The URL can be used to link to this page

Home My WebLink AboutEDA November 21, 2006 o 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US ECONOMIC DEVELOPMENT AUTHORITY MEETING November 21,2006 6:00 p.m. Conference Rooms A & B AGENDA 1. Call to Order - 6:00 p.m. 2. Approval of Minutes (11/8/06 Regular Mtg.) 3. Approve Community Center Refinancing 0 4. Amendment to Bruggeman Purchase Agreement-Continued 5. 2007 EDA Budget Review 6. Approve LMCIT Liability Coverage 7. Update on Economic Development Activities 8. Other Business 9. Adjourn o o o o 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: Economic Development Authority CC: Jim Dickinson, Executive Director FROM: Vicki V olk, City Clerk SUBJECT: Approval of Minutes DATE: November 21, 2006 INTRODUCTION The following minutes were provided by city staff for approval by the EDA: November 8, 2006 Regular Meeting DISCUSSION Attached are copies of the minutes for your review. ACTION REQUIRED The EDA is requested to approve the above minutes. Respectfully submitted, !J:.L. UrIL Vicki V olk City Clerk @) o ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MEETING NOVEMBER 8, 2006 - MINUTES A Regular Meeting of the Andover Economic Development Authority was called to order by President Gamache at 6:00 p.m., Wednesday, November 8, 2006 at the Andover City Hall, 1685 Crosstown Boulevard NW, Andover, Minnesota. Commissioners Present: Don Jacobson, Mike Knight, Ken Orttel, Julie Trude, Resident Members Joyce Twistol and Robert Nowak Edward Schultz, Advisor to the EDA Jim Dickinson, Executive Director Will Neumeister, Economic Development Director Others Commissioners Absent: Also Present: APPROVAL OF MINUTES October 17, 2006 Motion by Gamache, seconded by Knight to approve the minutes of October 17, 2006 as o presented. Motion carried on as-yes, 2-present (Orttel, Nowak) vote. COMMUNITY CENTER REFINANCING UPDATEIAPPROV AL Mr. Dickinson explained that the bond sale didn't happen. He plans to sell on Monday and do another sale 15 days after that. One closing will be in December and one in January. This is a crossover refunding with a call date of2014. The minimum savings will be $800,000. Commissioner Trude asked if there is a risk that we will lose money. Mr. Dickinson stated no, as they will be invested in fixed rate securities. Commissioner Orttel asked how this would affect our balance sheet. Mr. Dickinson stated that it wouldn't hurt it at all. He then discussed a handout regarding the comparison of refunding structures. AMENDMENT TO BRUGGEMAN PURCHASE AGREEMENT o Mr. Neumeister noted that Bruggeman has requested a change in their purchase agreement that will result in a closing date of December 31, 2007. They would like more time because of the slow market conditions. The balance would be applied to a new mortgage with an interest rate of 6%. o Economic Development Authority Meeting November 8, 2006 - Minutes Page 2 Commissioner Jacobson asked about Points 4 and 5 on Page 2. Mr. Dickinson stated that #4 is boilerplate language and #5 allows them to take down a certain number of units. We require 4 at a time. On a 4 unit building they will pay $15,500 per unit. He explained that the EDA is carrying the mortgage on the property. Motion by Jacobson, seconded by Orttel to authorize the City Attorney to draw up an amendment to the purchase agreement dated June 6, 2006 with Bruggeman to set a closing date on the Povlitzki parcel no later than December 15,2006 with $5,000 cash due at the closing and $119,000 in seller financing. Motion carried unanimously. UPDATE OF ECONOMIC DEVELOPMENT ACTIVITIES Mr. Neumeister updated the Authority on development activities, including the Rudnicki building, Bruggeman Homes, the Funeral Home proposal, Day Care proposal, NBI Office Development and other proposals. o Motion by Jacobson, seconded by Knight to adjourn. Motion carried unanimously. Respectfully submitted, Vicki V olk City Clerk o o o o @ 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923. WWW.CI.ANDOVER.MN.US TO: EDA President and Commissioners FROM: Jim Dickinson, Executive Director SUBJECT: Approve Community Center Refinancing DATE: November 21,2006 INTRODUCTION Activity in the current bond market is indicating that there is an opportunity for the EDA to save some significant long term debt service expense by refinancing the EDA's $19,640,000 Public Facility Lease Revenue Bonds, Series 2004. DISCUSSION City Staff has been working with an underwriter (Northland Securities), our fiscal advisor (Ehlers & Associates), and the City's bond counsel (Briggs & Morgan) to refinance the Community Center Bonds. Ehlers and Northland will be present at the meeting to present the results. The EDA, will be considering a negotiated land sale based on the approved "parameters resolution" where the EDA Board of Commissioners authorized, the City Administrator, City of Andover, Minnesota, to execute a Bond Purchase Agreement which will approve the sale of the Bonds to Northland, provided that the total net savings accomplished by the refunding is at an amount set by the EDA (minimum $800,000) and the net present value savings as a percentage of the present value of the refunded debt service of the 2004 Bonds is at an acceptable percentage (3%). As discussed at the last EDA meeting the refinancing will be completed with two separate new issuances to refinance the 2004 bonds. The first sale of $10,000,000 was conducted on November 15th and yielded a savings of $755,979.44. Please refer to the attached documents that outline the sale: Pg3 Pgs4-16 - Northland Securities Bond Purchase Agreement - Ehlers & Associates Report of the Sale of $10,000,00 Refunding Bonds, Series 2006 Partial Crossover Refunding - Resolution "AUTHORIZING THE ISSUANCE OF $10,000,000 PUBLIC FACILITY LEASE REVENUE REFUNDING BONDS, SERIES 2006 (CITY OF ANDOVER COMMUNITY CENTER) AND THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT, MORTGAGE AND SECURITY AGREEMENT AND INDENTURE OF TRUST AND AN ESCROW AGREEMENT IN CONNECTION THEREWITH" Pg 17 - 23 o o o The second sale of $6,810,000 will take place over the next month and will close in early 2007. The savings on the second sale will push the total savings over the minimums set by the original parameters resolution. ACTION REOUESTED Receive a presentation on the sale and approve the attached resolution: "AUTHORIZING THE ISSUANCE OF $10,000,000 PUBLIC FACILITY LEASE REVENUE REFUNDING BONDS, SERIES 2006 (CITY OF ANDOVER COMMUNITY CENTER) AND THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT, MORTGAGE AND SECURITY AGREEMENT AND INDENTURE OF TRUST AND AN ESCROW AGREEMENT IN CONNECTION THEREWITH". Attachments NORTHLAND' SECURITIES Honorable Economic Development Authority City of Andover, MilJ!lesota Dear Economic Development Authority Officials: We understand that you desire to issue $10,000,000 Public Facility Lease Revenue Refunding Bonds. Accordingly, we propose as follows: We agree to purchase $10,000,000 Public Facility Lease Revenue Refunding Bonds, Series 2006 to be dated December 1, 2006, and to mature February 1,2015-2034. We agree to pay for the Bonds $9,897,259.40 and accrued interest to the date of settlement. The Bonds are to be payable at U. S. Bank, Minneapolis, Minnesota, as Trustee. Interest is to be payable on August 1,2007, and semiannually thereafter. The bonds will have the following interest rates and will mature or be subject to mandatory redemption on February I in the years and amounts as follows: 2015 2016 2017 2018 2019 2020 $335,000 350,000 360,000 375,000 390,000 410,000 2021 $420,000 2022 440,000 2023 460,000 ,2024\475,000 .,. ',~~~~l::}'~~;::~ . '. ::'7~77.::': 535,000 4.10% 4.10 4.10 ,'<:4.20 '?,H~'.". .';4.30.:", 2028 2029 2030 2031 ,'2032 "'2033 7034 $555,000 580,000 605,000 630,000 660,000 690,000 '720,000 4.30% 4.30 4.25 '4.50 4.50 4,50 4.50 4.00% 4.00 4.00 4.00 4.00. : 4.05 ' " ". ,.... . ....,................. . All Bonds will b~ .BookEntry and in multiples of $5,000. The average interest rate is. 4.2943% and the TIC is 4.3593%. . .'. . . . . .. . Mandatorv Redemption: This issue shall have 5 teon bonds maturing February 1, 2023 (2021 through 2023 maturities), February 1, 2026 (2024 through 2026 maturities), February 1, 2028 (2027 and.2028), February 1, 2030 (2029 and 2030 maturities), and February 1, 2034 (2031 through 2034 maturities) which will have mandatory redemptions equal to the annual principal due as stated above. Ootional Redemotion: Bonds maturing in the years 2015 through 2034, inclusive, are callable at the option of the Issuer in whole or in part on February 1,2014, or on any date thereafter at a price of par plus accrued interest. This bid is made for prompt acceptance and subject to the approval of Briggs and Morgan (Bond Counsel) of St. Paul, Minnesota, as to the legality and regularity of all proceedings taken in the issuance of the Bonds. The Issuer agrees to pay the expenses for registering the Bonds and the fee of Bond Counsel, recognized municipal bond attorneys, in furnishing the necessary proceedings required to authorize the issuance of the Bonds. Respectfully submitted this 1 ~ day of November, 2006. The foregoing proposal was duly accepted by the Economic Minnesota, at ~.m. this ~ day of November, 2006. By:- .~ Northland Securities, Inc. 45 South 7th Street, Suit. 2500, Minneapolis, MN 55402 Toll F... 1-800-851-2920 Ma;n 612-851-5900 Fox 612'851-5987 www.nonhlandsecuritles.com Member NASD and SIPC ~ c o City of Andover EDA FINAL - $10,000,000 Refunding Bonds, Series 2006 Partial Crossover Refunding $19,580,000 Public Project Lease Revenue Bonds, Series 2004 (City of Andover Community Center) Table of Contents Report Sources & Uses................................................. ......................................................................................................................................... Debt Service Schedule................................................ ................................................................................................................................... 2 DehtServiceComparison................................................................................................................................................................................. 4 Debt Service To Maturitr And To Call.................................................................................................................................................................... 5 Pricing Summal)'......................................................................................................................................................................................... 6 Total Refunded Debt Service............................................................................................................................................................................. 7 PROOF OF GROSS D/S SAVINGS @ 4.3374075%......................................................................................................................................................... 8 Summary Of Bonds Refunded............................................................................................................................................................................... 9 Refunding Summary....................................................................................................................................................................................... 10 SLGS Subscription Fonns................................................................................................................................................................................. 11 Crossover Escrow Fund Cashflow .......................................................................................................................................................................... 11 o 06xoverof&r04$J9.[,,s / SINGLEPllRPOSE / 11/15/2006/ 3;07PM Ehlers & Associates, Inc. Leaders in Public Finance @ o o City of Andover EDA FINAL.. $10,000,000 Refunding Bonds, Series 2006 Partial Crossover Refunding $19,580,000 Public Project Lease Revenue Bonds, Series 2004 (City of Andover Community Center) Sources & Uses Dated 12/01/2006 I Delivered 12/19/2006 Sources Of Funds Par Amount of Bonds.................................................................................................................... ......................................................... Accrued Interest from 12/01/2006 to 12/19/ 2006........................................................................................................................ Total Sources............................................................................................ .............................................................................................. Uses Of Funds Original Issue Discount (OlD)............................................................................................................................................................. Total Underwriter's Discount (1.000%)............................................................................................................................................. Costs of Issuance............................................. ....................................................................................................................................... Gross Bond Insurance Premium (40.0 bp)......................................................................................................................................... Deposit to Crossover Escrow Fund.................................... .................................................................................................................... Rounding AmounL................................................................................................................................................................................ Total Uses.................................................................................................... .......................................................................................... C 06.mvcrof&r04$19.58 / SINGLEPURFOSE / 11/15/2006/ &07PM Ehlers & Associates, Inc. Leaders in Public Finance $10,000,000.00 21,211.38 $10,021,211.38 2,740.60 100,000.00 63,100.00 72,614.81 9,782,337.81 418.16 $10,021,211.38 Page 1 @ 0 City of Andover EDA FINAL - $10,000,000 Refunding Bonds, Series 2006 Partial Crossover Refunding $19,580,000 Public Project Lease Revenue Bonds, Series 2004 (City of Andover Community Center) Debt Service Schedule Part 1 of 2 Date Principal Coupon Interest Total PH Fiscal Total 12/19/2006 08/01/2007 282,818.33 2&2,&18.33 02/01/200& 212,113.75 212,113.75 494,932.0& 0&/01/200& 212,113.75 212,113.75 02/01/2009 212,113.75 212,113.75 424,227.50 08/01/2009 212,113.75 212,113.75 02/01/2010 212,113.75 212,113.75 424,227.50 0&/01/201Q 212,113.75 212,113.75 02/01/2011 212,113.75 212,113.75 424,227.50 0&/01/2011 212,113.75 212,113.75 02/01/2012 212,113.75 212,113.75 424,227.50 08/01/2012 212,113.75 212,113.75 02/01/2013 212,113.75 212,113.75 424,227.50 0&/01/2013 212,113.75 212,113.75 02/01/2014 212,113.75 212,113.75 424,227.50 08/01/2014 212,113.75 212,113.75 02/01/2015 335,000.00 4.000% 212,113.75 547,113.75 759,227.50 08/01/2015 205,413.75 205,413.75 02/01/2016 350,000.00 4.000% 205,413.75 555,413.75 760,&27.50 0 08/01/2016 19&,413.75 19&,413.75 02/01/2017 360,000.00 4.000% 19&,413.75 55&,413.75 756,&27.50 08/01/2017 191,213.75 191,213.75 02/01/201& 375,000.00 4.000% 191,213.75 566,213.75 757,427.50 08/01/2018 183,713.75 183,713.75 02/01/2019 390,000.00 4.000% 1&3,713.75 573,713.75 757,427.50 08/01/2019 175,913.75 175,913.75 02/01/2020 410,000.00 4.050% 175,913.75 5&5,913.75 761,&27.50 08/01/2020 167,611.25 167,611.25 02/01/2021 420,000.00 4.100% 167,611.25 587,611.25 755,222.50 08/01/2021 159,001.25 159,001.25 02/01/2022 440,000.00 4.100% 159,001.25 599,001.25 75&,002.50 08/01/2022 149,9&1.25 149,9&1.25 02/01/2023 460,000.00 4.100% 149,9&1.25 609,9&1.25 759,962.50 08/01/2023 140,551.25 140,551.25 02/01/2024 475,000.00 4.200% 140,551.25 615,551.25 756,102.50 08/01/2024 130,576.25 130,576.25 02/01/2025 495,000.00 4.200% 130,576.25 625,576.25 756,152.50 08/01/2025 120,181.25 120,1&1.25 02/01/2026 515,000.00 4.200% 120,181.25 635,1&1.25 755,362.50 08/01/2026 109,366.25 109,366.25 02/01/2027 535,000.00 4.300% 109,366.25 644,366.25 753,732.50 08/01/2027 97,&63.75 97,&63.75 02/01/202& 555,000.00 4.300% 97,&63.75 652,&63.75 750,727.50 08/01/202& &5,931.25 &5,931.25 02/01/2029 580,000.00 4.250% &5,931.25 665,931.25 751,&62.50 o 06xovuofSer04$19.58 / SlNGLEPl/JIPOSE I 11/15/2006 / -',07PM Ehlers & Associates, Inc. Leaders in Public Finance Page 2 C0 o o City of Andover EDA FINAL - $10,000,000 Refunding Bond~ Series 2006 Partial Crossover Refunding $19,580,000 Public Project Lease Revenue Bonds, Series 2004 (City of Andover Community Center) Debt Service Schedule Part 2 of 2 Date Principal Coupon Interest Total P+I Fiscal Total 08/0112029 73,606.25 73,606.25 02/0112030 605,000.00 4.250% 73,606.25 678,606.25 752,2 I 2.50 08/0112030 60,750.00 60,750.00 02/01/2031 630,000.00 4.500% 60,750.00 690,750.00 751,500.00 08/01/2031 46,575.00 46,575.00 02/01/2032 660,000.00 4.500% 46,575.00 706,575.00 753,150.00 08/0112032 31,725.00 31,725.00 02/01/2033 690,000.00 4.500% 31,725.00 721,725.00 753,450.00 08/0112033 16,200.00 16,200.00 02/0112034 720,000.00 4.500% 16,200.00 736,200.00 752,400.00 Total $10,000,000.00 $8,153,702.08 $18,153,702.08 Yield Statistics Accrued Interest from 12/01/2006 to 12/1 9/ 2006.................................................................................................................................... Bond Year DoIlars............................................. .......................................................................................................................................... Averagellfe............................................................................................................................................................................................ Average Coupon........................................... ............................................................................................................................................... Net Interest Cost (NIC)................................................................................................................................................................................. True Interest COst (TIC)................................................................................................................................................................................ Bond Yield for Arbitrage Purposes.................................................................................................................................................................... All Inclusive COst (A1C)................................................................................................................................................................................ 21,211.38 $189,871.67 18.987 Years 4.2943227% 4.3484332% 4.3593740% 4.3374075% 4.4 790789% IRS Form 8038 Net Interest Cost....................................................................................................................................................................................... 4.2887045% Weighted Average Maturily.............................................................................................................................................................................. 18.974 Years o 06xo~rofSer04$19.58 / SlNGLEPUlIl"OSE / 11/1.,/2006/ ",,07PM Ehlers & Associates, Inc. Leaders in Public Finance Page 3 6) o City of Andover EDA FINAL - $10,000,000 Refunding Bonds, Series 2006 Partial Crossover Refunding $19,580,000 Public Project Lease Revenue Bonds, Senes 2004 (City of Andover Community Center) Debt Service Comparison Date Total P+I Bond Exp Const Loan Pmt Existing D/S Net New D/S Old Net D/S Savin,gs 02101/2007 (418.16) 418.16 02/01/2008 494,932.08 2,000.00 (494,932.08) 586,212.08 588,212.08 586,212.08 (2,000.00) 02/01/2009 424,227.50 2,000.00 (424,227.50) 502,467.50 504,467.50 502,467.50 (2,000.00) 02101/2010 424,227.50 2,000.00 (424,227.50) 502,467.50 504,467.50 502,467.50 (2,000.00) 02/01/2011 424,227.50 2,000.00 (424,227.50) 502,467.50 504,467.50 502,467.50 (2,000.00) 02/01/2012 424,227.50 2,000.00 (424,227.50) 502,467.50 504,467.50 502,467.50 (2,000.00) 02/0112013 424,227.50 2,000.00 (424,227.50) 502,467.50 504,467.50 502,467.50 (2,000.00) 02/0112014 424,227.50 2,000.00 (l0,179,227.50) 10,257,467.50 504,467.50 502,467.50 (2,000.00) 02/01/2015 759,227.50 759,227.50 797,467.50 38,240.00 02/0112016 760,827.50 760,827.50 797,717.50 36,890.00 02101/2017 756,827.50 756,827.50 792,217.50 35,390.00 0210112018 757,427.50 757,427.50 796,217.50 38,790.00 0210112019 757,427.50 757,427.50 794,217.50 36,790.00 0210112020 761,827.50' 761,827.50 796,467.50 34,640.00 0210112021 755,222.50 755,222.50 792,248.76 37,026.26 0210112022 758,002.50 758,002.50 797,261.26 39,258.76 02/0112023 759,962.50 759,962.50 795,992.50 36,030.00 0210112024 756,102.50 756,102.50 793,698.76 37,596.26 0210112025 756,152.50 756,152.50 795,380.00 39,227.50 0210112026 755,362.50 755,362.50 795,420.00 40,057.50 0 0210112027 753,732.50 753,732'.50 794,160.00 40,427.50 0210112028 750,727.50 750,727.50 791,600.00 40,872.50 0210112029 751,862.50 751,862.50 792,740.00 40,877.50 0210112030 752,212.50 752,212.50 792,320.00 40,107.50 0210112031 751,500.00 751,500.00 790,340.00 38,840.00 0210112032 753,150.00 753,150.00 791,800.00 38,650.00 0210112033 753,450.00 753,450.00 791,440.00 37,990.00 02101/2034 752,400.00 752,400.00 794,260.00 41,860.00 Total $18,153,702.08 $14,000.00 (12,795,297.08) $13,356,017.08 $18,728,003.92 $19,483,983.36 $755,979.44 PV Analysis Summary (Net to Net) Net FV Ca,Mow Saving'................................................................................................................................................................................. Gross PV Debt Service Savings...........................................................;....................................~.......................................................................... Effects of changes in Expenses.......................................... ......................................................................................................'.......................... 755,979.44 375,572.89 (11,776.30) Net PV Ca,hflow Savings @ 4.337%(Bond yield)............................................................................................................................................... 363,796.59 Contingency or Rounding Amount....................................... ................................................................................................................................... Net Present Value Benefit...................................... ......................................................................................................................................... 418.16 $364,214.75 Net PV Benefit / $9,755,000 Refunded Printipal................................................................................................................................................ Net PV Benefit / $10,000,000 Refunding Principal............................................................................................................................................. 3.734% 3.642% Net PV Benefit / $7,727,569.07 PV Refunded Debt Service................................................................................................................................ Average Annual Cash Flow Savings........................................................................................................................................................................ 4.713% 26,999.27 Refunding Bond Information o Refunding Dated Date......................................... ........................................................................................................................................... Refunding Delivery Date....................................................................,............................................................................................................ 06xaverafSer04S19.S8 / SlNGLCPURPOSC /11/15/2006 / 3:07PM 12/01/2006 12/19/2006 Ehlers & Associates, Inc. Leaders in Public Finance Page 4 @) o City of Andover EDA $19,580,000 Public Project Lease Revenue Bonds, Series 2004 (City of Andover Community Center) Debt Service To Maturity And To Call Date Refunded Bonds Interest to Call D/S To Call Principal Coupon Interest Refunded D/S 02/01/2008 586,212.08 586,212.08 586,212.08 586,212.08 02/01/2009 502,467.50 502,467.50 502,467.50 502,467.50 02/01/2010 502,467.50 502,467.50 502,467.50 502,467.50 02/01/2011 502,467.50 502,467.50 502,467.50 502,467.50 02/01/2012 502,467.50 502,467.50 502,467.50 502,467.50 02/01/2013 502,467.50 502,467.50 502,467.50 502,467.50 02/01/2014 9,755,000.00 502,467.50 10,257,467.50 502,467.50 502,467.50 02/01/2015 295,000.00 5.000% 502,467.50 797,467.50 02/01/2016 310,000.00 5.000% 487,717.50 797,717.50 02/01/2017 320,000.00 5.000% 472,217.50 792,217.50 02/01/2018 340,000.00 5.000% 456,217.50 796,217.50 02/01/2019 355,000.00 5.000% 439,217.50 794,217.50 02/01/2020 375,000.00 5.125% 421,467.50 796,467.50 02/01/2021 390,000.00 5.125% 402,248.76 792,248.76 02/01/2022 415,000.00 5.125% 382,261.26 797,261.26 02/01/2023 435,000.00 5.125% 360,992.50 795,992.50 02/01/2024 455,000.00 5.125% 338,698.76 793,698.76 02/01/2025 480,000.00 5.200% 315,380.00 795,380.00 02/01/2026 505,000.00 5.200% 290,420.00 795,420.00 0 02/01/2027 530,000.00 5.200% 264,160.00 794,160.00 02/01/2028 555,000.00 5.200% 236,600.00 791,600.00 02/01/2029 585,000.00 5.200% 207,740.00 792,740.00 02/01/2030 615,000.00 5.200% 177,320.00 792,320.00 02/01/2031 645,000.00 5.200% 145,340.00 790,340.00 02/01/2032 680,000.00 5.200% 111,800.00 791,800.00 02/01/2033 715,000.00 5.200% 76,440.00 791,440.00 02/01/2034 755,000.00 5.200% 39,260.00 794,260.00 Total $9,755,000.00 $3,601,017.08 $13,356,017.08 $9,755,000.00 $9,728,983.36 $19,483,983.36 Yield Statistics Average life............................................................................................................................................................................................ 19.292 Years Weighted Average Maturity (Par Basis)...................................................................................................................................................... 19.242 Years Average Coupon.......................................................................................................................................................................................... 5.1697435% Refunding Bond Information Refunding Dated Date................................................................................................................................................c.................................. Refunding Delivery Date............................................................................................................................................................................... 12/01/2006 12/19/2006 o Ser04$19.58mPubl'rojR I 81NGLEPUKP08E I 11/15/2006 I &07PM Ehlers & Associates, Inc. Leaders in Public Finance Page 5 @ o o o City of Andover EDA FINAL - $10,000,000 Refunding Bond; Series 2006 Partial Crossover Refunding $19,580,000 Public Project Lease Revenue Bonds, Series 2004 (City of Andover Community Center) Pricing Summary Maturity Type of Bond Coupon Yield Maturity Value Price 02/0112015 Serial Coupon 4.000% 3.800% 335,000.00 101.233% 02/0112016 Serial Coupon 4.000% 3.850% 350,000.00 100.922% 02/0112017 Serial Coupon 4.000% 3.900% 360,000.00 100.612% 02/0112018 Serial Coupon 4.000% 3.950% 375,000.00 100.304% 02/0112019 Serial Coupon 4.000% 4.000% 390,000.00 100.000% 02/01/2020 Serial Coupon 4.050% 4.050% 410,000.00 100.000% 02/0112023 Tenn 1 Coupon 4.100% 4.100% 1,320,000.00 100.000% 02/01/2026 Tenn 2 Coupon 4.200% 4.200% 1,485,000.00 100.000% 02/01/2028 Tenn 3 Coupon 4.300% 4.300% 1,090,000.00 100.000% 02/0112030 Tenn 4 Coupon 4.250% 4.375% 1,185,000.00 98.189% 02/0112034 Tenn 5 Coupon 4.500% 4.450% 2,700,000.00 100.297% Total $10,000,000.00 Bid Information Dollar Price c 339,130.55 c 353,227.00 c 362,203.20 c 376,140.00 390,000.00 410,000.00 1,320,000.00 1,485,000.00 1,090,000.00 1,163,539.65 c 2,708,019.00 Par Amount of Bonds.................................................................................................................................................................................... Reoffering Premium or (Discounl).............................................................................................................................................................. Gross Production............................................. ........................................................................................................................................... Total Underwriter's Discount (1.000%1.................................................................................................................................................... Bid (98.973%1........................................................................................................................................................................................... Accrued Interest from 12/01/2006 to 12/1912006............................................................................................................................... Total Purchase Price.................................................................................................................................................................................... Bond Year Dollars....................................................................................................................................................................................... Averagetife............................................................................................................................................................................................ Average Coupon.................................................. ........................................................................................................................................ Net Interest Cost(NlC)................................................................................................................................................................................. True Interest Cost mC1................................................................................................................................................................................ 06xClVerofSer04$19..5$ I S/NGLEPl/RPOSE I Il/15/2006 I 3:07PM $9,997,259.40 $10,000,000.00 (2,740.60) $9,997,259.40 $(100,000.00) 9,897,259.40 21,211.38 $9,918,470.78 $189,871.67 18.987 Years 4;2943227% 4.3484332% 4.3593740% Ehlers & Associates, Inc. Leaders in Public Finance Page 6 @ o o City of Andover EDA $19,580,000 Public Project Lease Revenue Bonds, Series 2004 (City of Andover Community Center) Total Refunded Debt Service Date Principal Interest Total P+I Coupon 02/01/2008 02/01/2009 02/01/2010 02/01/2011 02/01/2012 02/01/2013 02/01/2014 02/01/2015 02/01/2016 02/01/2017 02/01/2018 02/01/2019 02/01/2020 02/01/2021 02/01/2022 02/01/2023 02/01/2024 02/01/2025 02/01/2026 02/01/2027 02/01/2028 02/01/2029 02/01/2030 02/01/2031 02/01/2032 02/01/2033 02/01/2034 5.000% 5.000% 5.000% 5.000% 5.000% 5.125% 5.125% 5.125% 5.125% 5.125% 5.200% 5.200% 5.200% 5.200% 5.200% 5.200% 5.200% 5.200% 5.200% 5.200% 586,212.08 502,467.50 502,467.50 502,467.50 502,467.50 502,467.50 502,467.50 502,467.50 487,717.50 472,217.50 456,217.50 439,217.50 421,467.50 402,248.76 382,261.26 360,992.50 338,698.76 315,380.00 290,420.00 264,160.00 236,600.00 207,740.00 177,320.00 145,340.00 111 ,800.00 76,440.00 39,260.00 $9,728,983.36 Total 295,000.00 310,000.00 320,000.00 340,000.00 355,000.00 375,000.00 390,000.00 415,000.00 435,000.00 455,000.00 480,000.00 505,000.00 530,000.00 555,000.00 585,000.00 615,000.00 645,000.00 680,000.00 715,000.00 755,000.00 $9,755,000.00 586,212.08 502,467.50 502,467.50 502,467.50 502,467.50 502,467.50 502,467.50 797,467.50 797,717.50 792,217.50 796,217.50 794,217.50 796,467.50 792,248.76 797,261.26 795,992.50 793,698.76 795,380.00 795,420.00 794,160.00 791,600.00 792,740.00 792,320.00 790,340.00 791,800.00 791,440.00 794,260.00 $19,483,983.36 Yield Statistics Average Uie...................................................................................... ...................................................................................................... weighted Average Maturity (Par Basis)...................................................................................................................................................... Average Coupon................................................. ......................................................................................................................................... Refunding Bond lnfonnation Refunding Dated Date................................................................................................................................................................................... Refunding Delivery Date....................................................................................... ...................,................................................................... o Ser04SWS8mPubl'rojR I SINGLEPURFOSE Ill/lS/2006 I ",,07PM Ehlers & Associates, Inc. Leaders in Public Finance 19.292 Years 19.242 Years 5.1697435% 12/01/2006 12/19/2006 Page 7 ~ o City of Andover EDA FINAL - $10,000,000 Refunding Bonds, Series 2006 Partial Crossover Refunding $19,580,000 Public Project Lease Revenue Bonds, Series 2004 (City of Andover Community Center) PROOF OF GROSS D/S SAVINGS @ 4.3374075% Date NEW GROSS D/S OLD GROSS D/S SAVINGS PV Factor Present Value lZ119/2006 1.000000Ox 08/01/2014 212,113.75 251,233.75 39,120.00 0.7212031x 28,213046 OZlOI/2015 547,113.75 546,233.75 (880.00) 0.7058943x (621.19) 08/01/2015 205,413.75 243,858.75 38,445.00 0.6909105x 26,562.06 OZlO1/2016. 555,413.75 553,858.75 (1,555.00) 0.6762448x 0,051.56) 08/01/2016 198,413.75 236,108.75 37,695.00 0.6618903x 24,949.96 02/01/2017 558,413.75 556,108.75 (2,305.00) 0.6478406x 0,493.27) 08/01/2017 191,213.75 228,108.75 36,895.00 0.6340891" 23,394.72 OZlO1/2018 566,213.75 568,108.75 1,895,00 0.6206295x 1,176.09 08/01/2018 183,713.75 219,608.75 35,895.00 0.6074556x 21,804.62 02/01/2019 573,713.75 574,608.75 895.00 0.5945613x 532.13 08/01/2019 175,913.75 210,733.75 34,820.00 0.5819407x 20,263.18 OZlO1/2020 585,913.75 585,733.75 (180.00) 0.569588Ox (102.53) 08/01/2020 167,611.25 201,124.38 33,513.13 0.5574976x 18,68304 9 OZlOI/2021 587,611.25 591,124.38 3,513.13 0.5456637x 1,916.99 08/01/2021 159,001.25 191,130.63 32,129.38 0.5340811x .17,159.69 02/01/2022 599,001.25 606,130.63 7,129.38 0.5227443x 3,726.84 08/01/2022 149,981.25 180,496.25 30,515.00 0.5116482x 15,612.94 OZlO1/2023 609,981.25 615,496.25 5,515.00 0.5007876x 2,761.84 0 08/01/2023 140,551.25 169,349.38 28,798.13 Oo4901575x 14,115.62 OZlO1/2024 615,551.25 624,349.38 8,798.13 004 797531x 4,220.93 08/01/2024 130,576.25 157,690.00 27,113.75 Oo4695695x 12,731.79 OZlO1/2025 625,576.25 637,690.00 12,113.75 Oo4596021x 5,567.51 08/01/2025 120,181.25 145,210.00 25,028.75 Oo4498463x 11,259.09 OZlO1/2026 635,181.25 650,210.00 15,028.75 Oo4402975x 6,617.12 08/01/2026 109,366.25 132,080.00 22,713.75 Oo4309515x 9,788.52 OZlO1/2027 644,366.25 662,080.00 17,713.75 Oo4218038x 7,471.73 08/01/2027 97,863.75 118,300.00 20,436.25 Oo4128503x 8,437.11 02/01/2028 652,863.75 673,300.00 20,436.25 Oo4040869x 8,258.02 08/01/2028 85,931.25 103,870.00 17,938.75 0.3955094x 7,094.94 02/01/2029 665,931.25 688,870.00 22,938.75 0.3871141x 8,879.91 08/01/2029 73,606.25 88,660.00 15,053.75 0.3788969x 5,703.82 OZlO1/2030 678,606.25 703,660.00 25,053.75 0.3708542x 9,291.29 08/01/2030 60,750.00 72,670.00 11,920.00 0.3629822x 4,326.75 OZlO1/2031 690,750.00 717,670.00 26,920.00 0.3552773x 9,564.06 08/01/2031 46,575.00 55,900.00 9,325.00 0.3477359x 3,242.64 02/01/2032 706,575.00 735,900.00 29,325.00 0.3403546x 9,980.90 08/01/2032 31,725.00 38,220.00 6,495.00 0.333130Ox 2,163.68 02/01/2033 721,725.00 753,220.00 31,495.00 0.3260588x 10,269.22 08/01/2033 16,200.00 19,630.00 3,430.00 0.3191376x 1,094.64 02/01/2034 736,200.00 774,630.00 38,430.00 0.3123634x 12,004.13 Total $15,113,405.00 $15,882,966.28 $769,561.28 $375,572.89 o 06xovcrofSer04$19.58 / SlNGLEPllRPOSE / 11/15/2006/ 8..07PM Ehlers & Associates, Inc. Leaders in Public Finance Page 8 @ 0 City of Andover EDA FINAL - $10,000,000 Refunding Bonds, Series 2006 Partial Crossover Refunding $19,580,000 Public Project Lease Revenue Bonds, Series 2004 (City of Andover Community Center) Summary Of Bonds Refunded Matunty Issue Maturity Type of Bond Coupon Value Call Dare Call Price Dated 12/01/2006 I Delivered 12/01/2006 Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2015 Serial Coupon 5.000% 295,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2016 Serial Coupon 5.000% 310,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2017 Serial Coupon 5.000% 320,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2018 Serial Coupon 5.000% 340,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2019 Serial Coupon 5.000% 355,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2020 Serial Coupon 5.125% 375,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2021 Serial Coupon 5.125% 390,000 02/01/2014 .100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2022 Serial Coupon 5.125% 415,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2023 Serial Coupon 5.125% 435,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2024 Serial Coupon 5.125% 455,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2025 Serial Coupon 5.200% 480,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A . 02/01/2026 Serial Coupon 5.200% 505,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2027 Serial Coupon 5.200% 530,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2028 Serial Coupon 5.200% 555,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2029 Serial Coupon 5.200% 585,000 02/01/2014 100.000% SOl 04 $19.58m Pub Proj Rev Bds A 02/01/2030 Serial Coupon 5.200% 615,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2031 Serial Coupon 5.200% 645,000 02/01/2014 100.000% 0 Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2032 Serial Coupon 5.200% 680,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2033 Serial Coupon 5.200% 715,000 02/01/2014 100.000% Ser 04 $19.58m Pub Proj Rev Bds A 02/01/2034 Serial Coupon 5.200% 755,000 02/01/2014 100.000% Subtotal $9,755,000 Total $9,755,000 o 06xovcrofScr04$19,58 I SJNGLEFURFOSE I 11/15/2006 I &O'PM Ehlers & Associates, Inc. Leaders in Public Finance Page 9 @ o City of Andover EDA FINAL.. $10,000,000 Refunding Bond~ Series 2006 Partial Crossover Refunding $19,580,000 Public Project Lease Revenue Bond~ Series 2004 (City of Andover Community Center) Refunding Summary Dated 12/01/2006 I Delivered 12/19/2006 Sources Of Funds Par Amount of Bonds............................................................................................................................................................................. Accrued Interest from 12/01/2006 to 12/19/2006........................................................................................................................ ToIalSOurces.......................................................................................................................................................................................... Uses Of Funds Originallssue Discount (OlD)............................................................................................................................................................. Total Underwriter's Discount (1.000%)............................................................................................................................................. Costs of Issuance.............................................. ...................................................................................................................................... Gross Bond Insurance Premium ( 40.0 bp)......................................................................................................................................... DeJJOsit to Crossover Escrow fund........................................................................................................................................................ Rounding Amount.......................................................................................... ....................................................................................... Total Uses........................................................................................ ...................................................................................................... Flow of Funds Detail o State and Local Government Series (SLGS) rates for.......................................................................................................................... Date of OMP Candidates....................................................................................................................................................................... Crossover Escrow Fund Solution Method............................................................................................................................................ Total Cost of Investrnents...................................................................................................................................................................... Interest Earnings @ 4.33 7%................................................................................................................................................................. Total Draws...................................................................................................... ....................................................................................... Issues Refunded And Call Dates Ser 04 $19.58m Pub Proj Rev Eds A............................................................................................................................................... PV Analysis Summary (Net to Net) Net PV Cashflow Savings@ 4.337%(Bond yield)............................................................................................................................. Contingency or Roundirtg.Alnc)1mt..................................... ................................................................................................................. Net Present Value Benefit....................................... ............................................................................................................................... Net PV Benefit / $9;755,000 Refunded Principal.............................................................................................................................. Net PV Benefit / $10,000,000 Refunding Principal........................................................................................................................... Bond Statistics Average Life................................................. ........................................................................................................................................... Average Coupon........................................... .......................................................................................................................................... Net Interest Cost (NlC) .......................................................................................................................................................................... Bond Yield for Arbitrage Purposes....................................................................................................................................................... True Interest COst(TIC)......................................................................................................................................................................... All Inclusive Cost (AlC) ......................................................................................................................................................................... o 06xoverofSer04$19.58 / 8/NGLCl'UK.I'08E / 11/15/2006/ S,07PM Ehlers & Associates, Inc. Leaders in Public Finance $10,000,000.00 21,211.38 $10,021,211.38 2,740.60 100,000.00 63,100.00 72,614.81 9,782,337.81 418.16 $10,021,211.38 11/15/2006 Net Funded $9,782,337.81 3,012,959.27 $12,795,297.08 2/01/2014 363,796.59 418.16 $364,214.75 3.734% 3.642% 18.987 Years 4.2943227% 4.3484332% 4.3374075% 4.3593740% 4.4790789% Page 10 @ o o o PO F 4144-2 Department of the Treasury Bureau of the Public Debt (Revised July 1999) SCHEDULE OF U.S. TREASURY SECURITIES STATE AND LOCAL GOVERNMENT SERIES TIME DEPOSIT OMS No. 153&-0092 The Unrted States Treasury Securities - State and Local Govemement Series subscribed for on PO F 4144 and account informatior furnished on PO F 4144-1 to which this schedule is attached and incorporated, are requested to be issued and held in book-entr) accounts on the books of the Department of the Treasury. PRINCIPAL INTEREST ISSUE MATURITY FIRST INTEREST* AMOUNT RATE DATE DATE PAYMENT DATE IMMDDYY) (MMDDYY) (MMDDYY) 20,622 0% 12/19/2006 810112007 1,033 0% 12/19/2006 2/01/2008 2/01/2007 1,033 0% 12/19/2006 2/01/2009 2/01/2007 1,033 0% 12/19/2006 2/01/2010 2/01/2007 1,033 0% 12/19/2006 2/01/2011 2/01/2007 1,034 0% 12/1912006 2/01/2012 2/01/2007 1,033 0% 12/19/2006 2/01/2013 2/01/2007 9,755,516 4.338% 12/1912006 2/01/2014 2/01/2007 n. n *A first interest payment date must be specified for interest bearing securities with a maturity date greater than one year. Taxpayer Identification Number: Name of State or Local Government Body: o o o o City of Andover EDA l1NAL - $10,000,000 Refunding Bonds, Sen'es 2006 Partial Crossover Refunding $19,580,000 Public Project Lease Revenue Bonds, Series 2004 (City of Andover Community Center) Crossover Escrow Fund Cashflow Date Principal Rate Interest Zero Coupon Reinvestment Receipts Disbursements Cash Balance 12/19/2006 0.81 0.81 02/01/2007 50,599.31 (50,600.00) (0.69) 0.12 08/01/2007 20,622.00 211,597.14 50,600.00 282,819.14 282,818.33 0.93 02/01/2008 1,033.00 211,597.14 212,630.14 212,113.75 517.32 08/01/2008 211,597.14 211,597.14 212,113.75 0.71 02/01/2009 1,033.00 211,597.14 212,630.14 212,113.75 517.10 08/01/2009 211,597.14 211,597.14 212,113.75 0.49 02/01/2010 1,033.00 211,597.14 212,630.14 212,113.75 516.88 08/01/2010 211,597.14 211,597.14 212,113.75 0.27 02/01/2011 1,033.00 211,597.14 212,630.14 212,113.75 516.66 08/01/2011 211,597.14 211,597.14 212,113.75 0.05 02/01/2012 1,034.00 211,597.14 212,631.14 212,113.75 517.44 08/01/2012 211,597.14 211,597.14 212,113.75 0.83 02/01/2013 1,033.00 211,597.14 212,630.14 212,113.75 517.22 08/01/2013 211,597.14 211,597.14 212,113.75 0.61 02/01/2014 9,755,516.00 4.338% 211,597.14 9,967,113.14 9,967,113.75 Total $9,782,337.00 $3,012,959.27 (50,600.00) $50,600.00 $12,795,297.08 $12,795,297.08 Investment Parameters Investment Model [PV, GIC, or Securities]............................................................................................................................................................... Default investment yield larget............................................................................................................................................................_............ Cash Deposit.............................................. .............................................................................................................................................. Cost of Investments Purchased with Bond Proceeds.................................................................................................................................................... Total Cost of Invesbnents............................................................................................................................................................................... Target Cost of Invesl::tnents at bond yield................................................................................................................................................................ Actual positive or (negative) arbitrage................................................................................................................................................................. Yield to Receipt........................................................................................................................................................................................ Yield for Arbitrage Purposes..................................... ....................................................................................................................................... State and Local Government Series (SLGS) rates for...................................................................................................................................................... OGxoverof&rO.J$19.58 / SINGLEPURPOSE /11/15/2006 / 3;07PM Securities Bond Yield 0.81 9,782,337.00 $9,782,337.81 $9,781,771.51 (566.30) 4.3365471% 4.3374075% 11/15/2006 Ehlers & Associates, Inc. Leaders in Public Finance Page 11 Q o o o e ~ EXTRACT OF MINUTES OF A MEETING BOARD OF COMMISSIONERS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ANDOVER, MINNESOTA HELD: November 21,2006 Pursuant to due call and notice thereof, a regular or special meeting ofthe Board of Commissioners of the Economic Development Authority of the City of Andover, Minnesota was duly called and held at the City Hall in the City of Andover, Minnesota on, November 21,2006 at P.M. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING THE ISSUANCE OF $10,000,000 PUBLIC FACILITY LEASE REVENUE REFUNDING BONDS, SERIES 2006 (CITY OF ANDOVER COMMUNITY CENTER) AND THE EXECUTION AND DELIVERY OF A LEASE AGREEMENT, MORTGAGE AND SECURITY AGREEMENT AND INDENTURE OF TRUST AND AN ESCROW AGREEMENT IN CONNECTION THEREWITH WHEREAS, Minnesota Statutes, Section 469.012, Subdivision 1, clause 15 (the "Act"), authorizes the Economic Development Authority of the City of Andover, Minnesota (the "Authority"), to issue revenue bonds, in anticipation of the collection of revenues ofa project, to finance, in whole or in part, the cost of acquisition, construction, reconstruction, improvement, betterment or extension of a project; and WHEREAS, the Authority has previously financed the acquisition and betterment of a community center (the "Project"), used by the City of Andover, Minnesota (the "City"), which was an authorized project under the Act, by the issuance of its $19,580,000 original principal amount of Public Facility Lease Revenue Bonds, Series 2004 (City of Andover Community. Center), dated May 4, 2004 (the "2004 Bonds") pursuant to a Mortgage and Security Agreement and Indenture of Trust between the Authority and U.S, Bank National Association, St. Paul, Minnesota, as Trustee (the "Trustee"), dated as of May 1,2004; and WHEREAS, the Authority proposes to refund a: portion ofthe February 1, 2015 and later maturities, aggregating $9,805,000 in principal amount, of the 2004 Bonds (the "Prior Bonds"), on February 1,2014, by means of a crossover refunding (the "Refunding") and to provide funds for the Refunding, the Authority proposes to issue its $10,000,000 Public Facility Lease Revenue Refunding Bonds, Series 2006 (City of Andover Community Center), to be dated December 1, 2006 (the "Bonds"); and WHEREAS, the Authority and U,S. Bank National Association, in St. Paul, Minnesota . (the "Escrow Agent"), will enter into an Escrow Agreement, to be dated December 1, 2006 (the PCDOCS-#1950455-v2- ANDOVER_EDA_EDA_AuthoriziolLResolutioo]ublic]acility_Lease_Revenue_RefuodiolLBoods_Series_2006.DOC @ o "Escrow Agreement"), pursuant to which an Escrow Account will be established to pay when due the interest to accrue on the Bonds to and including February 1, 2014, and to pay when called for redemption on February 1, 2014, $9,805,000 of the principal amount of the Prior Bonds; and . WHEREAS, the Bonds will be issued pursuant to a Mortgage and Security Agreement and Indenture of Trust between the Authority and the Trustee, to be dated as of December 1, 2006 (the "Indenture"), will be secured by a pledge and assignment of certain rights of the Authority under a Lease Agreement, to be entered into between the Authority and the City, to be dated as of December 1, 2006 (the "Lease") and will also be secured by the revenues to be derived by the Authority from the Project and pursuant to the Lease, the Authority grants to the Trustee a mortgage interest in the Project with certain reservations; and WHEREAS, the Bonds shall be payable solely from the revenue pledged therefor and shall not constitute a debt of the Authority within the meaning of any constitutional or statutory limitation nor shall they constitute nor give rise to a pecuniary liability ofthe Authority or a charge against its general credit or taxing powers and shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the Authority, other than its interest in the Proj ect; and o WHEREAS, in order to carry out the Refunding, (1) the Authority will continue to lease the Project to the City pursuant to the Lease and (2) the City will continue to lease the Project to the Authority pursuant to the original Ground Lease Agreement, dated as of May 1, 2004 (the "Ground Lease"). NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority ofthe City of Andover, Minnesota: 1. Findings. The Board of Commissioners acknowledges, finds, determines and declares that the Project promotes the welfare ofthe City and satisfies the purposes stated in the Act. 2. Authorization of Refunding. The refinancing of the Project by the Authority to be accomplished by the Refunding, be and the same is hereby authorized. 3. Acceptance of Purchase. The offer of Northland Securities, Inc., in Minneapolis, Minnesota (the "Purchaser"), to purchase the Bonds in accordance with the terms and at the rates of interest set forth in the Indenture, and to pay therefor the sum of $ , plus interest accrued to settlement, is hereby accepted. The Bonds shall bear interest at the rates, be in the denominations, numbered, dated, mature, be subject to redemption, in such form and have such other details and provisions as are prescribed by the Indenture. o 4. Special Obligations: Security: Authorization to Execute and Deliver Indenture and Bonds. The Bonds shall be special obligations of the Authority payable solely from the revenues derived by the Authority from the Project, in the manner provided in the Indenture. As security for the payment of the principal of, premium, if any, and interest on the Bonds, pro rata and without preference of anyone Bond over any other Bonds, the Board of Commissioners hereby authorizes and directs the President and Executive Director to execute the Indenture in PCOOCS-#1950455-v2- ANDOVER_EDA_EDA_AulhorizinlLResolulion]ublic]acility_Lease_Revenue_RefundinlLBonds_Series_2006.00c 2 @ o o o substantially the form on file with the Executive Director, and to deliver the Indenture to the Trustee, and does hereby provide that the Indenture shall provide the terms and conditions, covenants, rights, obligations, duties and agreements of the Holders (as defined in the Indenture) of the Bonds, the Authority and the Trustee as set forth therein. All of the provisions of the Indenture, when executed as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated herein and shall be in full force and effect from the date of execution and delivery thereof. The President and the Executive Director are hereby authorized and directed to execute and deliver the Bonds. 5. Authorization to Execute and Deliver Lease and Escrow Agreement. The President and the Executive Director are hereby authorized and directed to execute, attest and deliver the Lease and the Escrow Agreement in substantially the forms on file with the Executive Director. All of the provisions of the Lease and the Escrow Agreement, when executed and delivered as authorized herein, shall be deemed to be part of this resolution as fully and to the same extent as if incorporated herein and shall be in full force and effect according to the terms thereof from the date of execution and delivery thereof. 6. Termination Upon Pavment or Discharge. Upon the payment or discharge of the Bonds in accordance with the terms of the Indenture, the Lease and the Escrow Agreement (together, the "Bond Documents") shall terminate and the Authority's interest in the Project and real estate on which the Project is located shall cease. 7. Binding Obligations: No Personal Liability. All covenants, stipulations, obligations and agreements of the Authority contained in this resolution and contained in the Bond Documents shall be deemed to be the covenants, stipulations, obligations and agreements ofthe Authority to the full extent authorized or permitted by law, and all such covenants, stipulations, obligations and agreements shall be binding upon the Authority. Except as otherwise provided in this resolution, all rights, powers and privileges conferred and duties and liabilities imposed upon the Authority or the Board of Commissioners thereof by the provisions of this resolution or by the Bond Documents, shall be exercised or performed by the Authority by such members of the Board of Commissioners, or such officers, board, body or agency thereof as may be required by law to exercise such powers and to perform such duties. No covenant, stipulation, obligation or agreement herein contained or contained in the Bond Documents shall be deemed to be a covenant, stipulation, obligation or agreement of any member ofthe Board of Commissioners, or any officer, agent or employee ofthe issuer in that person's individual capacity, and neither the Board of Commissioners of the Authority nor any officer executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance thereof. 8. Sole and Exclusive Benefit. Except as herein otherwise expressly provided, nothing in this resolution or in the Indenture expressed or implied, is intended or shall be construed to confer upon any person or firm or corporation other than the Authority or the Trustee, any right, remedy or claim, legal or equitable, under and by reason of this resolution or any provision hereof or of the Indenture or any provisions thereof, this resolution, the Indenture and all of their provisions being intended to be and being for the sole and exclusive benefit of the PCOOCS-#19S04SS-v2- ANDOVER_EDA_EDA_AuthoriziolLResolutiOll]ublic]acility_Lease_Revenue_RefuodiOlLBoods_Serics_2006.00c 3 @ o Authority and the Holders from time to time of the Bonds issued under the provisions of this resolution and the Indenture. 9. Provisions Held Separate and Apart: Binding Contracts. In case anyone or more of the provisions of this resolution, the Bond Documents or any of the Bonds issued hereunder shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect . any other provision of this resolution, the Bond Documents, or the Bonds, but this resolution, the Bond Documents and the Bonds shall be construed and endorsed as if such illegal or invalid provision had not been contained therein. The terms and conditions set forth in the Bond Documents, the pledge of revenues derived from the Project, the creation of the funds provided for in the Indenture, the provisions relating to the handling of the proceeds derived from the sale of Bonds pursuant to and under the Indenture and the handling of said revenues and other monies are all commitments, obligations and agreements on the part of the Authority contained in the Indenture, and the invalidity of the Bond Documents, shall not affect the commitments, obligations and agreements on the part ofthe Authority to create such funds and to handle said revenues, other monies and proceeds of the Bonds for the purposes, in the manner and according to the terms and conditions fixed in the Indenture, it being the intention hereof that such commitments on the part of the Authority are as binding as if contained in this resolution separate and apart from the Indenture or the Lease. o 10. Bond Recital. The Bonds shall contain a recital that they are issued pursuant to the Act, and such recital shall be conclusive evidence ofthe validity of the Bonds and the regularity of the issuance thereof, and that all acts, conditions and things required by the laws of the State of Minnesota relating to the adoption of this resolution, to the issuance of the Bonds and to the execution of the Bond Documents to happen, exist and be performed precedent to and in the enactment of this resolution, and precedent to the Bonds, the execution of the Bond Documents have happened, exist and have been performed as so required by law. 11. Performance. That the officers, attorneys, engineers and other agents or employees of the Authority are hereby authorized to do all acts and things required of them by or in connection with this resolution, the Bond Documents, for the full, punctual and complete performance of all the terms, covenants and agreements contained in the Bonds, the Bond Documents and this resolution. 12. Furnishing of Certificates and Proceedings. The President and the Executive Director and other officers of the Authority are authorized and directed to prepare and furnish to the Purchaser certified copies of all proceedings and records of the Authority relating to the Bonds, and such other affidavits and certificates as may be required to show the facts relating to the legality ofthe Bonds as such facts appear from the books and records in the officers' custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations ofthe Authority as to the truth of all statements contained therein. o 13. Negative Covenant as to Use of Proceeds and Proiect. The Authority hereby covenants not to use the proceeds of the Bonds or to use the Project, or to cause or permit them to be used, in such a manner as to cause the Bonds to be "private activity bonds" within the meaning of Sections 103 and 141 through 150 ofthe Code. pcoocs-# 1950455-v2- ANDOVER_EDA_EDA_Authorizin&...Resolution]ublic]acility_Lease_Revenue_Refundin&...Bonds_Series_2006.00c 4 ~ o 14. Tax-Exempt Status of the Bonds: Rebate: Elections. The Authority shall comply with requirements necessary under the Code to establish and maintain the exclusion from gross income under Section 103 of the Code of the interest on the Bonds, including without limitation (1) requirements relating to temporary periods for investments, (2) limitations on amounts invested at a yield greater than the yield on the Bonds, and (3) the rebate of excess investment earnings to the United States. 15. Designation ofOualified Tax-Exempt Obligations. In order to qualifY the Bonds as "qualified tax exempt obligations" within the meaning of Section 265(b)(3) of the Code, the Authority hereby makes the following factual statements and representations: (a) the Bonds are issued after August 7,1986; o (b) the Bonds are not "private activity bonds" as defined in Section 141 of the Code, treating "qualified 501(c)(3) bonds as not being private activity bonds; (c) . the Authority hereby designates the Bonds as "qualified tax exempt obligations" for pwposes of Section 265(b )(3) ofthe Code; (d) the reasonably anticipated amount of tax exempt obligations (other than private activity bonds, treating qualified 501 (c)(3) bonds as not being private activity bonds) which will be issued by the Authority (and all entities treated as one issuer with the Authority, and all subordinate entities whose obligations are treated as issued by the Authority) during this calendar year 2006 will not exceed $10,000,000; ( e) not more than $10,000,000 of obligations issued by the Authority during this calendar year 2006 have been designated for pwposes of Section 265(b )(3) of the Code. The Authority shall use its best efforts to comply with any federal procedural requirements which may apply in order to effectuate the designation made by this Section 16. Authorized Issuer Reoresentative. The President and Executive Director are each hereby designated and authorized to act on behalf of the Authority as the Issuer Representative, as defined in the Indenture. o 17. Modifications to Documents. The approval hereby given to the various documents referred to above includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the Authority Attorney and the Authority officials authorized herein to execute said documents prior to their execution; and said Authority officials are hereby authorized to approve said changes on behalf of the Authority. The execution of any instrument by the appropriate officer or officers of the Authority herein authorized shall be conclusive evidence of the approval of such documents in accordance with the terms hereof. In the absence ofthe President or Executive Director any of the documents authorized by this resolution to be executed by the Acting President or the Acting Executive Director, respectively. PCDOCS-# 1950455-v2- ANDOVER_EDA_EDA_AulhorizinLResolution]ublic]acility_Lease_Revenue_RefundinLBonds_Series_2006.DOC 5 @ o o o . ..i...... The motion for the adoption of the foregoing resolution was duly seconded by member , and upon vote being taken thereon the following voted in favor thereof: and the following voted against the same: whereupon the resolution was declared duly passed and adopted. Passed: November 21,2006. President Attest: Executive Director PCOOCS-#1950455-v2- ANDOVER_EDA_EDA_AuthorizinlLResolution]ublic]acility_Lease_Revenue_RefundinlLBonds_Series_2006.00C 6 @ o o o STATE OF MINNESOTA COUNTY OF ANOKA CITY OF ANDOVER ) ) SS. ) I, the undersigned, being the duly qualified and acting Executive Director of the Economic Development Authority ofthe City of Andover, Minnesota, hereby certify that I have carefully compared and attached the foregoing extract of minutes of a meeting of the Board of Commissioners held November 21, 2006, with the original thereof on file and of record in my office and the same is a full, true and complete transcript therefrom insofar as the same relates to a Resolution Authorizing Issuance of Bonds. WITNESS my hand on November 21,2006. Executive Director PCDOCS-#1950455-v2- ANDOVER_EDA_EDA_AuthorizinlLResolution]ublic]acility_Lease_Revenue_RefundinlLBonds_Series_2006.DOC 7 6iJ o o o 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: EDA President and Board CC: Jim Dickinson, Executive Director FROM: Will Neumeister, Director of Community Development aiL SUBJECT: Amendment to Bruggeman Purchase Agreement DATE: November 21,2006 INTRODUCTION At the previous EDA meeting, the EDA agreed with the request from Bruggeman Properties to amend the purchase agreement related to the land that was exchanged with Brad Povlitzki. DISCUSSION Attached is the amendment to the purchase agreement for the land that the City exchanged with Brad Povlitzki. It identifies a $5,000 payment and the balance of the money owed would be carried under a new mortgage with the EDA for $119,000 with a 6% annual interest carrying charge. ACTION REOUESTED EDA is requested to review and approve the amendment to the purchase agreement with Bruggeman Properties. Respectfully submitted, Will Neumeister atl- Attachments Amendment to Purchase Agreement @ o o o SECOND AMENDMENT TO PURCHASE AGREEMENT (ADJACENT PARCELS) THIS SECOND AMENDMENT TO PURCHASE AGREEMENT (this "Amendment"), made as of November ~, 2006, is by and between Andover Economic Development Authority, abody corporate and politic ("Seller"), and Bruggeman Properties, LLC, a Minnesota limited liability company, and/or assigns ("Buyer"). WITNESSETH: WHEREAS, Seller and Buyer (as the assignee of Sunrise Properties, LLC) are the parties to the Purchase Agreement (Adjacent Parcels) dated February 13, 2006 (the "Original Agreement"), as amended by the Amendment to Purchase Agreement dated June 5, 2006 (the "First Amendment"). The Original Agreement, as amended by the First Amendment, is the "Original Amended Agreement"). WHEREAS, Seller and Buyer desire to amend the Original Amended Agreement pursuant to this Amendment; NOW, THEREFORE, the parties hereby agree as follows: 1. Interpretation. The Original Amended Agreement remains in full force and effect, as amended by this Amendment. The Original Amended Agreement, as amended by this Amendment, is the "Agreement". Each capitalized term in this Amendment that this Amendment does not define has the meaning the Original Amended Agreement gives it. 2, Purchase Price for Povlitski Parcel. Buyer shall be entitled to pay the Purchase Price for the Povlitski Parcel on the Povlitski Parcel Closing Date as follows: a, $5,000 in cash on the Povlitski Parcel Closing Date, plus b, A Promissory Note in the amount of $119,000 executed by Buyer in favor of Seller, secured by a purchase money mortgage on the Povlitski Parcel upon the following terms: 1. Simple interest shall accrue on the unpaid principal balance at the rate of 6% per annum, payable in arrears on December 31, 2007. 11. Buyer shall be entitled to prepay the note, in whole or in part, at any time without penalty or premium. Ill. All payments shall be applied to interest first, then to principal. IV. Buyer shall be entitled to apply any insurance or condemnation proceeds from the Povlitski Parcel towards the repair, reconstruction, and/or rehabilitation ofthe Povlitski Parcel. N:\PLISCC\500455.doc o o o v. Buyer shall be entitled to the release of townhome lots from the mortgage upon the payment of $15,500 per lot. The townhome lots on the Povlitski Parcel are part of 8-unit buildings, but only 4 lots in each building lie within the Povlitski Parcel. If Buyer has framed up and enclosed all 8 units in a particular building, Buyer shall be entitled to release individual units within the building in increments of one or more lots. However, if Buyer desires to release townhome lots in a building before the building has been framed up and enclosed, Buyer must pay the release price for all four units in the applibable building. Subject to the preceding restrictions, the designation and location of each lot to be released shall be at Buyer's discretion. VI. The maturity date of the note shall be December 31, 2007. Vll. The other terms of the note and mortgage shall be consist with the existing note and mortgage given by Buyer to Seller. Buyer and Seller agree to schedule the closing on the Povlitski Parcel on or before December 15, 2006, subject to the terms ofthe First Amendment. Signature page follows o o o SELLER: BUYER: Andover Economic Development Authority . By: Its: and By: Its: Bruggeman Properties, LLC. By: Its: Paul Bruggeman Chief Manager / President o o o @ 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: President and Commissioners FROM: Jim Dickinson, Executive Director SUBJECT: 2007 EDA Budget Review DATE: November 21,2006 INTRODUCTION The EDA is requested to receive a brief presentation on the 2007 EDA Special Revenue Budget and a presentation on budgets impacted by EDA decisions. DISCUSSION The presentation will be based on the attached documents: Pgs 2 - 7 Pgs 8 - 11 Pgs 12-23 EDA Special Revenue Fund - This is what needs to be approved at the meeting. Tax mcrement Project Fund & Community Center Construction Fund TIP Bonds Debt Service Funds & Community Center Debt Service Fund If any of the Commissioners would like a one on one discussion with me on the attached financial data, I would be more than happy to do so. ACTION REOUESTED Receive a brief presentation and approve the EDA Special Revenue Fund Budget. o CI) Co) c ca - ca m "0 c j LL "0 C C ,- j rn LL CI) ~g' rn 'i: ca "00.c C.c(,) &..j....."O Cl)LLjC ~CI)~ca O-g~;~ C(~E~ - CI) c.~ 00::0"0 ~_ CI) C ._ ca > CI) (,) '(3 CI) c. CI) C >< c. w UJ Co) ~ E ~ o j c c o CI) Co) > W CI) 0:: - o ..... c CI) E CI) ..... ca ..... UJ o 10 (I) o IO~ C') .... ..,. 10 en 10 rri CO ..,. 10 en 10 rri CO ..,. CO CO .... rri CO ..,. .... ~ III ~ C III ., G)~ U C III iii m 'C c ~ LL 00 00 00 0...... 10 ...... o o , O~ .... 10 .... 0000 001'--..... 001'--..... oNvcD 10 ......(1) .... .... 00 00 '00 00 (")C') .... .... 1'--00100 0100>(1) 10010.... ~c<)M..; N ....V .... .... l/) 2l Q) III .~ E g: Q) 0 c en g gj Gl o > ~ ~ .!!!iii Qi- 1il 0 ~I- '-- cn.E"E Gl al ~ III E a; ~ 1ii > III al Gl ..c:: > !t:U.= III Gl l::!.= ::l o f!! en~ ... l/) Gl <:: .c !!! 01- o o o .... 10 .... o 10 ..... (I) ..... C') cD .n (I) 10 .... N o 10 o en o 10 O~ rri C') .... .... N o CO (I) V .... C') 'oit~ N V C') .... N l/) Gl l::! ::l o en ... Gl .c - o 'C C l'll III Gi ::l :Ei c .!! ~ 'n; ~ ~ iii iii - - ~ ~ 10 (I) o cD CO N ..........1001'-- 1'--(")1'--0..... lOoolOlO'oit v-......-cico~ I'--NN N .... 00000 00000 ......NIOIOC') N~ocDo I'--NN N .... 00000 00000 ......Ol'--IOC') N- N cD ..0 cD f'... T"""T"""O .... <OO>OOOC') 0001'--0010 ......000>1'--..... Ocx:i~COM OT"""T""" IIIIllt ...... .... l/) ro .~ Ul (/) JB ~ al rn .- III .>2 ::2: C: !~"C~ :E~ffial 'C III l/) l/) C <:: .!!1 rn GlOc...c:: c..~ o.e >< al '" '" wQ..enQ.. l/) al ~ Jg Ui u ! "C ::l <:: - illS l/) C al Gl (.) 0. .~ >< alw eniii '--- al 0 ..c::1- (5 - '" lllo III f!! ::)~ ... l/) Gl <:: .c rn - '-- 01- ..... ..... 'oit ~ N .... CO CO 10 N (I) .... ..,. o o C') o N .... 10 (I) o .n C') .... ~ o o C') (I)~ o .... 10 en N N .... .... ..,. C') 10 ..... ~ 'oit .... 10 en 10 rri CO ..,. III Gl III ::) ... Gl .c - o 'C C l'll III Gl ... ::l ~ 'C C Gl 0. >< W iii - o I- .... C') ... II) ..c E II) u II) c ar u c III iii m 'C c ~ LL @ o o >- - ';: o ..c:: - ::::s <( - c Cll E c. o Cll Qj ::::s > c Cll Cll C ~ .!:! lk: E(ij 0._ c 0 o Cll o c. WI/) o Qj "0 o U - 0) 0. >- l- e -0 "S: c+:::; ::::s '-' u..<( .... o - '" .... - I/) 'c 'E ~ <( >- - C3 "0 CIl 0) I C 0) E t CIl 0. 0) o lii .;:: - I/) ::::s . "0 0) .5 ~ "0.0 c X III CIl ~; ~ 0) 0)0::: E '1!i E 0) o .2: '-'"0 O~ _ C C CIl 0) 0) E:o o.CIl .2 'S; 0) . > Ol 0) C "0 e CUi ~ CIl ::::s Q) 0".... 0) ::::s ..c:: I/) _ c: .... Q) J2,g Q) I/) ~ Q) .~ :e .... Q) 0.0. o e 1-0. .!il g-e !:!:!-s e8 .~ co 0", :5 0 ::::s c <(<( -Q) 55;; E Ol o.c .2:e 0).0 ~ El: o ::::s '-' I/) 'E~ o .!!! c '-' 8 ~ W C 0::: Q) 0 :5_ .... Q) .e ::::s -~ ~Ci) -g.g> .0,5 l!1(O ::::So "='oE -gNCIl ~J1 0, x - 0 Q)CCi r-.CIlI/) oSL.. O....Q) NQ)c Q)..c::t ..c:: .21 &. I-...c:: 3l CIl .0 X .l!l lii .;:: Ui ::::s . "O~ C C .- CIl ~;;:: C 0 CIl_ - C CIl Q) .~ E Q) 0. E.2 E g? o Q) '-'"0 Q) l!1 :5"0 '0 ffi c_ o c .- Q) ~ E III 0. 0.0 ~~ ~ Q) c~ III Q) C..c:: 0- +:i..c o Ol E ::::s e e 0.:5 m u> Q) - c ~:mJQ ="2 c- ,- u.. .1/) "0 _ eCI- .- III Q) UI/)..c:: 0)....- :5~o Olcl/) co_ .- E gJ g> <( Ol Co Q) lllW..c:: EQ)~ .5 f=,. ~ ~ . ~ .2:~o o~_ > "i:: U) .5 ~ t5 ecq; "t: LL'~ ~-o '5 t:. ~ III Oll- (:-.5 Q) rog:5 E III c '~.5 :c U-:t::: Q) - :;: ..c:: C I/) -ClCl I/) E ._ <~:S ogti w-lll Cl x Cl ..c:: I-lll ..c:: I- _ -< E-< o E-<<Zl f,Llf,Ll oZ oZ ::>~ ~ t-i=<: 0f,Ll 0> NO 00 f,LlZ E-<-< p... O~ 00 -<:>< E-< '""""' U 6) CITY OF ANDOVER Budget Worksheet - 2007 (JA 2110-46500 Estimate Requested Account Actual Actual Actual Budget Number DescrIption 2003 2004 2005 2006 2006 2007 Charges, for Services 54285 Finance Department Fees 32,863 54370 Tax Increment Administration F 114,490 126,551 127,507 130,000 150,000 150,000 Charges for Services 147.353 126.551 127,507 130.000 150.000 150.000 Investment Income 56910 Interest Earned (404) 2,730 2,000 1,000 56920 Valuation Adjustment 1,905 328 Investment Income 1.501 3,058 2,000 1,000 Miscellaneous Revenue 58100 Refunds & Reimbursements 2,954 13,595 14,770 58170 Sale of Land 101,440 Miscellaneous Revenue 104,394 13,595 14,770 Other Financing Sources 59100 Operating Transfers In 46,497 Other Financing Sources 46,497 Total Revenues 193,850 232,446 144,160 130,000 166,770 151,000 . Jl.lDiiiii'illtiIJoi!i. J!1m Salaries & Benefits o:~ Salaries - Regular 106,072 111,794 81,908 Salaries. Council / Commissio 340 278 10 FICA 6,130 6,020 4,785 60220 Medicare 1,498 1,571 1.123 60310 Health Insurance 8,693 9,474 7,153 60320 Dental Insurance 442 428 384 60330 Life Insurance 383 397 24 60340 Long-TellD Disability 269 269 205 60410 PERA 5,866 4,361 4,325 60990 Inter-City Labor Allocation 3,250 72,100 72,100 74.571 Salaries & Benefits 132,943 134,314 100,186 72.100 72,100 74,571 Departmental 61005 Supplies - General 555 49 16 2,000 2,000 2,000 61020 Supplies - Operating 1,180 4,612 15,797 14,000 61220 Software 350 61310 Meals / Lodging 100 439 386 700 700 700 61315 Continuing Education 250 1,500 1,500 1,500 61320 Annual Dues I Licenses 2,990 610 285 800 800 15,431 61405 Postage 44 505 620 1,000 1,000 1,000 61410 Transportation / Mileage 1,999 881 1,455 1,200 1,200 1,200 Departmental 7,218 7,096 18,809 7,200 21,200 21,831 Operating 62005 Electric 2,933 729 62100 Insurance 2,600 3,461 4,534 5,000 5,000 5,000 62200 Rentals 329 1,118 746 62210 Computer Services 1,000 1,500 1,500 1,500 1,500 1,500 62300 Equipment Maintenance Contract Operating 6,862 6,808 6,780 6,500 6,500 6,500 0 @ /1/16/2006 CITY OF ANDOVER Budget Wnrksheet - 2007 CIA 2110-46500 Account Actual Actual Actual Budget E.tlmate Requested Number Description 2003 2004 2005 2006 2006 2007 Professional Services 63005 Professional Services 7,305 6.061 3,530 5,000 5,000 5,075 630 \0 Contractual Services 15,902 6,446 2,077 11,000 2,000 11,000 63015 Attorney 6,245 271 588 2,000 2,000 2,000 63025 Publi.hing 2,482 1,633 1,019 2,500 2,500 2,500' 63\00 R & M Labor - General 1,629 5,006 9,000 63\05 R & M Labor - Building 3,922 63200 Inspections 3,082 444 1,838 63905 Contingency Professional Services 35,016 16,484 17,979 20,500 20,500 20.575 Capital Outlay 65300 Improvements 500 65600 Equipment C.pital Outl.y 500 Other Financing Uses 67\01 Operating Tran.fers Out Other Financing U.es Total Expendltur.. 182,039 165,202 143,753 106,300 120,300 123,477 N.t Incr.... (Decr.as.) In FB 11,811 67,244 407 23,700 46,470 27,523 Fund B.I.n.e Beginning 9,132 20,943 88,187 88,594 88,594 135,064 0 Ending 20,943 88,187 88,594 112,294 135,064 162,587 o @) 1///6/2006 City of Andover Budget Detail for all Object Codes (List each expense account individually with specific cost detail) o Department I Cost Center: Economic Development - 2110 .................................................... .............................................. .... Am.gfm~d~lilI ':tdIM, :::::::::: :::::::::::::::::::::: u u,:::I#Mii" ...::~ilf~~I~~fI ~mMj!jiM,;W: .r:..:.. 61005 SUPPLIES - GENERAL 2,000 . 2,000 o o o o 61310 MEALS I LODGING . 700 . 700 o o o o 61315 CONTINUING EDUCATION 1,500 1,500 o o o o o 61320 ANNUAL DUES I LICENSES . 800 Anoka County Partners 14,631 800 o 14,631 o o . 61405 POSTAGE Newsletter Publication 1,000 . 1,000 o o o o 61410 TRANSPORTATION I PARKING 1,200 1,200 o o o o :;1~-=:::::1:t'W.':@$l:::Z-:::~: :<<'*::::-:t'*:::-~-m.:.:::::~-::.$::.:t4'~..o:>~=m..::-;..$f~o:>-:-'>::::m:<:=&'i.t:-k:m:;;:;:;:=i:$:::;~&-:-:::<:;t~=$r:;:>.:t<:m:;:.::::~t.::j; ::;~::.;:;:.::::.::::-~:::.::.:::;.;.<=tt~::j:l,?' ~-::..>>.:;;:.<:::::do)-=::&;:;::::::>::?~^.:- >::::~-::4.;~t+:;::ttf:;:->:J~WK~"(>' it:;:::;:'?':::::::1*:::~-:-::::::::::::::=-':::~:::'Y~ ~i~tj)~t~ffi~b:*)%~*~ ~::::,,:::e'ij~~~f::<l-i%..1ft~-:::::.:::f;~t{~$<t1:~jg?:\f4=~i=::~~'%::(>~1@1:::#MM:;1:::1~tt~t~~;JN: ~f~~;f.:::t::~.m~~.f~I~~w:~ f~~:f:~~:?&?~~t:,%~g~~f;:M:: ili~~,*::1>~~:[::=.d~:::~:.:*~~I:' =t~?"*K;'i:::t;?'~~t*1.-;-<*?:;::*~~ . . o 62100 INSURANCE EDA Insurance 3,500 1,500 3,500 1,500 o o o . . Page J of2 cD City of Andover Budget Detail for all Object Codes (List each expense account individually with specific cost detail) o Department I Cost Center: Economic Development - 2110 62210 COMPUTER SERVICES 1,500 1,500 . 0 0 0 0 ~iMi~WJ:*~~~~ :.&l~w.~li%lt4~*f14tlt~t.:l1}1MH~mtl1tt@MiW~_ WF""" g.wWtmr W:t1l1.#Imtffll i:i'tf~~Jf~.i~ %Wm""fit.M~i! ~x~;J::1f:M~:~J/:;J~.:'~:] ~-:'.': .-:.~:::\<:.~:::.;~~x-:->>:.;...:-. . :.:. ..............:::.;...~.-:-:.:::.:::...~.. ... ..... ^V,.'.,.",,,,W4t>,:~,.dlk 63005 PROFESSIONAL SERVICES 3,500 3,500 Audit 1,500 75 1,575 0 0 0 0l~~llt.lli &"~'t~+ :;..;. <::!::;.;.,;:::::.>>;:.... ::''''t:::f.*->i-::><:><~>':::::>~;::::~**:~:::''''''';'-;::::- .:=::::'=:0 ,*:":,,;,"':;.<&":<*,,;,~:"o}:::::'''-::9.:::V.;.~.' :::::::::<~::;'::i(>~1"<~:::'::"<:IB':: .;.:;:;:;:;:.;:;..;..::.'}..;:;;:;iM..... .~<.'='::::.:w<:.;."J.9.:.<::<.:..I;1' .tt~~_~~tij~~t~.;.<l~ r.l g,x~*m::::~':;::'-:;"'';''';:'e1$ .,,'='..=* .;..:::.....:.....).->-:.;."...-:>f......f?:.(...>><<..;..;:....;::-.w.:::;:.;...r_ j;~f$::~~~:f:~~~:~~f.?~,,'4... .,:~~ ::::,..-::;:;;.-:::.-:::::-::-::--::::,<<<;...;..t ;"-::-"';'';;'~';'~'$~-:.::;,;::'f~-:_ , :;: .;.,{';if~. ;;..;.::::::- .;'.;.=$!.S: ::::.f.:::$;..<;.:::S.::::~ :::~<* < . . ?.;;" ~?.;.=:::';;~::::.. ..:::~:gi4f:~~f::~.:::-g?t?~:~: -:;::&t::r~~t~;~;:f::t.~it?:.~:~~:;.~~<~f.~~i@~~~iit~:~~i:~~:~t+..:. . ; {:::l-;:~:f.~:j?;:;.~*1lfu~:~:::~io'~ . ~ o'::~:::f';';'~:%~::.t?:~:*~o'" . .:;: 'o",<,~;, .;.;.~.;...;.%i;..-:.;.~.o':;:;~ 63010 CONTRACTUAL SERVICES 1,000 1,000 Landscaping @ Andover Station 10,000 10,000 0 0 0 'f~jft~~~~f~1*J~ '';'I:~\~;;'''' ?::o;o,;:~~"g'''';'W'''H;;'';'' . '';''' . . ..... ~::::~. ;....~"...u.;. ..~::: . 'm.;.' ."x '~';'[';:Ei~~ t~~~Jiii~~t.iiirfil '~:::"?::Y.':<<D~t:tr~~"."';'-:;'~l~i:lli1t.;~.. . **8IMit+W v. .,;.. ::::;.....". ,,'. ,,<"'-:~'''::::~:;:;.::::'';'<:::;;*r~il~';'''';'~ "...;..;.-:"..&;.<-'$;'.;:;:.:;:;,,<.;.-::...."'-:'. .';'''M'. .~. ~:::o' : -:;.:::if.i.t;~mm~~~~~:-::;,f:.~-::ili~lt~W.t~i.. 't~:~~~f.~f::~;~~;~;.;::;t;:.~~:o':::H~-;:;~-::;::::;~~1*.:;tf.:-;:~< . :'. "; ~$;;:~t:i;~" <:~~;' }Z1~~:r~ ':. ::..:.;;;::::;.;.~~:~+. ';:::'o' :: -:'" ::: 63015 ATTORNEY . 2,000 2,000 0 0 . 0 0 ~*$M;'?<2."'~~f1..~f%.p;::::' ~e:.e.@~$~;.Z~~~~'fWHt%.;@'.~,.~:li,t'i.:M$:?,\%@lf;,'''',''<''<,:~:,<".'. .,;.... ~.~;..',;. ;B:$='=~~1Il.;.."....x ijltii.111~lWj~~]1r~ ~;~<$;,::.,%":;~~%%,"'~;,:'..JfM'@BiiJ;"*q ..~......;.."..;. ,,~,,"';'" .'."bU. ':::fJ9v,;::'::'<:~9::::;;:::1-;: :~W-.. ~::::';;,o' .:;..;..;::..;.~m:~4":;::.'i:;:.fu::?4~' .:.....:;~~';'~.$.;;~:r:..T-;S:::;.~,?~-:::;:;i:ili:~:~;:::tjt-::....~o';;.<<=.:::.....;::....~:m : 1~*1@.ili~~r~....1J.::~~~::'. .:_~ ::::~~~::-:r:~~:;:~*;;.*~~:;;.. .". .}: '::r~~,~ ::=*!. : :':r:~:;sWj*: . 0;0. :;'~."..." ."'. ."'."" .... ". ,;0 ~ ".'X .',;o;'>>.~b~;' .;...;...."~"'.. ~ "~~.".."~. ~.';'.' .'." .:;;'."".' . .' . .' . . .;...;. ...~... . .~.... ~... 63025 PUBLISHING 2,500 2,500 0 0 0 0 ~';~:W-::=~<:'<::ilk1fus:;';;::' Im.mtf"~ ':;e.-::s . .;.,,':$" .;;;.':;........$.'....-:.-:t-:.;.:;:::t~ ~<:<:::;;:" ;,:"""o'%*:$""';;;:;:'>>"'~"'::: ';''}'~;;';;''''';'''''$.~~';i!'' : ..' " . .' :~ ..-::~""",,',;.~:;. ;~t*+J.e$.;ii?ft+l'[(~~ f.l}~~Ji!t~~f_: @W:if:tf$Upq <<'... ""-:i:-::: ilimI;;:;,,'!#-%';:::'I"f. ?::':W' ;;;:'.",,"~::.:" ....;.'''.;;.::;.:.......~,,:.,:*'...-$:-:;.-::::-:~:::...'ili:,::::.<....::~W.. '.;;-:....~.........;.~::....;.<......g."~la.. @~~;~~@::1~<:it.;:;:;~tf.R~ ;,::-:::::'* 'jf.;; -::-........ :::~......::: '!:;.-;:.'... &f ?&-::m::;:;:;:.:::::~~.;:.::~~:;::::B~f.:~~if:~~~:~~::...';':::?::;.f.;:::::;..;.~::.....;~~:?....;.:~: :... ..: ;~~~.;..;~~;f..:::~lt-::~...~?-: . j.. .,: k M....:....-;:;.:-:<::...............:.o'.:.:::....:::.;;.........~ .-:.' ;;:::;;;;;~::::;. "i::..... .;.w............::::;..:;:.;;:.....?: Grand Total for all Expenditures $34,200 $14,706 $48,906 ~;"~:;:'::;;~~ o o Page2of2 G) o Q) o c C'CI C'CI In "C C ::::s u. c ,- IIJ Q) C) C IIJIIJ~ "C1:)(,) , C ,.. - ::::s ':::::. "C Q) 0 C > U. ... OIlJD..C'CI O "C 1:) _ IIJ C Q) C ~ <C '(5' Q) ::::s -o...E~ D..Q)"C >0_ ij C ~Sc8. (,) ,- - >< Q.><w C'CI C'CI (,)I-ur Q) ::::s C Q) > & - o - C Q) E S S tJ) o It) "'" M as ~ N ~ "'" It) "'" .; ..- N M ~ "'" It) "'" .; ..- N M ~ ..- co Q) M 00 "'" M ~ ..- ~ CIS = C CIS .., 0; u .!!l c c: CIS Gl iii III E a:I ~ l!! (,) 'C e..5 c ~ X .-.i!---&! ~ 000 000 000 0"":0 N 0 ...... ...... 000 000 000 0"":0 N 0 ...... ...... 000 000 000 0"":0 N '<t ...... 0) <0 0) ~~~ Ili"":aj N 0) ...... III - e Gl Vi GlE E 41 o :::l III (,) III e Gl ..5 :::l 41> III _ 0 ~ Iii ~ &! ro's..!!!ii '0 gj ~ -....0 Gl > III <%..5:E o o 'I:!, ..- N N o o 'I:!, ..- N N o o , O~ ..- (Q ..- '<t N '0 Ili N N 00 00 '00 00 00 10 It) 00 00 '00 00 00 10 It) 00 00 '00 MM MM N. C'!. ...... ..- ......'<tlt) <OOO'<t 10......"'" "":.,fltf N 0) ..- ............M .!!l Gl III ~ ro - "0. Vi ro 41 () ~ '0 :::l Gl 0 roll) III lI) ~ 41 E:; ~ c:.go 5 l!! III 19 lI)~al{!. :G ~ ~ ;; ~ e 01-0- o o I:!, ...... N "'" o o o~ ...... N "'" o o o .; 0) ~ ..- 0) (Q "'" o ~ Vi 41 ~ :::l o lI) ... 41 r. o 'C e 111 III 41 :::l e ~ ii - {!. It) "'" M or '<t N M "'" It) "'" Itf M 0) M "'" It) "'" as o (Q .; o M "'" .; N M .; CIi :is .!! 'iij ~ ii - {!. III Gl e> ro .s:: () '"C c: ro III III l!! ~ :::l .~ :g Gl ell) 41 .... a.Gl x :E wO 0) ..- o lli "'" (Q "'" (Q It)~ ..- ~ "'" (Q It)~ ..- N It) It) 0) N .; "'" N - :::l o l!! ~ III e ::l~ III Cl ::::l e ... :.;::; 41 ~ r. Gl - Co 00 o o o o It) ..- It) ..- 00 an 00 00 It) ..- 00 an M "'" 00 "'" (Q an M 00 0) ..- o lli N 00 (Q It) M M N '<t N~ ~ N 00 M ...: o '<t~ ..- It) "'" M as N It) N ~ N 00 M ...: It) N~ ..- It) ."'" ~ ..- It) M M ~ M "'" 0) or o "":. ..- "'" It) "'" .; ..- N M ~ Vi 41 III ::::l ... 41 r. - o 'C e 111 III l!! :::l - '6 e CD a. >< w ii - {!. ..- M ... Gl .a E ~ Gl Q ~ c CIS iii a:I 'C C = LL @ .<= Cl ::l ~ e 0 .<= 0;: l/l - 1i)ca Q) l/l '6 0 CO Cl ..0 !!: Q) x 1-.<= .l!l - ... .5..c "'ffi ~ l/l 0 0;: l!! Q) co u; 0- Q) c - ... ::l :~ 0 "0 '" tl- 05 <.> c co l/l '" ... ~ "'ffi c ~.a ;:;: C/J:a .~ -0 - <:: Q) <:: Q) E co ::l a. E Q) 8 x I o Q) 0 0 C CO "0 Q) "0 c Q) CO .<= E <:: - ::l l/l '0 t U. Q) CO ~ "'ffi <:: c. l/l 0 Q) "(j) 'ri 0 Q)"O <Ii "0' c: <:: <:: ... CO <:: CO CO a.-CO 0.- -!:!:o.. x- Q) 0 ~!::t) - "0 <:: EroE "C <:: Q) ~ "0 .~ '" CO E '" <:: a. 0<::"0 ~ 0 0 .5 COil. '" ~Q) XN"i= '" 'ii ~ ~ Q) ~ E 5i ... <:> 0"0 '" ..<= ... ... Q) 51 Q)~- a. ... ~~o =- ~ 0 J!l <.> '" .~ O-J!l - <.> c '" E "e "'0- ... gE ~ ~ og. ~ I-"U .. i....: CD "OQ)"O <:: - 0 ~ffif2 () Q) - c. O l/l >. 01- ()2=' "> U <( 0> 0 ~ 0 oq .0 <00 ~~ 0> ~ q <0 i' <0 * * a; "0 ::l (j 05 l/l ~ ::l - '6 <:: Q) a. ~ "0 * Cl "0 ::l CO Q) "0 ~ Cl a. <::=> 0"0 ;::; > ~iD - l/l <:: 02 0 oe ~ "0 CO <(I \ \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I < I- o 1-00 ~~ oZ oZ ::>- co:::E r-~ o~ 0> N o 00 ~Z 1-< 0- O~ 00 <>< I- () 6) o G) (,) C ..! cu m " C :J ~LL G) - C C ,- G) tn o G) >-CJ _ C ,- cu tnC.c ,,:JO ~cE" G) :J E C >LLOCU OtnOtn O'gOI! <C .!. ~ :J 'Sec:!:: 0.0" >-- m C :!:: cu G) O:!::G)a- Q.:Jw cu C O~ur G) G) 0:: :J G) C tn ~ CU G) G)O:: ..J'S - C G) E G) - cu - U) o ~ N It) ...,. t:ti C') "-' ~ N It) ...,. aJ 'C') "-' ~ C') C') C'Il cD It) o ,.: 000 000 'OIOIt) cicio ('I)...,.... 0> co... C'Il ('1)...,.0>00 0.......= "':..tNM 10... N It) .... C'Il ~ .... ~ III :J C III .., rJi u C III iii lD 'tl C :J LL Q) 19 E iji 8 E..5 tnE1:: Ql Q) Q) ~ ~ E f>> e> u; A. _Q) Q)> ~..5..5 iIi Ql ::l '" C ::::I Ql o ii ~o:: .!!1iii 2l- '" 0 ~.... .... .... .... .... C\!.'C'Il N N .... '" Ql ~ ::l o tn ... en '" Ql Ql -o.c ~..5 ~o o ~ e B tn,S1o.o lii~-o"" :5 ~ 5 Ol-m o o It) o ... C') = .... cD co C'Il en Ql ~ ::l o tn ... Ql .c o 'tl C l'll en Ql ::l C Ql ii 0:: iii - o .... 00 ...,. C!, C'Il C') 0000 ...,....,. '00 NN ('I)C') -- C'Il It) ...,. t:ti C') "-' co C'Il ...,. N C'Il C') ...: NC'Il coco 'coco (OeD 10 It) ('I)C') ...:...: Ql :c ..!!! 'iij ~ iii - {:. '" CJ) ~ ro .s:: iIi o l!! -0 ::l c :!:: ro 'tl '" '" >> c l!! l!l .!!1 8- ::l .~ "5 w)( .:!:: CJ) 0 -g tn'co l'll f>>Q):!::'O ~.s g-.... woo co .... N ...,. - c: CJ) Cl <( :;: o ... u '" UJ '" -0 c: _ 0 ::::1m 0-0 "'~ ~ c "'.2 c: CJ) ~c::: ~ I- 0 enCl- ::l .S: C ; 16 CJ.) .c'-E -Q)>> 0'0. ro 00. co .... C'Il ..t en Ql en ::l ... Ql .c o iii - o .... ~ 00 ...,. C!, C'Il C') ~ ~ ...,. t:ti C') "-' ~ 00 ... oo~ o co C') ,.: ~ ...,. ttS C') "-' ~ iIi Ql en ::l ... Ql .c o 'tl C l'll en l!! ::l - :s c Ql Co )( W S o .... .... C') ... Q) .c E Q) u Q) Q rJi u C III iii lD 'tl C :J LL @ o .... o - <> G> .... is G> <> C .. C ;:;: -0 ro Gl I C Gl E t ro 0. Gl o o .... .l'.l c G> o ~ '2 ::J E E o o o U> "C C o OJ U> G>.... ::J <> ; oS- > .... G>o.. 0::_ G>.f! N ~"a C> G> .. ::...JU .. i.:..: Q) "OGl"O C - 0 :>c0 LLGl...... o Gl - 0. Cfl >. 01- 02:' ":; n <( ~ 'c :> E E o o Gl =:; x 'O~ co. o E tiS :>- ~ro ~I 8~ Gl0 =:; Gl ....=:; .E..... _ 0 C Gl :>"0 8 "w t.l.c: rot .9 g 2~ ro- ~ 5 t.l"O Cfl Gl ~~ "00 c- 2$ .Cfl 5i ~0 - Cll '" .. = .; X :>~ o 0. .cE ro 0 1i) t.l 0= t.l ro "OI "3~ o .- 3:0 C Gl o.c: .- - t5 C 2 0 1i)"O c2 o ro t.l g "0_ C Cfl ro .- .... Cfl Gl Gl_ .S?5i -0 ~ :>2:' - .- t.l C Q) :> :!::E .c:E ~ ro 0 ....0 ro Q) .c:.c: :;;1- Q) . -0 roo .9-0 t.l - ~8 cL!) ro _ UlOJ .- .... :!:::fh >. - 'c Q) .:EE ::J t.l Q) c"O.....E roQ)oo ~.c:<(0 0:: c...> Q) -o~:5 ~~>-O. oOQ)_ NL!).c::> >,..... 0 .S: Qj =:; <( Cfl ro ':!E 0 -gE_:2 o 'x C >- OJOQ)Q) Gl5.~.~ :>o.Ol<:.. 5i <( c Gl > . ro (/) Q)"-t::_ 0:::2ro:2 Q) 5i 3l ro (/) t.l ro C 1ll2:'~ 2 ..J.c E- '0 :> .... ~ oE.l?<( o E 010 q85:2 o _ cororo>- ~'O>.Q) ~c.c~c> 69-0"- c "O:+::iJ2OO:Q "0 g "0 = ._ (J) .::0 ore 8...E >,(I)o.co""", :!::5GlGlQ) 0t.l.c2c Q)Q) . Q) ~ =:; '3: :2 0 <0 o o N .S: "0 Q) (/) o U Q) .c ':!E "0 C .2 (/) :c I- i \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I <: E-< o E-<CIl ~~ "Z oZ ;:Ji aJ t-p::: o~ 0> NO 00 ~Z E-<<: l>.. 0'" 00 <:>- E-< u @ o CI) u c C'lS 'ii em 1t)"C en c en :J '""u. .... o c en ';;; "C CI) c C) o c m C'lS -.c en;o r..."gE"C ~ :J CI) C ou.r...C'lS O "Cc CI) g ~ u - r... <( '5; .:J ....1;.0::: o CI) '''C ~(I)C)c ...........CI) ,- ,Q Q. o CI) en >< e"gw o ft m~ - :J C C CI) CI) E > ~~ u .E'O ><- C'lS c I-~ S C'lS - (I) o tit tit tit .... 00 = ..; 0) N (\') 10 NO> coco ai"; (\')'=t ..... tit .... ~ ra :;:, c ra "") 0; u c ra ii CD 'tl C :;:, u.. .!!l c: Q) Ill" Q) ro E E _ Gl .!!3 VJ r:::: 0 = Ul Q) (,) c: 5iQ)E.5Gl IIlElIlE"E~ Gl~<lQ)Q)~ 2(,)~iSE_iii ep..502lcn ~X~$!l!~ ~~(/).5.5 .5 ~ ~ III ~ Gl ~ ~ I- ::l Cl o c: tn;:; ... ~ ~ Q) _ 0. 00 00 .... I/') cD .... .... Ui Gl ~ ::l o (/) ... Gl ..c: - o 'tl c: Cll III Gl ::l C Gl > Gl ~ iii - ~ I/') = N~ .... .... '=t Gi :c ..!!! ~ S o I- III ! ~ .a .~ '6 Q) C(/) Gl_ c..o >< Q) wo 01001/') 0....0>= O.....ON cia5c<i"': 10..... .... (\')..... '=t ro_ C.Ul .13 ~ .5 JB ... c: D.._ Ui ! ::l ~ 'tl C Gl C. >< W cuca .c - O~ - ::l o ~ ~ Ul c: ~ IIlI- Gl Cl III c: =>>;:; :; ~ =0. 00 tit tit tit It) = C\!. .... .... ..,. tit Ui Gl III ::::l ... Gl ..c: - o 'tl C Cll III ! ::l - '6 c 8- >< w S o I- .... M ... Gl J:I E Gl U Gl C 0; u c ra ii CD 'tl C :;:, u.. @ I I I I .s::: I Q):!:::: I 0;;:1: I I:: It) Q) I ~ 0 E I :E ",,0Q) ON t; I Q) I -0 - I:: I:: 0 E It):;X I .... O>Q)ro I 2 0>-01- .... OJ .... I:: I 0 I:::J . I .- -- 0 ti I:: CIl Q) . .Q -o....C!) I Q) I .... I:: I::.~m C 0 OQ)'<t I Q) - 1Il;;:0 I CIl ccnO (J ~ I:: Q)-oN I III 2 E I:: Q) I I:: .5 ~.2 :5 I u:: -0 (0):5 I -0 I:: .E ~ .~ I ro I ro (ij x.s:::1t) Q) ~I-o :r: 0. I '0 0 I - o i-N I:: I:: I < Q) '1:: "- I:: E 0. C!) 0 .- I l- t:: '0 'O~ijl I 0 ro - 0--0 I 0. I:: I:: Q) I:: I I-CI) Q) 0._ :J 0 E qC/)~ I ~~ >- LOt)'- I ro It) Q) Q) . I ~Z 0. C!. 'cr Q) CIJ Q) <0....;;:-0 I oZ .s::: W 0. 5 I - " -o-CIlIIl ::Ji .;: .... CI) -1::-0 I .~ .E //I OQ)I::Cl I t: :::::l CIl E 0 I:: III - >- .0'- -< I:: //I :!::::~CJ.)-g I :J ~ I 01 8 o e CIl.2 t-~ 10 0 Q)0.Q)Q) I o~ ~ 0 0 .s:::E.s:::o:: I ro .... I- ._ I- 0;> ~ ~ a.. I I NO I I 00 I ~Z 0 I 1-< -0 I I:: I 100< .2 I op:., Q) I 00 .s::: l- I Iri I <;>< 0 I 0 I l- N I ,;..., .5 I U ijl I -0 I I:: C :J I It) ~ I 0) I 0) ~ I .... Q) ..... ;;: I 0 I //I CIl -0 I " I:: I I:: 0 0 .0 I m c I .... I:: It) I CI) 0> I E 0> .... I CI) '0 I .... CI) o 0 I:: ._ CIl I - ~ -0 I I:: X CI) 0 I ~!/) m I C'\I '::0 1: I oC!CI) Q) I ~C!)C E . ~~ I OJ 00 I .EN I -0 X I:: I @ 0 0 ro'- 0 1--0 I .. as .Q) I CD 0. C!~ ci- c!)o Q) >- Q) 1(1 000:; j!: ;;: "C 1i5. COt> Li:0<l: o CD u e CO Cij O)m 0)" 0) e '\"" ::J 'SU- e t/) ,- "t/) e CD o c::n m e _ co e..c t/)CD(J "-'gE" ~ ::J ~ e ou-uco O'g CDU .E l3 llI(.- . ~ ....~O:e o CD C)" >0 (/) e =_t/)CD (J i " c.. c5~ mur - CD e ::J CD e E CD ~ i) uQ: e.... - 0 ><- ~ 5; E S co - (/) o tit- tit- tit- CQ o 0) ..; C') .... 00 '<t ..- ri 00 ..- tit- .... ~ III :s c .111 .., oj u C III iii 1XI "Cl C :s u. m Q) in _ E ell .l!l 5i 8 E! 5iE..5e1l III E E - ~ eIl~Q)5i~ :s (,) >0. E - l: c: __IV Q) - ~ (I) ~X$~~ ~~..5..5 ..5 '" .... .2! III '" ell c: f:! e :s I- o g> W;:; ~ ~ :S ~ 00 co r-- CQ Il)~ C') co N o cot .... .... o~ .... in ell ~ :s o lI) .... ell .l: - o 'C l: IV III ell :s l: ell & 'ii - ~ co o N cD '<t ....~ .... Gi :a .!! 'iij ~ 'ii - ~ III l!! ~ .a ';:: '6 Q) l:lI) ell _ Q.,C X oQ) W OI.C)Ct>CO ONOOO OCt> CON c5"<i"":cD NN '<t ..- .... ..- .... m- o.'" ,- Q) (,) .... .~ ~ .... c: a._ in l!! :s ;!:: 'C l: ell Q. ~ .... ~s o~ - :s o '" .... .2! '" c: ~ 1111- ell Cl III c: ~;:; ... e! ~ Q) _0. 00 tit- tit- tit- co o N cD '<t .... .... tit- III ell III :;) .... ell .l: - o 'C l: IV III l!! :s - '6 l: ell Q. >< w 'ii - ~ .... C') ... Q) .c E Q) u Q) C oj u C III iii 1XI "Cl C :s u. c9 o o - C Ql E Ql ... Ql o 0 c ._ - ~ )( Ql ~(/) .., .- oO.c It) . Ql ..,C)c o iJi ""C o o - .. Q) Q; e. Cl- Q) ..0 oS; "0 en ._ cot> ttO<i ... o 1:) Ql ... C Ql o C I'<l C u:: -i:i ro Q) J: - c Q) E t:: ro e. Q) o '" '" '" ..... '0 f/l ""C c o lIJ E Q) ""C E ~ OJ c ..Q c o - f/l f!! .sl .5 ""C c (II "[ '0 c 'C 0. o - C Ql E >. li Ql .t:: - ... .E - C ::J o l..l l..l (II ~ -; .. Ql = C;; It) o o N .5 ~ f/l o '0 -g ~ Q) .t:: - ""C C (II :g ""C .~ ~ ~ f!! Ql == III ""C C o .c Ol III Ol .t:: I- Ol l..l c: (II c: "" . o~ -0 8l Ol C>>.t:: ..... - s:: .!: ';;; 'r"" -g ci oZ COu cE Ol III Eo f!!- l..l c: C Ol x[ ~..Q Ol o a; 00 _ c 0:2 o:=: o == o'IIl au o Ol 1Il.0' ..... ... '0 &'7 e. CD "'O'E f/l (5 Ol ::J IIlE f/l ~~ gj Oe o Ole. ~ ~.5 i \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ I \ . < I- o I-{/) ~~ oZ oZ ~i co r-~ o~ 0> '" o 00 ~Z 1-< p.. o~ 00 <>< I- o @ o Q) u c co ca ~a:l Q'O Q C Q ::I NLL .... o c en ';;; '0 Q) C en o C a:l CO - .c enC(.) r... '0 Q) >Q)5~-g OLLr...CO g'CQ)gen C u - ! ~ ,- '::I ....'=O~ o Q) ''0 >0 (/) C) C ::::.... CI) (.).g~~ CcW o a:l ~ en - Q) C ::I Q) C E ~ ~~ .E'O ><- CO C I-~ Q) - CO - (/) o ioIt .... M = ,..: an .... -:I' 10 0' Lri' N 00 ioIt ;?) '0 Iff N CIO .... M = ,..: an .... o 00 o 00 010..0... ci o 00 ..- .... o CIO ioIt CIO an M ai .... N NOOI'-M OOONCO IOO><OCIO Lri'N' ,..: ION I'- (') M ioIt .... ~ ns :J C ns .., a) U c ns ii III 'tJ C :J II. ro Q) en _ E GI ell c: 0 :l c. Q) g s::: Q) ~ ~ Xl~ffiaiii ~O~.5fti GI.E e>eIl~ >X.l!l~1- &~.E.E .E ~ .l!! III ell GI c: ~ ~ :l Cl ~ .1: ; ~ .t:: Q) _ 0. 00 an .... CIO Iff M I'- an .... CIO Iff M I'- = co CIO C co It!. .... an .... CIO cD M It!. .... M co CIO ,..: I'- M en ~ :l o en ... GI .t:: o 't:l c: ell III GI :l c: GI & s o I- o o CIO ai .... I'-~ .... co ~ ..; = CO~ .... .... N N ,..: = an iIi :a .!! .ftj ~ ~ ell l!! lS :E .~ 't:l Q) c:r.n GI _ 0..0 X Q) WO 0000 0000 O<ONCIO cicx5 ai <010 .... <0 I'-~ ..- .... OO(')M 0000 0<0-:1'0 cicx5 ai <010 .... ~ I'-~ ..- .... 010100 01'-..-= O-:l'OON Lri'ri ai 0(') M (')..- -:I' ro_ 0. ell '0 ~ oE ~ a...E ... ~S O~ en ~ ::J :t: 't:l c: GI 0. >< W - :J o ~ .l!! ell c: ~ IIlI- GI Cl III c: ::I"" :G ~ ;a. 00 ioIt o o CIO ai .... "':. .... ioIt M o o ai .... "':. .... ...... I'- an N -:I'~ ~ ioIt o = N ai M -:I' .... M = ,..: an .... ioIt en GI III ::I ... GI .t:: - o 't:l c: ell III ~ :l - :g c: GI 0. ~ .... M ... .8 E CII u CII C a) u c: ns ii III 'tJ C :J II. s ~ Q i \ 1 \ 1 \ Cll 1 t.l <: \ ell 1 :Ei <: 0::: \ Cll 0 1 0 "0 - E 0 \ 0 1 ~ 0 .. N \ 0 - Ol .S 1 t.l <: ~ .2 '" \ "0 1 i5 <: <: 0 0 \ Cll - CO 1 u '" - <: l!? <: \ ('ll $ Cll 1 <: E u:: .S l!? \ "0 1 1::i <: t.l ell .E \ ell 1 Cll ro X I Q. ~ \ - '0 1 <: cii- Cll <: <: E .;:: 0<3 , Q. 1 E-< t. "- o~ ell 0 , 0 Q. - 1 Cll <: 0- 0 Cll o .S , E-<<Zl E q", 1 >Q>Q >- LOt) ell '<t Cll \ c::>Z Q. '<to '0' 1 Cll N .. \ oZ .c (fl Q. 1 - "0 "0 - ~i .. Ql - <: .E III o Cll , c: ::l '" E 1 co III .?;oCll \ :> III .- > 1 f 8 ~ () e r- ~ t.l Cll Q. \ O>Q '" ell 2 .c E 1 = ~ {:. D.. f- ._ 0> \ 1 NO \ 00 1 0 , >QZ 1 E-<<: , 1 ~ , o~ 1 00 , <:>< 1 , E-< 1 , 1 u , 1 < \ 0 1 0 0 \ .... 1 .... 0 \ III 1 "0 , <: 1 0 CO , - 1 <: Q) \ E .1 Q) \ .. Q) 1 u u <ci c ._ , - ~ 8 1 >< Q) r:.w N , '<t '.1:i ,S 1 oOQ) -g , ~cic ~ 1 0 \ Cll 1 @ .0 \ 0 .~ 1 \ "0 . <: .;;! '" :;: f- o CI) m u M e Q as Q- N~ O'C o e 'C ~ eLL o e m ,- C)m e C) ,- e 'Cas e"c 0.2(.) ~'C~'C ~5..,e OLLeas O'CCI)CI)0 e u E ! <( ,- CI) ~ .....0 ~ ti ~ CI) 'C >0 (I) .5 e - _ ,CI) .- .0 0 Q. (.) CI) . >< CC)w I ~ o 0 'CCI) e ~ o e m ~ ~ o .., e CI) E CI).., ~ e u CI) .5 E ><,! ~S (I) o C") N 00 0; ~ ..- ..,. Cl) ~ C") fIi ,... ..,. Cl) ~ C") fIi ,... ..,. 0) ~ ,... N ..- ..- ..,. ..- ~ 111 = C 111 .., GS u C 111 ii m '0 c = u. .l!l c: Q) UI E Q) ~ ~ (,) ;.E ~ x It::~ o o o I o o "'" o o '0 o o ~ o 0 o 0 o I '0 o 0 ...- ..- ('I) C") o 0 o 0 o 1 '0 o 0 ...- ..- ('I) C") ...-""'NO ('I)N('I)O) CX),.... 0 II) aiC'iC'iooi ,.......... 0) ...- ..- Q) UI 19 E Q) 5i 8 g E.EQ) E'ES Q)Q)06, O>E-: ..... 'v e>0"" ~~~ .E.E .E l!.! .g! UI ~ Q) l!! e I- ~ Ol o c: tn+:; :s ~ ;; ~ 00 o o o o o ~ o o o o ..- C") o o o o ..- C") o 0) II) ooi 0) ..- en ~ ~ o U) .. Q) .c - o og c: I'Cl UI Q) ~ c Q) .i ii - ~ C") N 00 ~ II) Cl) ~ C") fIi 00 C") Cl) ~ C") fIi 00 C") 0) C") C") ..: o C") iIi :a .Jl! 'iij ~ s ~ UI ! ~ .a 02: '6 Q) ccn Q) ..... c.s::; >< Q) wo 00 ON 00) Ili~ ......N N o N 10) fIi C") N OO('l)C") ON ON 0......""'11) oeO fIi ...-N C") N N OO('l)C") ONON 0...-""'11) oeO fIi ...-N C") N N OO('l)C") ON,.... 0) O...-CX)O) 00 0 0('1) C") N N ro..... Q.rJl 00 ~ .~ !l ... c: 0.._ Cuii .t:: - 5~ UI ! ~ ~ og c Q) c. ~ ..... :J o l!.! .g! rJl c: l!! UlI- Q) Ol UI c: J+:; ~ ~ ;;~ 00 o N 0) fIi C") N C") o 0) N ..- C") ..,. C") &1 fIi C") N C") N 00 ~ ..- ..,. C") &1 fIi C") N C") N 00 0; ~ ..- ..,. C") 0) 0) o C") N Cl) ~ C") fIi ,... ..,. en Q) UI :;) .. CD .c o og c I'Cl UI ! ~ ~ og C GI C. >< w ! ..- C") ... Gl .c E ~ Gl C GS u C 111 ii m '0 c = u. @ i \ I \ I '" \ 0 I 0 C\I \ ...; .5 I .0 0 Q) '" \ -c -c I E <= 0 \ '- .sl m I 0 , Cl \ tl Cl <= I <= '5 ~ .2 <= \ C <= ~ I 0 CIl Ui c::: \ () - I <= l!? <= ca .sl Q) \ C E . I u:: .5 Q) '" -c '--c \ u <= I -c <= <= 0 eu eu -m \ Ql 1ii x_ l I c- eu <= C '0 f-. Q) \ 'E I Q) <= q l!? E .;:: \ < c- t '0 Cl u I f- eu .... <= c- - 0- \ 0 Q) <= OX I 0 Q) O~ f-<Il E 0.(0 \ >. 00) I ~~ II "'0) \ OZ 10...- I Q) ..- Ql oZ ,e W,e \ - al :e '- -c- I ::>- .... .E Ul "'0 2l \ t:Q::E ~ - :) '" <= I -< <= Ul .i::'eu ::l Ul .- <= \ -; 0 8 CIl ()"" I t-~ .. () Q) l!? .. eu ~ \ o~ = ,e 0 I " ~ Q. f-_ 0;> \ I C'l 0 \ 00 I 0 \ ~z I f-< \ I p... \ o~ a I 00 0000 \ CD I <>< C\lC\IC\IO q llJ - O)~o.~ a \ .., ~ ~.......('t')....... CD I f- a C\I..-..- a Q) \ N - .... ..5 ... I u 0 W \ Ul I 'C <= \ 0 0000 a I llJ a 0000 a \ Cl 1ii 000.0. 10' I <= c- . '00 .., '5 '0 100....10 en \ <= <= N~C\I(\I I :l .;:: \ 't a.. ... I c::: ~ W - \ C I CIl :8 E a \ CIl 'C 0000 CD I '- CIl .sl C\lC\IC\IO a \ () () - 0) ~ 0. 10. II'i <= .- ~ <= cOl'-"'l'- en I - ~ ::l '" 0 "'....1010 en \ x Gl I1l E C\lC\INC\I l. ~UJ -c <( ... \ 10 'l'j Q) EI) I a q Gl '3 10 ClC -c \ '" Q) I ,e &l \ .!1l I @ 0 2l \ 1'-0(0)0 I .~ CUI ooo"C""" \ CIl ~ 0000 l en C\IC\IC\IC\I - .0 Ql 0 o (I) a:J (,) ~ e o as 0- N~ ~ O't:J t/) e 't:J~ eLL o e a:J ,- C)~ e C) ,- e 't:Jas e~ t/).2(J ,-'t:J~'t:J ~s_e o LL e as O't:J(I)(I)t/) e (,) E e <C ,- (I) ~ ~oC=b~ (I) 't:J >- (I) .E e ~-o(l) (J ~ ,~ c<.!>w I ~ t/) t/) 't:J (I) e ~ o e a:J ~ e~ (I)~ E 0 (1)- '- e (,) (I) .E E >< (I) as- I-J!l (I) o It) en o a; .... o o 0' o o 00 o o '0 o (:) co <<It It) N N ai co N 00 0 00 0 00 I '0 00 0 .......... N M M <<It It) N N ai co N o 0 o 0 o I 10 o 0 ..... .... M M <<It ..... co M ai N N ..; <O<OO>NM 00>0><0<0 OMO>.....1t) N-i~ll'ien ON........,. M M <<It .... ~ l'G :l C l'G "') Gf u C l'G iii lD '0 C :l U. .l!l C Q) CIl" Q) co E III tIl ~ C 0 ::l C VJ Q) (.) c: GlQ)EEIIl> E tIl C - CIl ~... C III ~~ ~Q)1l:: c: 0]1 O.5_iii Q)..Eo~(I) > x Q) Gl ~ 0 &!~~:EE"" E ~ ~ CIl ~ III ~ ~ .... ::l Ol o C tn.. .. ~ III Q) ..c: C- OO o It) o en o 0 o a; o .... co co o o o o N M o o o o .... M M CQ It) ~ M in III ~ ::l o tn .. III ..c: - o "C c: Cll CIl III ::l c: III > &! S ~ It) N N ai o CQ It) N N ai en It) o It) en ...: ..... It) ..; III jj .!!! 'j; > < S ~ III ~ Q) ::l 0 :l:: "2: "C Q) c:rn III ..... c..o x Q) wo O<OOCQ ONON O<OOCQ octi~a; 0>0> co ...,. It) 010100 ONOM O. "l 00 ..... 000 a; 000 co ...,...... It) OIOMOO ON ON OM...,...... 00:) ai 000 co ...,...... It) 0100 It) ONON 0.....<0..... ll'iri~o) .......... co .......... N ...,. ..; co..... C-tIl "- Q) o ... .!: .S! .. c: 0.- in ~ ::l :l:: "C c: III C. ~ me; ..c: - o~ ..... ::J o ~ ~ tIl C ~ CIl.... III Ol CIl C :J:;:; .. ~ .! Q) _ C- oo CQ N CQ a; co It) en CQ ...,.~ en N N <<It o M .... 0) co It) It) en o en ..... <<It co N ..... ai co It) ..... en ...,. 0) <<It It) N ..... en co N ..; It) N N ai co N <<It in III III ::;) .. III ..c: - o "C c: Cll III ~ ::l - '6 c: III C. ~ iii - ~ .... M ... Gl .Q E Gl U Gl C Gf u C l'G iii lD '0 C :l U. @ o o o .. o tl II) .. c II) lJ l: (ll l: u: "0 ro Q) I C Q) E t:: ro a. Q) o In "<I' Q Q N ... o III 'tl l: o In Cl l: '6 l: :l 'Gi ~ ... l: II) E II) .. II) g .~ - c: )( II) ~1Il <.0 O' li Q . II) ~ClO Q) "0 o o - ~ Q) 2 a. ail- 0- ""0... os; 5~t5 LLO<( -; 10 ... = ~ ...; .0 Q) "0 E ~ Cl l: ..Q l: o ... III f!! 2 .!: "0 l: ro Iii a. '0 l: 'C:: a. ... o ... l: Q) E >- ro a. Q) .r: ... .. .E - l: :l 8 lJ ro (? ~ Qj .0 'tl 2 ~ III ro "0 Q) '3 "0 Q) .r: lJ III ,22 ~ '2: Q) rn :c Q) o "<I' o o N ,!: III "0 l: o In OJ l: 'C l: -t 0:: 'tl II) III ::I III III II) lJ e D.. - l: Q) E ' f!!~ () <:: l: 0 'X In ro- I- ai 'E q Q) <!) b ... l: 0- o >< o ro 01- o~ (00) N...- "<I' Q) U).r: "0 - '0 ~ rn l: ~ro C3~ Q) f!! i'=.s 1ii f!! 2 .s <OC')OC') 01.000 C\I~o.....L()I'-CX) <0 '<t<O 00 0001.0 <15r-:";o.or-:oi O)oor-.<O"<I'N U) Iii a. '0 l: 'C:: c... 0000000 0000000 0000000 0.000.000 0) ON C') <0(00) "<1'1.0 L() 1.0 1.01.01.0 U) ... l: :l o E <( <OC')OC') 01.000 N.....OT"'"L()I'-CO <0"<1'<0000001.0 <15N";oor-:oi CX)CJ)O)O).....OO> 1.01.01.01.0<0<01.0 U) ~I .......como.....C\I('l') 000.................... 0000000 NNNNNNN <( I- o 1-00 ~~ oZ oZ :;:J- a1::E on CD en M Q "<I' "'p:: O~ o ('l> o 00 ~Z 1-<( p.. 0""' 00 <(>0 I- ~ Q Q o ci co r-. M ~ o on CD en M co ..- ..; ~ Q o In " CI) I: Co) ~ :; Cl)CU :JaJ 1:" CI) I: ~ :J D::LL CI) I: In ,- CU In CI) CI) -It>> ~:; =.c In '(j (J" ",,,CU,, Cl)I:LLI: > :J Co) CU o LL ,_ O "<c1: ~ :g ~ ,- :J ,=0.- 'OCI)<c:s ~CI)C I: ~-WCI) (J.Q"l;t C. CI) 0 >< COW <'1m · CI) In :J " I: I: CI) o > aJ~ CI).... :J 0 1:_ CI) I: > CI) ~ E CI),! In CU mUS -I o ...- It) ~ 0) It) ~ 00 CIO ..... ...- ~_ I ~ 0> 0) 00 CIO 00 CIO tit o 0) '0:1' = It) ~ 000 10 0 It) C'?OC') "':0"":- '0:1'''1 CD 00 CIO tit o 0) '0:1' = It) ~ 000 100 It) C'?OC') ...:.,;...: 'O:I'N~ 00 CIO tit ...- It) 0) = t:! co "I CIO ~ION C'?C'?~ aSci)"': 'O:I'C'?CIO ~ ~ tit ...- ~ III ::::I C III .., GS u C III "ii III " C ::::I u.. Ul Q) x ~ ~ Q) a. e g:ll. ~~ CII Q) ~ lii a:::e> Q) UI E CII o :J o C -= CII - ~ liia::: Eftj 1ii- ~~ -= -= ~ J!1 UI ~ CII ~ l:! f- :J Ol o c: 0;:; :& l! .s 8- 00 '0:1' ~ N ...: C') N C') ...- o ..; CIO N C') ...- o ..; CIO N CIO 0) o N !;# N 0) 0) fIi N ...- ...- C') CD M.. ...- It) ...-~ ...- C'? CD C') an It) ...- ...- CD N CIO ('t) o N~ ...- in CII l:! :s o lJ) .. CII .c (5 " c III UI CII :J C J s ~ C') '0:1' ~ fIi CIO ~ ...- C') It) CIO 0) o O)~ ...- C') It) CIO ('t) ...- O)~ ...- "'" "'" "'" ftf O)~ ...- Gi :is .!l! 'iij ~ S ~ UI l!! Q) :J 0 :t:: "2: " Q) ccn CII _ o...c >< Q) WO O"f"'""O.... 0C'?0C') o......o~ 16 0>"": an 0010 '0:1' ......0> ...- ...- ONON 0000 0......0...- 16";"":0 OOCO It) ...... 0> ...- ...- ON N 00 0 q~l.... 10'0:1' 0) OOCO '0:1' T"" 0> ........ ...- ro_ a.Ul .- Q) o .... .5 JB .... c: ll._ ......0"'" CONCIO ............N '0:1' ..; 0> 0) ...... ...- ...... ...- in l!! :J - '6 c CII. 0. ~ ~S 5~ - ::J o ~ J!1 Ul c: ~ Ulf- CII Ol UI c: ::):;:; :& ~ .sa. 00 ...- C') ~ an '0:1' ...- ...- N ...- o~ ...- '0:1' "'" tit N o ...- o It) ...- ...- ...- It) "'" 0) It) "'" tit N o ...- 0) '0:1' ...- ...- ...- It) "'" ..; CD "'" tit "'" CIO N ..; 0) ...-~ ...- o 0) '0:1' = It) "'" tit in CII UI ;:) .. CII .c - o " C III UI l!! :J - '6 c & ~ ...- C') .. G) .a E G) u G) c GS u C III "ii III " C ::::I u.. s ~ .~ o ... o - <.) Gl ... C Gl <.) I: III 'I: u:: -C ro Q) :r: C Q) E t:: ro Q. Q) o .~ ~ ,~ .. ... < - ~ '" <l.l = C o III "'C I: 0 ll:l Gl ::J I: Gl > Gl 0:: 11> III III Gl ..J ~ '0 ~ III LL <.) a; .0 .c ::J Gl -C ll.. <.) 2 <( .~ ~ C Gl 00 W(/) ro N""'- -C oo..c Q) "",oGl "'5 MNC -C Q) .c <Ii <.) 0 00 -C ,!i1 0 () Q) -. <.) c; Q) .~ Q) C I- Q) Q) en " () .. .. .c -C .. ~ Q) c 00 C :J 0 tl LL()<( ..; .c Q) -C E ... Q) "';' 0) I: .2 I: o .. 00 ~ Q) C -C I: ro Cii Q. 'u I: 'I: Q. '0 .. c Q) E >0 ro c. Q) .c .. ... .E .. I: ::J o tl tl ro {l. "'C Gl III ;:) III III Gl <.) o ... ll.. >. :!: C Q) 15 ::J tl Q) E I:-C E ~Q)co t;:::5<(() Ec()Q) v 0::2 fi o~>-.'- 00 0 NLO~'5 c:~-o ,- Q) .c ~~~t3 5 ,- C :2 ll:l~Q)>- Q)5.E2l ::J c. Q) .- lli<( g>~ 6;t...:~cn 0::2ffi'5 Q)C:Q)~ 00 Q) 00 ro ro tl ro .3 ~~ 5 ~"2 E':: 0::1,-= oE2:;!: o E ' <( 0.0 g>() g<.).2:2 L!) t\l t\l >- o>c>oQ) ~ c: ..0 .c 0)' (flo...1- "0 :a..g ..5 o::J-c~;g CIJ -= .- 0 ::J >000 ~c..c :!:::C:Q)rot- ()8.c~2 Q) Q) == .S lli ~:5:;!::2() 1ii ~ 2 c ~~~~~~V~~~~IDID~IDvm~o MrooromL!)M~N""''''''m'''''O'''''NO~_ ~Mro~ro""'L!)-NroML!)MN_""'m""'M o>~~o~~roro~O>M~m~N~oN~ L!)L!)""'M-m~L!)MoroL!)Nm~NmL!)ro mmmmmrororororo~~~~~~L!)L!)~ N (fl Cii c. 'u C 'i:: a. 0000000000000000000 0000000000000000000 0000000000000000000 ~oo~~~oo~oooooo~oo~ rommO_ML!)~mN""'~OM~mM~"'" --M""''''''''''''''''''''''''''L!)L!)L!)~~~~~~N ci (fl .. I: ::J o E <( --IDV-IDV--IDID.IDIDroIDvm_o MrooromL!)M~N""''''''m'''''O'''''NO~_ ~Mro~ro""'L!)-NroML!)MN_""'m""'M ~~~~O>NrorociO>M~m~NNoNO> ""''''''MMNMNNMNNNNNNNNNN --MMMMMMMMMMMMMMMM_ ~~~~~~~~~~~~~~~~~~~ - (fl ffil ~ "'" M ~romo-NM""'L!)~~romo_NM""'~ OOO----------NNNNN1 000000000000000000,~ NNNNNNNNNNNNNNNNNNN o N < I- o I-CIl ~~ CiZ oZ ;:J...... CQ::E N ~ ""'. - co N ~ - 40ft r-p::: o~ 0> N o 00 ~Z 1-< ~ o~ 00 <>- I- o o o .n- O) M 0> - 40ft u N ~ "'" <Ii It) co <Ii M 40ft fd'7 o o o CITY OF NDOVE (0 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: President and EDA Commission Members FROM: Jim Dickinson, Executive Director SUBJECT: Approve LMCIT Liability Coverage - EDA DATE: November 21,2006 INTRODUCTION The League of Minnesota Cities Insurance Trust (LMCIT) requests that participating EDA's annually decide whether or not to waive the statutory tort liability limits established by Minnesota Statutes 466.04. DISCUSSION Attached is the "LMCIT Liability Coverage - Waiver Form" provided by the LMCIT, which provides a description of the options available to the City of Andover EDA. Currently the City of Andover EDA DOES NOT WAIVE the monetary limits on municipal tort liability established by Minnesota Statutes 466.04. Finance is recommending continuing with past practice. BUDGET IMPACT No budget impact if the EDA does not waive limits. ACTION REQUESTED The City of Andover EDA is requested to not waive the monetary limits on tort liability established by Minnesota Statutes 466.04. Attachment o o o LEAGUE OF MINNESOTA CITIES INSURANCE TRUST LIABILITY COVERAGE -WAIVER FORM Cities obtaining liability coverage from the League of Minnesota Cities Insurance Trust must decide whether or not to waive the statutory tort liability limits to the extent of the coverage purchased. The decision to waive or not to waive the statutory limits has the following effects: o If the city does not waive the statutory tort limits, an individual claimant would be able to recover no more than $300,000.on any claim to which the statutory tort limits apply. The total which all claimants would be able to recover for a single occurrence to which the statutory tort limits apply would be limited to $1,000,000. These statutory tort limits would apply regardless of whether or not the city purchases the optional excess liability coverage. " If the city waives the statutory tort limits and does not purchase excess liability coverage, a single claimant could potentially recover up to $1,000,000. on a single occurrence. The total which all claimants would be able to recover for a single occurrence to which the statutory tort limits apply would also be limited to $1,000,000., regardless of the number of claimants. o If the city waives the statutory tort limits and purchases excess liability coverage, a single claimant. could potentially recover an amount up to the limit of the coverage purchased. The total which all claimants would be able to recover for a single occurrence to which the statutory tort limits apply would also be limited to the amount of coverage purchased, regardless of the number of claimants. Claims to which the statutory municipal tort limits do not apply are not affected by this decision. This decision must be made by the city council. Cities purchasing coverage must complete and return this form to LMCIT before the effective date of the coverage. For further information, contact LMCIT. You may also wish to discuss these issues with your city attorney. Andover Economic Development Authoritv accepts liability coverage limits of $ from the League of Minnesota Cities Insurance Trust (LMCIT). Check one: o The city DOES NOT WAIVE the monetary limits on municipal tort liability established by Minnesota Statutes 466.04. o The city WAIVES the monetary limits on tort liability established by Minnesota Statutes 466.04, to the extent of the limits of the liability coverage obtained from LMCIT. Date of city council meeting SignaturelDate Position Return this completed form to LMClT, 145 University Ave. l-v., St Paul, MN. 55103-2044 LMCIT (11/00)(Rev. 11/03) Page 1 of 1 o o o (J) 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: EDA President and Board CC: Jim Dickinson, Executive Director FROM: Will Neumeister, Community Development Directord.- SUBJECT: Update on Economic Development Activities DATE: November 21,2006 INTRODUCTION This memo is provided as a status update for all the economic development activities related to Andover Station North that the City staffhave recently been engaged in. DISCUSSION The following is the update on activities: Rudnick's Retail Building - Mr. Rudnicki's tenant space for the his wife's dance studio is nearly ready to obtain a Certificate of Occupance. Bruggeman Homes - They have pulled one permit for one of the single unit townhomes. They want to be ready for the spring "Parade of Homes". Funeral Home Proposal - They are in the midest of preparing a commercial site plan. The lot split drawings (wi boundary and topographic survey) have been forwarded to the client. The lot split was recommended for approval at the November 14th Planning Commission meeting and will be on the Council agenda on November 21 st. Day Care Proposal - The purchase agreement was prepared and mailed out to Tracy Sonterre for signature. NBI Office Development - The signed purchase agreement has been received and they are preparing site plan drawings. Town Center Companies - Due Diligence Progress Review - The marketing staff at Northstar Partners have indicated that they are working with two potential banks and have been calling the brokers to see if they can get some interest going in an office building. o o o MVP Baseball (John Larkin) -- Nothing new to report. They are still looking at building approximately a 52,000 square foot structure in the spring of 2007 and are doing their homework. EPA Clearance of Institutional Controls - The City Attorney has given the Attorney General's Office all the proper legal descriptions for the documents. We have been asking if this can all be done by the end of the year, and the parties involved have indicated it is possible. Attracting a Restaurant - The staff has received calls from three developers that may be interested in building a restaurant on the site closest to Bunker Lake Boulevard. Attracting other Light Industrial - The staff has been in contact with two different industrial prospects that are interested building on all three light industrial lots located north of Louis Rudnicki's retail center. As more details become available they will be shared. ACTION REOUIRED This is an informational update to the EDA only, no action is needed. Respectfully submitted, Will Neumeister cuci- 2