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HomeMy WebLinkAbout2006 03-06 FCAAGENDA CITY COUNCIL FINANCIAL COMMISSION JOINT WORK SESSION March 6, 2006 6:30 P.M. Citv Council Chambers Discussion of Golf Course 2. Adjourn • 0 4 City of Brooklyn Center A Millennium Community • To: Mayor and Council Members Financial Commission Members From: Michael J. McCauley City Manager Date: March 2, 2006 Re: Golf Course Work Session Attached are materials for Monday night's discussion of the Golf Course. The Work Session will be held in the City Council Chambers at 6:30 p.m. The purpose of the Work Session is to develop a sense of direction for the Golf Course finances and operations to guide a more specific plan or options. • 6301 Shi ngle Creek Parkway Recreation and Community Center Phone & TDD Number Brooklyn Center, MN 55430-2199 (763) 569-3400 City Hall& TDD Number(763) 569-3300 FAX(763) 569-3434 FAX(763) 569-3494 www.cityofbrooklyncenter.org ig""City of Brooklyn Center A Millennium Community MEMORANDUM DATE: February 22, 2006 TO: Michael J. McCauley, City Manager I— Jim Gla FROM: soe, Director of Community Activities, Recreation and Services, /./4si SUBJECT: Park and Recreation Commission Recommendation - Centerbrook Golf C. rse v At the January 2006 meeting of the Park and Recreation Commission, I presented the first draft of the Centerbook Golf Course Study. The study included background information regarding the development of the course, a financial history since the course opening, weather history, current market conditions, future options for the course and staff recommendations for a formula based schedule for loan repayment. • After the presentation, I informed the Commission that I would be looking for two recommendations at the February meeting. The first being a value judgment from the Commission as to how valuable the golf course is as a recreation amenity for the community and the second, any recommendation(s) the Commission might have regarding the finances. At last night's meeting, the Commission passed two separate motions related to Centerbrook. The first motion, passed unanimously, indicated the Commission's feeling that the golf course was an extremely important recreational amenity for the community. The second motion, also passed unanimously, recommended the City Council consider moving away from the fixed amount loan repayment schedule and towards a formula based schedule that accommodates expenditures in the first quarter of each year and re-establishes a capital reserve. The Commission opted to not make specific recommendations regarding the development of the formula, recognizing that the Financial Commission and City Council would be in a better position to make such a determination. Representatives from the Commission plan to attend the March 6, 2006 joint meeting of the Financial Commission and City Council to share the Commission's position. As always, please let me know if you have any questions regarding the recommendation or would like additional information. S 6301 Shingle Creek Parkway Recreation and Community Center Phone & TDD Number Brooklyn Center, MN 55430-2199 (763) 569-3400 City Hall & TDD Number(763) 569-3300 FAX(763) 569-3434 FAX(763) 569-3494 www.cityofbrooklyncenter.org City of • Brooklyn Center_ 6301 Shingle Creek Parkway Brooklyn Center MN 55430 * ►rrs 0 .7, 4.4. V ,.. : Cen terbrook Golf Course Study 0 R • CENTERBROOK GOLF COURSE STUDY TABLE OF CONTENTS BACKGROUND 1 FINANCIAL HISTORY 2-3 WEATHER HISTORY 4 - 5 CURRENT MARKET CONDITIONS 6 COMBINED IMPACT 6 OTHER OPTIONS FOR THE GOLF COURSE 7- 9 • SUMMARY 9 RECOMMENDATIONS 10 0 • CENTERBROOK GOLF COURSE STUDY Centerbrook Golf Course is a nine (9) hole, par three (3) course, owned by the City of Brooklyn Center. It was built in 1986-87 with a loan from the Capital Improvements Fund. It opened for business in the Spring of 1988 and was established as an enterprise fund entity. Enterprise funds were established to account for the financing of self supporting activities of the City which render services on a user charge basis to the general public. BACKGROUND The 1960's and 1970's was a significant time for golf course development in the United States. This growth paralleled the growth of many recreational activities, spurred on by an unprecedented increase in disposable income and leisure time. Even though a portion of the • 1970's saw the country's economy somewhat stifled by high inflation and tight energy supplies, the building of golf courses continued. From the mid sixties he late seventies, the number of golf courses in Minnesota increased by almost 40%and through et number of municipal courses increased by over 70%. p Wanting to be included in this growth, the City of Brooklyn Center contracted with the design firm Brauer and Associates to complete a market analysis, feasibility study and master plan for a golf course in Brooklyn Center. The completed plan was presented in June of 1980. The report identified the primary market area as a ten mile radius of the proposed site. Population trends were identified for the area, including household size. In the report, the market area population was anticipated to grow by 10%. However, as a result of an anticipated decrease in household size, the number of households was anticipated to increase by 16%. Additionally, the study cited census data that indicated the median household income was comparable to neighboring communities The number of area golf courses also played a central role in the report. In 1980, there were 30 golf courses within a ten mile radius of the proposed golf course site. Of those, 9 were private courses, 10 were regulation 18-hole courses and 8 were area par 3 courses. The Brauer analysis concluded that the area was capable of supporting a municipal golf facility. • w CENTERBROOK GOLF COURSE STUDY IIII FINANCIAL HISTORY Armed with the 1980 report and design, work began on the financial feasibility of the course. While staff conducted their due diligence related to the dollars, there was also one additional item that needed to be remedied. At that time, the National Little League fields were located on a portion of the property that was proposed for the golf course. As a result, discussions began with the Little League regarding acquiring the property. Eventually, an agreement was reached with the Little League to relocate their fields as part of the project. In 1985, staff presented a plan to the City Council that included revised financials and the relocating of the Little League fields. The estimated cost of the project was slightly over $1.9 million dollars, with $1.15 million designated as a loan from the Capital Improvements Fund, and the remainder paid from the same fund, but without expectation for reimbursement. The initial interest rate for the loaned portion was set at 5%. The table below shows the original estimate of the number of rounds of golf anticipated and the anticipated loan repayment schedule. I have also included the actual numbers since the golf course's opening. • Centerbrook Golf Course-Rounds and Loan Payments . : Rounds Principal Payment Interest Payments Loan Balance "} Year Expected Actual Expected ., . :Actual : Actual Actual -' 1988. 25,000 25 288 $0.00 $0 00 :.•, $55,000.00 r•, - $1,100,000.00 1989 27,000 28,422 , $11,000.00 'j $0.00 $56,250.00 $1,100,000.00 . 1990 29,000 32,232 $37,000.00 $0.00 $57,500.00 ` $1,100,000.00 ,1991 30,000 36,172 $48,000.00 ($20,000.00) $57,500.00 $1,120,000.00 1992 33,000 34,641 $63,000.00 $40,000.00 " : $56,000.00 $1,080,000.00 • 1993 34,000 32,091 . $70,000.00 $0.00 $54,000.00 $1,080,000.00 1994 34500 33,278 $74,000 00 ($70,000.00) $56,065.00 $1,150,000.00 ''1995 35,000 - . 32,257 $83,000.00 ($11,500.00) $57,634.00. $1,161,500.00 1996 36,000 34,429 $89,000.00 $11,500.00 $58,075.00 $1,150,000.00 1997 36,500 36,455 $94,000.00 $50,000.00 $57,500.00 $1,100,000.00 1998 37,000 • 29,882 $50,000.00 $50,000.00 $1,050,000.00 ,1999 37,500 34,426 $50,000.00 $50,000.00 $1,000,000.00 2000 38,000 34,426 $50,000.00 $50,000.00 $950,000.00 2001 38,500 28,790 $50,000.00 $50,000.00 $900,000.00 2002 39,000 21,072 $50,000.00 $50,000.00 $850,000.00 2003 39,500 26,698 $15,000.00 $15,000.00 $835,000.00 2004 40,000 22,625 $35,000.00 $35,000.00 $800,000.00 V 2005 $50,000.00 $50,000.00 7� 50,000.00 • Totals 589,500 523,184 $919,000.00 $350,000.00 $565,524.00 $750,000.00 Y '" f• . Total Principal and Interest Paid To Date $915,524.00 2 • CENTERBROOK GOLF COURSE STUDY As you will note, during the first decade of operation, little progress was made towards reducing the principal amount. As a result, the loan payment schedule was revised in 1997 to reflect a principal only schedule. Furthermore, the repayment schedule was revised in 2003 to accommodate for market conditions. The current loan repayment schedule is as follows. BROOKLYN CENTER MUNICIPAL GOLF COURSE REVISED November 10,2003 INTEREST FREE LOAN AMORTIZATION SCHEDULE Beginning Ending Principal Annual Principal Year Balance Payment Balance 1998 1 1,150,000 50,000 1,100,000 1999 2 1,100,000 50,000 1,050,000 • 2000 3 1,050,000 50,000 1,000,000 2001 4 1,000,000 50,000 950,000 2002 5 950,000 50,000 900,000 2003 6 900,000 15,000 885,000 2004 7 885,000 35,000 850,000 2005 8 850,000 50,000 800,000 2006 9 800,000 55,000 745,000 2007 10 745,000 55,000 690,000 2008 11 690,000 60,000 630,000 2009 12 630,000 60,000 570,000 2010 13 570,000 60,000 510,000 2011 14 510,000 60,000 450,000 2012 15 450,000 60,000 390,000 2013 16 390,000 65,000 325,000 2014 17 325,000 65,000 260,000 2015 18 260,000 65,000 195,000 2016 19 195,000 65,000 130,000 2017 20 130,000 65,000 65,000 • 2018 21 65,000 65,000 0 1,150,000 3 CENTERBROOK GOLF COURSE STUDY II WEATHER HISTORY Few ventures are more at the mercy of the weather than golf courses. If it is too hot, too cold or we have precipitation, many golfers choose to stay away. Additionally, as a par-3 course Centerbook attracts a different type of clientele than your typical 18 hole course. We do no get the "hard core" rain or shine golfer, ours is more of the fair weather variety. If the weather is below 50 degrees or above 90 degree, or if we have measurable precipitation, or even the threat of inclement weather, many golfers will stay away. If these non-golf days happen early in the year, Centerbrook is all the more affected. During the start of each season, golfers establish playing patterns they follow for the remainder of the season. By encountering bad weather early in the season, these patterns are disrupted or not established. The result is fewer rounds for the entire season. During the past five years, Mother Nature has not been kind. We have had top ten years for rain and heat. Add a couple of cooler than normal spring seasons, and it adds up to misery for golf course operators. As the table below indicates, we have lost a significant number of days to weather. • Days Lost to Weather High Temp High Temp Rain High Temp High Temp Rain Below Above Below Above 55 Degrees 90 Degrees 55 Degrees 90 Degrees 2005 2002 April I1 8 April 18 12 May 6 15 May 7 11 June 1 13 June 4 16 July 16 5 July 10 13 August 5 9 August 8 September 1 13 September 1 2 11 October 10 6 October 25 13 Totals 17 23 63 103 Totals 26 16 84 126 2004 2001 April 12 11 April 15 17 May 2 1 13 May 2 2 14 June 10 June 5 13 July 1 12 July 7 8 August 5 4 August 5 8 September 5 1 6 September 1 10 October 1 2 October 12 Totals 19 8 56 83 Totals 18 19 70 107 2003 2000 April 13 7 April 15 11 May 2 11 May 1 12 June 9 June 3 14 S July 3 11 July 2 10 August 7 4 August 1 8 September 5 3 6 September 2 4 October 10 6 October 7 9 Totals 20 13 48 81 Totals 18 6 68 92 4 • CENTERBROOK GOLF COURSE STUDY Another measure of the impact of weather on operations is its affect on league play. As Centerbrook is a par-3 course, golf leagues compromise a large percentage of the rounds played. If the adverse weather happens to fall on the days of league play, Centerbrook is doubly affected. The table below shows the league rounds lost to weather over the last few years. CENTERBROOK GOLF LEAGUE STATISTICS Year 2005 2004 2003 2002 ' 2001 2000 #of Rounds #of Rounds #of Rounds #of Rounds #of Rounds #of Rounds LEAGUES Golfers Canc Golfers Canc Golfers Canc Golfers Canc Golfers Canc Golfers Canc Monday PM Women 110 770 104 0 103 206 106 108 119 NA 118 118 Tuesday Seniors 63 189 84 168 90 0 105 312 98 NA 96 288 ak Wednesday AM Women 30 180 34 102 35 70 49 294 47 NA 45 45 Wednesday Youth 59 59 78 0 117 117 147 350 123 NA NA NA Wednesday PM Women 68 204 63 NA 73 73 46 316 72 NA 71 213 Thursday AM Women 50 200 54 54 56 56 54 372 48 NA 55 192 Thursday PM Men 128 128 127 127 123 246 123 192 127 NA 130 130 Friday PM Couples 42 0 38 38 32 96 40 96 28 NA 28 28 Monday PM FALL Women 25 25 25 0 Thursday PM FALL Ak Men 38 0 36 0 TOTALS 613 1,755 643 489 629 864 670 2,040 662 0 543 1,0141 5 111 CENTERBROOK GOLF COURSE STUDY CURERENT MARKET CONDITIONS Centerbrook was built at a time when the Twin Cities metropolitan area was under served by the number of golf courses available for play. There were, in effect, more players than courses available. Not surprisingly then, the first few years at Centerbrook were profitable. As golf course construction has continued, we are now reaching a point where supply of courses is more than able to meet the demand of players. We must now compete with other courses for players, making it more difficult to end each year in a positive financial position. The initial 1980 Brauer Report showed 334 golf courses in Minnesota and 132 within fifty miles of the Twin Cities. The total number of golf courses in Minnesota in 2005 was 482, with almost 200 within 50 miles of the Twin Cities. This represents a 42% increase in courses statewide and over a 50% increase in metro area courses. COMBINED IMPACT • With the combined impact of weather, increased competition and a shaky economy, the last few years have not been good years for area golf courses. The table below shows net operating revenue comparisons for neighboring par 3 courses for the last five years. Net Operating Revenue Comparisons Area Par 3 Courses Year 2004 2003 2002 2001 2000 Brooklyn Center $13,865.00 $6,166.00 $4,524.00 $24,572.00 $74,352.00 New Hope ($31,871.00) ($10,976.00) ($4,814.00) $20,554.00 $93,546.00 Brooklyn Park ($32,074.00) $19,663.00 ($23,621.00) $11,272.00 $30,685.00 New Brighton ($62,326.00) ($79,819.00) ($1 13,322.00) ($33,287.00) $6,076.00 Roseville ($41,394.00) ($41,290.00) ($63,466.00) ($41,748.00) ($5,952.00) Eagle Lake ($97,519.00) Not In Operation (Three • Rivers) 6 CENTERBROOK GOLF COURSE STUDY • OTHER OPTIONS FOR THE GOLF COURSE Over the past many years, many opinions have been posited regarding the golf course and its future. One of the most common is to sell the golf course for private development. While seemingly simple, this option is fraught with many obstacles. Attached to this report is a letter from Braun Engineering regarding test borings of the golf course site. The report indicates that "essentially the entire golf course will be constructed over swamp deposits." These deposits range from 5 - 40 feet deep. While swamp (peat) deposits are not insurmountable in building, they add significantly to the cost. Also notable on the property are large storm water ponds that are part of a regional system. In 1998, a large improvement project was undertaken related to storm water. In the project, storm water from Brookdale and the surrounding area was directed under highway 100 via storm sewer pipes and is deposited into greatly expanded storm water ponds on the golf course and to additional ponds located just south of the golf course property. If development of the property was to be considered, the ponds would need to be relocated. 41) Somewhat related to the storm water issue, the city maintains a water tower on the property. As a result of increased Homeland Security issues, any development of the property would need to be made around the tower, as moving it would be cost prohibitive. Also adding to the issues is the fact that large sections of the golf course are built on right-of way owned by the Minnesota Department of Transportation. The aerial on page 8 shows the MNDOT property. Finally, the golf course has never been assembled into one property. The parcels would have to be combined and the Little League fields split off prior to any sale. These multiple parcels are also shown on the aerial. • CENTERBROOK GOLF COURSE STUDY S CENTERBROOK AERIAL PHOTO �"' n aI W,dx": `•'.a s` wA, 4t ,Ir���,/- a .:,' : . \ '4 r a,t-:f�••'' ', r y or t• '+'v,r } 14`P. f \.,f,: s ♦ y* -..*:Fti 4 -' -', f ,f� �'v �•-.. :I,, • ' yr` ir > h'uf�€`M� �. � �; �' ae, a ��,,,,, ,u,•'� •, s.i''� --r 1 Riir,�ti cis s ��ii/t Yr w r#000000 C i'' \1- y„, 4, w. ,- -+1k•"t•c"..X !$F; 'r 4 ` ' !- r x jig.; '� l • y� V t+k� �" E MT " 4 �� ,{... `1 r5xex ;,.'�its ' i ,vri'fti�� • ; ^t I, t., + • r • �; Vy s -1, yam°' `1► ` y- ,-,.."-.,• �rxA;‘,.'; <+ ,. t ,.a c, yt„,�' . ..'.� ,J.�M_ '.. k IJQ—; 1,, ',..t� , •,.a -. '\t F, /" r� '��, �,f J Sr 10' 1 �rI�4 , r{ c. • , .. --.4k •••••, .> . • ' 'it 4 i , t * r , , .,„ t � ;�,w , .VIA Fa...,, 4,,\s, ' W+/: - j! _. , or" P ..r - , ,„tta. �L- ' ,-.:.4,r \ t ?Y'r� i✓✓i/ r,, r,v it _ - -A. R F. , t'''\ r.a Jl �N IA' S� e .FY `l\ s ri r i444, i I. di..i iwl>�i. f�y�t='xI �j� 7af ~« �k aj vt �,r ?'P' ! i R „ i i4 ;a x: . • ram: r ;. { 1 d ,_'fir -0..1 , �fl ft-111 .0 1 Y •s t .. s t 3 i s =Pt. J.I. me 1 ; r . r r� ` 1i 1 L, ,. a IF. ._9. .'1-� ,, r ��1 9 t. 'fit t.,, p:• ;... :RAi.. • t - r. 4i One additional option that has been broached is to "privatize" the golf course, or have it run by an outside management company. The three most common types of golf course privatization are contract management, long-term lease, and asset sale. Contract management occurs when a golf course is contracted out to a private operator on a relatively short-term (five years or less) management contract. The benefit of a short-term lease ioto the contractors is that they are not responsible for the financial liability of the course and do not bear the same level of risk associated with other types of privatization. The contractor receives a management fee, which may be based in part on the contractor's performance. 8 CENTERBROOK GOLF COURSE STUDY S Under a long-term lease, the contractor assumes the operating risk for the property and enjoys the benefits of profits generated by the leased golf course. The aim of a long-term lease is to shift a significant portion of the risk away from the city and to the private contractor. The term of the lease is often related to the length of time needed by the private operator to recover investments in the golf course. While each of these privatization options has some potential benefits, Centerbrook is a very small operation, with limited revenues. As such, it would not be an attractive option for most management companies. Also, without continued investment in the course infrastructure, the city would stand the risk of inheriting a course that is run-down and in poor condition at the end of the lease term. SUMMARY In the 18 years of the course's operation, the financial picture has changed dramatically. Most S notably, the construction of both public and private golf courses has continued at a rapid pace, changing the market considerably. Both the Brauer study, and the 1985 staff report updating that study believed that about 40,000 rounds played annually was an achievable goal. The Brauer study indicated this standard would be reached after about ten years of operation. As our actual experience indicates, actual rounds played varies, but has stabilized at between 28,000-33,000 rounds annually. Substantial future growth remains unlikely. This market limitation obviously limits the amount of revenues available, leaving rate increases as one of the few sources of additional revenue. Currently,fees are in the top 25 percent of fees charged at similar facilities. Of particular concern since the construction of Centerbrook was the lack of a capital reserve. The Brauer study had identified the need for an annual contribution to a capital reserve. However, no reserve was created, under the expectation that future needs would be financed from the Capital Improvements Fund until the Golf Course Fund was generating a consistent profit. Analysis of expected future operating costs and revenues indicated that, as structured in 1997, in an average year with no capital improvements required, the golf course should be able to make interest payments. In a good year, profit that is generated could be used to build a S reserve from which to draw in years when weather is poor or to payment of loan principal. However, this did not address the issue of a capital reserve, nor was it particularly sound management. A plan should be established that, at worst-case, the debt service should still be made, with average and good years' profits contributing to a reserve fund. 9 CENTERBROOK GOLF COURSE STUDY S Efficiencies in management, some additional savings, and identification of new markets can help manage the variability that weather produces, and reduce the possibility of operating losses. However, the capital reserve can only be created out of the net income which is now servicing the debt. After careful review, staff concluded that the only reliable means of creating a capital reserve was debt restructuring. Such a plan was completed as a part of the 1998 budget process. By making the construction loan interest free, the plan established both a capital reserve and a revised loan payment schedule that would have resulted in the loan being repaid over a period of twenty years. This loan repayment schedule was subsequently revised in 2003 due to weather and other adverse market conditions. Additionally, the practice of contributing to a capital reserve fund was discontinued, as sufficient revenues were not available to fund both the capital reserve and the principal payment. RECOMMENDATIONS • Staff recommends that a revised policy be adopted that reestablishes a capital reserve and makes principal payments to the Capital Improvements Fund according to a set formula, rather than a schedule. During the first quarter of each year, the golf course produces limited revenues until the course opens for business. However, during that same period, the golf course incurs approximately $30,000 in expenditures. A capital improvements fund could be reestablished with an annual contribution of$12,500. Improvements could be scheduled accordingly and presented annually with the golf course budget. As a result, a policy could be adopted that calls for any operating revenues in excess of$42,500 annually be directed to the Capital Improvements Fund. Principal payments could still be tracked until such a time as the original loan is repaid. I, along with the rest of our Centerbrook staff, recognize that the golf course's financial performance has been less than anticipated over the past few years. However, we feel very strongly that Centerbrook remains a much needed amenity that,with some adjustment, should remain financially viable. I hope the above information provides you with adequate detail regarding Centerbrook's recent financial history and expectations for 2006. Please let me know if you have questions, or would • like additional information. 10 ORRIN Services Since 1957 • .ENGINEERING TESTING INESOTA:Minneapolis.Hibbing.St.Cloud.Rochester.St.Paul J.S BRAUN.PE GD KLUEMPKE.P.E. Athhaiec Onire5 PH ANDERSON DALE R ALLEN,P.E. NORTH OAKOTA: Bismarck. Williston: MONTANA: Billings o.R.rAUSIIBL PE JAMESJ.CRAIG.Jr..Pt • Reply To: P.O. Box 35108 Mpls . , MN 55435 L ( 612 ) 941-5600 November 26 , 1985 City of Brooklyn Center Attn: Bo Spurrier, P.E. 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 RE: 85-531 FOUNDATION INVESTIGATION Proposed Golf Course Brooklyn Center, MN • Mr . Spurrier : In response to your authorization of October 8 , 1985 , we have completed 27 borings for the proposed golf course . The purpose of the borings was to evaluate the subsoil and ground water con- ditions with regard to the construction of the golf course. This construction includes a club house, storage building, concession building, three pedestrian bridges , and the various greens , tees , and fairways . The borings indicate that essentially the entire golf course and structures will be constructed over existing swamp deposits . At the boring locations , the depth to the .bottom of the swamp depo- sits varied from 5 feet • to 40 feet. The majority of the swamp deposits encountered in the borings extended to about the 20-foot depth. Construction of the golf course will require the placement of surcharges for the greens and tees and the realization that everything, except pile supported structures , will settle. For building support, driven piles will be required. For complete results of the testing along with our engineering analysis and recommendations , please refer to the accompanying * report . CONSULTING ENGINEERS/SOILS AND MATERIALS 85-531 City of Brooklyn Center _ -2- November 26 , 1985 It has been a pleasure performing our services for you on this project. Should you have any questions regarding this report or if we may provide additional services as planning and construc- tion proceeds, please contact us at your convenience. Very truly yours, BRAUN ENGINEERING TESTING, INC. 7 Ja es J. Cra g Jr, ,E. Senior Engineer Michael M. Heuer, P.E. Senior Engineer JJC/MMH :gec Attachments cc: Brauer. & Associates, Ltd. • Attn : Paul Fjare Architectural Design Group Attn : Willis Schellberg Valley Engineering Attn : Steve Harvey timunri....'oniont 1t thus•p Port and supporting documents are for the exclusive use of the addressee.In the aosence of our prior written a-Presentation and assume no responsibility to any other parties regarding such content. PProvat • x t ',:f, ,- , ..- ,*,-,,, ;-1::-a) y p , 4 ( 4 > q, & '' T 114 .y d •.Y,.`SIE 4, 0 a1t,, /,t.: •,...".. (fti0) - „. — 161 .11 0 I i; OM I I. • ,.., .4,,,,i. . : . :' o 0 19 , ''' ,,k4t, a) ,-.,..,....c. ....,„, ,,,,,z.„....., .. ,.. le. - ; mr:) Itr4 4.'"-- -;11". ' -., ii.0/, , ri N e _ -pi' .fie .K C • '•~1"1 a) '� '1 s ... 4i'-`".4,'"'N''• ••11../3"--''. 0...7.141P-''. t"*-I.j..,, t'`'t`'.'''t '.. • ,. .,.,..... ,.. „. A,. ,.... Pr At CI ..41 r� Ir f 0 . • ''1/4 . i CO 1+14 im ; , )-, • Q. 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