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WHEAT RIDGE URBAN RENEWAL AUTHORITY
AGENDA
April 1, 2008
Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban
Renewal Authority on Tuesday, April 1, 2008, at 6:00 p.m., in the City Council Chambers of the
Municipal Building at 7500 West 29th Avenue, Wheat Ridge, Colorado.
1. Cali the Meeting to Order
2. Roll Call of Members
3. Approval of Minutes - March 18, 2008
4. Public Forum (This is the time for any person to speak on any subject not appearing on
the agenda. Public comments may be limited to 3 minutes.)
5. New Business
A. Resolution 2-2008 - A Resolution Amending the Authority's Bylaws to Delete the
Requirement that Notice of a Meeting be Published Three Days in Advance of a
Meeting and to Modify the Bylaw Amendment Process
B. Resolution 3-2008 - A Resolution Ameuding the Fiscal Year 2008 Urban Renewal
Fund Budget to Reflect the Approval of a Supplemental Budget Appropriation in
the Amount of $150,000 for the Purposes of Placing Earnest Money in Escrow for
the Purc6ase of the Properties Located at 7340 and 7540 West 44th Avenue
C. Approval and Acceptance of Loan Terms from FirstBank Wheat Ridge for the
Purchase of the Properties Located at 7340 and 7540 West 40h Avenue
D. Amendment to the Contract to Buy and Sell Real Estate for the Property Located at
7340 West 44th Avenue to Include a Provision for a Quiet Title Action for Parcel ID
No. 39-234-00-009 aud for the Escrowing of Funds for Such Action
E. Town Center Budget Update
6. Adjournment
MINUTES
WHEAT RIDGE URBAN RENEWAL AUTHOffiTY
March 18, 2008
1. CALL THE MEETING TO ORDER
The meeting of the Wheat Ridge Urban Renewal Authority was called to order by
Chair Williams at 6:00 p.m. in the council chambers of the Municipal Building,
7500 West 29"' Avenue, Wheat Ridge, Colorado.
2. ROLL CALL OF MEMBERS
Authority Members Present: Rick Adams
James Bahrenburg
Janet Leo
Tom Radigan
Lazry Schix(z
Terrell Williatns
Authority Members Absent: Walt Pettit
Also attending: Patrick Goff, Deputy City Manager
Corey Hoffinann, WRURA Attorney
Ann Lazzeri, Recording Secretary
3. APPROVAL OF MINUTES - February 26, 2008
There being no additions or conections, the minutes of February 26, 2008 were
acceptedras presented.
4. PUBLIC FO1tUM
Charles Durbin
Mr. Durbin stated that he did not attend the last meeting because he understood it
was canceled. Chair Williams reviewed public notice procedures.
5. NEW BUSINESS
A. Resolution 02-2008 Amending the Authority's Bylaws to delete the
requirement that notice of a meeting be published three days in
advance of a meeting and to modify the bylaw amendment process.
At WRURA's d'uection, a resolution was drafted to amend the WRURA bylaws
to delete the requirement that all regular meetings of the Authority be advertised
in a newspaper no less than three days prior to the scheduled meeting. The
amendment will provide staff with more flexibility to post meeting notices while
WRURA Minutes - 1- Mazch 18, 2008
still providing adequate public notice within the 24-hour Open Meeting Law
requirement. Expenses for newspaper publication wiil also be eliminated.
It was moved by Larry Schulz and seconded by Rick Adams that a resolutiou
be presented at the next meeting regarding ameadments to meeting notice
requirements in the WRURA bylaws. The motion passed unanimously.
B. Library Payment Agreement
Patrick Goff announced that Vernon and Mazge Vohoska have agreed to donate
$100,000 to WRURA for the purpose of constructing a new library in the City of
Wheat Ridge. The donation is to be presented at the closing on the property
located at 7540 West 44h Avenue.
It was moved by James Bahrenburg and seconded by Janet Leo to accept the
$100,000 donation from Vernon and Marge Vohoska to the Wheat Ridge
Urban Renewal Authority for the purpose of constructing a new library in
the City of Wheat Ridge. The motion passed uaanimously.
C. Cornerstone Litigation Update
Corey Hoffmann reported that a tentative jury trial date has been set for October
20, 2008.
6. EXECUTIVE SESSION under C.R.S. Section 24-6-402(4)(b) for the purpose
of receiving leal advice regarding specific legal questions regarding the
terminated 38~ Avenue and Sheridan Boulevard redevelopment project.
7. EXECUTIVE SESSION under C.R.S. Section 24-6-402(4)(b) and (e) for a
conference with the Authority for t6e purpose of receiving legal advice on
specific legal questions and, further, for the purpose of determining positions
relative to matters that may be subject to negotiations, developing strateg,y
for negotiations and/or instructing negotiators.
It was moved by James Bahrenburg and seconded by Janet Leo that the
Wheat Ridge Urban Renewal Authority enter into executive session under
C.R.S. Section 24-6-402(4)(b) for the purpose of receiving legal advice
regarding specific legal questions regarding the terminated 38th Avenue and
Sheridan Boulevard redevelopment project; and under C.R.S. Section 24-6-
402(4)(b) and (e) for a conference with the Authority for the purpose of
receiving legal advice on speci£c legal questions and, further, for the purpose
of determining positions relative to matters that may be subject to
negotiations, developing strategy for negotiations and/or instructing
negotiators. The motion passed unanimously.
WRURA Minutes - 2- Mazch 18, 2008
The regular meeting was adjourned to executive session at 6:22 p.m.
The executive session was convened at 6:23 p.m.
The executive session was adjourned at 7:23 p.m.
The regulaz meeting was reconvened at 7:24 p.m.
It was moved by Janet Leo and seconded by James Bahrenburg to direct
Patrick Goff to conclude negotiations with First Bank for acquisition of
properties at 7340 and 7540 West 44Ih Avenue. The motion passed
unanimously.
A final loan agreement will be presented for the Authority's approval at a regulaz
meeting.
8. ADJOURNMENT
It was moved by Larry Schulz and seconded by James Bahrenburg to
adjourn the meeting at 7:27 p.m. The motion passed unanimously.
Teaell R. Williams, Chair
Ann Lazzeri, Recording Secretazy
WRURA Minutes - 3- March 18, 2008
Wheat Ridge Urban Renewal Authority
7500 W. 29th Avenue Wheat Ridge, Colorado 80033 303235-2846 303-2352857 (Fax)
TO: Urban Renewal Authority Boazd Members
FROM: Patrick Goff, Executive Director 4
RE: Amendments to WRiJRA Bylaws
DATE: March 25, 2008
Staff received direction from the Board at the last meeting to bring forward a draft
resolution to amend the Wheat Ridge Urban Renewal Authority bylaws to delete the
requirement that all regular meetings of the Authority be advertised in a newspaper no
less than three days prior to the scheduled meeting. The amendment will provide Staff
with more flexibility to post meeting notices while still providing adequate public notice
within the 24 hour Open Meeting Law requirement. In addition, expenses for publishing
in a newspaper will be eliminated.
Section 1 of Article IV requires that amendments to the bylaws only be made after "there
has been a notice of motion duly seconded in the previous meeting." Staff is also
recommending amending Section I of Article IV of the bylaws to eliminate this
requirement.
Attachments:
1: Resolution 02-2008
WHEAT RIDGE URBAN RENEWAL AUTHORITY
RESOLUTION NO. 2-2008
A RESOLUTION AMENDING THE AUTHORITY'S BYLAWS TO
DELETE THE REQUIREMENT THAT NOTICE OF A MEETING BE
PUBLISHED THREE DAYS IN ADVANCE OF A MEETING AND TO
MODIFY THE BYLAW AMENDMENT PROCESS
BE IT RESOLVED BY THE WHEAT RIDGE URBAN RENEWAL AUTHORITY, "I'HAT:
Section 1. Section 1 of Article III of the Authority's Bylaws is hereby amended as follows:
Reeulaz Meetin¢s. A regular meeting shall be held at such time and place as
may be prescribed by moUon adopted by the Authority from time to Ume. A44
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Section 2. Section I of Article IV of the Authority's Bylaws is hereby amended as follows:
Amendment of By-Laws. These By-Laws of the Authority shall be amended
only by a majority vote of those members present, provided that a quorum
- CYLStSic there h b.... ..c .....,..:...i a.,i.. ,..,ava .t,e j...~. •
.
{nCEtiiig•
DATED this day of , 2008.
Tenell Williams, Chair
ATTEST:
Ann Lazerri, Secretary
APPROVED AS TO FORM:
Corey Y. Hoffinann, WRURA Attomey
ATTACHMENT 1
03/15/08
U: IURBANRENEWALIBYLAWAMENOMENT (4).DOC
Wheat Ridge Urban Renewal Authority
7500 W. 29th Avenue Wheat Ridge, Colorado 60033 303235-2846 303-235-2857 (Faz)
TO: Urban Renewal Authority Boazd Me bers
FROM: Patrick Goff, Executive Director
RE: 2008 Supplemental Budget Appropriation
DATE: Mazch 27, 2008
Attached is a resolution adopting a supplemental budget appropriation for the 2008 Town
Center Fund budget for the purchase of the property located at 7340 and 7540 West 44h
Avenue.
A supplemental budget appropriation in the total amount of $386,000 is necessary for the
following expenditures:
1. Eamest money in the amount of $150,000 for both properties - Section 3 of the
Contracts to Buy and Sell Real Estate includes the following clause:
In addition, and subject m the provisions of Section 15 of this Contract,
Buyer shall upon execution of this Contract place earnest money in the
amount of Seventy Five ThousandDollars ($75,000.00) ("Earnest
Money') into an escrow account. At the time of closing, the Seventy
Five Thousand Dollars ($75, 000.00) in Earnest Money plus Seven
Thousand Five Hundred Dbllars ($7,500.00) (to reflect the option
purchased by the Buyer) shall be credited to the purchase price.
2. Principal and interest payments in the amount of $200,000 to 15' Bank Wheat Ridge
for the property acquisition loan. Payments are anticipated to be approximately
$24,299 per month. Eight payments will be due in 2008.
3. Closing costs in the amount of $36,000
a. Approximately $18,000 for bond counsel
b. $16,425 origination fee
c. Approximately $1,575 for filing fees, attorney fees, etc.
WHEAT RIDGE URBAN RENEWAL AUTHORITY
RESOLUTION NO. 3
- Series of 2008
TITLE: A RESOLUTION AMENDING THE FISCAL YEAR 2008
URBAN RENEWAL BUDGET TO REFLECT THE
APPROVAL OF A SUPPLEMENTAL BUDGET
APPROPRIATION IN THE AMOUNT OF $386,000 FOR
THE PURPOSES OF EARNEST MONEY, PRINCIPAL AND
INTEREST PAYMENTS, AND CLOSING COSTS FOR THE
PURCHASE OF PROPERTY LOCATED AT 7340 AND 7540
WEST 44TH AVENUE
WHEREAS, C.R.S. 29-1-103 (1) of the Local Government Budget Law of Colorado
requires certain local governmental entities to prepare and adopt an annual budget; and
WHEREAS, the Attorney for the Authority has opined that the provisions of the Budget
Law do apply to the Authority; and
WHEREAS, notice of adoption of the 2008 supplemental appropriation and budget was
given by the Urban Renewal Authoriry in compliance with C.R.S. 29-1-106; and
WHEREAS, the Authority previously adopted an appropriation for 2008 on December
11, 2007, which appropriation must be modified for the purchase of the property located at 7340
and 7540 West 44~' Avenue; and
WHEREAS, in compliance with the provisions of the Budget Law regarding notice,
objections, and hearing, a public hearing was held on the Supplemental Budget and
Appropriation for 2008 on April 1, 2008.
THEREFORE, BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority as
follows:
Section 1. The yeaz 2008 supplemental appropriation for the Town Center Fund as shown
on Exhibit 1 attached hereto is hereby approved. The purposes of the 2008 supplemental
appropriation is to increase funds in Town Center Fund line item 37-120-800-801 by $150,000
for earnest money and $200,000 for principal and interest payments; and in Town Center Fund
line item 37-120-700-750 by $36,000 for closing expenses for the purchase of property located at
7340 and 7540 W. 44`h Ave.
Section 2. Total expenditures of the Authority do not exceed available revenues and
beginning fund balance.
Asrvci-adm-00t\users\pgotilUrban Renewal\URA Packet Materials\080401 Supp Budget Appr Memo.dce
Section 3. A certified copy of this resolution shall be filed with the Division of Local
Government.
ADOPTED the _ day of Anril , 2008.
ATTEST:
Secretary to the Authority
WHEAT RIDGE URBAN RENEWAL
AUTHORITY
Chair
\lsrvci-adm-001\users\pgoff\Urban Renewal\URA Packe[ Ma[erials\080401 Supp Budge[ Appr Memo.dce
EXHIBIT 1
WHEAT RIDGE URBAN RENEWAL AUTHORITY
Town Center Fund
2007 Actual
BEGINNING FUND BALANCE $219,384
Revenues
37-500-00-501 Property Taxlncrement $344,345
37-500-00-504 Sales Taxlncrement $340,917
37-580-00-581 Interest $12,706
TOTAL~REYENU€: ~$697,968
$562,381 $634,201
$0 $0
$260,000 $260,000
$10,000 $10,000
$270,000 $270,000
Personnel
37-120-600-602 Salaries $0
37-120-600-625 FICA $0
Total Fersonnel $0
Supplies
37-120-650-651 Office Supplies $0
37-120-650-654 Printing & Photocopying $360
37-120-650-655 Postage $0
Totai Suppties $380
Services
37-120-700-702 Conference & Meetings
$330
37-120-700-706 Dues, Books, Sub
$0
37-120-700-740 Mileage
$0
37-120-700-750 Professional Services
$39,282
37-120-700-758 City Reimbursement
$7,617
37-120-700-760 Utilities & Maint.
$604
37-120-700-799 Misc.
$1,204
Total Services
$49,037. .
Capital
37-120-800-801 Lands. Buildings, & Wat
37-120-800-872 Site Improvements
37-120-800-873 Payment to Fire District
37-120-890-897 Transto Walgreens Fund
$0
$0
$0
$0
$0~ ~
~.$0~
$200
$200
$800
$800
$200
$200
$1,200
$1;200.
$2,000
$2,000
$1,000
$1,000
$0
$0
$60,000
$96,000
g7,000
$7,000
$600
$600
$1,200
$1,200
$71,800 $107;800
$15,000 $15,000 $365,000
$0 $0 $0
$18,753 $0 $0
$200,000 $0 $0
Total Gapita(
$233,753~
$15~,000~
$365;000~.
TdTAL'EXPENDITURES
$283,150
$88,000
$474;000
ENDtNG FUND BALANCE~ .
. ~ $634,202 ~
. $744,381
$430209~
2008 Adopted 2008 Amended
Wheat Ridge Urban Renewal Authoriiy
7500 W. 29th Avenue Wheat Ridge, Colorado 80033 3032352846 303-235-2857 (Fax)
TO: Urban Renewal Authority Boazd Members
FROM: Patrick Goff, Executive Director-ClIe
RE: Approval and Acceptance of Loan Terms from FirstBank Wheat Ridge
DATE: Mazch 27, 2008
As of March 27, 2008, we have not received updated loan documents from FirstBank
Wheat Ridge far the Authority's approval. Stu Wright, Vice President 15t Bank Wheat
Ridge, stated he may be able to provide some documents by April 1 S` which I will hand
delivery to the meeting.
Wheat Ridge Urban Renewal Authority
7500 W. 29th Avenue Wheat Ridge, Colorado 80033 303-2352846 303-235-2857 (Fax)
TO: Urban Renewal Authority Board Members
FROM: Patrick Goff, Executive Directo4
RE: First Addendum to Karl Contract
DATE: Mazch 26, 2008
Sections 5 and 16N of the Kazl Contract to Buy and Sell Real Estate require the Seller to
provide to the Authority the commitment or the abstract of title for both the main pazcel
identified as Parcel ID 39-234-00-096 (Parcel A) and the "sliver" pazcel identified as
Parcel ID 39-234-00-009 (Parcel A-1). The Seller is unable at this time to furnish to the
Authority title to the "sliver" property.
The intent of the attached drafr addendum is to allow the closing to go forwazd on the
main parcel on April 17, 2008, while providing some security to the Authority that it will
be covered financially for the costs of the "sliver." The Seller will be required to withho(d
$100,000 from the purchase price to be held in the closing company's escrow account.
The Authority wil( have access to the escrow account to pay any and all acquisition costs
for the "sliver."
5. EVIDENCE OF TITLE. Seller shall fumish to Buyer, at Seller's expense, either a current
commitment for owner's title insurance policy in an amount equal to the purchase price or at Seller's
choice, an abstract of title certified to a current date, on or before March 7, 2008 (Title Deadline). If a title
insurance commitment is fumished, Buyer may require of Seller that copies of instruments (or abstracts of
instruments) listed in the schedule of exceptions (Exceptions) in the title insurance commitment also be
furnished to Buyer at Seller's expense. This requirement shall pertain onty to instruments shown of record
in the office of the clerk and recorder of the designated county or counties. The title insurance
commitment, together with any copies or abstracts of instruments furnished pursuant to this Section 5,
constitute the title documents (Title Documents). Buyer, or Buyer's designee, must request Seller, in
writing, to furnish copies or abstracts of instruments listed in the schedule of exceptions no later than
March 21 2008. If Seller furnishes a title insurance commitment, Seller will pay the premium at closing
and have the title insurance policy delivered to Buyer as soon as practicable after closing.
16.N. Title Commihnent or Abstract Acknowled e~ ment. Seller expressly acknowledges tha[ the
commitment or the abstract of title Seller is obligated to provide under Section 5 of the contract shall cover
the both pazcels of property listed as Parcel ID Nos. 39-234-00-096 and 39-234-00-009 in ttte records of the
Jefferson County Assessor's Office.
Attachments:
1. Draft First Addendum to Kazl Contract
2. Parcel Map
FIRST ADDENDUM
TO
CONTRACT TO BUY AND SELL REAL ESTATE
THIS FIRST ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE
("Addendum") is made and entered into this _ day of March, 2008, by and between the Wheat
Ridge Urban Renewal Authority, a body corporate and politic ("Buyer"), and Milloie E. Kazl, an
individual with an address of 149 Badger Lane, Bailey, Colorado 80421 ("Seller") (collectively the
„Parties").
WHEREAS, on March 17, 2008, the Parties entered into a Gontract to Buy and Sell Real
Estate (the "AgreemenY');
WHEREAS, under the Agreement, the Seller agreed to convey two parcels of property to
Buyer;
WHEREAS, Seller does not appeaz capable of conveying a clear and unencumbered title to
Buyer by the closing date of April 17, 2008 (the "Closing Date") to the smaller pazcel, which is
identified as Pazcel ID 39-234-00-009 with the Jefferson County Assessor's Office and which has the
following legal description:
The North 134 feet of the South 2723 feet of the East 8.45 feet of the East %z of the
Northwest 1/4 of the Northwest of the Southeast of Section 23, Township 3
South, Range 69 West of the 6~' P.M., County of Jefferson, State of Colorado
(hereinafter referred to as the "Sliver"); and
WHEREAS, if Seller is unable to convey a cleaz and unencumbered title to the Sliver on the
Closing Date, the Parties desire to impose additional terms on the Selier as set forth in this
Addendum.
NOW, THEREFORE, for the consideration hereinafter set foRh, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:
1. Assumption of Costs. Beginning on Mazch 21, 2008, Seller agrees to pay all costs
and expenses incurred by Buyer that are related to Buyer's efforts to obtain cleaz and unencumbered
tide to the Sliver, including but not limited to compensation to be paid, if any, for the purchase of the
Sliver, the costs associated with the purchase of the Sliver, the costs to condemn the Sliver,
attorney's fees, court costs, and expert witness fees (the "Acquisition Costs"). For purposes of this
Addendum "cleaz and unencumbered title" shall mean a good, sure, perfect, absolute and
indefeasible estate of inheritance, in law, in fee simple, free and clear from all former and other
grants, bargains, sales, liens, taxes, assessments, encumbrances and restriction of whatever kind or
nature soever, including but not limited to the current cloud on the title showing that the Sliver is
ATTACHMENT 1
owned by South Central Underwriting Company, which is listed in Section D ofSchedule B-1 ofthe
Land America Title Commitment No. 43-0002008.
2. Escrow Deposit. If Seller is unable to convey cleaz and unencumbered title to Buyer
at the Closing Date for the Sliver, One Hundred Thousand Dollazs ($100,000.00) shall be withheld
from the purchase price at closing and remain in the closing company's escrow account, pending
transfer to an escrow account of Buyer's choice for Buyer's payment of the Acquisition Costs.
Interest eamed on the escrowed amount shall be credited to the account. Buyer will then expend the
funds in the cash escrow to pay any and all Acquisition Costs. Seller shall maintain a minimum
balance in the escrow account of Twenty Five Thousand Dollazs ($25,000.00) until clear and
unencumbered title to the S liver is conveyed to Buyer. If at any point the cash escrow falls below the
amount of Twenty-Five Thousand Dollazs ($25,000.00), Seller shall immediately replenish the
escrow account back to a total of One Hundred Thousand Dollazs ($100,000.00). Upon receipt of
clear and unencumbered title, Buyer shall release all remaining funds in the escrow account to Seller.
Nothing in this Agreement shall be construed to limit Seller's liability to Buyer for any costs incurred
by Buyer in obtaining clear and unencumbered title to the Sliver.
3. Cooperation. Seller shall cooperate with Buyer in assisting Buyer to obtain cleaz and
unencumbered title to the Sliver, including but not limited to, joining Buyer in any lawsuits Buyer
brings to obtain cleaz and unencumbered title to the Sliver, execudng any documents helpful for
Buyer to obtain cleaz and unencumbered 6tle to the Sliver, and taking any action requested by Buyer
for Buyer to obtain clear and unencumbered title to the Sliver. Seller acknowledges that Buyer may
bring a quiet title action in a court of law to quiet title in the Sliver, and that Buyer may bring an
action of eminent domain to acquire the Sliver. Seller agrees to fully cooperate with Buyer's efforts
to obtain title of the Sliver in any such legal actions, including appeazing as a witness on Buyer's
behalf.
4. Indemnification. Seller expressly acknowledges and reaffirms his indemnification
obligation as set forth in Section 16.0 of the Agreement.
5. Remainder of Aereemenf. All terms and provisions of the Agreement not specifically
amended in this Addendum shall remain in full force and effect. Nothing in this Agreement shall be
construed to release Buyer from his obligation to convey either pazcel of property to Seller as set
forth in the Ageement.
WHEAT RIDGE URBAN RENEWAL AUTHORITY - BUYER
By:
Terrell Williams, Chairman
Buyer's Address: Wheat Ridge Urban Renewal AuthoriTy
7500 W 29th Ave
Wheat Ridge, CO 80033-8001
MILLOIE E. KARL - SELLER
By:
Milloie E. Kazl
Date:
STATE OF COLORADO )
) ss.
COUNTY OF )
The foregoing instrument was subscribed, sworn to and acknowledged before me this _ day of
2008, by
My commission expires:
(S E A L)
Notary Public
m
ATTACHMENT 2
Wheat Ridge Urban Renewal Authority
7500 W. 29th Avenue 4Vheat Ridge, Colorado 80033 3032352846 303-235-2857 (Fax)
TO: Urban Renewal Authority Boazd Members
FROM: Patrick Goff, Executive Director
RE: 2008 Town Center Budget Update
DATE: Mazch 27, 2008
At the last meeting the Board requested an update on the Town Center Budget and how
the anticipated expenditures for the acquisition of the property located at 7340 and 7540
will affect the fund balance. Attached is a spreadsheet detailing the Town Center Budget
for 2006 to 2008. The 2006 and 2007 Actual columns are actual budgets. The 2008
Adopted column is the 2008 budget as adopted on December 11, 2007. The 2008
Estimated column is an update on the 2008 Town Center budget with expenditures
through Mazch 27, 2008 and anticipated expenses for the 44t' and Wadsworth project.
Revenue
The beginning fund balance was originally estimated to be $562,381; however, actual
beginning fund balance for 2008 is $634,201 - a$71,820 increase.
Sales Tax increment was originally estimated at a conservative $260,000; however, sales
tax increment is on track for a conservative estimate of $300,000.
Total available funds for 2008 have increased by $111,820.
Expenditures
2008 Estimated expenditures for the purchase of the properties located at 7340 and 7540
W. 440' Ave. include:
0 $4,795
Asbestos Operations and Maintenance Manual
• $18,000
Bond Counsel
•$17,775
Closing Costs (origination fee, filing fee, legal fee)
• $150,000
Escrow
• $194,392
Principal and Interest Payments (8-months)
0 $384,962
Total
As Executive Director of the WRURA I will be representing the Authority and the City at
the International Conference of Shopping Centers conference (see attached memo from
Ryan Stachelski, dated Mazch 13, 2008). The costs of this conference aze being shazed
between WR2020, the City of Wheat Ridge and the WRURA. I've estimated $753.51 in
expenses to the Town Center budget for this Conference.
In addition, I have registered for a one-day seminaz on Special Districts in Colorado
which will be a$349 impact to the Town Center budget (see attached seminaz brochure).
EndinE Fund Balance
The ending fund balance for the Town Center budget as of Mazch 27, 2008, including the
expenditures explained above, will be approximately $548,859.
Other estimated expenses for the remainder of fiscal yeaz 2008 include the following:
Hayes, Phillips, Hoffmann & Carbeny Legal Fees $40,000
Utilities for house on Ames $500
Bank fees $1,000
City reimbursement $10,000
The final ending fund balance for the Town Center budget including these remainder
expenditures is estimated at $497,359.
Attachments:
1. Exhibit 1- WRURA Town Center Fund Budget
2. Memorandum from Ryan Stachelski, dated March 13, 2008
3. Special Districts in Colorado seminaz brochure
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COMMUNI'IY DEVEIAPMEM'
Memorandum
TO: Mayor and City Council
THROUGH: Randy Young, City Manager
FROM: Ryan Stachelski, Economic Development Specialist
DATE: March 13, 2008
SUBJECT: The International Conference of Shopping Centers (ICSC)
Staffs from both the City of Wheat Ridge and Wheat Ridge 2020 aze working with an Economic
Development consultant to help prepare the City to market development opportunities within the
City. This team of Wheat Ridge 2020 and CiTy staff aze working together to muket the City at
this yeaz's spring International Conference of Shopping Centers (ICSC).Attached to the
memorandum is a brief outline from Becky Hogan, the Economic Development Consultant, who
is helping prepare the ICSC team to mazket the City at this conference.
In addition to this opportunity at ICSC, this team will use the materials and knowledge gained
from this experience to also help market Wheat Ridge within the local development community.
As noted in the memorandum from Becky Hogan, cost for this project will be shared between the
City and Wheat Ridge 2020. Wheat Ridge 2020 has retained the services of the consultant and
will be paying their own way at the conference. City staff will pay their way from the City's
approved budget.
Please feel free to call me with any additional questions.
/rjs
At[achments:
1. Memo from EDge Consulting
ATTACHMENT 2
EDGE CONSULTING SERVICES,
Attachment 1
Memorandum
TO: Mayor and City Council
THROUGH: Ken Johnstone, Community Development Director
FROM: Becky Hogan, EDge Consulting Services
DATE: March 13, 2008
SUBJECT: 2008 International Council of Shopping Center Spring Conference
Summary Statement
• Five team members (Patrick Goff, Ryan Stachelski, Ken Johnstone, Rob Osborn and
Denise Balkas) will be representing the City of Wheat Ridge and Wheat Ridge 2020,
at the 2008 International Council of Shopping Centers Conference (ICSC) on May
18-21 in Las Vegas.
• The purpose of attending the conference is to recruit and retain retail business to
Wheat Ridge, as well as exposure of the City to the retail real estate community. The
scope of our activities at the conference will be to communicate with both retail
businesses (either tenants or owner/operators) and retail developers. Appointments
with retail developers will range from the large power center retailers to the smaller
scale developers.
• This conference provides an opportunity for City representatives to meet with
national retail real estate representatives from across the country.
• The team will provide City Council and the Wheat Ridge 2020 Board members with
a recap of the meetings, following the conference.
Estimated Costs and Source of Funding:
Projected costs for the conference are approximately $1,300 to $1,350 per person,including
membership, registration, travel, lodging, meals and miscellaneous expenses. Costs will be
shared between the City and Wheat Ridge 2020. In addition, Wheat Ridge 2020 has
provided funding for the conference preparation, a retail review, and securing of
appointments with national retailer and developers.
56 STEELE STREET - DENVER, COLORADO 80206 - 303.356.13417- BECKYLINHOGAN@YAHOO.COM
EDGE CONSULTING 5ERVICES
Background
The International Council of Shopping Centers Spring Conference is held each May in Las
Vegas, Nevada. This conference attracts over 50,000 attendees looking to recruit and retain
retail business to communities throughout the world. Specific appointments with retailers
and developers are set prior to attending the conference.
Conclusion
The City of Wheat Ridge will be exposed to hundreds of retail real estate representatives.
Members of the team will have the oppoRunity to meet with a variety of national retail
businesses and developers. In addition, Wheat Ridge will be represented as being a
community that welcomes quality retail development and redevelopment.
56 STEELE 5TREET - DENVER, COLORADO 80206 - 303.358.841 1 - BECKYLINHO[iAN@YAHOO.COM
Special Districts
in Colorado
This one-day seminar is designed for attorneys, business owners,
presidents, vice presidents, directors, economic development
agency officials, finance directors, accountants, bankers,
developers and other government officials.
; Denver, CO
I April 29, 2008
■ Moderator:
Kathryn S. Kanda
McGeadySisneros, P.C.
a~
~
~
Munsey L. Ayers Jr.
Mikaela V. Rivera
Otten, lohnson, Robinson,
Neff & Ragonetti, P.C.
Mary Jo Dougherty
McGeady Sisneros, P.C.
Timothy J. Flynn
Collins Cockrel & Cole PC
Norman "Rick" F.
Kron Jr.
Grimshaw & Harring, P.C.
Saranne K. Maxwell
Kutak Rock
George M. Rowley
White, Bear & Ankele, P.C.
Samuel R. Sharp
D.A. Davidson & Co.
Sarah P. Tasker
Sherman & Howard L.L.C.
Continuing education credit:
• CO CLE 8.0 • IACET 0.65 • CPE 8.0
See inside for details.
L0R~ Keeping You Current.
Helping You Succeed.~
~mvrcmxMtorwAxausix[ssum[n,ixc. k'W'W'. Formaamm•cusmmerserviceplormaamm
OTTaCHMENT 3
Critical Issues on the Agenda
830 Ani -10:00 nra
History and Overview of Special Distrids
- Norman "R~~k" F Kron Jc and Geuige IN. Row9ey
• Statutory Framework for Creation From Service Plan to Court
Order
• District Authority to Issue Debt
• Legislative Changes in the 1980s
• OtherTypes of Special Districts (GIDs, LIDs, etc.)
10:00 ano-10:10aM
Break
10:10 nM -11:00 aM
The Anatomy of a Service Plan
- AAary 1o Oougherty onci Kathryn S. KanGa
• Statutory Basis for Service Pian Approval - What Does a Service
Plan Need [o Contain?
• Comparative Approaches to Service Plans
• let the Sunshine in - Staturory Compliance Matters
17:00 nm -1130 an+
Urban Renewal Authorities and Tax Increment Funding
- Saranne K Maxwell
Statutory Framework for Urban Renewal Authorities
- Tax Inaement Funds and TABOR
Use ofTax Increment Funds as a Financing Mechanism for
Public Infrastructure and Services Provided by Special Districts
11:30 arn - 1230 vm Lunch (On Your Own)
7230 Pni - 1:45 vM Public Improvement Fees J;, ard Saruh P Tasker
• What Are Public Improvement Fees?
Add-On vs. Credit PIFs
• Use of Public Improvement Fees as a Financing Mechanism for
Public Infrartructure and Services Provided by Special Districts
Public Improvement Corporations
- PIF Coilection Agreements
1:45 vM - 3:00 Pm Case Studies - Where the Rubber Meets the Pavement
- Mary lo Dougherry, ~mothyJ. (=1ynn and Sa;nuel R. Sharp
• Mechanisms for Making Growth Pay Its Own Way Post-TABOR
• Use of Multiple Financing Mechanisms for Large-Scale
Development Projects
3:00 Pm-3:10vm Break
3:10 PM-430 PM Special Districts' Use of the Eminent Domain Power
--tifkael , 4' Rivero
Special Districts' Eminent Domain Authority
Using Eminent Domain to Support District Projecu
- Eminent Domain Fundamentals
- Requirements for the Exercise of Eminent Domain
Recent Developments in Eminent Domain Law
Lorman EAucation Serviws reserves the righ[ ro moAi(y
the agenda and the faculry when circumstances are beyond ow mnVOl.
Register Now • www.lorman.com
Seminar Highlights
How to utilize special districts to finance public infrastructure
in successful development and redevelopment projects.
Attend this seminar and you'll learn how Title 32 special districts, as local
government entities, are used to finanw increasing public infrastrucwre and
service needs. You'll qet a handie on the mechanics of special district formation
and a district's governing document - the service plan. Don't delay register
today to make sure you stay on the cutting edge of your fieid.
Benefits for You
Find out what you need to know about comparative approaches to service
plans
Tips for using tax increment funds as a financing mechanism for public
infrastructure and services provided by special districts
Get the lowdown on public improvement fees
Hear case studies from seasoned professionals
Leam about the implications of Kelo for spe:ial dirtricts
Professional Manual
You will receive a professionally prepared manual compiled by the faculty
specificaliy for this seminar. The seminar will be remrded. Your regisvation
constitutes your consent to wch recording. If you cannot attend, you may order a
set of CDs and the accompanying manual from this program by using the
registration form on the back panel.
I Continuing Education Credit I
.cr,W,rnu , 3vSui,i< , Jo U Y urm.;ryir ena rorp~~ . Ysn.llc ~ r mery
el .~potmi evq'C.'u[a, os, 1.e11 .e..t ;+I LrL ra''bi r., --bcu r n~
macrr ~r~dtl~q.
This proqram has been approved by the Colorado Supreine Com[ Board of Cominuing Legal anA iudlcial
EducatIOn for 8 0 hours of QE.
j torman Business Cen[eq Inc. is an Authorized Pmvider by the Inrerwtional Associttion of
A Con[inuing Education and Traininy pACET). Lonnan Pusinezs Center, Inc. will award Oti5
C ~Y CEUS m par[icipants who su«essfullY complete this proyram. Participanls mus[ mm0lxve an
E evaluation in order to ceceive CEUS. Please verify appli<abiliry with your professional bwrd
T beforeattending.
IFCET leaming Obje[tives
Theattendeewillbeabletorevlewtheanatomyofazerviteplan.
• TheattendeewillbnabletoldentifythestaNrory fiameworkforurbanrenewalauthoritles.
• Thea¢entleewillbezblerodiscussemineNAOmain.
Thea¢endeewillbeableroremgnizethelegalbazisforotherpublicinlraztm<turefin::ncingirechanismz.
mduding public improvemen[ (ees.
Lorman Education Services ie registeredwith the National Assaciation o(State Boards of Acmantancy (NASBA)
as a sponsor o( mntinuing pmfessional edu<ation on the National Pegistry of CVE Sponzorz. State boarAS of
acmun[ancy have final authoriry on the ac<eptance of individual courses for CPE cretlit. Complaints regarding
agistered sponsors may be aJdressed m the National Regiztry o(CGE Sponzors, 150 Fourth Avenue Notlh, Suile
700,Nashville,TN,37219-2417.Website:ww.na5aom
CPE Credit Maximum Credit Hours: 8.0 each sessien (based on a 50 minute credit hour). Field of Smdy:
iinance. Prerequisite: None. Level of Knowledge:lncermediace. Teachiny Method:5eininar, Lecwre. Advance
Preparation: None. DeliveryMethotl.Group-Live. Please refer b the'mformation in tha broNUre foroutline, course
con[ent and ohjectives. Upon mmpletion of this course, you wlll receive a certificate ot anendance Ginal apProval
of a murse forCPE aedit belonqs with ea<h state's re9ularory Aoard.
Phone 866-352-9539 • Fax 77 5-833-3953 I
Our Distinguished Faculty
Munsey L. Ayers Jr. is a director with the Denver law firm of Otten, Johnson, ftobinson, Neff & Ragonetti,
PG His areas of practi<e indude representation of primarily private secror dients in matterz irnoiving land
use law, municipal law, zoning law, real estate development and annezation, boih in transactional and
Iitigation contexts. He re<eived his B.A. degree fmm Baylor University and hiz J.D. degree from the
University in Denver, where he was matle a member of the Ortler of SL Ives. Mr. Ayers has spoken for
various professional groups on topi<s related ro his areas of practice. He is a member of the Golorado,
Demer and American Bar Associations.
Mary Ja Dougherty is a shareholder of McGeady Sisnems, P.C She serves as general counzel Por
numerous special districts along the fmnt range and in mountain communities, assisting her residential
and commercial district diems ta mmplete complex 6ond transa<tions, utilizing various sttucares,
induding PIUPIPS and tax incremenC Flnancing. Prior to joining McGeady Sisnews, P.C, Ms. Doughettys
transactional experience induded municipal finance and real esCare transac[ions. As a graduate of the
University of Denver College of Law, Ms. Dougherty waz named to the Order o( St Ives.
Timothy J. Flynn is a shareholder in the firm of Collinz Cockrel & Cole PC He is a 9raduate of Claremont
McKenna College and the University of Utah College of Law. Mc FlynnY practice emphasires the
representation of local govemments, ezpecially special districn in the metrapolitan Denver area. He
served on Oenver Water's CiCizen Advisory Committee for 12 years and is a member of the executive
mmmittee of the Metwpolitan Denver Water Authority.
Kathryn S. Kanda is an attomey with McGeady Sisneros. P.C Her practice focuses on representation of
developers, home builders and Title 32 special distri<ts wlth regard te the financing ef new development.
Prior ro obtaining her law degree fmm the University of Denver, where she was named ro the Order of St.
Ives, Ms. Kanda worked for the State of Cobradq where she worked on a variety of wtural resomce policy
matters, induding the Smart Growth and Development Initiative.
Norman "Rick" F. Nmn Jr. is an attomey with Grimzhaw & Harring, P.C, where hiz practice areas indude
spe<ial distri<ts antl business impmvement districts, as well as eleaions and election dispures. Mr. Kron is
a frequent author on le9al topics. He is z member of the American Inztitute of CertiFled Planners. Me Kron
earned B.U.P. and B.A. degrees from the University of Illinois; an M.U.R,P. degree from the University of
Wismnsin; and a J.D. degree, Order of the CoiE from the University of Cobrado. He was admitted to
practice in Colorado and the U.S. Disvict Court for the Disttict of Cobrado in 7967 and the U.S. Supreme
Court in 1991.
Saranne K. Maxwell is a partner in Kutak Rock§ Denver ofFlCe Public Finance Department. Her pmctice
emphasizes the representation of Colorado 9ovemmental issuers, particulady special districts, as bond
and disdosure munsel in addition ro the representation of underwriters and letter of credit banks. Ms.
Polaxwell has zlso represented izsuers, widerwrirers and bond pur<hazers in the workout and restmauring
of ttoubled or defaulted debt securities. She advises a range of dients, induding issuers, imestment
bankers and bmker-dealers, on a variety of legal and regulatory matrers. Ms. Maxwell received her
bar.helor's degree in emnomicz fmm the Universiry of Colorado at Boulder and her law degree from the
Universiry o( Denver School of Law.
Mikaela V. Rivera is an attorney at Otten, Johnson, Robinson, Neff & Ragonetti, P.C She practices with the
firm's Commercial LitigaCion Group. One of her primary foases has been eminent domain, and she has
repretented primarily private sector dients and landownerz in all stages of eminent domain litigaiion. Ms.
Rivera received her B.A. degree from the University of Cobrado and her I.D. degree from the University of
Cobrado School of Law. She is a member of the Americaq Colorado and Denver Bar Associa[ions.
George M. Rowiey is a shareholder with White, Bear & Ankele, P.C His practice area indudes
representation of special districts in all matrers, induding district financing, consvuction issues and
statumry complianw. Mr. Rowley is a graduare of Brigham Young Universiry Law School, where he was
associare edimr of the Brigham Young Universiryloumpl of7ublic Law.
Samuel R. Sharp is the senior vice president of public finance and Ieads the Special Distria Group of D.A.
Davidson & Go., working primarily with Colorado special tlistriccs. Since 2001, this group has underwritten
over $2] billion in total bond principal amount for Cobrado special disnicts, representing over 65 per<ent
of [he total underwritten over xhe last four years. Mc Sharp also works with special distri<is in Florida, New
Mexim and Arizona. He earned his M.P.A. degree fmm Columbia University in New York Ciry, roncenCrating
in public finance, and his B.A. degree from Occidental College in Los Angeles.
Sarah P. Tasker iz a parmer in the Puhlic Finan<e Department of Sherman & Howard LLCs Denver office.
She has acted as bond munsel, disdosure munzel, underwricer"s counsel, issuer's munsel and trusteez
munsel on a wide varieCy of transactions, induding traditional municipal bonds, lease-purchase
financings, enterprise financings, school distri<t bonds, special district finzncings, interest rate exchange
agreemenn and other derivativez and American Indian trihal Financing. Ms. Tasker received her J.D. degree
hom the University of Cobrado School of Law and her 8 A. de9ree, with distinction, from the University of
Colorado. She iz the president of the Cobradu Associatiun of Bond Lavryerz.
You could earn a referral bonus by becominq a Lorman partner. Visit
. www.lorman.com/contactlassociations.php or call Nicki Wolff at 800-6783940.
General Information
Denver, CO • Apri129, 2008
Radisson Hotel Denver Stapleton Plaza • 3333 Quebec Street
Registration: 8:00 am - 830 am • Session: 830 am - 430 pm
Lunch Break: 1130 am - 1230 pm (On Your Own)
Co jn(or c, minv~r ma[ionat866352-9539rpieds«o'notufor,c,-a'm'detlon ~r "dors
~ r do). The facility is wheelchair acwssible. Please contac[ us with any questions.
Walk-Ins: Call Lorman for fnal schedule information.
CancellaCions: 5uoI iur, cc;stanr .cm,:mneaniiaynenzmeActen,'meJfyC anc=sixoci r_s~n-~=
Czsi nC.., ?.yt.i+ic~mcari" ~ Il~r.ai .crh[qcli~ .cancc 'cekwzlus I.sytm
~
arr, c G1 )oL cd..:.~f)'vU .]1,~P[[OV.bN1niiu€urB
.s>r~a ~ir~rwr u cpT Fc i d ~you.zi ~.ur~.,ay u~~ t.nsfe~atl IE~,-e~;oBn ti ~udo
~c d tu.,anJ»u .,L,n<< ~sJ r ahov~ ~ i respcns p tir-IIIi~1_a, rull ifLour3n,a,aJZa
_ nI Y . i,i is ~,I~Iryfi~ dlrer icnFen:aror,F'ymen[
CopyrightStatement or,~serr °py~~11._N~ndmayr~[t,r_co.o..1~r~nsai0edinnioe2'~~a~[
w'R it e.e~Jrc? u.iLC'noer i ^araLLL1J, c a_aLarn .,-r~irconstl.-uleiywraga, r,,rdnorm
BCfJ IItr,,Clhc l ely,H.ito(i:
Additional Educationat Opportunities
Te12COnfefence5: Not able to commit m a full day? Telemnferences are now available. Visit us at
www lorman wm/teleconference for a<omplete lir[ing of teleconferen<es.
OO-Slte SemindfS: If you have a gmup of 10 or more, It may be fnancially beneficial for you to
schedule z seminar at your facility. Conta<t Lorman or email us at onslte@lormanmm to inquire about
on-site seminars on this or other topics.
Electronic Products: io DOWNLOAD the most <urrent information IMMEDIATELY and avoid
shipping costs, visit us at www lorman com for a complete Iisting of electroni< products.
Lorman Bookstore
VLit cui on:ine ~ c store at www. orniaam (or [he Nhous.nrts of noanual, and acdio recordinus
th i [ j r avallsblp iu=. cih?r L. i ian semlr, u-_ Our Gollcy Is to flll all orders with Lhe most recent
w iut,i s dcaila61e 1'our tuok5'iti will be shipped v't iii three to 9e~ busineis A rv>, upon
rr-, eipi ef your or.ier.
P ~de; rF,e b K,t~re iisnrc ! i.,~v, see ihe ba:.F panel o( rhe brechure or vlsii uonllne (or
¢ n pl tb~ ordarir c»obnities 'F c.rJlt inYc iJ.nion is also uvailable onlir,e
Eminent Domain - Right ofWay Acquisition and Condemnation Pmcess; Relo<ation Benefits for
Condemnees; Appraisals in Liti9ation; Unique Aspects of Valuation.
Faculty: Allan L. Hale, Hale Friesen, LLP; Amanda A. eradley, Hale Friesen, LLP; Greq Jamieson,
Colorado Department of Transportation Region 6; Mikaela V. Rivera, O[ten Johnson Robinson Neff
& Ragonetti, P.G; Richard F Podriguez, Holme Roberts & Owen LLP; Larry D. Tannenbaum, Office of
ihe Attorney GeneraL E:2007. 112 pages.
Item: 373687TMX CD and Manual $149
373687MAN ManualOnly $69
373687EMN EManualOnly $69
Gurrent Issues in Storm Water Management - C3eneral Storm Water Permitting and Enforwment;
Land Development Effects on Waterviays and Law Impact Development Solutions; TMDLS;
Integrating Natural Processes Inm the Urban Environmen[ to Reduce Sform Water linpacts.
PacWty: Michelle DeLaria, Meza Construc[ion Company; Ted Christianson, Denver Wastewater,
Carolyn L. Mclntosh, Patton Boggs LLP; Ronda L. Sandquist, Jackson Kelly PLLC; Jim Wulliman,
Muller Engineering Company. V2007. 384 pages.
Item: 369838TMX CD and Manual $179
369838MAN ManualOnly $79
369838EMN EManualOnly $79
Zoning and Land Use - Getting Your Project Approved; Water and Development; Dealinq With
the Split Estate; When the Govemment Goes Too Far - Requlatory Taking and Inverse
Condemnation.
Faculty: lames B. eoryel, F.sq, Holland & Hart LLP: Wynetta Massey, Ciry of Colorado Springs;
Bruce M. Wright, Plynn Wright & Fredinan, LLC C2007. 136 pzges.
Item: 373619TMX CD and Manual $149
373679MAN ManualOnly $69
373619EMN E-ManualOnly $69
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