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05-19-97 agendaCITY OF RICHFIELD REGULAR HOUSING AND REDEVELOPMENT AUTHORITY MEETING , RICHFIELD CITY HALL COUNCIL CHAMBERS CALL TO ORDER MONDAY, MAY 19, 1997 7:00 P.M. AGENDA APPROVAL OF MINUTES OF REGULAR HRA MEETING OF APRIL 21, 1997 1. OPPORTUNITY FOR CITIZENS TO ADDRESS THE HRA ON ITEMS NOT ON THE AGENDA 2; PUBLIC HEARING AND CONSIDERATION OF RESOLUTION AUTHORIZING SALE OF 7421 EMERSON AVENUE. TO STEVEN MARLIN GRANT HOMES AND CONTINUATION OF PUBLIC HEARING ON SALE OF 6629 WASHBURN AVENUE TO DIETHELM CONSTRUCTION HRA LETTER NO. 22 3. CONSIDERATION OF RESOLUTION APPROVING AUTHORIZATION OF CONSENT TO AMENDMENTS RELATED TO CSM SHOPS AT LYNDALE, PHASE II HRA LETTER NO. 23 4. CONSIDERATION OF REDEVELOPMENT PROPOSAL FOR 7600 BLOCK OF LYNDALE AVENUE HRA LETTER NO. 24 5. CONSIDERATION OF REQUEST FOR EXCLUSIVE DEVELOPMENT RIGHTS AGREEMENT WITH CSM, INC. HRA LETTER NO. 25 6. STATUS REPORT ON MARKETING AND COMMUNICATION ACTIVITIES FOR 1997 HRA LETTER NO. 26 • 7. CONSIDERATION OF RESOLUTION AUTHORIZING EMINENT DOMAIN PROCEEDINGS TO ACQUIRE PROPERTY LOCATED AT 515 WEST 64TH STREET FOR INCLUSION IN RICHFIELD REDISCOVERED PROGRAM HRA LETTER NO. 27 8. CONSIDERATION OF RESOLUTION AUTHORIZING PURCHASE OF 7615 • NICOLLET AVENUE AND 6512 BLOOMINGTON AVENUE UNDER RICHFIELD REDISCOVERED PROGRAM HRA LETTER NO. 28_ 9. CONSIDERATION OF RESOLUTION ESTABLISHING JUST COMPENSATION AND AUTHORIZING PURCHASE OF 609 EAST 66TH STREET; AKA HAT TRICK HOCKEY HRA LETTER NO. 29 10. CONSIDERATION OF RESOLUTION ESTABLISHING JUST COMPENSATION AND AUTHORIZING PURCHASE OF 7200 AND 7214 CEDAR AVENUE; VACANT LOT AND COMMERCIAL STORAGE BUILDING HRA LETTER NO. 30 11. EXECUTIVE DIRECTOR REPORT 12. CLAIMS AND PAYROLL ADJOURNMENT Auxiliary aids for individuals with disabilities are available upon request. Requests must be made at least 96 hours in advance to the Administrative Services Director at 861-9702. HOUSING AND R~bEVELOPMENT AUTHORITY • HRA Letter No. 30 Agenda May 19, 1997 Issue Statement: Consideration of a resolution establishing just compensation and authorizing the purchase of 7200 and 7214 Cedar Avenue; a vacant lot and commercial storage building.- Background: The referenced site is a strongly visible, blighted condition on the Cedar Avenue Corridor. Staff has been working with the property owner, Steve Jensen, on a voluntary sale. The properties have a combined size of 36,400 sq. ft. At a .minimum, a multi level office use in excess of 20,000 sq. ft. might be possible. Other development opportunities may also arise. An appraisal was prepared by a qualified, independent appraiser. The appraised market value indicated $282,000. The attached resolution sets just compensation for the properties at $282,000. This figure reflects the value of the real estate and building. A Phase I Environmental Assessment will be obtained to ascertain any potential environmental concerns that may warrant further analysis. Acquisition of the property would be subject only to conveyance of clear title to the property. The property will be purchased with bond funds. The Redevelopment Plan for the Cedar Avenue Business Area dated August 19, 1996 provides the statutory authority to acquire the subject properties. Recommended Motion: Adopt the resolution which authorizes purchase of the properties at 7200 and. 7214 Cedar Avenue; sets just compensation at $282,000; and authorizes the Executive Director and Chairperson to execute a purchase agreement at this value and other documents necessary for purchase. Basis of Recommendation: 1. The property is in the Cedar Avenue Business Area (CABA). 2. An appraisal of the property was completed and is consistent with the just compensation proposed. 3. Funds from the revenue bond sale are available and proposed to kie used to undertake the purchase of the property and site clearance. When a development is identified, net sale proceeds would be returned to the bond fund. Alternative Recommendation: Delay action. Discussion/Decision Mode: The property will be maintained by the HRA after demolition of the existing building. Solicitation of proposals for redevelopment of the property will be sought following the formulation of a noise mitigation strategy for the Cedar Avenue Corridor. Respectfully submitted, Jams .Prosser Exec a Director JDP:ds • r~ U HRA RESOLUTION NO. RESOLUTION AUTHORIZING ACQUISITION OF REAL PROPERTY LOCATED AT 7200 AND 7214 CEDAR AVENUE WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota (HRA) is authorized by Minnesota Statutes, Sections 469.001 through 469.047 (the "HRA Act") to establish projects for the purpose of identifying blighted properties and removing them before blight is allowed to spread within the community; and WHEREAS, pursuant to said authority, the HRA has established the Third Modification of the Tax Increment Financing Plan for the Cedar Avenue Business Area (CABA) Tax Increment Financing District dated August 19, 1996; and WHEREAS, pursuant to said project and the HRA Act, the HRA is authorized to acquire properties which are blighted. and which meet the guidelines established for the project; and WHEREAS, the HRA has identified the properties located at 7200 and 7214 Cedar Avenue (the "Property") as property which qualifies for acquisition pursuant to the project and the purchase of which would advance the goals and objectives of said project; and WHEREAS, the HRA has caused. the Property to be appraised by a qualified independent real estate appraiser; and . WHEREAS, the HRA and the owner of the Property have negotiated the terms and conditions of the sale and have agreed upon the purchase price of $282,000; and WHEREAS, the HRA has determined that it has available sufficient bond funds to purchase the Property. NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota as follows: The HRA agrees to purchase the Property for $282,000. 2. The Chairperson and Executive Director are hereby authorized to execute a purchase agreement and such other documents as may be necessary to effectuate a purchase of the Property. Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota this 19th day of May, 1997. ATTEST: Thomas E. Harms, Chair . Michael Sandahl, Secretary HOUSING AND REDEVELOPMENT AUTHORITY HRA Letter No. 29 Agenda May 19, 1997 Issue Statement: Consideration of a resolution establishing just compensation and authorizing the purchase of 609 East 66th Street; a.k.a. Hat Trick Hockey. Background: The referenced property has been actively marketed for the past year. The initial offering price was $249,000. Adjustments by the broker and property owner more recently reduced the price to $229,000. The property represents a combined residential and commercial use that is unique but obsolete. The commercial portion is in fair condition and has limited marketability. The four bedroom home is in good condition and has potential for continued use. There is an opportunity for the HRA to purchase the property, remove the business portion and return the property to a residential use. Alternately, the entire property can be cleared for a new C-2, general commercial use. Four different outcomes with HRA involvement are presented on the attachment. An appraisal was prepared by a qualified, independent appraiser. The appraised market value is $195,000. In negotiations with the broker and owner, deductions to the price have been made for residential tenant relocation and the cost of demolition of the business portion of the improvements. The attached resolution sets just compensation for the property at $180,000. Although there are no gasoline pumps on the premises, the proximity to an adjacent gas station makes it prudent to conduct a Phase I Environmental Assessment. The assessment will be obtained. Acquisition of the property would be subject only to conveyance of clear title to the property and City Council approval of rezoning to residential uses if the preferred outcome is residential. Recommended Motion: Adopt the resolution which authorizes purchase of the property at 609 East 66th Street, sets just compensation at $180,000; and authorizes the Executive Director and Chairperson to execute a purchase agreement at this value and other documents necessary for purchase. Basis of Recommendation: 1. The property is located within the Richfield Redevelopment Project. 2. Just compensation is consistent with the appraisal report. 3. Funds from the .1996 bond safe are available and proposed to be used to undertake the purchase of the property and site clearance. The bond fund would be reimbursed with net proceeds from a resale. 4. A transformation concept would be developed with abuilder/buyer team. (A team has not been identified.) 5. Removal of the blighting. mixed use conditions coupled with a residential reuse will help stabilize this residential area. Alternative Recommendation: Pursue a new small commercial use with an approximate size of 5,000 sq. ft. or consider other residential alternatives. The net costs to the HRA are lowest with a single family alternative. There are improved property tax returns to the City with a commercial use. A commercial use approximating 5,000 sq. ft. and having construction costs of $38 sq. ft. plus land generates an annual property tax approximating $12,690. Discussion/Decision Mode: A purchase agreement would be finalized with the seller and a rezoning to a residential use would be pursued pending the selected outcome the HRA desires. Respe tfully submitted, Jam .Prosser Executive Director JDP:ds HRA RESOLUTION NO. RESOLUTION AUTHORIZING ACQUISITION OF REAL PROPERTY LOCATED AT 609 EAST 66TH STREET WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota (HRA) is authorized by Minnesota Statutes, Sections 469.001 through 469.047 (the "HRA Act") to establish projects for the purpose of identifying blighted properties and removing them before blight is allowed to spread within the community; and WHEREAS, pursuant to said authority, the HRA has established the City Richfield Redevelopment Project Area by a Redevelopment plan dated June 14, 1993; and WHEREAS, pursuant to said project and the HRA Act, the HRA is authorized to acquire properties which are blighted and which meet the guidelines established for the project; and WHEREAS, the HRA has identified the property located at 609 East 66th Street (the "Property") as a property which qualifies for acquisition pursuant to the project and the purchase of which would advance the goals and objectives of said project; and WHEREAS, due to the location of the Property within the project area and the acquisition thereof with funds form the HRA's bond sale and not with tax increment, no formal modifications of the program plan is necessary; and WHEREAS, the HRA has caused the Property to be appraised by a qualified independent real estate appraiser;. and WHEREAS, the HRA and the owner of the Property have negotiated the terms and conditions of the sale and have agreed upon the purchase price of $180,000; and WHEREAS, the HRA has determined that it has available sufficient bond funds to purchase the Property. NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota as follows: The HRA agrees to purchase the Property for $180,000. 2. The Chairperson and Executive Director are hereby authorized to execute a purchase agreement and such other documents as may be necessary to effectuate a purchase. of the Property and to pursue rezoning to a residential use. Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota this 19th day of May, 1997. Thomas E. 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C ~ O > ~ L N ~ ?~ O N r Q-fB ~ N N p N.,~O y (~Y N L~ ~ p~ z C O > z O OO O ~ '" U C~ 'L O ~ C 3 N N ,~, i N _ E N O N N E~ O-aI- O E ~Oa O ~O Ef} O U.,_, C ~ O-~ \/ ~~ O ~ ~ ~ ~ O ~ ~ ~ O ~ ~ _ O ~ O Q O O O ~ ~ ~ N O ~ > E ~ > ~ ~ > i d ~ O (6 - O ~ ~O O p 0 ~ a~>r. ~~ N i ~. ~ p N ~ N m ~ N ~ E (~ E ~ ~ ~ a U~~ aIL.°~ ~ o Q'v~~i o Qty ~ QU • HOUSING AND REI~EVELC3PMENT AUTHORITY HRA Letter No. 2s Agenda May 19, 1997 Issue Statement: Adoption of a resolution authorizing the purchase of 7615 Nicollet Avenue and 6512 Bloomington Avenue under the Richfield Rediscovered Program. Background: The property at 7615 Nicollet Avenue is a rental property on a large double lot. The house has some dysfunction in its layout; its front setback is 83 feet;-and it is in severe need of interior repairs and updating. The initial appraisal of the property utilized comparables that had large lots, but not necessarily double Lots, which would have rendered a higher value. The owners obtained their own appraisal which lacked some proper adjustments, and thus came in too high. A review appraisal suggested that $92,000 was a fair market value for the property, given both its size and condition and incorporating the proper adjustments for a double lot. A duplex or townhome development on this lot would complement the future duplex development at 7645 Nicollet Avenue, and would be in conformity with recommendations for corridor use and diversity in housing choices. The house at 6512 Bloomington Avenue is currently vacant. It has been a rental property for the last six or seven years. The house is small, with 614 square feet. It has one bedroom. Its remodeling potential is limited due to a weak floor system. Updating and repair of electrical, plumbing, heating and wall and floor surfaces would be required. The lot is 51' x 134', which is a standard sized lot, with 6,384 square feet. The appraised value of the property is $60,000. Recommended Motion: Adopt the resolution authorizing: 1. The purchase of the property at 7615 Nicollet Avenue for $92,000. 2. The purchase of property at 6512 Bloomington Avenue for $60,000. 3. The HRA Chairperson and Executive Director to execute purchase agreements and other documents to effectuate the purchases. Basis of Recommendation: 1. The properties meet program requirements for acquisition. 2. Funding for Richfield Rediscovered acquisitions is available. • 3. The owners have voluntarily expressed interest in selling their property to the HRA and the both properties are vacant. 4. The purchases have been negotiates! relative to appraised values. Alternative Recommendation: Do not authorize acquisition. Discussion/Decision Mode: The purchase agreements are ready to be prepared in final form. Respectfully submitted, Jame .Prosser Executive Director JDP:ds HRA RESOLUTION NO. RESOLUTION AUTHORIZING PURCHASE OF REAL PROPERTY LOCATED AT 7615 NICOLLET AVENUE AND 6512. BLOOMINGTON AVENUE FOR THE RICHFIELD REDISCOVERED PROGRAM WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota (HRA) desires to purchase certain real property pursuant to and in furtherance of the Richfield Rediscovered Redevelopment Project (Project) heretofore adopted by the City of Richfield (City) and the HRA, said real property being described as follows: 7615 Nicollet Avenue Lots 13 and 14, Block 4, A.G. Bogen Company's Nicollet Avenue Addition 6512 Bloomington Avenue Lot 4, Block 5, Nokomis Gardens Rearrangement of Block 1, 2, 3, 4, and 5 Girard Parkview WHEREAS, the HRA is authorized by Minnesota Statutes Section 469.012 to acquire real property within its area of operation; and WHEREAS, the properties meet all program. requirements for acquisition; and WHEREAS, the HRA has caused appraisals of the subject properties to be made by a qualified, independent, professional real estate appraiser and has a negotiated purchase price with the owners based on stated values; and WHEREAS; funds have been provided by the HRA and are available for acquisition. NOW, THEREFORE, BE IT RESOLVED, by the Richfield Housing and Redevelopment Authority: 1. The purchase price for 7615 Nicollet Avenue is approved at $92,000. 2. The purchase. price for 6512 Bloomington Avenue is approved at $60,000. 3. The Chairperson and Executive Director are authorized to execute a Purchase Agreement or other documents to allow purchase for the amount set forth in this resolution. Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota this 19th day of May, 1997.. ATTEST: Thomas E. Harms, Chair • Michael Sandahl, Secretary - HOUSING AND REDEVELOPMENT AUTHORITY HRA Letter No. 27 Agentli~ May 19, 1997 Issue Statement: Approval of a resolution authorizing eminent domain proceedings to acquire the property located at 515 West 64th Street for inclusion in the Richfield Rediscovered Program. Background: Beginning in 1987, the Environmental Health Division of Public Safety has had ongoing property maintenance complaints on the subject property. The owner of the property died in 1993 or 1994, and the property has been vacant ever since. Subsequently, a son in Farmington has been responsible for the estate. However, property maintenance complaints and violations have increased. Significant water and animal damage and overall neglect of the interior make successful rehabilitation unlikely. The son has been unresponsive to all letters and complaints for the last three years. However, if he should respond, a purchase by voluntary sale would take precedence over condemnation proceedings. Purchase by either route would require an appraisal. If the owner does not permit access to the property, an estimated appraisal would be prepared based on exterior observation and property characteristics available from the County assessor. Recommended Motion: Adopt the resolution authorizing eminent domain proceedings to acquire the property located at 515 West 64th Street for inclusion. in the Richfield Rediscovered .Program. Basis of Recommendation: 1: The property is poorly maintained. Property maintenance has been a concern to neighbors and requires frequent responses by public safety staff to minimize problems. 2. The HRA has Richfield Rediscovered resources to acquire and clear the home for new construction. 3. The cost of acquisition would be based on the appraised value, unless directed differently by the court. The current assessed value of the property is $50,000. 4. Eminent domain proceedings will end the problem of a vacant, substandard home. Alternative Recommendation: Choose not to acquire the property. Discussion/Decision Mode: Eminent domain proceedings would be initiated immediately. Respectfully submitted, Ja D. Prosser Executive Director JDP:ds HRA RESOLUTION NO. RESOLUTION AUTHORIZING EMINENT DOMAIN PROCEEDINGS TO ACQUIRE CERTAIN REAL PROPERTY LOCATED AT 515 WEST 64TH STREET WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield ("HRA") is a public body corporate and politic and a subdivision of the State of Minnesota organized and operating under Minnesota law, as amended, and is authorized by Minnesota Statutes Ch. 469 and other laws to acquire real estate by exercising the power of eminent domain under and pursuant to Minnesota Statutes, Ch. 117; and WHEREAS, the HRA has previously established a program pursuant to Minnesota Statutes, Sections 469.001 et sea. to provide for the acquisition of land and construction of decent, safe and sanitary housing; and WHEREAS, the redevelopment of certain real property located in the City at 515 West 64th Street, and. legally described as Lot 10, Block 6, Lyndale Oaks Addition, Hennepin County, Minnesota ("Subject Property") is consistent and in furtherance of the HRA's programs and the City's Comprehensive Plan; and .WHEREAS, the HRA has determined that it is necessary to acquire title to and possession of the Subject Property by the earliest date permitted in accordance with Minnesota Statutes 117.042. NOW, THEREFORE, BE IT RESOLVED by the HRA, as follows: 1. It is necessary to acquire the Subject Property as described in this resolution in order for the HRA to carry out the purposes for which it was established. 2. Acquisition of the Subject Property by eminent domain, in the manner provided. by Minnesota Statues, Chapter 117, is deemed to be necessary and for a public purpose and is hereby authorized. 3. The HRA deems it necessary, to proceed without delay under Minnesota Statutes, Section 117.042, to acquire title to and possession of the Subject Property prior to the filing of a final report of commissioners. 4. The HRA's attorney and staff are authorized and directed to commence eminent domain proceedings to acquire fee simple absolute title to the Subject Property, pursuant to Minnesota Statutes, Section 117.042 and to pay the owner(s) or into court, a sum of money to secure compensation to the owners of the Subject Property, which amount shall be equal to the petitioner's approved appraisal of value as determined by HRA staff. Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota this 19th day of May,1997. ATTEST: Thomas E. Harms, Chair Michael Sandahl, Secretary • HOUSING AND REDEVELOPMENT AUTHORITY HRA Letter No.. 26 Agenda May 19, 1997 Issue Statement: A status report on marketing and communication activities for 1997. Background: Community leaders are conscientious,. supportive and proactive on making Richfield the best place to live, work and do business. The City and HRA collaborate continuously on marketing and communication. Essential elements include: information, referral notification, forecasting and reporting on topics, visions, plans, programs, and decisions that affect community vitality. Samples of these efforts are on display in the Council Chambers this evening. The objective of this report is to have the HRA become more familiar with the marketing and communication efforts staff makes to promote housing and .redevelopment programs, services and community vitality. Major communication efforts by the HRA include: the HRA's 20 Year Report, Six Good Questions about Tax Increment, The Top 10 Reasons to Live, Work and Do Business, Opportunity Knocks. Recent examples of redevelopment focused pieces are the Richfield Lake newsletter and the VFW/American Legion options brochure. Staff works in collaboration with Communications Consultant Jill Schultz and Graphic Designer Brian Santos on these major efforts. Community Development Technician Lourdes Sanchez de Perfetti coordinates the HRA's housing program related marketing and communication activities. Community Development staff: • develops and designs program brochures, handouts, and a number of promotional materials for Community Development and other City departments. • designs promotional media such as the portable display and paid advertising in local newspapers, including graphic design and desktop publishing • provides research and analysis of promotional campaigns and media • serves as a public and media relations contact for events and activities, writes press releases and articles for guest columns section. • • facilitates community events g~arect fo the promotion of the community and housing programs. A summary of the 1997 Housing Marketing Plan is attached and outlines present initiatives. Recommended Motion: Accept the status report on marketing and communication. Basis of Recommendation: 1. The HRA wants to receive housing program reports to be better informed. 2. Marketing and communication is an integral part of program administration. Staff and the HRA's Remodeling Advisors continually share information with homeowners. Information on the Section 8 Rent Assistance Program has improved program understanding in the community. 3. The 1997 proposed initiatives summarize key housing program activities. Alternative Recommendation: 1. Defer the report to another time. 2. Suggest modifications to the marketing strategies. Discussion/Decision Mode: Marketing and communications activities are ongoing and continuous. Respectful ubmitted, James .Prosser Executive Director JDP:ds Attachment • r1, ~._I • 1(YY7HOUSING MARK 7~/ MARKETING GOALS E~iNc PLAN O To help Richfield grow again, in terms of housing, population,. retail shops, and to project the image of Richfield as the best place to live, work and do business in the metro area. © To encourage improvements in the housing stock, replacement of substandard housing, and therefore increasing. the overall housing market value, yet keeping affordable housing in the city. © Make residents aware and increase the general awareness of the housing programs and services, and encourage residents and future residents to make full use of these services. Desired outcomes ^ Increase in home values through remodeling. ^ Increase in the number, and the value of remodeling building permits. ^ Increase in the number of requests for program related services such as home visits by Remodeling Advisors, Transformation loans,- Tip Sheets, Neighbors Helping Neighbors, and calls to the voice message center. ^ Generate. at least one transformation loan in this target area West of Penn ^ Increase the average sale value of homes in Richfield. How outcomes are measured Monthly building permit reports and annual summary of number and total value of building permits. Quarterly Transformation and Richfield Rediscovered New Construction reports generated by staff. ^ Annual MLS sales data report. IcHF D ~~J HOUSING MARK pLI~NN * ui~ Remodeling Advisors reports to staff on the number of calls received to the message center, and home visit requests. What is new for 1997 ^ 1997 Remodeling Fair The challenge is to keep the information provided at the Remodeling Fair interesting and fresh to attract the highest number of people to our booth. Innovation is the key. In 1997 two new products were successfully presented: the expanded Transformation Homes loan, and the Remodeling Finance Manual. ^ Transformation Homes Market the target area-West of Penn Avenue and South of 66th Street for Transformation. ^ Direct mailing piece to be mailed before the Remodeling Fair. The newsletter format can be used as a quarterly publication targeted to this neighborhood. ^ Possible event: open houses at transformation participants' homes, Summer 97 ^ Richfield Community Expo To promote the community, projecting Richfield as a vital community, and making it desirable to potential buyers. Current residents gain confidence in the market, want to stay, remodel their homes; rental residents and outsiders think about buying in Richfield. ^ Special newspaper advertising during construction season to promote the community, projecting Richfield as a vital community, and making it desirable to potential buyers. ^ Develop an insert in YourCity, highlighting housing programs to increase residents awareness of housing programs available in Richfield, and increase the awareness of remodeling program services. ^ Facilitate Twin Cities Remodelors Council Remodelors Showcase entry (1997 if possible, otherwise 1998) to generate interest in remodeling, promote the community and the Remodeling Advisors services. ^ Develop a display exhibit for the Minnesota Realtors Annual Trade Show (held in September/October) to promote the community, and educate Realtors about housing programs. Compile a mailing list of Realtors that may want to be part of an advisory group. GHFI 2 pt~ &IN~PRON~D 1(~J HOUSING MARKET~INN ~~i • • Ongoing marketing activities for 1997 ^ Promote multi-unit housing development-initiatives, townhomes for empty-nestors in particular in each redevelopment opportunity that arises. ^ Continue with the marketing activities already in place, such as the lawnsigns, waterbill inserts, portable display, Neighbors Helping Neighbors, Landscaping Good Neighbor Award, Tip Sheets, Your City articles, Building Permits tracking, Parade of Homes Fall and Spring Preview, and news releases. ^ Participate in the Marketing Communications and Promotions group to integrate marketing of housing and redevelopment programs to the general marketing of City services. Participate in the organization and structure of the Richfield Web Page. 3 IcHF p HOUSING AND REDEVELOPMENT AUTHORITY HRA Letter No. 25 Agenda May 19, 1997 Issue Statement: Consideration of a request for exclusive development rights agreement with CSM, Inc. Background: CSM Incorporated, the developer of the Shops at Lyndale, is interested in determining the feasibility of redeveloping the area lying north of I-494, south of 76th Street, east of Penn Avenue and west of Knox Avenue. The area is being referred to as the Interchange West area. (The Galyan's TIF District is called the Interchange District.) Conceptual land uses under such a redevelopment scenario would include the following: • Commercial (both regional and local) • Office development • High density .housing (condominiums) • Medium density housing (town homes) • Public space CSM would like exclusive development rights for the area. Attorneys for CSM have been in contact with the City's legal counsel and have discussed the preliminary details of such an agreement. Recommended Motion: 1. Direct staff to negotiate an exclusive development rights agreement with CSM Incorporated for the redevelopment of the area lying north of I-494, south of 76th Street, east of Penn Avenue, and west of Knox Avenue, known as the Interchange West area and return to the HRA with the proposed document. 2. Direct the developer to host an informational meeting for residential and commercial owners and renters in the area. Basis of Recommendation: 1. Redevelopment of this area for commercial, office, medium density and high density housing is consistent with the Richfield Comprehensive Plan. 2. CSM Incorporated has a demonstrated ability to initiate and complete large scale redevelopment projects. Alternative Recommendation: • 1. Defer action until June 16, 1997. 2. Deny the request. Discussion/Decision Mode: Representatives of CSM Incorporated will be in attendance at the meeting. Respectfully submitted, Jame .Prosser Execu~ ive Director JDP:ds HOUSING AND REDEVELOPMENT AUTHORITY H RA Letter No. 24 Agenda May 19, 1997 Issue Statement: Consideration of a redevelopment proposal for the 7600 block of Lyndale Avenue. Background: For several months, staff has been working with two different development groups on separate redevelopment proposals for the 7600 block of Lyndale Avenue as well as the adjacent residential half blocks of Aldrich Avenue and Garfield Avenue.. The groups involved with these proposals are Laurent-Parks Development, a professional development company from Wayzata, and a group of property and business owners from the 7600 block of Lyndale Avenue. Recently staff has worked closely with the local group to help further develop and refine their proposal. A key element of the local group's proposal is the formation of the partnership agreement. The agreement has been drafted and has been agreed to, in principal, but it has not been executed. Staff had anticipated bringing both proposals to the HRA at its May meeting. However, the local group believes it is premature to bring the proposal before the HRA without first securing their partnership agreement. Therefore only the Laurent-Parks' proposal will be presented at this time. In addition to the 7600 block of Lyndale, the Laurent-Parks' proposal includes a one quarter block area in the northeast quadrant of the 76th Street and Lyndale Avenue intersection. The proposal envisions 84,000 sq. ft. of new commercial retail space, 36,000 sq. ft. of office space, eight for sale townhome units, and 150 apartment units. Please refer to attachments A-D for narrative and graphic descriptions of the proposal. The current market value of the area under consideration is $4.3 million. The proposed market value under the redevelopment plan would be $14.6 million. City staff estimates the site assembly cost at approximately $7.45 million. Initial cash flow analysis by the City's financial consultant indicates that the project would generate approximately $3.1 million in present value increment over a 25 year period. This leaves the project with a gap of $4.35 million. The developer proposes to purchase the commercial/office land for $3.00 per sq. ft. which would generate roughly $650,000 in land proceeds. This would still leave a gap approximately $3.7 million. Recommended Motion: Listen to the presentation by Laurent-Parks Development and direct staff to continue to evaluating this redevelopment proposal. Basis of Recommendation: 1. The area in question has been identified for redevelopment. 2. The Laurent-Parks' proposal is consistent with the Lyndale Gateway Redevelopment Plan and Strategy dated July 8, 1996. 3. Substantial progress has been made over the past six months. 4. Given the size of the gap, staff does not feel that this project would be feasible without identifying other significant revenue sources. Alternative Recommendation: Direct staff to no longer continue evaluating this redevelopment proposal. Discussion/Decision Mode: Staff anticipates that representatives of the local development group will come before the HRA at its June meeting to make a detailed presentation of their redevelopment proposal. At that time it may be appropriate to select a redeveloper. Respectf Ily submitted, Jame D. Prosser Executive Director JDP:ds U ATTACHMENT A Laurent Parks D e v e Io p m e n t May 2, 1997 John Melin City of Richfield 6700 Portland Avenue Richfield, MN 55423-2599. Dear John, It is Laurent/Parks intention to attend the May 19, .1997, HRA meeting and present their plans for the Lyndale Avenue South redevelopment district. Our development. would include when complete: Retail - 84,000 R.S.F. Office - 36,000 R.S.F. Apartments - 150 Units Townhomes - 8 Units Laurent/Parks would look to the City of Richfield to purchase and clean up the land as well as providing upgrades to the propose street system and complementary landscaping. Laurent/Parks would plan to begin with the construction of the apartments first followed by the retail and office, because all of these units feed off of one another, our goal would be to see. as much construction underway as soon as possible. We would be willing to purchase the land used for the offices and retail development for $3.00 Sq.Ft.. We would like for the .city to donate the land being developed for .apartments .and townhomes. Attached is a site plan and rendering of the proposed project. The goal is to create a .community that is sensitive to the present neighborhood and still provides an option for living as well as retail and entertainment support. 153 East Lake Street I Wayzata, MN 55391 Fax (612) 473-8813 I (612) 475-4930 ATTACHMENT A, Page. 2 Mr. John Melin May 2, 1997 Page Two Presently, we have a commitment from an apartment developer to construct 150 units. Upon approval for our retail plan, we believe we could option commitments to the retail buildings. The office buildings have not been designed in detail yet. Construction starts on the office buildings would be contingent on commitments from tenants. We look forward to working with the City of Richfield and encourage you to talk with us more in detail if you have any questions. Sincerely, ohn aurent Chris Moarn • r. • • `~_ ATTACHMENT B E.~ - ~`_ ~" `s ~~ '! S ~' r ~ ` ~ .~ g > ..P ~-~ ,~ _, _ -) '- ~: ~ 1 ti ~: ~~ s. - :. F ~` YI ~w -}` -~. ~~~' .. --- ,..~~ _.. ... ~: --- ~~~:. - _ _.. E„ - ~.. -~.., r~_ [] S ! ~ Di m ` ~ 1 D ~ ,',c ;~ ~~ ~' z ~. ~. o ;. Y z o i ', D ~, r~ !~ ~ \• O ti ~ (Q. Z~ z ~ ~~ --i ~. r k m Z H D ~~ r0 ~' ~ _ D -- m m ~, ~ ~ m ~ ~; ATTACHMENT C Sheet1 • • • ATTACHMENT D. NEW COM./RETAIL SQ FT 84,000 RENOVATED COM./RETAIL SQ FT 0 NEW OFFICE SQ FT 36,000 TOWNHOME UNITS 8 APARTMENT UNITS 150 TOTAL OFFICE & RETAIL SQ FT 120,000 .. ~~~~~I .:.:::::::::::::::.::.::.:::.:::.:::::.::.::.;:::::::::::::;.;:.::.;::::::::::::.;;:.;:::::::::. ~::.;;;:.;:.::::::: .: :::.;:.;:.:::::::::::::.;:.;;:.::::::::::::::.;;:.;:.:::::::::.:::::. CURRENT MARKET VALUE $4,295,000 PROPOSED MARKET VALUE $14,673,076 SITE ASSEMBLY COST (ESTIMATED) $7,448,640 TOTAL TAX INCREMENT 385 $3 116 (PRESENT VALUE OVER 25 YRS) , , GAP (BEFORE SOURCES) $4,332,255 TOWNHOME LAND PROCEEDS $0 $0 APARTMENT LAND PROCEEDS 750 $642 COM/RETAIL/OFFICE LAND- PROCEEDS , OTHER SOURCES UNDETERMINED GAP (AFTER INITIAL SOURCES) $3,689,505 Page 1 HOUSING AND REDEVELOPMENT AUTHORITY HRA Letter No. 23 Agenda May 19, 1997 Issue Statement: Consideration of a resolution approving Authorization of Consent to Amendments related to CSM Shops at Lyndale, Phase II. Background: CSM Investors, Inc. is seeking to increase its level of borrowing under its revolving line of credit by $7.0 million and by $2.0 million under its lender loan from First Bank. CSM will provide other assets outside of the Shops at Lyndale as security for these transactions. As the HRA continues to maintain an interest in the Shops at Lyndale, Phase II, under various contracts and agreements the HRA's consent must be sought as a part of the borrowing process. The $1,550,000 Irrevocable Letter of Credit currently on file with the HRA continues to adequately protect the HRA and its interest in the Shops at Lyndale, Phase II. It is not impacted by this proposed Consent to Amendments. Attached for review is the proposed Consent to Amendments. Recommended Motion: Adopt the attached resolution approving the Consent to Amendments for CSM Investors, Inc. and authorizing its execution. .Basis of Recommendation: 1. Legal counsel has reviewed the Consent to Amendments and is of the opinion that this agreement is a technical requirement of CSM's lender in securing the additional financing and does not adversely affect the interests of the HRA. 2. The Irrevocable Letter of Credit currently on file with the HRA is not impacted and continues to adequately protect the HRA in its interest in the Shops at Lyndale, Phase IL 3. The HRA and First Bank have similar interests in protecting Shops at Lyndale, Phase II, as a viable commercial property. 4. Seeking and securing additional financing by an active developer such as CSM Investors, Inc. is not unusual. 5. CSM Investors, Inc. is utilizing assets other than the Shops at Lyndale as collateral for the increased borrowing from its lender. Alternative Recommendation: 1. Delay action. 2. Request CSM to consider alternatives. 3. Refuse to approve. Discussion/Decision Mode: CSM intends to finalize its application with its lender for additional borrowing capacity soon. A timely response would facilitate the process. A representative of CSM will be attending the HRA meeting. Respectfully submitted, Jame .Prosser Executive Director JDP:ds HRA RESOLUTION NO. RESOLUTION AUTHORIZING CONSENT TO AMENDMENTS TO LOAN DOCUMENTS WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield (HRA) did, on or about April 29, .1994, execute and enter into a contract for private redevelopment (Contract} with CSM Corporation; and WHEREAS, CSM Corporation subsequently assigned its interest under the contract to CSM Investors, Inc., a Minnesota Corporation (CSM); and WHEREAS, pursuant to the requirements of the Contract, CSM has previously obtained consent from the HRA prior to entering into certain financing arrangements with regard to the Phase II Property; and WHEREAS, in connection with such prior consent, CSM has provided the HRA with letters of credit sufficient in amount to fully cover the remaining obligations of CSM to the HRA under the Contract; and WHEREAS, CSM has now requested that the previously consented to financing arrangement be modified as fully disclosed in the attached Exhibit A; and WHEREAS, the HRA has received the report of its consultants indicating that the approval of the modifications described in Exhibit A will not impair or otherwise jeopardize the HRA's security or the ability of CSM to continue to meet it obligations under the Contract. NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota as follows: The requested consent to amendments to the various documents described in Exhibit A is hereby in all respects approved. 2. The Executive Director and Commission Chair are hereby authorized to execute and deliver to CSM a document in substantially the form of Exhibit A. Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota this 19th day of May ,1997. Thomas E. Harms, Chair ATTEST: r~ Michael Sandahl, Secretary EXHIBIT A OS,/05l9? YON 08:28 FAZ 61Y 646 2404 CSY CORPORA'T'ION ~ 002 THE HOUSD~iG AND REDBVELOPMEN't AYJTHORTTY 1N AND FOR THfi CITY OF RICHFIELD, MII~TNESOTA (the uAuthority"), hereby CmtsentS to the annendmet+t of each of the followi:-g docmments by and between CSM 1NVESTORS, INC., a Miiutesata corporatioA (the "Developer"), and PYRST BANK NATIONAL ASSOCiATTON, a natian7tl banking association (the "Lender': A. Revolving Construction Loan Agreement, dated October 10,1996 thereizl~ter called "Constructian Lean Agreement"); B. R~evolvtng Note, dated October 10, X996 (hereinafter called "Revolving Note"j; G Combination Mortgage, Security Agreement and Fixture hinan~g Statement; dated as of November 19,1996, filed for registration in the office of the Registrar of Titles in and for Hennepin County, Minnesota, on December 16,1996, as Document No. 2yb992b {itereinafber called "Iviartgage"~, covering the Land located in Hennepin County, Minnesota. Legally deaa36ed on ~ attached hereto and herchp made a put hereof (hercaisfter called "Pr+amiaes"); D. Assignment of Leases .and Bents, dated as of November 19,1996, filed for registration in said Registrar of Titles' office on llecember 16,1996, as Document N4.2769927 (l+eteinaft~c called "Assignment"}, covering the Premises; and E A Pt+ojet~E Addendum m the Constructidn Loan Agx~eeentent, dated as of November 19,199b, relating to the Premises, in order to (i) mcxease the ma~dmum principal amount of advances under the Constnution Loan Agreement and the face principal amount of the Revolving Note from $15,000,000AO bo $22,000.000.00; and (ii) to inct+ease the maximum prindpal amount of the Leader Loan, as that term is defined in that cactain Subordination Agreement, dated effective as of October 7, X996, by azul among the Authority, the Developer and flee Lender, and f0ed for regisfiralion in the office of said Registrar of ?ides on Dece~anber 16,1996, as Document No. (hp*w+*+A~ called "Subordination Agreeanetrt"}, from $18.000,000.00 to ~12,OOp,000.08. The Authority hereby further agrees tlsat-said amendments wIA have no adverse effect upon the Subordination Agreement, which s1+a11 remain in full force and effect with respect za the Maztgage and the Assigntslen#, as so amended. ~~""~ . ~/x~ti7 E 39Hd 0 L E6GEEZ t 9' Q I N3AH219 '8 JCQ3NN3A ° W02I3 9Z ° E I G6-80-AttW OS/OS/97 YON 08:30 FAZ 812 B46 2404 CSIt CORPORAT20N ' ~ 003 '~ ~n wigs Whereof, the Authority has caused this Consent to An-endments to be meted as of the ~ day of 1997. T~ HOUSIl~TG AND R~DEVE~,pp~~ AUTHORITY IN AND F+DR T~ CITY OF 1~C~LD, MIIV1Vl3SOTA By Its And Its STATE OF 11aNNESOTA ) COYTNTY OF.,,~~ , ~ ~ The foregoing u~t was acknowledged before me this ~Y ~ 1997, by ---~- reapPCtivet3- the H4USIlVG AND REDEVELOP1u~N? AUTHORITY IN of T~ ~~LD, hiTN1VffiOTA, on behalf. of ~ Authority AND FOR THB CITY OF Notary Public This instcvxae:cet was drafted tiy; Dorse}- d= Whitney LLP (RAC ~Q South Sixth Stns Muu-eapols, 1vj;~esota S54p2 -~- b 3Jtfd 0LE6GEEZi9=QI P[3l1HZ{9 '8 1CQ3NN3}i'WO?I3 9Z'EL G6-90-1CHId HOUSING AND REDEVELOPMENT AUTHORITY HRA Letter No. 22 Agenda May 19, 1997 Issue Statement: Public hearing and authorization to sell 7421 Emerson Avenue to Steven Marlin Grant Homes and continuation of the public hearing on the sale of 6629 Washburn Avenue to Diethelm Construction. Background: The HRA acquired three. adjacent lots at 6600 block of Washburn Avenue -- 6629 Washburn Avenue is the north-most lot -- for the Richfield Rediscovered Program. The middle lot is reserved, and the south lot is still available. The property at 7421 Emerson Avenue was also acquired for Richfield Rediscovered. It is proposed that the HRA sell the identified properties to Diethelm Construction and Steven Marlin Grant Homes, Inc. respectively. The new home at 6629 Washburn Avenue will be a three bedroom, two bath home: Its estimated value is $130,000. It is requested that the public hearing for the Washburn lot be continued to the June 16, 1997 HRA meeting, while staff continues to work with the buyer to orient the main entry to the front of the house. The home at 7421 Emerson Avenue will have an end value of approximately $166,000. It will also have three bedrooms, two baths and a main level laundry. Recommended Motion: Following a public hearing, adopt a motion which approves the resolution authorizing the sale of 7421 Emerson to Steven Marlin Grant Homes, Inc. and the continuation of a public hearing on the sale of 6629 Washburn Avenue to Diethelm Construction to June 16, 1997. Basis of Recommendation: 1. The builders have evidenced experience, capability and financial security. Diethelm Construction is building under the program for the first time. 2. The HRA acquired 6629 Washburn and 7421 Emerson Avenues for the Richfield Rediscovered Program. 3. The terms of the development agreements have been negotiated and are in conformance with program guidelines. 4. Notice of public hearing on sale of the properties was published May 7 in the Sun Current. . 5. Outstanding design issues warrent a continuation of the public hearing on 6629 Washburn Avenue. Alternative Recommendation: Proceed with the development agreement for Diethelm Construction and do not proceed with the development agreement with Steven Marlin Grant Homes, Inc. Discussion/Decision Mode: Closing on 7421 Emerson Avenue would occur in late May or early June, with construction starting soon afterwards. The site clearance on Washburn is completed. The builder will be responsible for the demolition at 7421 Emerson Avenue. Respectfully submitted, Jam .Prosser Executive Director JDP:ds • • RESOLUTION AUTHORIZING THE SALE OF REAL PROPERTY LOCATED AT TO 7421 EMERSON AVENUE TO STEVEN MARLIN GRANT HOMES, INC. IN ACCORDANCE WITH DEVELOPMENT AGREEMENT HRA RESOLUTION NO. WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota (HRA) desires to develop certain real property pursuant to and in furtherance of the Richfield Rediscovered Program adopted by the HRA, said real property being described as follows: Address 7421 Emerson Avenue .Legal Description Lot 18, Block 14 Irwin Shores Addition WHEREAS, the HRA is authorized to sell real property within its area of operation after public hearing; and WHEREAS, a purchaser of the described property has been identified and a development agreement negotiated as follows: Performance Address Sale Price Security Builder 7421 Emerson Ave. $30,000 $30,000 Steven Marlin Grant Homes, Inc. WHEREAS, a public hearing has been held after proper public notice. NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in and for the City of Richfield: A public hearing has been held and 7421 Emerson Avenue is authorized to be sold for $30,000 to Steven Marlin Grant Homes, Inc. 2. The Chairperson and Executive Director are authorized to execute Contracts for Private Development and other agreements as required to effectuate the sale to Steven Marlin Grant Homes, Inc. Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota this 19th day of May, 1997. ATTEST: Thomas E. 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