuable considerations pursuant to the Contract for Redevelopment. 3. A short term loan in the amount of $6 million (the "Loan") to the HRA which will be loaned to the Developer to assist in the payment of costs related to removal of pollution, Page 1 of 6 o � .zy�. geotecluucal corrections and raising the flood plain elevation of the Properry. Background and Project Description On August 25, 1999 the HRA Boazd designated the Developer as tentative developer of the Upper Landing site for a period of 270 days during which period the Developer was to undertake a number of tasks related to environmental remediation, soil conditions, flood plain management, urban design issues and economical feasibility to develop the site for housing. On January 24, 2001, the HRA Boazd approved a Memorandum of Intent with the Developer which stipulated approval of a general development concept and fmancing plan for the Properry. City staff, Mississippi Design Center staff, Riverfront Corporation stafF, Developed representatives and neighborhood representatives from the Itvine Park Association and West 7 - Fort Road Federation haue held intensive focus group meetings the last several weeks to fmalize land development criteria and a financing plan to develop the Property. Meetings focused on finance, reuse of the Pilot House, development of Chestnut Plaza on the east end of the Properiy, storm water management, 20" water main location, height and massing criteria and development design guidelines. The work of these focus groups is completed which has allowed PED staff to finalize terms and conditions for a Contract for Redevelopment. The HRA/City owned property in the Upper Landing consists of appro�mately 17.7 acres of which approximately 8.86 acres will be available for conshuction of buildings after roads and open space are developed. A regional park trail system will be constructed along the river and abut the Developer project. Currently, The Developer is proposing the construction of in excess of 500 housing units on the 8.86 acres, total investment value in excess of $180,000,000, of which half will be rental housing and the remaining balance ownership housing of various types. Unit types will range for the most part from 2-story town homes to 4 story plus type of buildings. Mazket rents are currently projected to be between $800 -$2,500 per month or about $1.26 per square foot on average. For sale units will range from $200,000 -$600,000. The Developer's development concept is derived from work related to the Upper Landing Master Plan. Terms and Conditions of the Development Agreement Financin¢ A preliminary proposed sources and uses statement is attached as E�ibit B. Total development costs to ready the site for development is approximately $48 million. Key items to be financed are 1)$12.5 million for cleanup, remediation and demolition, 2) $10.6 miilion to provide structure parking assistance far the rental and commercial uses, 3) $$63 million for public improvements, 4) $2 million for pilings, 5) $2.2 million to bury power lines and 6) $6.2 million to cover the cost to provide approximately 71 units of affordable housing on the site. Creation of the new 25 year redevelopment Riverfront Renaissance Tax Increment Financing District will cover $38.6 million of the $48 million of development costs needed for the site. The balance of the costs will be covered with a$3.7 million grant from DTED and the Met Council, a $6 million contribution by the Developer and $6 million loan from the HRA to the Developer. Page 2 of 6 o � -�-4�2- Specifically, funds for the project aze proposed to be advanced as follows: 1. First, $3.7 million of pollution cleanup grants from DTED and the Metropolitan Council. 2. $6.0 million from the Developer. 3. $6.0 million from the fIRA to be loaned to The Developer in the fomn of a short term bridge loan at an interest rate of 9%. The IIRA will secure the funds from the City from internally finance the funds. The loan will be repaid from tax exempt tas increment revenue bonds issued for the project. Repayment of the loan is dependent upon the immediate construction of 200 rental housing units and 24 for-sale housing units which it is projected will create adequate tas increments within 4-5 yeazs to allow the release of bond proceeds to repay the I,oan. During the curing period for the bonds any excess tax increments will also be pledged towards repayment of the Loan. The Loan is a non- recourse loan to the Developer. The security for repayment of the Loan are the bond proceeds and the Property. An appraisal conducted by Dahlen and Dwyer, Inc. places a value on the Properiy at the time remediation is completed of $1.45 million and at the time a11 infrastructure is completed a value of $11 million. At the time remediation is completed the I3RA will have expended about $1 million of the Loan proceeds. The balance will be expended for infrastructure which greatly increase the value of the property. 4. Developer's and the HRA's funds would be advanced on a dollar for dollar match. 5. The balance of the funds needed to undertake the site improvements would be advanced by The Developer. In return, the HRA will execute a tax increment pay-as-you-go note to The Developer with an interest rate of 8%. 6. As the project is being built and values are achieved to generate tax increments, revenue bonds would be issued to pay down the Developer pay-as-you-go note. 7. The HRA wili receive 10% of the tax increments as administrative expenses. HRA will a11ow the 10% administrative fees to be used as coverage to maa�imize the amount of tax increment revenue bonds that can issued. 8. Developer will front the IIRA $300,000 to pay legal, consultant and other costs associated with transferring the H12A land to The Developer. This will also include repayment of the $50,000 being requested to cover the costs to purchase the Soo Line Property. The $300,000 will be repaid to The Aeveloper from future HRA taa� increment administrative fees. Pilot House/Head House Many people and organizations have varying views on what should be the future use, if any, of the Pilot House. Given that there is strong sentiment that the Head House has significant historical value it was agreed by the focus group studying the Head House that an effort should be made to save and to some unknown degree restore the building to be use as an interpretive center for the river and in particular to stress the importance of the grain business to the area. Therefore, the Developer and city staff have agreed that a fund raising campaign should be started to save the Head House. "Tl�e Developer wili contdbute $5,000 to be used to develop a marketing campaign. The City will contribute $47,000, currently budgeted to demolish the Page 3 of 6 O l V}�l'� building, towazds the campaign. If after three yeazs insufficient funds aze_raised to create the interpretive center, the HRA will pay $47,000, less any portion thereof previously used to wards expenses of raising funds for redevelopment of the Pilot House and the Developer will pay up to $200,000 to raze the buiiding to the platform level. Costs to raze the building shall be reimbursable from tax increments. Chestnut Plaza The end of Chestnut Street is the gateway to the river, the new regional pazk trail and the proposed development. The desigp of the proposed Chesmut Plaza is still in process and is a collaborative effort between the Developer, Mississippi Design Center, City staff and neighborhood organizations. From the focus group, it was agreed by the Developer that the Piaza would be 150 feet wide and that the Developer would contribute $1.2 million towards fuush materials for the plaza. The Developer would also clean the site and stabilize the soils. If the plaza should cost more than $1.2 million the Developer is willing to contribute additional funds if they aze under budget on other items otherwise it is the City's obligation to pay any costs over the $1.2 million. Height and Massine Restrictions The Developer's proposal regarding height gidelines for buildings does not comply with the Upper Landing Urban Design Master Plan. On biock two of the development the Developer was proposing an S and 7 story buildings. The Developer has agreed to reduce the height of these buildings to 6 and 7 stories. This srill does not completely comply with the Master Plan for the Upper Landing but is a compromise to stated neighborhood concerns, however as the date of this memarandum the neighborhood has not agreed to the Developer's latest proposal. The developer is able to lower the height of the buildings and yet maintain the value of the development by increasing the foot print and number of units of the buildings on block one. Increasing the foot print required decreasing the size of Chestnut Plaza to a 150 foot width. The focus group agreed to this proposal. Affordable Housin� The Developer is guaranteeing to provide at least 71 units of rental housing (20% of the rental housing to be built) to be affordable to households at or below 50% of the area median income. The estimated $6 million cost to provide the affordable housing will be borne by the Developer. The City's only obligation to provide funds is by means of tax increment financing. That said, the Developer is in negotiations with CommonBond Communities to provide 100 units of affordable rental housing units on the site 3n two separate buildings. The buildings would have the same exterior architectural quality as the market rate rental buildings. Approximately, 70 of the units would be affordable to households at or below 30% of the area median income and the balance would be affordable to households at or below 50% of the area median income. The lower income units will probably be subsidized with Project-based Section 8 units. Pollution Liabiliry Issues A budget of $53 million has been budgeted to clean the Property of pollutants to a level Page 4 of 6 o� -�-W a- satisfactory for residential use. We believe the amount budgeted is amply sufficient given the extensive testing done to the Property. However, there is always the remote possibility that there we may encounter unforseen additional pollurion once the remediation process starts. It has always been the goai of HRA staff and the Developer that once remediation starts it must be completed. The Developer will be purchasing insurance to cover catastrophic cost ovemms. The insurance at the Developer's expense will cost about $200,000. However, the insurance has an$800,000 deductible which the Developer wants the I IRA to cover. The other option would be for the Developer not to purchase insurance and cover the first $200,000 of cost oven•uus and the HRA would be liable for any additional costs. The advantage of the first option is that the IIF2A `s liability is capped at $800,000 and the Developer continues with the development. The disadvantage of the second option is that the HRA's liability is open ended. If we were to put a cap on it the Developer would want the right to withdraw from the project if we were to go over the cap amount and be reimbursed for out-of-pocket expenses. A second pollution liability issue is that the Developer wants the IIRA to indemnify them against future third-party claims resulting from pollution on the site. The Developer and staff are working on a proposal whereby the Developer would obtain insurance with the City/IIRA as co- insured. Public Undertakings A series of HRA and City actions and approvals will be necessary for the Upper LandingfDeveloper proposal to be implemented. The prunary actions are sumuiarized as follows: 1. Remove the Upper Landang Site from the existing Riverfront Tax Increment Financing District and, subject to the necessary findings, include the Upper Landing Site in the proposed new 25-yeaz Riverfront Renaissance Tax Increment Financing District. 2. Complete a 40 acre study and amend the current zoning to permit the proposed uses. 3. Purchase Soo Line railroad property located within the Upper Landing site. 4. Title registration of the Property; necessary street vaca6ons; conveyance of City owned property to the HRA which in turn would be conveyed to the Developer. Public Benefit The Developer proposal fulfills the following City objectives and goals: 1. Eliminate blighted and contaminated land and surface parking lot from Saint Paul's downtown river front. 2. Create a new "urban village" on the Upper Landing site with pedestrian friendly "grid" streets, mixed uses, mixed income and exceptional architecture. 3. Improve public access to the Mississippi River though better site lines and vnproved pedestrian and automotive access to the riverfront. Create a new destination point for City residents and non-residents to enjoy the river and new services. 4. Attract approximately 1,500 new residents with disposal income buying power to the City of Saint Paul by means of creating a minimum of 500 new housing units and commercial Page 5 of 6 o � -�.��-- space. 5. Create a minimum of 71 affordabie rental housing units which meet the City's housing policy of affordability. 6. Espand Saint Paul's residential and commercial properiy taac base through the development of new housing and commercial space. Recommendation StafFrecommends approval ofthe attached resolution to execute a Contract for Redevelopment with Centex Multi-Families Communities LP for purchase and development of the Upper Landing site. Attachments E�ibit "A" - Lega1 description of the Properry to be conveyed to Centex E�ibit "B" - Proposed Sources and Uses Statement for the Project x�sn�eau�ea�cnzu.sonr����=���m�siaoi.w�,a Page 6 of 6 a���.4� E�ibit "A" LEGAL DESCRIPTION OF UPPER LAI�DIi�1G PROJECT AREA Those parts of the follo��ing described properties: Lots 1, 2, 3, 4, �, and 6, Block 38, Lot 6, Block 39, Lots 7 and 8, Block 46, Lots l, 2, 3, 4, 5, 6, 7, 8, 9, 10, ll and 12, Block 47, Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and 12, Block 48, Lots 1, 2, 3, 4, �, 6, 7, 8, 9,10, i l and 12, Block 49, Rice and Irvine's Addition to St. Paul, according to the recorded plat thezeof, Ramsey County, Minnesota. � Blocks 69 and 70, Irvine's Enlargement, according to the recorded plat thereof, Ramsey County, Minnesota. � Spring 5treet, Water Street (now known as Shepard Road), Chestnut Street, Walnut Street Pine Street (now known as Sherman Street and Elm Street as dedicated in said Rice and Irvine's Addition to St. Paul and said Irvine's Enlazgement. � Lots 1 tluough 79 inclusive, Upper Levee Addifion to St. Paul, according to the recorded plat thereof, Rainsey County, Minnesota. And Lots 80 through 90 inclusive, Upper Levee Addition to St. Paul No. 2, according to the recorded plat thereof, Ramsey County, Minnesota. And Spring Street, Loretto Street, Mill Street, Elm Street and Alleys as dedicated in said Upper Levee Addition to St. Paul and Upper Levee Addition to St. Paul No. 2. Described as commencing at the southwest corner ofthe Southwest Quarter of Section 6, Township 28, Range 22, Ramsey County, Minnesota; thence northerly, along the west line of said Southwest Quarter of Section 6, a distance of 51.84 feet to the point of beginning of the land to be described; thence North 36 degrees 51 minutes 04 seconds East a distance of 159.34 feet; thence North 31 degrees 51 minutes 42 seconds East a distance of 132.07 feet; thence north 37 degrees 11 minutes 22 seconds East a distance of 124432 feet; thence North 43 degrees 52 minutes 38 seconds East a distance of 74.93 feet; thence northeasterly a distance of 145.47 feet along a tangential curve concave to the southeast having a radius of 1600.00 feet and a central angle of 5 degrees 12 minutes Exhib�[ A Iegal desaiption upper la��ding Page 1 of 2 b�.�.y.l. Exhibit "A" 34 seconds; thence North 49 degrees 0� minutes 12 seconds East a distance of 227.90 feet; thence northeasterly a distance of 127.74 feet along tangential cune concave to the northwest havin� a radius of 1050.00 feet and a central an�le of 6 degrees 58 minutes 13 seconds; thence North 42 dea ees 06 minutes 59 seconds East, tangent to the last described curve, a distance of 339.97 feet; thence northeasterly a distance of 149.79 feet along a tangential curve concave to the northwest having a radius of 2120.00 feet and a central angle of 4 degrees 02 minutes 54 seconds; thence North 38 degrees 04 minutes 06 seconds East a distance of 225.10 feet to a line 75.00 feet northeasterly of and parallel with the centerline of said Chestnut Street and its southeasterly extension; thence North 47 degrees 30 minutes 03 seconds West, parallel with said centerline of Chesmut Street, a distance of 180.07 feet; thence South >3 degrees 42 minutes 03 seconds West, a distance of 162439 feet to a point on the northwesterly line of said Block 69 distant 202.46 feet southwesterly of the most northerly comer of said Block 69; thence South 41 desrees 44 minutes 11 seconds West a distance of 8534 feet to the north line of said Upper Levee Addition to St. Paul; thence North 89 degrees 59 minutes �2 seconds East, along said north lane of Upper Levee Addition to St. Paul, a distance of 209.11 feet to the centerline of the alley (now known as Spring Street) adjoining Lots 69 through 79, said Upper Levee Addition to St. Paul as dedicated in said Upper Levee Addition to St. Paul; thence South 37 degrees 14 minutes 52 seconds West, along said centerline of Spring Street, a distance of 430.43 feetto the centerline of Spring Street as dedicated in said Upper Levee Addition to St. Paul No. 2 and its northeasterly extension; thence South 44 degrees 27 minutes 32 seconds West a distance of 378.41 feet to the west line of said Upper Levee Addition to St. Paul No. 2; thence South 0 degrees 55 minutes 08 seconds East a distance of 653.70 feet to the point of beginning. For the purpose of this description, the southeasterly line of said Upper Levee Addition to St. Pau1 is assumed to beaz North 37 degrees 11 minutes 22 seconds East. Pilot House Parcel That part of Government Lot 4, Section 6, Township 28, Range 22, Ramsey County, Miimesota which lies Southeasterly of the Southeasterly lines extended of Blocks 47 and 48, Rise and Irvine's Addition to St. Paul and lying Southwesterly of the Southeasterly extension of the Southwesterly line of Lot 8, Block 47, Rice aud Irvine's Addition to St. Paul u1d lying Northeasterly of the Southeasterly extension of the Northeasterly line of Lot 11, Block 48, Rice and Irvine's Addition to St. Paul, except that part dedicated as Water Street in the plat of Rice and Irvine's Addition to St. Paul. Pxhibit A Iegal description upper landmg Pa�e 2 Of 2 �'X/fr6,T '�� `` CENTEX ST. PAUL UPPER LANDING - New TIF District Ot .�y� SOURCES AND USES STATEMENT After FuII Valuation SOURCES: Tax Increment Revenue Bonds CENTEX TIF Developer Revenue Note CENTEX Contribution Grants TOTALSOURCES USES: Cleanup/Remediation/Demolition & Project MgmUPermits/Engineering/Professional Fees Structured Parking & Project MgmUPermits/Engineering Professional Fees Public Improvements-Other Building Pilings-Rental/Retail Bury Power Lines Contigency 5% Construction Period Interest Public Improvements-Common Public Streets Low/Moderate income Housing TOTAL USES SURPLUSi(DEFICIT) 21,865,975 16,756,841 6,000,000 3,700,000 48,322,816 12,489,131 10,613,872 4,029,980 2,000,000 2,200,000 1,566,649 7,944,542 1,248,250 6,230,392 48,322,816 n ` CityiHRA would provide $6miilion dollar bridge loan during construction, approximatefy 5 year term ' Only $5.3 million of the TIF Developer Revneue Note can currently be paid by projected tax increment assuming a 2.5% annuaf infiation rate. CENTEXSU 03/05/2001