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HomeMy WebLinkAbout18-3677 ord399 ORDINANCE NO. 18-3677 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PLAINVIEW, TEXAS DESIGNATING A CERTAIN CONTIGUOUS GEOGRAPHIC AREA IN THE CITY AS "TAX INCREMENT REINVESTMENT ZONE #1, HISTORIC DOWNTOWN PLAINVIEW, TEXAS"; ESTABLISHING A BOARD OF DIRECTORS FOR SUCH REINVESTMENT ZONE; CREATING ATAX INCREMENT FUND FOR THE ZONE; PROVIDING FOR AN EFFECTIVE DATE AND TERMINATION DATE FOR THE ZONE; AND CONTAINING OTHER PROVISIONS RELATED THERETO. WHEREAS, the City Council (the "Council") of the City of Plainview, Texas, (the "City") desires to promote the development of a certain contiguous geographic area in the City, which is depicted by map in Attachment "A" and more specifically described by property tax identification number(s) in Attachment "B", by the creation of a reinvestment zone (the "Zone") as authorized by and in accordance with the Tax Increment Financing Act (the "Act"), Chapter 311 of the Texas Tax Code, Vernon's Texas Codes Annotated; and WHEREAS, in compliance with the Act, the City has conducted a public hearing to consider the creation of the Zone and its benefits to the City and property in the Zone and provided reasonable opportunity for (i) all interested persons to speak for or against the creation of the Zone, its boundaries, or the concept of tax increment financing in general and (ii) owners of real property in the Zone to protest the inclusion of their property in the Zone, as required by Sections 311.003(c) and (d) of the Act; and WHEREAS, pursuant to Section 311.003 (c) of the Act, notice of such public hearing was published on Sunday, April 8, 2018 in the Plainview Daily Herald, a newspaper of general circulation in the City with publication of the notice occurring not later than the seventh day before the public hearing; and WHEREAS, attached hereto as Attachment "C", the City has prepared a Preliminary Project and Financing Plan for the Zone in accordance with Section 311.003 (b) of the Act; and WHEREAS, the Council hereby recognizes that there is no guarantee that the value of property in the Zone will increase, that any increases in value are dependent upon many factors which are not in the City's control, and that there is no guarantee of any tax increment, as that term is defined in the Act; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PLAINVIEW, TEXAS: TIRZ#1, HISTORIC DOWNTOWN Ord. No. 18-3677 1 400 Section 1. Findings That after reviewing all information before it regarding the establishment of the Zone and after conducting a public hearing regarding the creation of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportunity for (i) all interested persons to speak for or against the creation of the Zone, its boundaries or the concept of tax increment financing and (ii) owners of real property in the Zone to protest inclusion of their property in the Zone, the City Council hereby determines: 1.1 The statements and facts set forth in the recitals of this Ordinance are true and correct. Therefore, the City has met the notice and procedural requirements set forth in Chapter 311 of the Texas Tax Code for creation of a reinvestment zone thereunder. 1.2 Development or redevelopment of the property in the Zone as a whole is not likely to occur solely through private investment in the reasonable foreseeable future. 1.3 Improvements in the Zone, including without limitation those previously outlined to the City Council, will significantly enhance the value of all taxable real property in the Zone and will be of general benefit to the City, its residents and property owners. 1.4 The Zone is a contiguous geographic area wholly within the corporate limits of the City. 1.5 Among other things, areas within the Zone include property that substantially arrests and impairs the sound growth of the City in its present condition and use because of the presence of a substantial number of substandard, slum, deteriorated, or deteriorating structures, the predominance of defective or inadequate sidewalks or street layouts and the deterioration of site or other improvements. Therefore, the area within the Zone meets the criteria for designation as a reinvestment zone and satisfies the requirements of Section 311.005 of the Act. 1.6 Excluding property that is publicly owned, property in the Zone that is used for residential purposes (defined as any property occupied by a house having fewer than five living units) does not exceed thirty percent (30%) of the property in the Zone. 1.7. According to the most recent appraisal rolls of the City, the total appraised value of all taxable real property in the Zone does not exceed fifty percent (50%) of the total appraised value of taxable real property in the City and in the industrial districts created by the City, if any. TIRZ #1, HISTORIC DOWNTOWN Ord. No. 18-3677 2 401 Section 2. Designation of Zone The Council hereby designates the Zone depicted by map and listed by Property Tax Identification numbers, both attached hereto as Attachments "A" and 'B" and made a part of this Ordinance for all purposes, as a reinvestment zone pursuant to and in accordance with Chapter 311 of the Texas Tax Code. This reinvestment zone shall be known as "Tax Increment Reinvestment Zone #1, Historic Downtown Plainview, Texas." Section 3. Board of Directors A board of directors ("Board") for the Zone is hereby created. The Board shall consist of seven (7) members who shall serve for terms of two (2) years each. The Board shall be appointed as follows: 3.1 Of the seven (7) Board members, Council shall appoint five (5) members, with three (3) of the five (5) Council appointees being specifically comprised of one (1) member from each of the following organizations: Plainview Downtown Association, Main Street Board and the Plainview -Hale County Economic Development Corporation. Hale County may, but is not required to, appoint two (2) members. The initial board of directors shall be appointed by resolution within sixty (60) days of the passage of this Ordinance. Council shall appoint members as is necessary to fill the remaining positions, if Hale County does not appoint their allotment. All members appointed to the Board shall meet the eligibility requirements as set forth in Section 311.009 of the Texas Tax Code. Such members may be members of the City Council. 3.2 Council shall annually designate a member of the Board to serve as chairperson of the Board, and the Board shall elect from its members a vice chairperson or other officers as it considers appropriate. 3.3 The Board shall make recommendations to Council concerning the administration, management and operation of the Zone. The Board shall prepare and adopt a final project and financing plan for the Zone and submit such to the City for final approval by or before December 1, 2018. 3.4 The Board shall perform all duties imposed upon it by Chapter 311 of the Texas Tax Code and all other applicable laws. Notwithstanding anything to the contrary herein, the Board shall not be authorized to (i) issue bonds, (ii) impose taxes or fees, (iii) exercise the power of eminent domain, or (iv) give final approval to the Zone's project and financing plan. TIRZ #1, HISTORIC DOWNTOWN Ord. No. 18-3677 3 402 3.5 The Board shall have the authority to establish and administer economic development programs, including the power to make loans and grants from collected tax increment, to the same extent as is authorized under Chapter 380 of the Texas Local Government Code. Should such loans or grants occur, their intent must fulfill the public purposes of developing and diversifying the economy, eliminating unemployment/underemployment, and developing or expanding transportation, business and commercial activity in the TIRZ; however, such authority shall be expressly limited according to TIF Project Submission Guidelines (to be created and approved by the Board and Council at a later date). TIF Project Submission Guidelines will limit the Board's authority with respect to making loans and grants by defining a maximum amount that may be disbursed by the Board without requiring final approval by Council. Section 4. Effective Date and Termination Date of Zone The Zone shall take effect upon the adoption of this Ordinance and terminate on the earlier of (i) December 31, 2047 (with final year's tax to be collected by September 30, 2048) or, (ii) at an earlier termination date designated by a subsequent ordinance adopted after the effective date of this Ordinance, or (iii) the date on which all project costs, tax increment bonds and interest on those bonds have been paid in full. Section 5. Determination of Base Year Value The tax increment base for the Zone is $16,242,424.00 as of January 1, 2018, which is the total appraised value of all taxable real property located in the reinvestment zone based on the 2018 preliminary tax roll. Section 6. Tax Increment Fund A tax increment fund for the Zone ("TIF Fund") is hereby created and established by the City. The TIF Fund may be divided into such accounts as may be authorized by subsequent resolution or ordinance of the City Council or for administrative convenience by the City Finance Director. The TIF Fund shall consist of (i) the percentage of the tax increment, as defined by Section 311.012(a) of the Texas Tax Code, that each participating taxing unit which levies real property taxes in the Zone, other than the City, has elected to dedicate to the TIF Fund under an agreement with the City authorized by Section 311.013(f) of the Texas Tax Code, plus (ii) seventy-five percent (75%) of the City's tax increment, as defined by Section 311.012(a) of the Texas Tax Code, subject to any binding agreement executed at any time by the City that pledges a portion of such tax increment or an amount of other legally available funds whose calculation is based on receipt of any portion of such tax increment. The TIF Fund shall be maintained in an account at a depository bank of the City and shall be secured in the manner prescribed by law for Texas cities. In addition, all revenues from (i) the sale of any obligations TIRZ#1, HISTORIC DOWNTOWN Ord. No. 18-3677 4 403 hereafter issued by the City and secured in whole or part from the tax increments; (ii) revenues from the sale of any property acquired as part of a tax increment financing plan adopted by the Board; and (iii) other non -bond revenues dedicated to and used in the Zone may be deposited into the TIF Fund. TIF Funds will be used solely in accordance with Section 311.014 of the Texas Tax Code. Section 7. Tax Increment Agreements That, pursuant to Sections 311.008 and 311.013 of the Texas Tax Code, the City Manager and City Attorney are hereby authorized to execute and deliver, for and on behalf of the City, tax increment participation agreements with other taxing units that levy real property taxes in the Zone and choose to participate by pledging a portion of the increment going to them. Section 8. Severability That if any portion, section or part of a section of this Ordinance is subsequently declared invalid, inoperative or void for any reason by a court of competent jurisdiction, the remaining portions, sections or parts of sections of this Ordinance shall be and remain in full force and effect and shall not in any way be impaired or affected by such decision, opinion or judgment. Section 9. Effective Date That the establishment of the Tax Increment Reinvestment Zone #1, Historic Downtown Plainview, Texas shall take effect on the date of the final passage of this Ordinance. This Ordinance shall be of full force and effect upon its passage and publication as required by law. PASSED AND APPROVED on first reading this 24th day of April, 2018. PASSED AND APPROVED on second reading this 8th day of May, 2018. Wendell Dunlap, Mayor TIRZ #1, HISTORIC DOWNTOWN Ord. No. 18-3677 5 404 A EST: Belinda Hinojosa, Citecretary APPROVED AS TO CONTENT: APPROVED AS TO FORM: 1/ Marcus Norris, City ttorney r6 ,-7 A"1-14, TIRZ #1, HISTORIC DOWNTOWN Ord. No. 18-3677 6 405 Attachment "A" Tax Increment Reinvestment Zone #1, Historic Downtown Plainview, Texas Boundary Plainview, TX Proposed TIRZ Boundary Railroads TIRZ Boundary Selected TIRZ Parcels N 0 005 01 0.2 Was Q City Limits i I 1 tun 406 Attachment "B" Parcels Included in Tax Increment Reinvestment Zone #1, Historic Downtown (By HCAD Property ID Number) 9 12111 14617 17260 19691 21750 23136 25028 26679 79777 44 12118 14789 17261 19709 21761 23144 25090 26691 115064 48 12131 14916 17269 19799 21780 23149 25098 26704 206274 127 12141 15016 17335 19803 21796 23159 25124 26735 209089 137 12178 15062 17340 19812 21804 23195 25134 26814 8600371 294 12184 15067 17344 19925 21808 23228 25141 26846 320 12196 15069 17363 19943 21848 23257 25162 26878 323 12331 15082 17368 19953 21865 23265 25211 26908 331 12352 15088 17397 20112 22003 23318 25215 26916 354 12392 15099 17411 20401 22031 23355 25230 26930 365 12457 15118 17527 20471 22065 23376 25260 26933 381 12468 15158 17539 20818 22226 23393 25265 26955 10065 12481 15165 17557 20832 22366 23448 25309 27009 10077 12495 15285 17559 20840 22405 23460 25317 27047 10097 12602 15305 17660 20860 22408 23506 25339 27126 10105 12609 15357 17682 20880 22409 23564 25366 27141 10155 12632 15457 17685 20926 22413 23589 25372 27260 10184 12646 15465 17741 20932 22421 23629 25377 27632 10219 12749 15472 17764 20937 22433 23634 25402 27668 10232 13094 15476 17768 20954 22448 23656 25439 27678 10297 13194 15490 17772 21029 22450 23762 25448 27702 10317 13211 15502 17792 21045 22458 23764 25468 27704 10320 13233 15601 17801 21047 22462 23775 25475 27886 10338 13242 15606 17860 21050 22463 23801 25482 27892 10347 13514 15637 17861 21057 22473 23830 25540 27899 10447 13612 15655 17875 21068 22476 23858 25628 27902 10454 13657 15677 17892 21073 22485 23879 25640 27925 10489 13674 15723 17897 21077 22488 23903 25647 27972 10535 13677 15739 17905 21084 22493 23988 25666 27984 10591 13691 15754 17907 21110 22500 24012 25729 27992 10606 13703 15759 17916 21144 22510 24243 25862 28006 407 10615 13708 15848 17929 21152 22515 24259 25978 29581 10647 13775 15855 17945 21186 22519 24277 26009 37954 10794 13801 15859 17948 21189 22525 24281 26083 37959 10853 13804 15863 17960 21222 22531 24363 26088 37981 10863 13857 15869 18025 21230 22532 24386 26102 38280 11304 13950 15893 18171 21234 22536 24630 26107 49293 11330 13966 15930 18322 21239 22543 24641 26111 51364 11458 13974 15985 18487 21319 22549 24647 26119 51708 11465 14012 15995 18581 21353 22554 24740 26145 60838 11472 14031 16008 18615 21361 22558 24755 26182 61629 11474 14098 16032 18757 21396 22566 24807 26191 61630 11505 14117 16134 18812 21402 22571 24821 26215 61631 11508 14144 16309 18921 21462 22583 24824 26237 72684 11534 14154 16394 18933 21476 22588 24826 26306 72737 11651 14193 16666 18945 21490 22594 24838 26318 72740 11661 14195 16676 18999 21497 22604 24855 26319 73239 11813 14201 16701 19156 21509 22684 24857 26352 73754 11833 14231 16767 19174 21521 22729 24862 26382 73755 11845 14248 16787 19203 21533 22775 24866 26461 73907 11862 14256 16795 19231 21535 22783 24939 26462 73947 11873 14258 17020 19247 21571 22835 24947 26482 74109 11935 14283 17029 19288 21584 22869 24951 26486 74478 11945 14312 17066 19321 21591 22988 24953 26496 74593 11956 14339 17110 19437 21594 23002 24957 26506 76847 11966 14400 17124 19453 21616 23012 24961 26516 76863 11974 14420 17136 19549 21644 23024 24970 26517 76887 11981 14437 17221 19552 21659 23034 24995 26575 77419 12092 14498 17223 19580 21666 23087 25005 26577 79431 12099 14605 17256 19688 21746 23120 25019 26602 79776 408 Attachment "C" PRELIMINARY PROJECT AND FINANCING PLAN TAX INCREMENT REINVESTMENT ZONE #1, HISTORIC DOWNTOWN PLAINVIEW, TEXAS April 24, 2018 411111 explore the opportunities PLAINVIEW, TX 409 Table of Contents 1 OVERVIEW 1.1 Background 1 1.2 The Challenge 2 1.2(a) Description of the Zone 2 1.2(b) TIRZ Boundary 3 2 PRELIMINARY PROJECT PLAN 2.1 Existing Uses and Conditions, Proposed Uses— TEx. TAx CODE ANN. § 311.011(b)(1) 5 2.2 Proposed Changes to Zoning, Municipal Ordinances— TEX. TAX CODE ANN. § 311.011(b)(2) 8 2.3 Non -Project Costs— TEx. TAX CODE ANN. § 311.011(b)(3) 8 2.4 Method of Relocation—TEx. TAX CODE ANN. § 311.011(b)(4) 8 3 REINVESTMENT ZONE FINANCING PLAN 3.1 Estimated Project Cost Description— TEX. TAx CODE ANN. § 311.011(c)(1) 9 3.2 Statement of Proposed Public Improvements— TEx. TAX CODE ANN. § 311.011(c)(2) 11 3.3 Economic Feasibility— TEx. TAx CODE ANN. § 311.011(c)(3) 13 3.4 Estimate of Bonded Indebtedness to be Incurred— TEX. TAX CODE ANN. § 311.011(c)(4) 13 3.5 Estimated Time When Monetary Obligations are to be Incurred— TEX. TAX CODE ANN. §311.011(c)(5) 14 3.6 Methods and Sources of Financing— TEx. TAx CODE ANN. § 311.011(c) (6) 14 3.7 Current Appraised Value of Taxable Real Property— TEX. TAX CODE ANN. § 311.011(c)(7) 14 3.8 Estimated Captured Appraised Value by Year— TEX. TAX CODE ANN. § 311.011 (c)(8) 15 3.9 Duration of Zone— TEx. TAX CODE ANN. § 311.011 (c) (9) 15 4. Exhibits ExhibitA—"TIRZ #1, Historic Downtown, Legal Description" Exhibit B— "Estimated Captured Appraised Value by Year" Exhibit C—"TIRZ #1, Historic Downtown Revenue Model" 410 1. OVERVIEW 1.1. Background The City of Plainview (The "City") is a Texas home rule municipality incorporated in 1907, located approximately 47 miles North of Lubbock and approximately 76 miles South of Amarillo. The City is located in the Texas Panhandle and is the Hale County (The "County") seat of Government. As such, Plainview is the largest city in the County and provides numerous indispensable services benefitting area residents county -wide. Plainview, as the heart of Hale County, provides its citizens with world class healthcare, top-rated college/graduate programs, workforce development training and even a regional airport offering charter and private facilities. Although Plainview is home to many of the County's top services and amenities, the City's Comprehensive Plan (The "Comp Plan") as adopted by City Council on May 14, 2013, states that population growth within the City limits and extraterritorial jurisdiction ("ETJ") is expected to be startlingly modest: population trends project growth of fewer than 3,000 persons over the next 30 years. See Map Figure 1, City Limits and ET] and Table Figure 2, Plainview Population Trends. Map Figure 1- City Limits and ETJ Local Road LabeLs iV Interstate Rey of City Street Extra-territonal Jurlsdicbon City Limb Data &spnm were gathered by Ma Gavot%tweet kr moricipai wooskk No panrieers mark regardera sulabihly for an, otter use or worse N S ryn9i11t% PRELIMINARY PROJECT AND FINANCING PLAN COPLAINViEW,TX explore Me nppernotom TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 Table Figure 2- Plainview Population Trends Population 1970 19,096 1.8 1980 22,187 13.9 1990 21,700 -2.2 2000 22,336 2.8 2010 22,194 -.6 2040 25,000 11.2 Source: amended from Como Plan: U.S. Census Bureau Attracting and incentivizing new residential and economic growth is critical to the viability of the City of Plainview. This Preliminary Project and Financing Plan outlines the City's specific opportunity to utilize Tax Increment Financing ("TIF") in accordance with the requirements of Chapter 311 of the Texas Tax Code to spur new economic growth in its Historic Downtown District. 1.2 The Challenge 1.2(a) Description of the Zone Plainview's citizens and leaders realize that in sustaining gradual, deliberate growth and attracting new economic development, we must preserve the intrinsic qualities that are unique to our town. Of the perceived opportunities to be built upon in order to jumpstart economic growth and enhance overall quality of life, the Comp Plan gives specific mention to the redevelopment of the Downtown Historic Commercial District. Downtown Plainview, like many other downtown areas in towns of comparable size, was once the heart of the City and the center for commerce; however, once major thoroughfares were constructed, growth and business naturally gravitated West and Downtown Plainview faced significant disinvestment and is still plagued by such declining growth today. See Table Figure 3, Downtown Zone Taxable Value Analysis. Table Figure 3, Downtown Zone Taxable Value Analysis YEAR 2013 2014 2015 2016 TOTAL $3,961,235 $3,980,337 $3,917,323 $4,001,019 INCREMENT $19,102 -$63,014 $83,696 % CHANGE 0.48% -1.58% 2.14% 2017 $3,892,169 -$108,850 -2.72% Average Annual Growth Rate= -0.42% PRELIMINARY PROJECT AND FINANCING PLAN PLAINVIEW,TX explore the opportunities TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 411 412 Accordingly, the City should work to re-establish Downtown Plainview as a pedestrian commercial and entertainment destination and seize the economic opportunities therein. The re-establishment of Downtown Plainview is met with several specific challenges including: ➢ Substandard public infrastructure that impedes pedestrian sociability and mobility ➢ Numerous building vacancies and current aesthetics discourage development in the area ➢ Deteriorating facades need to be upgraded/improved to maintain historic integrity of the area 1.2(b) TIRZ Boundary The City is requesting that the County participate in a Tax Increment Reinvestment Zone ("TIRZ" or "Zone") to be created over certain commercial areas within Historic Downtown Plainview spanning 33 acres. Tax Increment Financing is a development tool available to the City to catalyze economic development in the downtown area. Increases in property tax revenues over and above the value of taxes paid within the Zone for 2018 are to be re -invested back into the area in the form of infrastructure improvements, facade upgrades, environmental remediation etc. Taxing jurisdictions continue to collect taxes on the base amount of assessed property values at the creation of the TIRZ for the life of the TIRZ. For a detailed explanation, See How Does TIF Work? below. Assessed Value How Does TIF Work? INCREMENT Value Used to Pay Project Costs BASE VALUE Value Taxable by City & County TIF Creation Remains for TIF Duration NEW Post ProiectAV Increased Taxable Value Returned to City & County FIF Creation PRELIMINARY PROJECT AND FINANCING PLAN PLAI NV!EW,TX rsplorr the oppormlars TIF Termination TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 Map Figure 4, below, depicts the TIRZ boundary. Map Figure 4, TIRZ Boundary -N— il — it 3' Plainview, TX Proposed TIRZ Boundary -- Railroads T9.RZ Boundary Selected TIRZ Parcels o o.1 al ry Limits 02Mees l The creation of a TIRZ in Historic Downtown Plainview is justifiable under Section 311.005 of the Texas Tax Increment Financing Act since the area's present condition substantially impairs the City's growth due to the presence of a significant number of substandard or deteriorating structures. Additionally, the Historic Downtown District possesses inadequate sidewalks and street layouts that impede pedestrian mobility and inhibit economic growth. But for the creation of the TIRZ and participation by both the City and County, Plainview's Downtown Historic District is not likely to attract or maintain private investment sufficient or timely enough to provide the proposed public improvements. Property values in the Zone are projected to remain flat or decline unless there is an intervening cause, such as creation of a TIRZ to address the area's deficiencies and stimulate new private investment and expansion. The necessity for the TIRZ partnership is compelling because neither the City nor County can address Downtown's redevelopment issues alone. Further, without improving public infrastructure and the overall aesthetic environment of Downtown Plainview, the area will remain outside the realm of citizens' consideration in deciding where to live, socialize, shop and do business. PRELIMINARY PROJECT AND FINANCING PLAN ©PLAINVIEW,TX ..,m,r the ao...n nk., TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 413 4 414 2. Preliminary Project Plan This Project Plan and Reinvestment Zone Financing Plan ("The Plan") has been prepared in accordance with the requirements of Chapter 311 of the Texas Tax Code and outlines the improvements to be funded and implemented in Tax Increment Reinvestment Zone #1, Historic Downtown. 2.1 Existing Uses and Conditions, Proposed Uses— TEX. TAX CODE ANN. § 311.011(b)(1) Most TIRZ properties are characterized by the "CBD- Central Business District" designation with retail, various residential and industrial zoning designations throughout. All properties within the Historic Downtown District also carry the overlay district designation of"D-H Design Historic" for zoning purposes. See Map Figure 5, Zoning District Map. Map Figure 5, Zoning District Map ! Ademultural N*IgMuhcod Sawa ! Rated ! Ceremonial Gutted ®rsness ! Central Bushels District G Des gm • Historic O L4d hdlstrid ! Hoary Industrial 6 -Farriy -1 ▪ kdre•Ferrils 2 Mmulemoed Hwang Perk Otto • Paid D..enpned Shgl►Famiy Res/dried . 1 (7.000 scderm bid Seigle Fancy Resident* - 2 (6,000 spim>bd) 9rigi. Fords Attached Reddened ! Duplex end Palin Hun* Readelbd ! Liieersdy end College Loral Road labels 409 hhltoate Hey 641 Cts Street 6mrterrEorial Jure:draon Cay Links TI1 Ocundmy 1 ale Data csplayed were gathered by the City of Plamenttor municipal purposes. No garattee is fade reg rdhg wards* kx any Doer use or pupose w s IMMI 0.12 E,164/1 04/14/1616.06 PRELIMINARY PROJECT AND FINANCING PLAN PLAINV1EWTx many rl oppemmrin TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 5 Existing land use within the TIRZ is overwhelmingly commercial and public/non-profit, with 11% of properties within the TIRZ boundary (calculated in terms of acreage per parcel) used for residential purposes. See Map Figure 6 below "Plainview TIRZ Parcel Use Classification." Map Figure 6 12th 1 5 q 3rd Plainview TIRZ Parcel Use Classification Map Legend Residential Non -Residential TlRZ Boundary Railroads Residential = 26.66 acres (11%) Non Residential = 114.12 acres (46%) Streets = 106.07 acres (43%) 0 0 0325 0 065 0'' 0 195 0 26 MIY4 PRELIMINARY PROJECT AND FINANCING PLAN PL.AINVIEW.TX TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 415 416 According to the Comp Plan, the City should convert Downtown from an overwhelmingly urban environment to an Urban Mixed -Use District to improve neighborhood and commercial viability. See Map Figure 7, Future Land Use. City staff will develop zoning code provisions to enable and encourage alternative development typologies in Downtown Plainview including: Lofts, Residential above Commercial, Live/Work Units, Entertainment, and enhanced Parks/Public Use spaces. Map Figure 7, Future Land Use , i.piAr .L. R- • ',- . - - .... 41111410,1 Ilm 4,...7....: r___ - “ 1; -,11!111.fikr4; • ; !Li ileAk. qv3 -----/-/-............11-J__./11,•,,-,-.4..„. - --'''..-11.."'-_-"--------------- . , ....l•'ilicil r,..r ..:. WS ; yr, ..1 - .,. - ... .7. ,. [...,. . i: .•-: L.. ;',IiPtif - I. . ) ._ at 'By I . 11 ,A 4:1 [1,...4.7. 1 r 11111114i Illi. 7 ' , . iii .,. , • - !-.. -, .-. r 1 • 71- c.; _ ; fE11:i1112i: . . • • E . 4-t i - - k , 7_3 , r. _:. i..7. _. 37. - g ...: -' — 7.;-;;;11. .. 1: r ;-:/ork1' 104:1 beidi 00 ' -; 1 1.1 0 IIII ; L'' ''' L.--. -, 4. - " ' ' -.= 0.11.0 °Mai 'Ilra.,_,- 'Ft L. Oa Mil; ilmr • ; Ill si . . •- . ... f , ... , -,..,... - . i i, ..71,11i? - ,--_, „.. r 1 liat.li .7.,..r.; . -, , , ..... f ^.4 1 -1110.71-71,1*.1* I .ii _ __ _! a ,--.• i uiijiii '-ilik.71: .--ei iiii0 ' - .R/1111P"I -- rJ Rural / Agricultural M; TIF Boundary Una Data displayed were gathered N 04/14/18 16 27 by the City of Plainview for EiMI Parks / Open Space —_J Special Uses munwipal purposes UM Neighborhood Conservation Local Road Labels No guarantee is mode 41'L regarding suitability for li= General Residential eV Interstate Hwy any other use or purpose line Auto -Oriented Commercial AIR City Street 5 M Urban Mixed -Use Extra -territorial Jurisdiction in Industrial City Limits * o. o.s 0.15 00 PRELIMINARY PROJECT AND FINANCING PLAN OPLAT Nvim-rx expbre 60 TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 2.2 Required Changes to Zoning, Municipal Ordinances— TEX. TAX CODE ANN. §311.011(b)(2) Changes to Plainview's Zoning Ordinance are needed to fully complete the Project Plan within the TIRZ. Specifically, the addition of an "Urban Mixed -Use" zoning district to Chapter 14, Section 4, "ESTABLISHMENT OF DISTRICTS AND BOUNDARIES" and the creation of all applicable district regulations therein. Design standards of the "D -H Design -Historic" overlay district will guide construction and renovation to ensure that the historic integrity of the zone is maintained. Other than the changes necessary to attract and encourage mixed-use development typologies within the TIRZ, there are no other contemplated changes to the City's Code of Ordinances, Zoning Ordinance or Comprehensive Plan. 2.3 Non -Project Costs— TEX. TAX CODE ANN. § 311.011(b)(3) At this time, non -project costs are estimated to total, but not be limited to, approximately $3,723,579.00. Non -project costs represent expenditures within the TIRZ paid for by private developers or third parties that support the implementation or furtherance of the Project Plan. See Table Figure 8, Non -Project Costs. Non -project costs support the formation of new enterprises, expand existing industry or attract new firms to the area but are not funded or reimbursed by TIF Fund revenue. The redevelopment of the Historic Hilton Hotel into "Conrad Lofts" plays an instrumental role in the projected upsurge of TIRZ taxable values and is a key part in jumpstarting new TIRZ growth but such development costs are paid for by a third party developer and will not be funded or reimbursed by tax increment revenue. All other proposed improvements listed in this Project Plan, whether public works or otherwise, are defined as Project Costs under Section 311.002 of the Texas Tax Code and may be eligible for funding or reimbursement from the TIF fund. Table Figure 8- Non -Project Costs Project Estimated Cost Conrad Lofts, 191 W. 6th Street 27 Condo Units 49,000 total sq. ft. $3,723,579.00 2.4 Method of Relocation—TEx. TAX CODE ANN. § 311.011(b)(4) It is not anticipated that any TIRZ construction or TIRZ redevelopment projects will require relocation of displaced persons. In the event that residential properties are purchased by developers in connection with Project Plan construction or redevelopment, the City will assist displaced tenants in locating alternate housing. PRELIMINARY PROJECT AND FINANCING PLAN PLAIN1diEW,Tx mplorr «. o„.. TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 417 418 3. REINVESTMENT ZONE FINANCING PLAN The TIRZ is intended to provide a funding and/or reimbursement mechanism for major public infrastructure improvements along with various landscape, beautification and urban design components for Historic Downtown Plainview. The Plan is comprehensive and long-term in nature which will promote stability and sustainable economic opportunities in an area that is currently underutilized and not reaching its full potential. 3.1 Estimated Project Cost Description— TEX. TAX CODE ANN. § 311.011(c)(1) The project costs below comply with the categories established in Section 311.002 of the Texas Tax Code as Project Costs that are eligible for TIF increment fund reimbursement. The dollar amounts are approximate based on assumptions of how the TIRZ may develop over the duration of the zone and are expressed in year 2018 dollars. Project costs may be adjusted to actual development plans, bid costs and/or for inflation. Approved projects shall commence as funds are available in the "TIF Fund" or are available from other sources. Public Works/Improvement Projects Mobilization Demolition/Brick Preservation Brick Paver Installation Concrete Pavement - Sidewalk and Paver Drop Slab Concrete Curbs ADA Ramps Drainage Flumes Fagade Improvements Street trees/landscaping/irrigation Pedestrian Lights with banners Bike racks, benches/trash receptacles Professional Services Architects/Engineers/Surveying/Legal/Consulting Review of Preliminary & Final Plans SUBTOTAL $3,993,425.00 $25,000.00 $4,018,425.00 ± 15% Incidentals $602,763.75 TOTAL Estimated Project Costs $4,621,188.75 PRELIMINARY PROJECT AND FINANCING PLAN COMAI MVI FW,TX nplaR «opportioitirs TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 9 1 TIRZ project costs will be funded at the discretion and approval of the TIRZ Board of Directors (The "Board") with the consent of the City Council. Costs that the Board finds necessary or convenient to the creation of the zone or to the implementation of the project plans for the zone will be considered as eligible project costs. In addition to the projects outlined above, the following categories established in Section 311.002(1) of the Texas Tax Code as eligible project costs will be considered as such when appropriate and practicable: (A) Capital costs, including the actual costs of the acquisition and construction of public works, public improvements, new buildings, structures, and fixtures; the actual costs of the acquisition, demolition, alteration, remodeling, repair, or reconstruction of existing buildings, structures, and fixtures; the actual costs of the remediation of conditions that contaminate public or private land or buildings; the actual costs of the preservation of the facade of a public or private building; the actual costs of the demolition of public or private buildings; and the actual costs of the acquisition of land and equipment and the clearing and grading of land; (B) Financing costs, including all interest paid to holders of evidences of indebtedness or other obligations issued to pay for project costs and any premium paid over the principal amount of the obligations because of the redemption of the obligations before maturity; (C) Real property assembly costs; (D) Professional service costs, including those incurred for architectural, planning, engineering, and legal advice and services; (E) Imputed administrative costs, including reasonable charges for the time spent by employees of the municipality or county in connection with the implementation of a project plan; (F) Relocation costs; (G) Organizational costs, including the costs of conducting environmental impact studies or other studies, the cost of publicizing the creation of the zone, and the cost of implementing the project plan for the zone; (H) Interest before and during construction and for one year after completion of construction, whether or not capitalized; (1) Operating cost of the reinvestment zone and project facilities; and (J) Contributions made by the municipality or county from general revenue for the implementation of the project plan. PRELIMINARY PROJECT AND FINANCING PLAN OPLAINVIEW,TX TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 419 10 420 It is anticipated that economic development loans or grants might be made to assist implementation of the Project Plan. The Board, with City Council's approval, shall have the authority to establish and administer economic development programs, including but not limited to grants and loans, authorized under Chapter 380 of the Texas Local Government Code. Should such grants or loans occur, it will be done with the intent to fulfill the public purposes of developing and diversifying the economy, eliminating unemployment/underemployment, and developing or expanding transportation, business and commercial activity in the TIRZ. 3.2 Kind, Number and Location of Proposed Public Improvements— TEX. TAX CODE ANN. § 311.011(c)(2) The proposed public improvements of TIRZ #1, Historic Downtown, are meant to address and remediate specific challenges faced by the area, which, if not remedied by TIF intervention, will continue to substantially impair the City's growth. Current public infrastructure is substandard for pedestrian mobility purposes and the overall area aesthetics are unfriendly and uninviting. Accordingly, widened sidewalks, curb extensions for traffic calming, textured crosswalks and ADA compliant ramps are proposed to increase pedestrian mobility and access in the area. In an effort to improve area aesthetics, extensive facade enhancements, street trees, decorative planters, irrigation, ornamental street lights, banners and signage are proposed to evoke a sense of arrival and increased character in Historic Downtown. Redevelopment of the area is contemplated to materialize in three phases over the 30 year life of the TIRZ. Phase 1 will redevelop Courthouse Block, Phase 2 will redevelop Fair Park Block and Phase 3 will redevelop remaining streets within the TIRZ (according and subject to actual TIF Fund availability). See Map Figure 9 and Map Figure 10 and Figure 11. Map Figure 9 Plairniew Streetscape: 6111 Street (Courthouse) OrwNVIEK x Ktmley ➢Hom PRELIMINARY PROJECT AND FINANCING PLAN PLAI NVIEW,,TX captor, rhe oppetrtuntan TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 m Map Figure 10 Plainview Streetscape: 81.11 Street (Fair Park) 1.1.114007. QNXN'E"_!T KGmleyHorn Plainview Streetscape: Perspective Renderings and Material Palette �1914NVa.v"l FImley A Horn PRELIMINARY PROJECT AND FINANCING PLAN PLAT EW,TX npb.r opyo.ry,ath TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 421 422 3.3 Economic Feasibility— TEX. TAX CODE ANN. § 311.011(c)(3) The primary source of TIRZ revenue will be the ad valorem taxes generated on the annual incremental value above the base year value. Revenues will result from annual estimated inflationary growth on base property values and from new taxable values as construction and redevelopment occurs within the TIRZ. The table below shows expected TIF participation rates of the City and County respectively. Jurisdiction Tax Rate % Participation Duration City of Plainview 0.63120 Hale County 0.59550 Combined TIF Rate 1.22670 75% 50% 30 years 30 years Assuming development occurs according to Exhibit C, "TIRZ #1, Historic Downtown Revenue Model", the estimated cumulative combined City and County real property tax increments from within the TIRZ would total $1,608,760.00 over the 30 year life of the zone. Expected tax increments are a result of expected year 2019 developments attributable to the renovation of the Hilton Hotel into Conrad Lofts as well as the removal of the economic depreciation factor depressing the majority of downtown commercial property values to 70% of actual assessed values. With anticipated cumulative TIF fund receipts and the proposed TIF project costs expressed in terms of 2018 present value, the difference between anticipated receipts of $1,608,760.00 and the TIRZ project cost list of $4,621,188.75, creates a shortfall of $3,012,428.75. In other words, some but not all of the total eligible project costs identified in Section 3.1 of this Plan can be paid from the TIF fund. To fund the balance of the outlined projects, supplemental funding must come from some combination of municipal bonds for capital improvements, City/County operating budgets or grants. Alternatively, some of the project cost items might not be constructed. 3.4 Estimate of Bonded Indebtedness to be Incurred— TEX. TAX CODE ANN. § 311.011(c)(4) The City, in its sole discretion, may issue or cause to be issued bonds, notes or other obligations secured by tax increment revenues, the proceeds of which are used to pay for or reimburse Project Costs, capitalized interest, developer interest and costs of issuance of the bonds. The amount of bonds and bonded indebtedness will be a function of the availability of TIRZ revenues as estimated by Exhibit C, "TIRZ #1, Historic Downtown, Revenue Model" attached hereto. PRELIMINARY PROJECT AND FINANCING PLAN COPLAINVIEW,TX ..- TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 3.5 Estimated Time When Monetary Obligations are to be Incurred— TEx. TAX CODE ANN. § 311.011(c)(5) The TIRZ may incur monetary obligations after contracts between the TIRZ and property developers are inspected, completed and accepted by the City. The build -out horizon for TIRZ improvements will largely be market-driven. As such, bond issuance may occur at appropriate times as determined by the City and will largely be dependent upon tax revenue amounts available in the TIF fund to reimburse developers according to executed construction agreements or for debt service. Project costs, administrative costs and costs related to the creation and organization of the TIRZ may be paid from the issuance of bonds, directly from tax increment revenue, or a combination thereof. 3.6 Methods and Sources of Financing— TEx. TAX CODE ANN. § 311.011(c)(6) To ensure timely construction and redevelopment, the City may utilize both "pay-as-you-go" and other various methods of financing allowable under the Tax Increment Financing Act including the issuance of tax increment bonds. Any such bonds or notes are payable solely from the tax increment fund and must mature on or before the date by which the final payments of the tax increment into the tax increment fund are due. To the extent permitted by law, efforts will be made to leverage TIRZ funds with grants/public funds and other economic development tools. The City may issue tax increment bonds by ordinance. Alternatively, the City may execute a service contract with a created Local Government Corporation ("LGC") under Chapter 431 of the Texas Transportation Code to issue bonds on behalf of the City and manage the affairs of the TIRZ. The increment amount of sales tax attributable to the TIRZ will not be deposited into the tax increment fund. 3.7 Current Appraised Value of Taxable Real Property— TEx. TAX CODE ANN. §311.011(c)(7) The base year value of all taxable real property within the designated TIRZ is $16,242,424.00 as indicated by the 2018 Hale County Appraisal District preliminary tax roll. The base year value is approximately 2.07% of the total appraised value of all taxable real property in the City of Plainview, or well within the 50% limit required by section 311.006(a)(2)(B) (Based on the 2017 total appraised value of all taxable real property in the municipality of $783,843,722.00). Total value of privately owned property used for residential purposes within TIRZ #1, Historic Downtown is $6,112,054.00 and privately owned property used for residential purposes accounts for approximately 11% of the total property (calculated in terms of acreage per parcel) in the TIRZ, which is within the 30% maximum allowed by section 311.006(a)(1) (See Map Figure 6 for a more detailed explanation of calculations). PLAI NVIEW,TX 111.1. Wont the op tertwttin PRELIMINARY PROJECT AND FINANCING PLAN TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 423 424 3.8 Estimated Captured Appraised Value by Year— TEX. TAX CODE ANN. § 311.011 (c)(8) Exhibit B, "Estimated Captured Appraised Value by Year" demonstrates the projected incremental tax value subject to capture throughout the life of the TIRZ. 3.9 Duration of Zone— TEx. TAX CODE ANN. § 311.011 (c)(9) TIRZ #1, Historic Downtown Plainview, Texas shall exist for a term of 30 years. The TIRZ shall take effect immediately upon the passage of the ordinance creating it, lasting through December 31, 2047 (with final year's tax to be collected by September 30, 2048), or at an earlier time designated by the City Council by ordinance. The City Council may determine, in its sole discretion that the TIRZ should be terminated prior to the designated termination date if there is insufficient private investment in the TIRZ, accelerated private investment in the TIRZ, or other good cause. City Council, by ordinance, may also terminate the TIRZ when all project costs and tax increment bonds, if any, including interest, have been paid in full. NOTE: Per TEX. TAX CODE ANN. § 311.011(h), all amounts contained in this Preliminary Project Plan or Reinvestment Zone Financing Plan, including expenditures relating to project costs are considered estimates and do not act as a limitation on the items described herein. PRELIMINARY PROJECT AND FINANCING PLAN PLAT NVIEW,TX TIRZ #1, HISTORIC DOWNTOWN ORD. 18-3677 15 425 Exhibit A—"TIRZ #1, Historic Downtown, Legal Description" Beginning at the northwest corner of Lot 16, Block 51, Original Town of Plainview Subdivision. Then west across Denver Street 75 feet to a point being the west right-of-way line of Denver Street and the same being a point on the east lot line of Lot 2, Haynes Subdivision Unit No. 1, Then north along the west right-of-way line of Denver Street to a point being the northeast corner of a 40 -foot by 140 -foot strip of land immediately north of Lot 1, Block 65, Alexander and Westmoreland Addition, Then northwesterly across Tenth Street to a point being the southeast corner of Lot 1, Block 2, Highland Addition, Then north along the west right-of-way line of Denver Street to a point being the southeast corner of Lot 5, Block 27, Highland Addition, Then east along the north right-of-way line of Eleventh Street a point being the southeast corner of Lot 5, Block 28, Highland Addition, Then northeasterly across Columbia Street to a point being the southwest corner of Block 5, Central Park Addition, Then east along the north right-of-way line of Eleventh Street to a point being the northwest intersecting corner of Eleventh Street and Date Street right-of-way lines, Then east across Date Street 90 feet to a point being on the east right-of-way line of Date Street, Then south along the east right-of-way line of Date Street to the northwest corner of Lot 27, Block 4, Railroad Plainview Addition, Then east along the north lot line of Lot 27, Block 4, Railroad Plainview Addition to a point being the northeast corner of just mentioned lot, Then south along the east lot line of Lot 27, Block 4, Railroad Plainview Addition to a point being the southeast corner of the just mentioned lot, Then east across a 20 -foot alley to a point being the northwest corner of Lot 7, Block 4, Railroad Plainview Addition, Then east along the north lot line of Lot 7, Block 4, Railroad Addition to a point being the northeast corner of the just mentioned lot, Then east across Elm Street 60 feet to a point being the northwest corner of Lot 26, Block 5, Railroad Plainview Addition, 426 Then east along the north lot line of Lot 26, Block 5, Railroad Plainview Addition to a point being the northeast corner of the just mentioned lot, Then southeasterly along the east lot line of Lot 26, Block 5, Railroad Plainview Addition to a point being the southeast corner of the just mentioned lot and continuing in a southeasterly direction along the northeastern most lot line of Lot 25, Block 5, Railroad Plainview Addition to a point being the northeastern most corner of the just mentioned lot, Then south along the east lot line of Lot 25, Block 5, Railroad Plainview Addition to a point being the southeast corner of the just mentioned lot, Then east across a 20 -foot alley to a point being the northwest corner of Lot 7, Block 5, Railroad Plainview Addition, Then southeasterly along the east lot line of Lots 7 and 8, Block 5, Railroad Addition to a point being the southeast corner of the just mentioned Lot 8 and continuing in a southeasterly direction along the northeastern most lot line of Lot 9, Block 5, Railroad Plainview Addition to a point being the northeastern most corner of the just mentioned lot, Then southeasterly across Fir Street 60 feet to a point being the northwestern corner of Lot 20, Block 11, Railroad Plainview Addition, Then south along the east right-of-way line of Fir Street to a point being the southwest corner of Lot 17, Block 11, Railroad Plainview Addition, Then south across Tenth Street 60 feet to a point being the northwest most corner of an unplatted tract of land being described as 115 -foot by 144 -foot tract in M A Lowe Survey (Hale County Appraisal Property ID 21870), Then west along the south right-of-way of Tenth Street to a point being the northwest corner of Lot 16, Block A, L.A. Knight Addition, Then south along the east right-of-way of Date Street to a point being the northwest corner of Lot 16, B Block 58, Original Town of Plainview, Then west along the south right-of-way line of Fourth Street to a point being the northwest corner of Lot 16, Block 51, Original Town of Plainview Subdivision and the same being the POINT OF BEGINNING. 427 Exhibit B—"Estimated Captured Appraised Value by Year" Taxable TIRZ year Value for Tax Collected by Sept. 30, Sept. 30, TIRZ Real Property City &County Captured Value Taxable by Appraised Value (Curent Taxable Base City & County Taxable) BASE 2018 N/A $16,242,424 $0 1 2018 2019 $16,242,424 $0 2 2019 2020 $19,576,060 $3,333,636 3 2020 2021 $19,869,701 $3,627,277 4 2021 2022 $20,167,747 $3,925,323 5 2022 2023 $20,470,263 $4,227,839 6 2023 2024 $20,777,317 $4,534,893 7 2024 2025 $21,088,977 $4,846,553 8 2025 2026 $21,405,311 $5,162,887 9 2026 2027 $21,726,391 $5,483,967 10 2027 2028 $21,726,391 $5,483,967 11 2028 2029 $21,726,391 $5,483,967 12 2029 2030 $22,052,287 $5,809,863 13 2030 2031 $22,383,071 $6,140,647 14 2031 2032 $22,718,817 $6,476,393 15 2032 2033 $23,059,599 $6,817,175 16 2033 2034 $23,405,493 $7,163,069 17 2034 2035 $23,756,576 $7,514,152 18 2035 2036 $24,112,925 $7,870,501 19 2036 2037 $24,474,618 $8,232,194 20 2037 2038 $24,474,618 $8,232,194 21 2038 2039 $24,474,618 $8,232,194 22 2039 2040 $24,841,738 $8,599,314 23 2040 2041 $25,214,364 $8,971,940 24 2041 2042 $25,592,579 $9,350,155 25 2042 2043 $25,976,468 $9,734,044 26 2043 2044 $26,366,115 $10,123,691 27 2044 2045 $26,761,607 $10,519,183 28 2045 2046 $27,163,031 $10,920,607 29 2046 2047 $27,163,031 $10,920,607 30 2047 2048 $27,163,031 $10,920,607 Development Assumptions Conrad Lofts: $1,490,000.00 value added year 2019 Economic Depreciation Factor: $1,600,000.00 value added when lifted year 2019 '1.5% growth factor is applied throughout the life of the TIRZ beginning year 2019 with the projects listed above being primarily responsible for the estimated captured increment. 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