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1 TIF Update/Debt StudyCITYOF CHAN EN 77CU Market Boulevard Administration :,:,~:. i00 Fa',:; 952.227.!1i0 Building Inspections Fa>:: 952.227.i ~ 90 Engineering :,~e: 952 227 i160 Fa,:: 952.227 ! i7© Finance Park & Recreation :":'"e: ?52 :.::-.: ~2'} F;,. c.:? Planning & Natural Resources ?-',;re:%2 227 1133 :?:: 252.227 !i10 Public Works i59] Fark FC~a3 ~'-?e. 952 227.1300 Fax: 952.227.i3i0 Senior Center 952.2271125 Web Site % ,' ',' MEMORANDUM TO: FROM: DATE' SUBJECT: Mayor City Council Bruce M. DeJong, Finance Direct~i November 4, 2002 "I TYF Update/Debt Study ~.-~'~' Through the past several months, city staff has been examining our TIF situation very closely in conjunction with our other debt issues. We are now in a position to determine much more accurately how those changes affect the debts of the City of Chanhassen and our ability to repay them in a timely manner. The effects of the past several years of legislative property tax changes have now been clearly revealed as negative for the City of Chanhassen. We have seen an enormous loss of tax capacity and increment in the past five years. That will affected our ability to repay the TIF debt and also our other bond issues, one of which was issued to pay for improvements to County Road 17/Galpin Boulevard and expected to be repaid ~vith excess increment generated from TID #1 -the Downtown District. After consulting extensively with Mark Ruff and Ron Batty, we believe that the enclosed predictions of total TIF revenue for the Downtown District are reasonably accurate. They show two scenarios - one in which we are able to keep all of the money as increment and one in which we are required to repay some of the increment as excess TIF. The reason for showing two plans is that there is still a lingering technical issue regarding our ability to repay inter-fund loans. Since TID #1 is in deficit, it requires cash loans from other funds. We ratified those loans through City Council action after the legislature specificly authorized them just over a year ago. However, the law is unclear regarding our ability to repay those loans. We are not the only city facing this problem. This is a technical matter that we are attempting to remedy through legislative action in conjunction with our fellow cities at both the Association of Metropolitan Municipalities (AMM) and the League of Minnesota Cities (LMC). They will attempt to insert this language clarification as part of a technical corrections bill that is usually offered each session to clear up unintended discrepancies. If that bill is passed, then we should be able to collect the entire amount as increment in the districl. If not, then the alternate scenario The City of Chanhassen, ~ :,:.,,,ir;..:: c.:."-~"~:':h, ,', ",', .:%ac '::. ..... ~ o?:.Stv schools. .~ ch*rminn~ ,-, ,,,s dm'., ,,,~,,nfn ,,n,, thrivino., businesses, u'indino,, ,,,~ trails.., . and b"*~,fif~,!..~,,,o .parks. A o~'~.~.. .place to, ,,h,e. v:ork, and play. TIF Update/Debt Study November 4, 2002 Page 2 where the city and county portions are returned to us, less the school district portion of the increment will be returned as excess increment. Even under the most optimistic plan, we still face a deficit of nearly $6,600,000 in tax increment supported debt. This deficit will have to be paid tt2'ough the use of available funds in the Historic Preservation Trust which has $5,400,000 and additional money from some other funds. Those amounts are listed in the table below. These changes are sufficient to address the TIF deficit, but do not completely cover the other improvement bond deficits. We could also refinance some existing debt, such as the 96D issue, and extend the term of the payments. Source of Funds Potential Amount Impact Historic Preservation $5,400,000 Close this fund Closed Bond Fund General Fund Employee Leave Liability $540,000 $1,500,000 $550,000 Completely use all cash Use all funds above policy amount - leave remainder for cash flow Change this from a funded liability to footnote disclosure only Capital Replacement Fund - $1,000,000 Must bond for all Sale of the Chan Bowl equipment purchases Pony/Pauly/Pryzmus Site $600,000 Land Sale Carver HRA - Heritage $400,000 Release escroxv if Square Apartments property is refinanced Environmental Fund $400,000 $700,000 $515,000 Additional Debt Levy Street Levy $11,605,000.00 Combine activity into General Fund and use cash balance Keep projected spike in debt service for 2004 Take the funds allocated to streets and bond for them - OK as long as we have 20% spec assmts We will discuss the implications of these various strategies with Mark Ruff and the City Council at our special meeting on November 7th. cO ~ >. 0 '~' tO 0 0 'ql' I"- (:(3 CglCO ~* C~ 05 C5 C5 0 ~ ~- 0 o~O~ooio~, o~ ~ ~ o C~l c0 t'O 0 o -- ~ 0 0 ~ ~ , · o ~ ~,0 ~ ~ ~ ' ~~ m 0 o ooo~oI . SUMMARY OF 2002 DEBT STUDY FOR THE CITY OF CHANHASSEN NOVEMBER 1, 2002 Issues - Overview The two main areas of concern for the debt studies in the past three years have been the tax increment financing debt and the improvement debt. The two categories of debt are interdependent because two of the larger improvement bonds were structured assuming that the downtown TIP' district would be returning a substantial amount of tax increment to the County from 2001 through 2003. The County had agreed in the mid-1990s to pledge their shares of the returned TIF to City G.O. Improvement Bonds sold to fund road improvements to County and City streets (the "County Agreement"). A substantial amount of principal of the debt will be coming due in the next two years. Two main issues nqust be addressed: 1. The City must decide if the debt will be refinanced and/or paid with cash. In any scenario, the City will be short over $11.?SM. The funding for the shortfall will require cash reserves or a future property tax levy or both. 2. The City must also decide if it will chose to utilize the County Agreement or to seek legislation to allow the TIP District to be extended to cover pre-2001 deficits by extending the tern~ of the debt. Issues - TIF Bonds At the end of 2001, the Tff' fund was in a deficit of $3.42M. If all tax increment were to be captured through 2003, the deficit would be $6.578M, given current assumptions on TIP income. The pre-1979 district was supposed to end in April, 2001, except for paying debt issued prior to May, 1990 (or debt to refund those older bonds). A substantial amount of TIP debt was issued after 1990 which remains unpaid. If increment could only be captured to pay the pre-1990 debt, the TIF funds would be in a deficit of $11,995,000 because increment would be returned to the County. Issues - Improvement Bonds With legislation in 2003, tax increment used to mitigate deficit in TIF funds is not available for the County Agreement. The 1996D and 1996B improvement Bonds were structured to utilize County Agreement. Cun'ent estimates of deficit in the 1996D fund is $4.813 million by beginning of 2004 and $500,000 for 1995C bond fund, which was relying upon assessments from 1996B bond funds. Total deficit is approximately $5,318,000 for the improvement bonds if no county agreement is received. Options to pay for deficit would be to use cash and/or refinance 1996D Bond to spread payments over several years. Without legislation, ending balance is deficit of $1,130,000 for1996 D due to the use of the County Agreement assuming county auditor's interpretation of redistribution of increment based upon 2003 tax rates is correct. The County Agreement would forward the City and County's share of the returned increment in 2003 from tax years 2001 through 2003. Issues - Legislation Legislation would result in a net gain of $1,129,000, if the legislation is favorable and tax rates do not change dramatically over the next few years. With legislation, the total deficit is $5,318,000 for the improvement bonds and $6,578,000 for TIF debt for a total approximate deficit of $11,996,000. Without legislation, the deficit ~'or the improvement bonds would be $1,130,000, and TIF debt would be $11,995,000 for a total deficit of $13,125,000. The legislation would not eliminate all risk of challenge to the City, depending upon the language of the bill and the Office of the State Auditor's oversight of each project within the proposed legislation. We have held one phone conversation with the OSA on this matter, but the OSA has not thoroughly reviewed Chanhassen's situation. The County Agreement, if utilized, would also require further discussions with County staff on the interpretation and implementation of the agreement. Sources to Fund Deficits $5,400,000 Historic Trust Fund (includes TIF grant proceeds) $ 540,000 Closed Bond Fund (after arbitrage rebate is paid for improvement bonds) $1,500,000 General Fund (leaves $3,243,000 for cash flow) $800,000 Capital Equipment $553,000 Funded Liability on Compensation $8,793,000 Subtotal Remaining $3,200,000 to $4,400,000 from Utility Funds or refinancing? Other Recommendations ,/ Eliminate balances/deficits in bond funds which are now defeased or paid off such as 1991A, 1993C, 1994A which result in a small minor deficit. ,/ Defease 1996B bonds at the end of 2003 and transfer balance to cover shortfalls in 1995C. ,/ Determine why 1998B assessment balances are so high while 200lB appears to have less assessments than assumptions in original financing. For Discussion Purposes Only City of Chanhassen, MN Tax Increment District No. 1 Statement of Revenues and Expenses Calendar Year New Estimate as of 10/24/02 Assumed 30% Drop in Increment Starting in 2002 Revenues: Tax Increment Delinquent Taxes County Agreement Special Assessments Interest Sale of Property - W 79th St. HRA Note Refunds & Reimbursements Grant Proceeds Total Revenue 2001 2002 2003 2004 5,713,380 7,082 217 5,720,679 3,500,000 3,541 695,000 4,198,541 3,600,000 - - 3,600,000 Expenditures: Current: Personal Services Materials/Supplies Interfund Interest Expenditure Contractual Services Capital Outlay Debt Service Principal Interest Paying Agent Fees Payment to Defeasance Escrow Special Assessment Payments Other Total Expenditures Revenues over (under) expenditures Operating transfers to Debt Service Fund Bond Proceeds Total other funding sources Increase (decrease) in fund Balance Fund Balance (deficit) at start of year Fund Balance (deficit) at end of year 189,316 3,616 3,730,000 2,320,000 1,485,000 296,676 101,932 27,165 364 364 364 51,815 124,246 16,380 4,288,167 2,546,542 1,512,529 1,432,512 1,651,999 2,087,471 (948,170) 2,7O8,253 1,760,083 3,192,595 1,651,999 2,087,471 (6,555,028) (3,362,433) (1,710,434) (3,362,433) (1,710,434) 377,037 SA income fund 333 fund 330 Non-Qualified Debt Principal Interest Total Cumulative Effect Net Position End of Year 3,788 3,541 1,800,000 1,070,000 3,175,000 58,834 239,676 165,501 69,972 58,834 2,039,676 1,235,501 3,244,972 (58,834) (2,098,510) (3,334,011) (6,578,983) (3,421,267) (3,808,944) (3,334,011) (6,578,983) Prepared by Bruce DeJong 11/04/02 C~lm i,m oo o o . _ _ For Discussion Purposes Only City of Chanhassen, MN Tax Increment District No. 1 Statement of Revenues and Expenses Calendar Year New Estimate as of 10124/02 Assumed 30% Drop in Increment Starting in 2002 Revenues: Tax Increment Delinquent Taxes County Agreement Special Assessments Interest Sale of Property - W 79th St. HRA Note Refunds & Reimbursements Grant Proceeds TotalRevenue 2001 2002 2003 2004 2,455,909 2,421,932 1,512,165 630,644 7,082 3,541 217 695,000 3,093,852 3,120,473 1,512,165 5,713,380 3,500,000 3,600,0 Co agreement 2,626,827 1,078,068 2,087,8 Expenditures: Current: Personal Services Materials/Supplies Interfund Interest Expenditure Contractual Services Capital Outlay Debt Service Pnndpal Interest Paying Agent Fees Payment to Defeasance Escrow Special Assessment Payments Other Total Expenditures Revenues over (under) expenditures Operating transfers to Debt Service Fund Bond Proceeds Total other funding sources Increase (decrease) in fund Balance Fund Balance (deficit) at start of year Fund Balance (deficit) at end of year SA income fund 333 fund 330 Non-Qualified Debt Principal Interest Total Cumulative Effect Net Position End of Year Total Deficit 189,316 3,616 3,730,000 2,320,000 1,485,000 296,676 101,932 27,165 364 364 364 51,815 124,246 16,380 4,288,167 2,546,542 1,512,529 (1,194,315)573,931 (364) (948,170) 2,708,253 1,760,083 565,768 573,931 (364) (6,555,028)(5,989,260)(5,415,329) (5.989.260)(5,415,329)(5,415,693) (5,415,693) 3,788 3,541 1,800,000 1,070,000 3,175,000 58,834 239,676 165,501 69,972 58,834 2,039,676 1,235,501 3,244,972 (58,834) (2,098,510) (3,334,011) (6,578,983) (6,048,094)(7,513,839) (3,334,011) (6,578,983) (12,037,354) (12,929,168)(8,749,704) (11,994,676) Prepared by Bruce DeJong 11/04/02 88 8 o.o. o ~ ~ 8888 o~o~ ~~o~ o o~,m CITYOF CHANHASSEN 7700 Market Bou',evard PO Box 147 Chanhassen. MNu,,: ~7~"' Administration Phone: 952.227.1100 Fa',:: 952.227.1110 Building Inspections ?n zne: 952.227.1180 Fa>:: 952.227.1190 Engineering P"s':e: 952.227.i160 F~',:: 952.227.i170 Finance z-;-.z,.ne: 952.227.i i40 952.227.11!0 Park & Recreation P:;~: 952.227.1120 F ..... O~ ':,9'~ ,~ .... 3z.~-, .1110 ~ec:eat:o-. Center :~ .,-ne: 952.227.1400 Fa:,:: 9,52.21-.1404 Planning & Natural Resources 0~9 On? !'~qnI F~.~:~ 952.227.1110 Public Works 1591 ?~'; Rc3s F'-.:-e. 952.227.i300 Fa>:-952227.1310 Senior Center Fa>.: 952 727.1110 MEMORANDUM TO: City Council FROM: DATE: RE: Todd Gerhardt, City Manager November 4, 2002 Key Financial Strategies Priority Session Attached is the Key Financial Strategies information we will be going over during the November 7th Council Meeting. Please remember to bring your KFS notebooks. ]'he Cily of Cflantmssen. ,~ s ~cr,,, ¢ ne communih' v.'ftfi c~o,~'~ fakes. ~u?ty *chooIq a charm, ino do,,'mtov,'n, thrivino businesses, winding trails, and beautifu! parks. A o~at ,'~*~ '" live. work. and olay. :.. . . ,-~., ~ .... ~ ~ . ,,~ i-,,~ ~.~; , ~ KFS Issue Staff Priority Council Priority Update SWMP 1 Watershed Improvement Impacts 1 NPDES Phase II Compliance 1 Pavement Management Program 1 Vehicle and Major Equipment Costs 1 Sewer and Water Infrastructure Replacement 1 r, Water System h-nprovements 1 Park Pavement Maintenance 1 Future Staffing Issues 1 City Trails 1 2007 Environmental Fund 1 , .. 2005 MUSA 1 E-City Hall 2 Public Facility Maintenance 2 Bluff Creek Improvement 2 Comprehensive Plan Update 2 Affordable Housing Land Trust 2 Expansion of Public Works Facility 2 Document Archives 3 Lake Monitoring/Improvements 3 High School 3 Commudity Center/IC~' Arena 3 City Commons Park 3 Truck Weight Enforcement 3 Investigative Staffing 3 Patrol 3 Water, Snowmobile, Bicycle Patrol 3 Law Enforcement, Special Events 3 City Commons Park 4 Priority Definitions' Level 1 Critical to continued operation of city baseline services at present levels. This includes restoration of services identified as baseline. Level 2 Provides opportunity for increased efficiency in baseline level of services. This includes ability to continue to serve existing level of services without staff increases. Level 3 Provides opportunity for expansion of services to meet existing demand as evidenced by Council direction or staff analysis Level 4 Provides opportunity to increase services that improve quality of life within City. CITY OF CHANItASSEN KEY FINANCIAL STRATEGIES Inflation Assumptions for General Fund Revenue 3.00% Expenses 4.00% 2002 2003 2004 2005 2006 2007 GENERAL FUND BUDGET BUDGET PROJECTED REVENUE GENERAL PROPERTY TAX 5,706,400 6,475,935 6,670,213 6,870,319 7,076,429 7,288,722 LICENSES 69,450 101,450 104,494 107,628 110,857 114,183 PERMITS 1,243,500 1,243,500 1,280,805 1,319,229 1,358,806 1,399,570 FINES & PENALTIES 39,000 39,000 40,170 41,375 42,616 43,895 INTERGOVERNMENTAL REVENUE 179,000 181,600 187,048 192,659 198,439 204,392 CHARGES FOR CURRENT SERVICES 580,650 586,650 604,250 622,377 641,048 660,280 OTHER REVENUE 300,500 240,500 247,715 255,146 262,801 270,685 TOTAL REVENUE 8,118,500 8,868,635 9,134,694 9,408,735 9,690,997 9,981,727 EXPENSES EXCL. CAPITAL COSTS GENERAL GOVERNMENT LAW ENFORCEMENT PUBLIC WORKS COMMUNITY DEVELOPMENT PARKS AND RECREATION TOTAL EXPENSES REVENUE OVER (UNDER) EXPENSES 1,607,650 1,719,680 1,788,467 1,860,006 1,934,406 2.011,782 1,653,690 1,843,900 1,917,656 1,994,362 2,074,137 2,157,102 2,103,130 2,458,630 2,556,975 2,659,254 2,765,624 2,876,249 1,050,814 1,174,175 1,221,142 1,269,988 1,320,787 1,373,619 1,709,500 1,707,940 1,776,258 1,847,308 1,921,200 1,998,048 8,124,784 (6,284) 8,904,325 9,260,498 9,630,918 10,016,155 (35,690) (125,804) (222,183) (325,158): 10,416,801 (435,074) KEY FINANCIAL STRATEGIES 2003 2004 2005 2006 2007[ PRIORITY 1- OPERATING EXPENSES City-wide Future Staffing Issues Surface Water Management NPDES Phase II Permit App/Compliance Public Works Water System Improvments Pavement Maintenance Program Parks and Recreation City Trails Community Development 2007 Enviommental Fund 2005 MUSA Subtotal PROJECTED OPERATING NEEDS PRIORITY 1 - CAPITAL EXPENSES Sulface Water Management Update SWMP Watershed Improvement Impacts NPDES Phase II Permit App/Compliance Public Wor'ks Pavement Maintenance Program Vehicle and Major Equipment Costs Sewer & Water Infrastructure Replacement Water System Improvments Parks and Recreation Park Pavement Maintenance City Trails 270,400 484,380 713,440 950,040 51,000 72,000 78,000 79,500 80,500 55,000 190,000 320,000 345,000 430,000 55,000 90,000 90,000 95,000 125,000 20,000 20,000 20,000 20,000 20,000 159,000 to be determined 181,000 642,400 992,380 1,252,940 1,764,540 (216,690) (768,204) (1,214,563) (1,578,098) (2,199'614) 200,000 305,000 105,000 190,000 185,000 105,000 25,000 514,000 to be determined 100,000 250,000 35,000 60,000 270,000 305,000 812,000 448,000 704,000 670,000 180,000 100,000 100,000 100,000 100,000 250,000 250,000 250,000 250,000 CITY OF CHAN~4ASSEN KEY FINANCIAL STRATEGIES Subtotal PROJECTED CAPITAL NEEDS 1,194,000 1,502,000 1,228,000 1,509,000 1,430,000 1,194,000 1,502,000 1,228,000 1,509,000 1,430,000 KEY FINANCIAL STRATEGIES 2003 2004 2005 2006 2007 PRIORITY 2 - OPERATLNG EXPENSES CiD,-wide E-City Hall Communio' Development Affordable Housing Land Trust Public Works Expansion of Public Works Facility Subtotal CUMULATIVE PROJECTED OPERATING NEEDS PRIORITY 2 - CAPITAL EXPENSES City-wide E-City Hall Public Facility Maintenance Surface Water Management Bluff Creek Improvement Community Development Comprehensive Plan Update Affordable Housing Land Trust Public Works Expansion of Public Works Facility Subtotal CL~,, ,IULATIVE PROJECTED CAPITAL NEEDS PRIORITY 3 - OPERATING EXPENSES C/0' Wide Document Archives Surface Water Management Lake Monitorin~Improvements Public Sqfety Truck Weight Enforcement lnvestigativc staffing Patrol Water, Snowmobile, Bicycle Patrol Law Enforcment: Special Events Park and Recreation Community Center/Ice Arena Subtotal CUMULATIVE PROJECTED OPERATING NEEDS PRIORITY 3 - CAPITAL EXPENSES 10,272 10,272 57,008 59,612 194,876 5,000 5,000 5,000 5,000 5,000 2,000 2,000 2,000 2,000 2,000 17,272 17,272 64,008 66,612 201,876 (233,962) (785,476) (1,278,571) (1,6~44,710) (2,401,490) 165,000 100,000 20,000 50.000 125.000 150,000 150,000 225,000 75,000 200,000 150,000 25,000 150,000 200,000 20,000 240,000 415,000 350,000 350,000 450,000 1,434,000 1,917,000 1,578,000 1,859,000 1,880,000 3,553 39,606 40,200 40,803 42,036 7,000 7,500 8,000 8,500 9,000 5,000 75,000 80,000 85,000 90,000 95,000 160,000 175,000 185,000 200,000 20,000 35,000 50,000 60,000 5,000 To be determined 95,553 307,106 343,200 374,303 406,036 (329J15) (1,092~82) (1,621,771) (2,019,013) (2,807,526) Cio' Wide Document Archives 20,000 Park and Recreation Lake Monitorin~Improvements High School to be determined Community Center/Ice Arena to be determined 10,000 50,000 50,000 50,000 CITY OF CItANItASSEN KEY FINANCIAL STRATEGIES Subtotal 20,000 10,000 50,000 50,000 CUMULATIVE PROJECTED CAPITAL NEEDS 1,454,000 1,927,000 1,628,000 1,909,000 50,000 1,930,000 KEY FINANCIAL STRATEGIES 2003 2004 2005 2006 20071 PRIORITY 4 -OPEIL~TING EXPENSES Park and Recreation City Commons Park Subtotal CUMULATIVE PROJECTED OPERATING NEEDS PRIORITY 4 - CAPITAL EXPENSES Park and Recreation City Commons Park Subtotal (329,515) 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 (1,142,582) (1,671,771) (2,069,013) (2,857,526) 700,000 700,000 2,627,000 CUMULATIVE PROJECTED CAPITAL NEEDS 1,454,000 1,628,000 1,909,000 1,930,000 City of Chanhassen Key Financial Strategies Capital Budget Items Information Technology E-City Hall City Wide Public Facility Maintenance Document Archives Coimnunity Development Affordable Housing Land Trust Comprehensive Plan Update Surface Water Management Watershed Improvement Impacts Update SWMP Intern/Additional Staff NPDES Phase II Permit Application/Compliance Lake MonitorinWImprovements Bluff Creek Improvements Public Works Sewer and Water Infrastructure Replacement Water Treatment Plant Renovation/Expansion of Public Works Facility Vehicle and Major Equipment Costs Pavement Maintenance Proffam Park and Recreation Park Pavement Maintenance City Trails New High School Conmmnity Center/Ice Arena City Commons Park 2003 2004 2005 2006 2007 Totals 165,000 100,000 20,000 20,000 25,000 150,000 - 200,000 200,000 150,000 75,000 305,000 105,000 190,000 185,000 105,000 200,000 25,0OO - 10,000 50,000 50,000 50,000 50,000 125,000 150,000 150,000 225,000 to be determined 514,000 20,000 812,000 35,000 180,000 448,000 60,000 704,000 270,000 670,000 305,000 100,000 250,000 to be determined to be determined 100,000 250,000 700,000 100,000 250,000 100,000 250,000 100,000 250,000 $ 265,000 $ 265,000 $ 20,000 $ 20,000 $ 40,000 $ 725,000 $ 75,000 $ 800,000 $ 890,000 $ 200,000 $ 25,000 $ 160,000 $ 700,000 $ 1,975,000 $ 180,000 $ $ 20,000 $ 3,148,000 $ 670,000 $ 4,018,000 $ 500,000 $ 1,250,000 $ - $ - $ 700,000 $ 2,450,000 1,454,000 $ 2,627,000 $ 1,628,000 $ 1,909,000 $ 1,930,000 $ 9,548,000 City of Chanhassen Key Financial Strategies Operating Budget Items 2003 2004 2005 2006 2007 Totals Information Technology E-City Hall City-Wide Future Staffing Issue Document Archives Co~mnunity Developinent Affordable Housing Land Trust 2007 Enviormental Fund 2005 MUSA Surface Water Management NPDES Phase II Permit App./Compliance Lake Monitorinfflmprovements Bluff Creek Improvements Public Works Water System Improvements Expansion of Public Works Facility paxrement Maintenance Program Public Safety Truck Weight Enforcement Law Enforcement Investigative Staffing Law Enforcement Patrol Water. Snowmobile, Bicycle Patrol Law Enforcment: Special Events Park and Recreation City Trails Community Center/Ice Arena City Commons Park 10,272 10,272 57,008 59,612 270,400 484,380 713,440 3,553 39,606 40,200 40,803 5,000 To be determined 5,000 5,000 5,000 51,000 72,000 78,000 79,500 7,000 7,500 8,000 8,500 55,000 190,000 320,000 345,000 2,000 2,000 2,000 2,000 55,000 90,000 90,000 95,000 5,000 75.000 5,000 80.000 160,000 20,000 85,000 90,000 175,000 185,000 35,000 50,000 - 20,000 20,000 20,000 20,000 To be determin 50,000 50,000 50,000 194,876 $ 332,040 $ 332,040 . 950,040 $ 2,418,260 42,036 $ 166,198 $ 2,584,458 : 5,000 $ 25,000 159,000 $ 159,000 : : $ 184,000 80,500 $ ~ 3611Ooo 9,000 $ ~:: 40,000 $ : 401,000 430,000 $ 1,340,000 2,000 $ 101000 125,000 ~ $ 455,000 $ 1,805,000 : : $ : 5,000= 95,000 $ :425,000 : : 200,000 $ 720,000 60,000 $ 165,000 $ : 5,000 $ 1,320;000 20,000 $ ~100,000 $ - 50,000 $ 200,000 $ 300,000 $ 293,825 $ 1,016,778 $ 1,449.588 $ 1,743,855 $ 2,422,452 $ 6,926,498