SR-302-005
.
3 t?2-005 ,~O
~
~kA IIC,['
U>-""c ~ ~/.::-
d. t/R4/III-I
lIAR 11 1985
/fAR 1 2 1986
M181986
C/ED:HD:CR
city council Meeting
Housing Authority Meeting
Redevelopment Agency Meeting: 3/11/86
Santa Monica, California
TO:
City Council
Housing Authority
Redevelopment Agency
FROM:
City Staff
SUBJECT:
Recommendation concerning Alternative Living for
the Aging (ALA) Shared Senior Housing Development
Transfer of Funds
INTRODUCTION
This report recommends a commitment of additional loan funds from
the Redevelopment Agency for the ALA Shared Senior Housing
Development, and approval of a transfer of the commitment of
$120,000 which has been allocated by the state Department of
Housing and Community Development (HCD) Rental Housing Construc-
tion Program (RHCP) from the Alternative Living for the Aging
(ALA) development at 2323 4th Street to a Community Corporation
of Santa Monica (CCSM) development at 1937 18th Street.
BACKGROUND
In response to the Fiscal Year 1984-85 Community Development Pro-
gram Request for Proposals, ALA submitted a proposal for. the ac-
quisition and rehabilitation of a property for a Shared Senior
Housing Development to be targeted to seniors who are able to
live independently but require a more supportive environment. A
,
,-
total of $300,000 was awarded in redevelopment tax-increment
- 1 -
dllPII/1M ../
"Al.11 1986 I1AR 1 8 1986
II". 1 2 IJa6
.
.
funds which covered a portion of the total development costs. In
May of 1984 the City and ALA applied for and received $120,000
from the California Department of Housing and Community Develop-
ment (HCD) f Rental Housing Construction Program (RHCP).
At that
time it was estimated that the RHCP funds, combined with the City
loan of $300,000, would cover almost all of the project costs.
However, a suitable property for acquisition and rehabilitation
was not found, so the sponsor revised the project concept.
The project will now be a new construction project containing six
two bedroom, two bath, rental units, with a common room including
a laundry facility, dining facility, and small kitchen. The
units will be shared by two seniors, and the project will house
twel ve seniors.
The rents will be $396 per month per senior,
which is affordable to a low income person earning less than 80%
of the median income. In order to assist very low income seniors
ALA will utilize the section 8 Existing certificate Program for
the units. ALA will own and manage the development.
The Redevelopment Agency at the May 28, 1985 meeting authorized
the purchase of the site at 2323 Fourth street for the ALA Shared
Senior Housing development. The site was purchased by the Agency
for ALA in July 1985 and \vill be transferred to ALA upon the
start of construction.
The project has received final design
approval from the City I S Architectural Review Board, final ap-
proval from the Coastal commission, and final administrative re-
view approval from the Planning Department.
Construction bids
were issued in November and a firm contract price has been nego-
tiated.
The sponsor has raised $25,000 in private equity to
- 2 -
'"
'-
.
.
date, and has secured prlvate construction and permanent financ-
ing commitments.
The RHep loan commitment requires that ALA start construction by
March 31, 1986. The current RHCP loan combined with other com-
mited sources of funds are insufficient to meet the total
development costs.
In order to start construction ALA and the
City must be sure that sufficient funds are available to cover
the total development costs.
On behalf of ALA the City has
transmitted a request to the state Department of Housing and Com-
munity Development to be considered at the March 21, 1986 Loan
Committee. The city requested either the approval of the use of
section 8 subsidies on the RHCP-funded units, or an additional
$46,000 in HCD funds for the ALA project.
However, HCD staff
have indicated that neither of these requests will be recommended
to the Loan Committee. Therefore, rather than proceeding to the
HCD Loan Committee with only a negative staff recommendation on
the ALA project, and thereby jeopardizing the $120,000 in loan
funds, it is recommended that the Housing Authority formally
request that if the ALA request is denied those funds be trans-
fered to another Santa Monica project. The HCD staff have indi-
cated that such a transfer request is feasible and pending review
of the project could be recommended to the Loan Committee. The
following discussion details the terms of the RHep loan' commit-
ment and the request to HCD regarding this commitment.
- 3 -
,.
<-
.
.
DISCUSSION
RHCP Funding Commitment
The Rental Housing Construction Program (RHCP) provides deferred
payment loans for thirty (30) years at no interest to eligible
borrowers. The program is designed to fund the entire develop-
ment cost of thirty-percent (30%) of the units in the develop-
ment.
In return the sponsor must maintain the rents on these
units at levels defined by HCD, and must make the units available
to very-low and low income households. In addition the program
provides for an annuity payment in cases where the operating
costs exceed the allowable rents on the RHCP units, and requires
that the owner pay HCD annual "excess program payments" in cases
where the rents are higher than the operating costs.
Over the past year City staff, ALA, and HCD staff have worked
closely to bring the ALA project to construction.
HO~lever, a
number of issues have arisen during this period which indicate
that the RHCP program requirements and the needs of the ALA proj-
ect are not workable.
Significant staff time from all parties
has been expended in trying to resolve these issues. The RHCP
program works on mixed-income projects, where rents from the
units which are not assisted with RHCP support the entire
mortgage payment. This is not the case with the ALA project as
all the units in the project are priced at levels which are af-
fordable to seniors earning 80% of the median income or less.
Consequently the $120,000 allocated for two units on the ALA
project is not sufficient to meet the project's needs.
- 4 -
~
.-
.
.
ALA thus has requested an additional $46,000 or approval to in-
crease the use of section 8 subsidies \vhich would increase the
amount of private loan funds available to the project. If this
request is denied by the HCD Loan committee on March 21st, ALA
would need an additional $75,000 from the Redevelopment Agency or
the City to cover development costs. In considering this pos-
sibility and reviewing the limited availability of funds for
housing projects, it has become apparent that a more effective
solution to this issue would then be to transfer funds between
other housing projects.
In order to retain scarce state resources for use in Santa Monica
it is recommended that the request to the HCD Loan Committee be
amended to include an alternative plan that would transfer the
$120,000 to a different project. The following will describe the
transfer request.
Transfer of RHCP Funds to 1937 18th Street
The back-up request to the HCD Loan Committee would require the
funds to be transfered from the ALA project to the Community Cor-
poration of Santa Monica (CCSM) project at 1937 18th Street. The
project at 1937 18th Street is a new construction project with
two two-bedroom units, and four three-bedroom units. The site is
in the pico Neighborhood and has been approved by the pico Neigh-
borhood Association. A loan application was submitted by CCSM to
the City for $128,860 from the pico Neighborhood Housing Trust '-
- 5 -
.
.
Fund (PNHTF), and an interim loan for land acquisition was ap-
proved in December 1985. CCSM has received a commitment for con-
struction and permanent financing from the Bank of America
through the CHFA MUlti-Family Bond Program. Construction is
scheduled to begin May 1, 1986.
The project at 1937 18th street meets the requirements of the
RHCP program and is a good match with the program goals. The
total development cost of the project is $399,885, or $66,647 per
unit. Thus the $60,000 per unit awarded from HCD would cover 90%
of the per unit development costs. By transfering the RHCP funds
to this project the City's PNHTF loan amount could be reduced to
$88,355, thus providing an additional $40,505 to the PNHTF ac-
count to be used on other projects in the pico Neighborhood. It
is therefore recommended that the Housing Authority authorize
this request for transfer of funds to the HCD Loan Committee for
review at their March 21, 1986 meeting.
Alternative Sources of Funds for ALA Project
The transfer of the RHCP funds to another project will allow ALA
to increase revenues by greater use of the section 8 Rental As-
sistance Program. ALA will also be able to reduce its develop-
ment costs as the RHCP program requirements for double-glazed
windows and solar hot water heating systems will not apply to the
project. Therefore, the gap between the development costs and
the sources of funds will be $75,000 as shown in Attachment 1. <-
In order to fill the gap additional Agency funds would be re-
quired in lieu of the RHCP funding.
- 6 -
.
.
There are tWD available SDurces for the additional funds needed
on the ALA project, (1) Deferred IDan funds from the CalifDrnia
HDusing Finance Agency (CHFA), and (2) Redevelopment Agency
vitale Gilpin funds.
The California HDusing Finance Agency has set aside $400,000
statewide to be used on hDusing prDjects in cDnjuction ,vith a
loans from the Bank of America CHFA Bond Program. These funds
can be used fDr deferred principal and interest loans which ac-
crue simple interest at 3% for a term of up to 25 years. The
program is designed to make Dtherwise financially infeasible
proj ects, that are participating in the CHFA Multi-Family Bond
Program, workable. The loans are made directly by CHFA tD the
borrower after the City approves the CHFA BDnd Program IDan and
certifies that a gap exists.
AccDrding to CHFA staff the ALA
project could qualify for a CHFA deferred IDan of $60,000.
The remaining $15,000 can be transfered from Vitale Gilpin funds
already apprDpriated fDr use on the housing prDject at 1851-1907
11th street, which exceed the amount required for this project.
Impact of Transfer on CCSM Projects
The chart below details the sources and uses of funds as allo-
cated currently, and as recommended upon approval Df the transfer
request tD the HCD Loan Committee fDr the ALA project, and the
CCSl.! project at 18th Street.
The transfer of various funds
between housing projects as described abDve gives the ALA prDject
greater flexibility and additiDnal funds, withDut negatively im-
pacting the CCSM prDject at 1937 18th Street.
- 7 -
~
'-
.
.
Sources/Uses Before Transfer:
2323 4th
1937 18th
Total
RHCP
city
CHFA 2nds
Private Loan
$120,000
300,000
o
217,250
$ 0
128.860
o
265,888
$120,000
686,560
o
763,638
Total
637,250
394,748
1,570,198
sources/Uses After Transfer:
2323 4th
1937 18th
Total
RHCP $ 0 $120,000
City 315,000 88,355
CHFA 2nds 60,000 0
Private Loan 317,500 191,530
Total 692,500 399,885
$ 120,000
686,055
60,000
789,530
1,655,585
As show in the above chart the transfer of RHCP funds from ALA to
the 18th street project "ill reduce the total city subsidy for
both proj ects by $ 5 0 5 .
However, the transfer more effectively
matches the sources of funds available and the specific needs of
each project.
Costs of Subsidy to ALA Project
The current commitment of the Redevelopment Agency to the project
is $300,000, or $50,000 per unit.
The program guidelines for
other City housing loan programs have set the maximum per unit
subsidy at $25,000 per unit. The high subsidy cost is due'to both
the development costs of a small project and the limited range of
affordable rents. The project design requires the construction
of two-bedroom, two-bath units, as \VeIl as a common dining/
- 8 -
.
.
meeting room in order to provide the seniors with sufficient pri-
vate space and common space. The high level of city subsidy to
the ALA proj ect has been a subj ect of concern to RCD and the
City. The City has worked with ALA to reduce these costs where
possible and maximize the amount of private loan funds.
The RECF funds were essentially a "residual receipts" loan. This
type of loan, which was approved by the Council on Cloverfield
Gardens project, provides for repayment to the lender from rent
receipts remaining after the borrower has paid all other approved
mortgage payments, expenses, and reserve amounts. It does not
pay the lender's loan amount completely, but does provide for a
faster repayment than a long-term deferred loan. This form of
loan would have been recommended initially for this project, be-
cause of the signficant amount of Agency subsidy, if the RECF
loan requirements of excess rents had not had precedence.
Therefore, it is recommended that if the RHCF funds are trans-
ferred to another project the amount of subsidy exceeding $25,000
per unit be loaned to ALA in the form of a residual receipts note
similar to the Cloverfield Gardens note approved on September 17,
1985. Thus $165,000 l'lOuld be repayable to the Agency and the
remaining $150,000 plus any of the residual receipts amount that
is not paid would be a deferred loan for forty-five (45) with ten
percent simple interest. It is anticipated that repayment could
begin after the first fel" years as the project stabilizes its
cash flow and expenses.
- 9 -
.
.
Next steps
The Housing Authority's request for either greater flexibility in
the use of the section 8 Program, or an additional $46,000, for
the ALA project will be considered by the HCD Loan Committee on
March 21, 1986. If this request is approved the ALA project will
only need the $15,000 in vitale Gilpin funds as described above
to cover project costs.
If the request is not approved, HCD
staff and the Housing Authority will request a one-month exten-
sion of the RHCP commitment and the transfer of RHCP funds to the
18th Street project.
concurrently with these reviews and approvals, City staff will be
obtaining CHFA approval of the deferred mortgage funds for the
ALA proj ect.
If these approvals are granted both the ALA and
18th Street projects can start construction. If these approvals
are not received this matter v,ill be submitted to the Housing
Authority and Redevelopment Agency for further action.
FINANCIAL/BUDGETARY IMPACT
The recommendation in this report would require an expenditure
of no more than $15,000 from account number 16-720-264-731-944.
RECOHMENDATION
It is recommended that the Housing Authority:
Authorize the Executive Director to submit a request to the
state Department of Housing and community Development Rental
Housing Construction Program to transfer the commitment of
$120,000 from the ALA project to the CCSM project, and to
execute all documents necessary to complete such a transfer.
- 10 -
.
.
It is recommended that the city Council:
Direct staff to support an application for $60,000 in CHFA
Second Mortgage Funds to be used on the ALA project at 2323
4th Street.
It is recommended that the Redevelopment Agency:
(1) Authorize the expenditure of no more than $15,000 from ac-
count number 16-720-264-731-944 as described in this report.
(2) Direct the Executive Director to negotiate and execute loan
document for a deferred loan of $150,000 with terms pre-
viously approved by the Agency, and a residual receipts loan
of up to $165,000 as described in this report, with Alterna-
tive Living for the Aging as described in this report.
Prepared by: Candy Rupp, Development Analyst
Ann Sewill, Housing Program Manager
Department of Community & Economic Development
- 11 -
~
'-
.
.
Attachment 1: APPROVED TOTAL DEVELOPMENT COSTS
DEVELOPMENT COSTS
Project: Shared Senior Housing - 2323 Fourth Street
Construction Costs:
Contractors Cost
contingency
Predevelopment Costs:
Architectural Fee
Consultant Fee, 1%
Fees & Permits
Financing Charges:
Construction Interest & Points
Taxes
Insurance
Title & Recording
Appraisal
Permanent Loan Fees 6.5%
Reserve
Furniture & Equipment
Land Cost
TOTAL DEVELOPMENT COST
SOURCES OF FUNDS
City of Santa Monica
Mortgage
Developer Equity
TOTAL SOURCES
GAP
CALCULATION OF 11AXII1UM MORTGAGE
Total Annual Rental Income
Vacancy Rate of 3%
Total Annual Op Expenses
Income Available Debt
Cash Flow After Debt
$436,922
20,000
26,000
5,024
4,000
27,000
o
4,200
3,000
2,500
20,884
6,500
12,550
173,000
$741,580
300,000
321,300
45,280
$666,580
$ 75,000
$ 57,024
1,710
13,250
36,576
Capitalized at 10.875%,30 years, 1.15 Debt Service Coverage,
Maximum Mortgage = $321,300
5,487
- 12 -
- .
~
'-
.
.
1 -....i
J-u A > r(,( ~
CJ-dc~ to -
3_1g---'6"h
~~J.-'f\}
~T
J
city of santa Monica
Memorandum
TO:
Mayor and city council
John Jalili, City Manager
March 14, 1986
Alternative Living for the Aging
Additional Cost Information
FROM:
DATE:
RE:
As requested at the special City Council meeting of March 12,
1986 this memorandum transmits further information on the costs
of the Shared Senior Housing project to be developed by Alterna-
tive Living for the Aging (ALA). The questions raised concerned
the per unit cost of the ALA project, and the amount of the
public subsidy per unit. The following addresses both of these
concerns.
There are three areas which contribute to the high per unit
development cost of this project, (1) the type of project, (2)
the size of the project, and (3) the land cost.
(1) Type of project
The design of the Shared Senior Housing development requires a
small-scale community setting coupled with the provision of suf-
ficient private space. The development will be marketed to
seniors who can live independently but require a more supportive
environment than a standard studio unit provides. The extra com-
ponents that are needed to make the project work as a senior con-
gregate project include:
o elevator - $55,000
o community room with kitchen, laundry, bathroom, and
dining space - $35,375
o two bathrooms in units - $21,000
o security system - $5,625
The total cost of these items is approximately $115,000. These
are items which would not typically be included in a standard
rental project of this size. It should be noted that some of
these amenities are necessary to ensure that a private lender
will find the project feasible. For example, the provision of
kitchens in each unit, and separate bathrooms make the project
more marketable than a congregate project. In addition, the com-
munity room facilities including the kitchen and dining area are
required in order to satisfy the Section 8 Certificate Program
regulat.~ons for the use of ce::.-t.:.ficates in sen~G= CGngrega-::.e
.
.
projects. The actual square foot cost of constructing the
residential space alone is approximately $57jsq. ft. The total
cost per residential unit, excluding the components noted above,
but including land is $104,425.
(2) Size of project
The proposed pJ;"oject is a six-unit project designed to house
twelve individuals. Generally senior housing developments con-
tain a larger number of units which allow developers to take ad-
vantage of economies of scale. Thus the costs of land and proj-
ect components such as an elevator and community room can be
shared among all the units. However, the ALA project is a six
unit project and consequently these costs affect the per unit
cost much more than in a larger development.
(3) Land Cost
The final component of the development cost is the cost of land.
The cost of land in Santa Monica is high compared to other areas
of the county. The site was chosen for this project in Ocean
Park due to its excellent location to services and amenities.
The total cost of the land was $173,000 or approximately $28,833
per unit. The cost of land in the pico Neighborhood where the
CCSM 18th street project is located is approximately $21,333 per
unit.
All three of these components contribute to the overall cost of
the project. However, for a project of this size and with the
level of amenities proposed the costs are not excessive. As
described in the staff report on this item the amount of public
subsidy requested for this project results from the total
development cost, but also the limited income stream.
Subsidy Amount
All of the units in the development will be affordable to seniors
with incomes at or below 80% of the median income. Additionally,
twenty percent (20%) of the units will be made available to
seniors with incomes at or below fifty percent (50%) of the
median income. ALA proposes to increase the number of units
available to very low income seniors by utilizing the Section 8
Certificate Program. This limited range of affordable rents
restricts the mortgage amount the project can handle. city staff
have worked closely with ALA to both lower development costs and
increase the amount of the mortgage. However, the lack of econo-
mies of scale and the limited rents result in a high subsidy
cost.
Plans and Specifications
Attached to this memo is a copy of the schematic design including
a floor plan and elevations. A full set of plans and specifica-
tions are available for your review in the Mayor's office.
.
.
Please feel free to contact Ms. Ann Sewill, Housing Program Man-
ager if you have any specific questions or concerns regarding
this memorandum or the staff report.
~ IV'~ -t ~:s-.f i 1~~"'1 1'-'
/f/I;~~'.~.:';;'5$.~~>-i~.:.{$>-i~. >~-~;J;:-;:-- ----- - - -_. ---.. .-. .- . ---- --I~ - i-!'-'
~;f'vq:>-/;;~~'1^~r-<r0 j I ,ul'_'~ .~r . ('=-j:!:
Ii ..~~~ In! 1[;1 I ~
I YA'Y-'\."~", -~!:~~'~f[]~r 0 '~l,.!.I. T~]' :>'1 "it I
"'0;~'v'f:Y;;'''i'~~;,,~~-, "'.;'.'. '.> . .' \ " . .,(. J' '1' I ,
fl'" CW~""k""'h ""'. .0', ~ ",- ~. ,1 .'1' J
-I: ' c" -?' l' I,~
~ ' r-L
I'i ;coNc 1"R-N'EW"'i ,\ I I
OJ: \ I 11 II)
-,u~<9 ''0~~,7;W~~-'lft~'''0'';;5'~ /-'iyJ~~t:-m~mt~J?;;;;1>' I -, - -'1 -- - =}=; 1
I 'l~ ~~"" - '1----- - ~ ~- ({,~r 'i~ ,.L.__._, - -- , - -- - - - -.-----. ~ "" --H_-
~ . ----- ~*~ l~ IZ~:~,,'__.. --- - -'. -~-J
I
~
~
rr
.J
rr
J.
-I
I"
I I
7'-O_~." ",",'.' "
F,,", ,"" .
L
". '- '~ 'S~OR""'f''' /?Ar<:.Tn~Hi fl.'U?I~' '.
"L.....>..__)._~_..::.._'\.....~.:::,._---.i::...>... \.~_\ )__~_~ ~~~~'I.._..........~
Ii'
~
c
I.
\) \S
"'IT co
~ ~ .'!;
-=
\l
l'S ,.,
~ ' In
-> --I
7" lj\ -~
f'l c
.-:i
PI' pI
-I M :1;
'"
~
~
'11
Ii'
--1P~ "II l ,~, -. ""~', '. - , ' '1
. 1.1 I STO/2:1O-1 i/1.1r:L-L-'l-j6'-- -
;- , '8""1' '~"--~~~ 4'4~~:' ~-;-"
--t
J'
~
\:l
7
~
~
R
)>.
lj'\
('t
-!\.
-h
.z
-n
~
I
.:c
n
\J
~5 ~ ~~.
J:: J>. ":I i&
;;:..~ r \)'\
~~~~~
~~ ~ !1
\'\ ~ .L_
l' 1 ~
~-i
'T
.-
~
~
r f " ~
- "-~' -;-l; ['"
-\> t~
\ll
I
~
~
\I
,
!I
\f'
f, ~
:c
'"
.3
p.
-\
~
~
~
\;,
~
~1::W)>
J \'In_!_~
~l 'J. --\ ,"
Y~i'1~
=",,- --f
<::::. --.
~~~~
[\' '0 I r::
J;.. ~li f;,\ ~
\' :L
---I '"
m
--t
"
c
fi
)
ft
n
-1
""
~
---'
pc
-to
...
-
\J\
s:
-I
rr
\J1
,-- ,,-
~
.----l
I
,
,
,
,
if'
c
-I
\'
IS'
~
;~
'-
~ ~
\~
j:~
L.
'j:
to
N
In
Z ~
"" 0
In Z
~ -
o z
I:)
>-
'" ~
· n
;r:
;:j
t'l
n
>-l
C
~
In
~
~r
ti
'I
I
-'\f\--1E(\
~:r~--<~%I:J
.:I";-=1'i':::r\'j~
---'r:--\~~It~ I
;f\l'~ 'l'~" ~
~~2 ~_r 1>-
'i'c8 L" ~
~ ;(j \l ~ 1
:t> \S '<J 'r
'L-~r< r.['<
;J '" "" .~ '\;_
~ ~ ~
l'\
~ ~'~~.~
l>l>~~pW
p~\\) ~
E \)EEE~
::!: ~ 3 ~ r:: IJ'
--11"xf\r
IT l'r~ . c
o f"
, r
I
'.---r-
i i
/ I
; i
~' , .."
I 7'<
, ~
,
:J.
I -
p-
I
T"
~
-1
\:)
J. 'II
~
\1
'"
Y
"fi;
~
E
J p. .
!
'-
\
\
\
\ I
,
\ I
: I
I
!
~
e-
rn-
~
:=:::!
'\J
:I.
.. .
, 1
tT1
~%~~ i N
\\ ~ > t<l
" I~~ 35"2~ z ~
r ""Y ~I "t= z ?' tJ:I 0
~ j<-l o -=i r" " J:>.. .s:. I ~.:z , ()
,Cl I";;; :1 :1"(::~ :r: t<l z
~
.. l 0i Ul y. >-I t:!'nt't: C1 :z
-=I ~\l.-r- "'~!a
-J>. II> [\ :z~::z t<l ~fr~ Gl
\Jl ;J -L~C () ~ilr
f ~,.... < >-I
If' )>-" ~ c:
~ --i Ii' ?'
~ :I. :z M
-3
_I
\f'
....
(;-
c
If'
--.
c:
_3
...
)>
~
I"
~
I ",
_.,,'.0' -J- !l'~I} ~ '
.
['
1 _.}''I'q" . .
I~
, ~
n
~t ",I
~~
~ "-
.l>
)> \
1;
)> \j\
~
1
~r-
'"
'\, --'<i::J
\r 1>
. ~
+;,.
\
t
1~t:::..'1
Jt 4C<'" , 'f
i 1:.1 ", ~t~-t) ),
-~
\
~ :~r:, ,
"j
.
/
~-- \
i Jj Tr==7
I _Iill-W \\\
! ~~ \1
L ~
11\ ~
t IJW ~7f
lJ_t " ""'.' ~I
th.. .
-
,..-'--
: GO ~~ 0 D~ ~~O~1
-
00Moorqp~b "
CL?Sq
, .r
I
I
~
~
- ~ --
-" -.
(}),_:1?:~:_ ",
r'- " -:I-'
~. '-,~---'
'"
~
I'"
,
.
'\1'_
N
.\0.
~
~
t..
L
,
...,~
~
::-
-==
-
-=
,--
I"'''"
'1\
~
~
f r-Y (\? -tSJ tt j' ~=~r)>- l trl m
, ' ,. \) " ,.- N '\:;
) rl ,., \~ .c -:f-C::f'l-'-1 >
~ (~ ,- \ . -1~-cJq :<1 M ~
~ ~ Y'2.'-- () z ~
h Ii' I" 1>- ;J: b' 0
-J1 3: l> '--j M Z
r' -If '" Z >-j ~ :<1 ~
~ 1::17'I-r' '" f ~ z
x ~ _L () 0
v. ,,( II' C >-j I
~- )>~ -S c:
,L ~ :L l"
"- '"
Qg< ~'7 ~ ~~ \S~ ~ \) '" 1;' Ij>:! ~
~r. e1) y! ",1': ~~ co ~ ;:; -.,!\:;;f ~J
~ ~ ~T" r --( R ;;; ~ j ~ ~ f\ -;\l ~ ~ ~
rI ~~~, -~~, r" ~ ?; 5:r-- -:I.e.1
~ ("'f y 1"""" ~ ~ ~ fi -\ 1:. '" po .--q::
'7 ~ ~~ \ f; \S ~ .y ~. r< ~ ,r,: ~ ~ 1
f' f'l ~---<' 2 ~ ~ \J' ~ r. ~ 7: t I
rt 1'J \) -;;! \) '" <:> II I I r j.;", l!
tJ1_ ~:L \ f:J ~I ~ 'J ~ V'~ ~
~ I 'i I --<;; ~ \ ~ ~ lIf
-'" ~"ll'" ! '\,','. I,' . 'J' .''\,'..1'<1.... .",If' ....',..
I ' , i T I '.. .... . ". J '., ',,": ,I. '.,
I .... . ".... ~ y I 1 . J' I . 11 \'
: 0 ()(~rr~__J, r~ d 1,_
\, . - \i-! "- 1~1~F]~n~' ~l~~'~~ ~.~. ~.""I
'W;-(I)lllllr:/! 1IIIiWI-- ~~~j
..... ~':l'. "
'I ....:' ~'.'I . j I. ,':j
\ ....::. :,:',:. ;' .~. :". ~ . .c ~-F~:
I UoNC. ~II f. 1"1 t .'
I f[. ~ 'It:,l?~~~J~~
I ,! I I ii'
[,""\'f """F>':' "]/1 I ~........;,.\'~~~:~~'l' ,
J;, I I,' . I i
' , , ''\' .... '.. ........ .... I" " '\, , ,'! ' , ~ '.. ' .. . ..,' ,"1", i
j) l>' t ~ ~ t! -t~ ~ ~ ~ ~ t 2~ :}~
~ ~ E )::;;;!" ';; :1 )> .t1 _ ~ "
:z ~~ \f ~~ ~ ~ ~ ~ ] ~ ~;:t
1>.";i:'! ~~ v- -< I :p. 'l> ,.-
--< ,J, Y " ,7: ~ 7" l> 1'" I'! !;(.
\' f; ~ ~ ~ (,\. ~ P I ~ ~ ~~ j;
~ ~~ ["~ ~ ~ ~" L 1\\
~ 5-1'1 Ii ~ ~ 1';!: ~ ';j. ~
~ ~ ~ ;jS ~ - ~ -:l -1-
~ >l' r! ~ ~~ '" )>
7" <:>", ~ J;
~2 ,
11 ). If
~
~
-n
CJ
c
7'"
-l
:c
oJ'
---l
, 7"
1>- r
l"
7 I
~
\\
l>
--1
~
J.
.-
1>
:I
"'-
\I
E
p
r
l'
-~~ l~ ~ "'~
rie:
'" ~~ ~ ,,~
~~ )>
"'2
h ~Sl -Q ~ <;
.,.-
elf' ....r
1"~ -='-\ \ -~
~p.
t: 1>
I 'Z.--1
r~
_T :i
7''''
--.,~
1l
f:;
\
\
l2"
~
-;--<
1
....
r.
~
'"
"-
'"
70
IT
--i
1'1
~
'J
~l"
f:~
Fi~
~ -
\l'",
1>-
p~
~J
~
,L
<.
~
~
)>
:\
';.
.....~
...... .~
~
S'
,. '\,
e: <'
'1
;r:
~
....
I
~%\J<
\~" ~
,.,f,."
;:z: l>
ES,:r
",r<.
., ~ ~
P.-j>.
j;:--<
.I'\)~
'i~ J
~:I~
,n "
I -L
" if
r' -
<J'
.........
;;:ll'
~i
I ._<~___~~-~_~___~ __~~~~. ___. _~ ---.-/--- -"',-~-=_,-
I Ij
I r--~l~--~---I1 -i1 ~~ ~~~ ~~~~
: , - II ~ "', ~ ~ -% ~ ~ '.-< J;;.
I Ie I ~ ~~1-~~~~~~~
1 I I P~~j;:~""'l"~
~--\..q::~'\\.t~Q~
'I I I ~ ~~ ~ ~-: ~ ~~
J I I ~ ,. ~ ~ -4
" -- _~J.. i "~~ ~ ~ ~
. ==1 J' I"V ~::!:;;;
i I. ~ ~ ~~;;;
I ~--~~:-h_~_-:~________I J~____L-//!-'-~ -~-~--:---=:--=~--+-"
T:
:r!
P
~
I
~.
~
\J'
~
l
<:>
,..
>l-
e:
~
'!
})
1\ --\o.<l'<I'-i'';!;..,~~;JE
~ 7' :;:}-",
i;\i."''''",~3:~''''''' ~11'
'l>~C:~P"" Cc. -
'" ... :;:,,'-\ !'~ ~r
t~ '-"j;):.::;s g:t ~.
- ];;,.. jqi L ~ r< --'
:- ?'Z~L~ ~ \J
~ ~ ~~ c: ~ c
I' Ii;) ~\I':r i F
'" ~:I '"
5- ~~ ~ g
r '<l i'\ - J> 1<'
'" : L oJ' jl
5= ~ 't> m
"!:: )>
J'
-- -- --
~ 0 ~ ~I:' .... lI':C\S"J:>. 0 tt1
--hl ,=; 0 ~~ i- ~~ 1"!::i N
~' ~:r: >
N ~t l>- V' --d~ trl
1- n >l' 3:r:r;~ l' :<l Z :;-::
r , ()
..},. [ \}> "0 po ~"f:'Z :I: o:J 0
U\ L -'IJ l" Z
t I" ~~ ~:: ;:j E!f l<l
?, trl fr Cl Z
Ij;: ~ S. () 'I ()
~ " ::z; o-j p
~ :L --I '" c:
;0
l"
~
~
~
"
---\Il\I1
~j:,:t~~
f'rrr
~;Ji
"''i\.
" l>-
r r