Loading...
A-1. Pavement Management Program UpdateMEMORANDUM CITY OF CHANHASSEN Chanhassen is a Community for Life -Providing for Today and Planning for Tomorrow TO: Mayor & City Council Members FROM: Todd Gerhardt, City Manager DATE: June 12, 2017 SUBJ: Discussion of Street, Existing Trail and Parking Lot Improvements and Funding Options BACKGROUND This evening staff will be walking the city council through a three-part discussion on the condition of streets, existing trails, and parking lots in the city and the potential funding level needs to maintain those infrastructure assets to certain condition levels. The first part of the discussion will be the City Engineer walking city council through the current and projected Overall Condition Index (OCI) of the city streets, existing trails and parking lots. During this discussion it will become apparent that funding at the current levels will not allow the city to maintain the current OCT of each of these infrastructure needs. The discussion will also suggest what funding would be needed to maintain OCT levels at or near the current levels. 2. The second part of the discussion will be the City Finance Director discussing, based on the information laid out by the engineering department earlier, a number of funding scenarios to achieve those various OCI levels. This will include an initial discussion of potentially implementing a Gas & Electric Franchise Fee to fund a portion or all of the streets, existing trails and parking lot improvement needs. Staff will also present some scenarios with a combination of funding sources to maintain the various OCI levels. 3. Lastly, Nick Anhut from Ehlers & Associates will present information on what is involved in implementing Gas & Electric Franchise fees and the pros and cons of each. This discussion will go over reasons to establish a franchise fee, impacts on their customer bases, and what other local governments have implemented gas and electric franchise fees and at what levels. At the conclusion of this meeting, staff will be looking for council direction as to which scenario should be further discussed in the future, as well as answer any questions or provide additional information you may need about that scenario. L\gregs\fiunchise fee discussion 2017\tg street discussion memo 6-12-17.docx PH 952.227.1100 • www.ci.chanhassen.mn.us • FX952.227.1110 7700 MARKET BOULEVARD • PO BOX 147 • CHANHASSEN • MINNESOTA 55317 1. City Engineer CITY OF C HANHASSE N Chanhassen is a Community for Life -Providing for Today and Planning for Tomorrow MEMORANDUM TO: Todd Gerhardt, City Manager FROM: Paul Oehme, Director of Public Works/City Engineer DATE: June 12, 2017 SUBJ: Discussion of Future Street Improvement Projects For Local Streets DISCUSSION Local Street Improvements Streets are the highest valued asset the City maintains. The City currently has 89 miles of local streets in the system. The value of the local streets is estimated at $134,000,000 or $1.51 million per mile. This estimate does not include the collector streets such as W. 79`h street, Minnewashta Parkway or Market Boulevard. The City has 22 miles of collector streets. The City has budgeted for one local street improvement project to be constructed each year which averages just over 1 mile. These projects are either a resurfacing project consisting of the pavement replacement, mill and overlays or street reconstruction which includes public utilities being replaced and upgraded. The current CIP future street projects are shown on the attached map. The City surveys each street once every three years to determine a pavement condition. These surveys consist of visually inspecting the street pavement condition. The survey information is downloaded in a pavement management software to determine an overall pavement condition index (OCI) for each pavement section. A score of 100 OCT represents a new street and a score of 0 represent a street that has completely deteriorated. The average OCI for the City's pavement has currently at 72 which can be considered in a good overall state. The streets the City has reconstructed or resurfaced over the past 10 years were mainly built in the 1970's. The City experienced a large amount of development in the 1980's and 1990's. These streets are coming due for major street maintenance. In order to maintain an overall good pavement condition of around 72 for the local streets, more miles of streets will need to be programmed for improvement. PH 952.227.1100 • www.ci.chanhassen.nnn.us • FX 952.227.1110 7700 MARKET BOULEVARD • PO BOX 147 • CHANHASSEN • MINNESOTA 55317 Todd Gerhardt Future Street Improvements June 12, 2017 Page 2 Staff has run several pavement condition scenario projections with different funding levels and calculated the estimate OCI in 20 years. Each scenario includes a 3% inflation factor which is the industry standard. The first scenario left the current funding the same over the 20 -year period. If funding is left the same, at $1.5 million dollars per year, the projected OCI is estimated to be 45 in 20 years. The second scenario estimated the OCI of the local streets if the annual funding was increased to $2.0 million dollars starting in 2022. This scenario only increased the OCI to 47. The low OCI result for this scenario can be explained because of the amount of streets needing maintenance that were constructed in the 1980's and 1990's. Also, inflation is decreasing the amount streets that can be completed each year. To have the OCI be maintained at or around 70 in 20 years, the City would need to start investing about $3.4 million annually for street improvements after 2021. These projections assume the City maintains the same level of investment in minor pavement maintenance such as crack sealing, pothole patching and sealcoating. Local Street Mileage Per Decade 100.W W W 89.06 84.20 80.00 70.62 70,W 60. W SO.W 44.06 90.00 301W - 26.56. 21.35 22.71 20.W 16.14 13.58 10.00 11 1 M 0 Before 1970 19705 INN 19905 20W5 2010 to eteunt •MHk Added OTotel Miks Staff has run several pavement condition scenario projections with different funding levels and calculated the estimate OCI in 20 years. Each scenario includes a 3% inflation factor which is the industry standard. The first scenario left the current funding the same over the 20 -year period. If funding is left the same, at $1.5 million dollars per year, the projected OCI is estimated to be 45 in 20 years. The second scenario estimated the OCI of the local streets if the annual funding was increased to $2.0 million dollars starting in 2022. This scenario only increased the OCI to 47. The low OCI result for this scenario can be explained because of the amount of streets needing maintenance that were constructed in the 1980's and 1990's. Also, inflation is decreasing the amount streets that can be completed each year. To have the OCI be maintained at or around 70 in 20 years, the City would need to start investing about $3.4 million annually for street improvements after 2021. These projections assume the City maintains the same level of investment in minor pavement maintenance such as crack sealing, pothole patching and sealcoating. Todd Gerhardt Future Street Improvements June 12, 2017 Page 3 85 80 75 70 65 60 55 50 45 40 2000 MM 47 45 2005 2010 2015 2020 2025 2030 2035 2040 --*—$1.5 million:_ $2 million --*-. $3.4 million Trails and Parking Lots The City -maintained trails and parking lots are also surveyed once every 3 years just likes streets. The current OCI for trails is 74 and for parking lots, the OCI is 80. The City has been including parking lot and trail improvement projects with the street improvement projects to obtain better pricing and economies of scale. The City maintains about 80 miles of trails. Most trails were also constructed in the 1980's and 1990's and these trails are coming due for maintenance. Many trails are along collector roads, county roads and state highways. Some of these trails will be reconstructed when the adjacent roadway is programmed for improvement. These trail upgrades can be funded by the City's Municipal State Aid funds. However, the trails not along collector, county, or state systems will need to be programmed separately. It is calculated the the City should be investing $100,000 per year in trails to maintain the current OCI. Attachment: Current 5 -Year CIP Map g:\mg\pmgmt\061217 cc ws pv t pmj review.dcc Y x 4H N ASS sf to N RYS ROPOSED STREET IMPROVEMENTS August 2, 2016 Arboretum Boulevard 2017 Resurfacing 2017 Reconstruction 2018 Resurfacing 2018 Reconstruction 2019 Resurfacing 2019 Reconstruction 2020 Resurfacing 2020 Reconstruction 2021 Resurfacing SUBJECT TO CHANGE LYr^anB�../ 9 CIA r t i 8 StatP�'ry ��a Y t c P^ 1 jfrF d Lyman Blvd (C.R. 18) 0 x F oneer i41 (CR I) Q lk 00. s� o Frye n °� mecw�° � tCR6liFy1 Qe S� 'P cmww y¢b �o 1 Not to scale For more information go to www.ci.chanhassen.mn.us and click on "Projects" on the left side of the screen u. a' Arboretum Boulevard 2017 Resurfacing 2017 Reconstruction 2018 Resurfacing 2018 Reconstruction 2019 Resurfacing 2019 Reconstruction 2020 Resurfacing 2020 Reconstruction 2021 Resurfacing SUBJECT TO CHANGE LYr^anB�../ 9 CIA r t i 8 StatP�'ry ��a Y t c P^ 1 jfrF d Lyman Blvd (C.R. 18) 0 x F oneer i41 (CR I) Q lk 00. s� o Frye n °� mecw�° � tCR6liFy1 Qe S� 'P cmww y¢b �o 1 Not to scale For more information go to www.ci.chanhassen.mn.us and click on "Projects" on the left side of the screen MEMORANDUM 2. Finance Director CITY OF CHANHASSEN Chanhassen is a Community for Life -Providing for Today and Planning for Tomorrow TO: Mayor & City Council Members FROM: Greg Sticha, Finance Director DATE: June 12, 2017 SUBJ: Discussion of Funding Options for Street, Existing Trail and Parking Lot Improvements Earlier this evening the Engineering department discussed various street, existing trail and parking lot improvement needs going forward into the future. Based on those results, it is apparent that additional funding will be needed in the near future to help fund the improvements or a lower OCI will need to be considered. Based on the engineering report, the following scenarios show the impact of three funding level options would have on the Revolving Assessment Construction Fund. All of the scenarios include the assumption of maintaining the current policy of assessing at 40% to the properties of each project area. Each scenario also includes the assumption of a 3% increase in construction costs per year and maintaining the current scheduled street projects in the 2017-2021 CIP. The estimated surplus in the year-end 2016 General Fund is projected to be around $400,000. Of that amount, $120,000 is obligated to the construction of the new park picnic shelters program, leaving $280,000 to be potentially transferred to the revolving assessment construction fund, similar to previous year's surpluses. All of the scenarios include the transfer of the $280,000 surplus into the revolving assessment construction fund. In scenarios 1, 2, and 3 there would still need to be a surplus transferred to the revolving assessment construction fund in either 2017 or 2018 to cash flow all of the immediate future improvements (current deficit of approximately $340,000 in year 2020). SCENARIO 1: Funding at $1.5M/Year starting in 2022 This scenario assumes that starting in 2022 we spend approximately $1.5M per year in streets, existing trails and parking lot improvements. The result of funding at this level is estimated to be a significant decline in the OCI per the data provided by engineering. It would not need additional funding other than what the current levy obligated in previous year's street reconstruction analysis. It would not free up any levy dollars for any other future potential levy needs. Under this scenario, existing trails and parking lot improvements would have to share in PH 952.227.1100 • www.d.chanhassennn.us • FX 952.227.1110 7700 MARKET BOULEVARD • PO BOX 147 • CHANHASSEN • MINNESOTA 55317 Mayor & City Council Funding Options June 12, 2017 Page 2 the $1.5M funding with streets or another revenue source would need to be found for existing trail improvements. SCENARIO 2: Funding at $2.OM/Year starting in 2022 (Levy increase of $500,000) This scenario assumes that starting in 2022 we spend approximately $2.OM per year in street, existing trail and parking lot improvements. Funding at this level is estimated to result in a similar decline in the OCI as in Scenario #1. It would require increasing the levy for streets by $500,000 starting in 2022. It would not free up any levy dollars for any other levy needs. Under this scenario, existing park trails and parking lot improvements would have to share in the $2.OM funding with streets or another revenue source would need to be found for existing trails. SCENARIO 3: Funding at $3.4M/Year starting in 2022 (Levy increase of $1.7M) This scenario assumes that starting in 2022 we spend approximately $3.4M per year in streets, existing trails and parking lot improvements. The result of funding at this level is estimated to maintain an OCI near or slightly below the current and historical OCI's. This scenario would fund $100,000 in existing trail and parking lot improvements per year. The scenario would require increasing the levy for the revolving assessment construction fund by $1,700,000 starting in 2022. It would not free up any levy dollars for other levy needs. SCENARIO 4: Funding at $3.4M/Year starting in 2022 & Implementing a Percent -Based Franchise Fee in late 2019 (Current Levy in Revolving Assessment Construction Fund could be used for other needs as well as the Library Debt Levy in 2022). This scenario assumes that starting in 2022 we spend approximately $3.4M per year in streets, existing trails and parking lot improvements. The result of funding at this level is estimated to maintain an OCI near or slightly below the current and historical OCI's. This scenario would fund $100,000 in existing trail and parking lot improvements per year. It would eliminate the need of continuing the current levy in the revolving assessment construction fund of $380,000 and also eliminate the need to use the Library Debt Levy coming off the books in 2022 ($450,000). Both of those levies could be used for other needs in the community. In order to achieve the funding needed at this level the city would need to implement a percentage based franchise fee on gas and electric bills of approximately 4.4%. SCENARIO 5: Funding at $3.4M/Year starting in 2022 & Implementing a Fixed/Flat Franchise Fee in late 2019. The current levy of $380,000 being used for streets will be left in place but the Library Debt Levy could be used for another need. This scenario assumes that starting in 2022 we spend approximately $3.4M per year in streets, existing trails and parking lot improvements. The result of funding at this level is estimated to maintain an OCI near or slightly below the current and historical OCI's. This scenario would Mayor & City Council Funding Options June 12, 2017 Page 3 fund $100,000 in existing trail and parking lot improvements per year; however, it would eliminate the need to capture the Library Bond Levy in 2022 ($450,000/year) into the revolving assessment construction fund. In order to achieve the funding needed at this level, while keeping only the current levy in place in the revolving assessment street construction fund, the city would need to implement a flat/fixed based franchise fee on gas and electric bills of approximately $4.25 for residential gas and electric customers (tiered slightly higher for other users). PARK & PLAYGROUND EQUIPMENT REPLACEMENT One additional infrastructure/asset consideration is our aging existing Park & Playground Equipment. The majority of these assets were put in place around the same time the streets were in the 1980s and 1990s and many of those assets are nearing the end of their useful lives. Under scenarios 3, 4 or 5, staff would recommend using any General Fund Surplus to help fund the replacement of these aging assets. A separate fund and schedule could be created to plan for these upgrades or replacements. STAFF RECOMMENDATION Staff recommends the consideration of implementing a Gas & Electric Utility Franchise Fee for the funding of the city's streets, existing trails & parking lots. The need for increased ftmding results from the aging of our current street system and the ability to maintain an OCI acceptable to our residents into the future. Staff would like to schedule additional meetings later this year to begin the process of considering implementing a Gas & Electric Utility Franchise Fee. Nick Anhut from Ehlers & Associates will be discussing what is all involved in creating a Gas & Electric Utility Franchise Fee and the positives and negatives of each. ATTACHMENTS 1. Revolving Assessment Street Reconstruction Projection with Scenario #1. 2. Revolving Assessment Street Reconstruction Projection with Scenario #2. 3. Revolving Assessment Street Reconstruction Projection with Scenario #3. 4. Revolving Assessment Street Reconstruction Projection with Scenario #4. 5. Revolving Assessment Street Reconstruction Projection with Scenario #5. f\gregs\franchise fee discussion 2017\street funding options 6-12-17.docx N4v1 hN4o 1D . O O on t0 f !g Q No . ... 1011 n N Q Q 1° 1� Q) l7 OJ 1mmNO ONTO °pirQ �1 m q1 \N, 1 H p Op .. N � � f9 f9 f9 fA f9 .- V (O c0N 1 �O N. nQnQ W MO)O NOl (O D7 4l N1 O [O P M W t0 O)O 1 t°.mCJ (°PO. .. N V P N.. 0 V.(O m1 hNl°OJ e' N N O 1 O 0n MM . W w.0 0 P .1P O V N R M c0 V t0 1.c0 O O 10J 1° O(°.11t°PO 1. n N P V V) . O (GQ W NN l°OJM(O.NNOJ N QM OJ ISM M Wf9 f9��rM '1�0 �i9 . f° . M w P W (° m 1p n . N P Q 1° N W h MV ( p 1.Q .NN P MN M ... 10...00 N .400 Q1 1 .V P WNf9 f9 f9 l9r MOM Ob N 1 040 N.N.P.P. NON NM. MM f O P 40 l . N. O. . (O NO OfO OJ J( O n M .. P Q.N O 109 ON (p OJQ .P O�OONM. N H .19 t0 (0 O N M O m m N 1 (° V 'V fA N f919 fA fq O Q . 1 N O (O P 10 P M P N O Q . M O N . M m O 1N ... h W W . O . n N Q N ry W YI 1 . W .. W. Q ... W M fD W NfA � O O O Q N O a. Mo M_N% .. P l7. NN O.O.M..O Q ry N;1 .O ro . .QONiD OJMtO p N N m O. NW OJ 5;;:M f0 NM 1 fAN f9 Nf9 f91N 00 000 WM M NN N 00 00 1D0 m . OOMNO O(On (ONnO.M.I% M N qlQ N NM Q. O.POM[0 X01 `� p N V e' N N . NO. N M . 1 M V, NN O N �f9��M �f9 f9 v •i 000 O O O ODM of F O N OM O l W QN N NNOM N f0040 0 0 0 1 0. 1. N p O O O O O O VN . O M W O. O N m N . Yl . Q O ... N M 0 0 0 0 t0 N ' (0 Of r OJ CO In V3 � ay N IA N tl3 O U Q% .00 000 N W N NM f0 O; 00 N MN . N P .. N. N N 000 VN fp OO N. 'N001 f00 1!)101!).O.M -0N N 000 O V (0 P.M.f0 1M Oz O SQ N O>. O.P01fD W fq�MOOfDO � SP1 . .J f9 l9�l9N tlfN N 0 0 0 1 m 0 0 FO T p0 O O O O In O P N N n 100n ' 1 > N O O V M O V O O LL N MNw MMQ7 11 .M m 01 M1 00N 100(0 t9.M.N . N ` a M M � L L 00 0 0 O O O O 1 1 . . N 0 O. O Q O O N . Q n N Q .. N . O Q N N O M N m OOOS. O O O O@ 40N M w r O 00 O O NDN Q C NO�OOOhO 10.10". W N NM W O Q M. n . O W . M 1 0 f9 IA�IAN '^ � ^Q(O .. C y. 'W/� V'^' T O O O O O O O O N m . W M N O. O N . M Q. .. P. N P.. N. O Q N O O 1 V/ Q N 0000 OOOOC OO r Oy N OP ON NO 1N IO OIG On NrO)�1`'rQ O (00..� .1 0 00 N f9 f9�f9N O •/ Z O O O M M N O. M � O .. P n N P. O� n 000 O 0 0 0 . NM N 0 O 040 0 40 W V O .N.OQN . M N O � -W.. � r. N f n 0 0 41 M / N N M W Q 40 M (O N OI . f9 fA �!A LLcu _ N p N O N D O O N M Q O O O O O O N N N N N N N N N N M O O O O O O O O O 006.0 O O O O O O O O O O O O O N N N N N N N N N N N N N N N N N N N N N N N N N N O Wa0 V F yN P U 0 N L N 0 C 0 CDm MEa� hm i' w �l7 .12 Q Q d ° 0 J N �• N UNmnc mu. E OZ �,m EE > L Ql d T iJ I° m T N Z iO� C>d d E>>fn a¢ U LL K a— LL K N d olo@ 0 0� mm NmmPmem n N V O W N Q N (p n O m m n m N O M I+i O V O (7 N In n m W N m O< Oi cl N N M l7 PPP N N N O 10 CJ ` ` N N lA f9 f9 f9 fA f9 fA fA @me nmm MO YIO m Pm nm l7 (7 m� m(7 W PNne W .On mm mN m N m 1; 10 mmn m O m OO N W m 10r n P W m h m N m O Q m mNNl7 (2P@@ o P m P m m o @ m m w O P m Nm N O N m_O m O P m m 17 mm O fD 17 m P N N@ l7rO r(O (Onm m m 10 N O CJ m m A m m m YI m N m O P O N C1 m P N`� CJ b O m M P e O a Q e r N m O (D [h NPN N n Iqv ^ mr mo IQ 6o r LO aim mw oim � I7 rormlgn m - _ti mo ry p N W CJ m t7 o O O N (7 O m t+i P o N m o [O N N m m P t9 Nw fA N ai vi f9 t9 f9 m 1` O O f0 W W m n m r N r N (O m O O_ Q_(O_ N O P @ m P m m N m O m m CI Q N O n m n O_ n_ m_ m_ N 0 0 m 0 m P . m P O m m 41 N m N N N N O 40 N m t7 10 m P Cl m m m N P O N O m O m N N wf9 wf91919 N N w 19 @ RN N O m V n O W N n N n N1QG mmn P N NO m mN mN t7Nm0(0174) m ry 4)6r 00 1!) In Oi Oim POmmmmmN p mn NO m mm r OOmOfGN" N `� r r N f9 fA f9 f9 f9 F9 O O O O N m 10 m N. N O n O P m N 1. m mmn N n N (7 N (O O m (7 W ry 0m m O m m0 m 0 r m N Om m0 r O h 17 n O m@Om'tOWNm' N mN l7 m t7 l7 b3N f9NfA .-N N '-' O O O m O m O m (O Q Q m m m n N n 0 0 0 O O O mi m m O O O m r M N mW m 0 17 N m O 1D m m n O m m 1� O 0 N N .1. Q O 1D O 17 m m r P O m m m m p m N N O N m m m � M O O m O m N N O m N N ` r M m r O r N fN N w N w f9 f9 •N !9 f9 O O O O O O N O m m O m O m O O O m m mN N P m m m n N n m O f7 N m O m N O O O n O N O m P� m f0 Lq r O r tli n p ry 000 O m N m0 m ON N me'1700m0(O N " r r N O O m m m O N n N Q m m. r N 8 O O O O O m N m V N (O O m O 10 M m N n a N m O m N 1 O N IO aI n O n m ry pOO m' O eQ mn' nPOm(O O O PIG P n O O m m m m (+I O O m O N �Qm mCI m ._. 1919�wN MN N0 0 0 000 0 m mN f0 0 0 O(O m n mm Q n N P m m m n OQNm Of7Nm _1T` T� O O O m m m O n fD Q m m m m r O r O O N O O O O mNm N)m P m nn nm m 0f7 mm P v OmCO 1700(0 ww�wN�w •L' N `� r7�� � oi` w ww N ON om a) W o000� O O O O m OOOOn mn n n N m tON m O P 00 �o O N mW nPnNPmmm m O Q N N O I7 N Nm�mm m170 (� m 00006 m o do ae' nounnvinPo p7 ry o@mVm PIGS mm N �nm m oQ r f7r nomm moo m1n C �I»N�� 1 � o00o m m o`m mm rrQrryPmm (n OOOOn Om n OP NID mNm mmmn m OOOOQ OP N ON CJ Nrmmrl0 P Y N .Pmmm tommr mm a mm m Om ton mm Nnomm�mo w.�wN O LL o ` L ++ � 000 � mm m or m� mnnPnN@m n O O O N O O O n m 17 N m m O m O (G m V O m m m O V N m O n (7 Nm m 4) It) O m O m P m P m N O W O m N n OI m n m m N Nt7� @ mm m Nm m www 'U) v / C L j i N N N N N N N N COl O O d O O O O O O O O O O O O O O O O O O O O O O O O O O \\ N fCJ Q N N N N N N N N N N N N N N N N N N N N N N N N N N ~ ^ T d O ti EJ5 d °'o to Q o r dN L U O O m N -• d mE W ym �' w NU o d n � W o W d W E d Q% U E E c L m a m d T V a m m o N m T N > y gd N W> di 12 O.QU LL'J LL' E< <LL LL'm d mn: mo m mac m� momm.-moa moo O m N mo m [p O O .-P O n mo O m mMmmMoo� m Of P N N@ m P N2 m2 mM� Mni(I N m Mr N�NM Nm NN N fA f9�� �mm mo m �m mm Amo nNP in mm No @ Po v no �nM mm Ili �o v��m�omoo r mm_P N(V Cm ' N m m M N N O m r 0 [Om N m m lD m m �O O N M Q t9�mN NW NM NNS P S N N r P Ci m r YIO mm mm NnMOmM�m nim 1� m m nO �(1 n O m n01 A t7 NN O P O(ONMmm NC'1O m r m m Q N Q N N NNM OtOP MO @ '-'m IR NN O m O(O NmmP �f9 NW �Nm V A N N r @ f9 Wf9 r M n m W@ N N p P r (O IG O `-'m Q M M . m O m N M m N WmM Q O`er f9Nf9NNNNN O N m A O I(l O; W M m r N A m O m m m m M n_ m_ O_ O O m_ O_ ml n_ @_ P. m_ A N ... m m m m O n_ (7_ n_ m Ol_ P_ N m .0. _ M O M 01 m .... N m m N N O NMW mNN r-0 M 'm M N(D m`�' �'(� OmOm Nm f9 Nf9NNNN N M S N N r C') W eA rA M19 r9 N A M O N N r m m m r N r m O m r O m N � � m O m m O m N m Q P m m N .... m W r O n CJ n m A P m N N m O1 N O N b N m P O m m m N W m N om@ �m m N t9N WNNN � m r N 14 r Ccli ] f9 f9 e9 f9 eA O P mQ O m O r O r OI m m n N nM O m N M O m N N p W O O H m W O P Ol m m. O m N m O m m m n O m m I m W P Np n N O@ m (O P n O � N o m (O " m M o o (O O m (+) r N _ N � CJ f9 f9 iA IA f9 O m N O O M O O O m M N M O m . O m M N .... m m n O 1% m 1 b M N NO 00 Q NN MO �nrVOCO t9mN 0 N 00o YI@ no �m O om m� r �moomom� f9N fANf9N MSN O O O R. m &r &P N@ OI pI 4f1 n N n 000 O O O m O m A O N O m O Q � O N O N m O M N m O (D h m N n O n M n N ry O O O @ O m O m a. n 1(l n P O m (O m 0 ry 0.1 vm. m 0w �m m o n Pr n m m m�f9N f9NfA 17 �N �ry ..i O O O 00 m O r N n N Q W W m r N O O O O O O m m {D Q N m O 1!) O LQ m. N n ' N N O m N m O In N In r O F m ry O O O m ry O@m V(O Or O MM m Om `-'m mm�m0000 f9 fA NNW �. m�NN Vi [� O So O .a O m m I(1 N (p aa 0. FO 0. P n N Q A Of 4f1 n O p N m O M N m O O Owo m m O r (p P N m m N r O n O N 000@m O N m �_ 11 OQ O M f�� Q O .I t2lPOm O m m M O O m i N O N 0000- mm r om �o nPrNPrnm�n a)00.0. C 00001 n N . mN f? O@ 00 O m 0R W O Q N Ip O M N Nm .m m m AO ' m O O O p@ l7 O O O P Q n 0] m n b n Q O � O P Om O) PO�� W m N m O n m n r O m m m O O (/\ N fM y E 0000 �m W O01 Of m ArPrNPOI Of O O O O m O O O O n m m 1p O m r O N O P P A N m m N O@ N m O m M N m r• N (O N n oP mlom lommn mm P mM m om aon Mm n Nnomm Mo w«9�w N� LL ry 3 00o 000 �n mm m mM or om mz m mnnPnNPm mmmoa Nino OOO (D n m N m m m m m mP m O nnoON )O m mNnOmbn N7cmmONO 0 mm �m a V/LL C L N O tl! 0 d N O O O hmnm W O�NMPm(Or m Of O�NMPm(OrmOIO Q O N N a O O O O O ....... O O O O O O O O O O O O O O Q N U W L J N N N N N N N N N N N N N N N N N N N N N N N N N N N `m 0 O F E E O Q m e 8 a= o wa ti wN No- U > m� > uvi O -d = m O c M m atl w > E .. y UaUm�m > J Ua c `m N Um`�°c� mo E. m i m Ny r.L' .�wZ'.0F vyj �+av m vT d L.1.. z S m m Q gv)wS Q ¢ dU tL� K a_ X11 Km a mn� and m mm on mom �moQ o� O W N .n m P m O m O P �m N ml7olo 170 N O d N N Q aJ d - -� o rriv oi� o not mm 1�im vi N CJ NCJ 01 NM C'1O mC1 mO INV m m OI d d (� th d r- I 1n � Or t7 (D 10 Ol tOMOO N S 10 mN m NN (O W d N � O N d N V3 NM �fA N f9��ryW m� r W m mOl ClN NnmOmCJ�m r. -m end in rM oP Ominwm mCn0 t7 r N W P N N P m of l7 ui hm Of 00 Vd mmNm10N0m N NNCI OtDQ d `-'N fD m� ON v O(O Nt7me NK O�����NN N P S N N r V N m 0 0 0 O N m p CI r N F t7 0 m m M N m p � N N ClN N m Cl' Cl m0f010170f {O0 A CJ A m Ol P N N N m a O N N m W m O N m m N 0 N Q r m OINCI O N n 17� V d 0-' ` m O m N l7 M FNM �f9 NN f9 f9 f9 O N W ON N O N .0 m n N r M O W M Iwo(OW A (p O O N m C)m 1� N m NmOmm Cl Wm O r Ili n m OI d N m (00(O mW C] mQ NO OmfOmNONN N N NCJp mmN OIW t7 m0 Cl NT WN O C'I OmOm Nt7 m�NN��f9 f9 f9 N 0] CJ m O N r N m D7 m r N r f7 O W r O m N f7 m m I N A n N 10 N 0 m N C] N m m m m l7 W r O AA Y1 W e m N mm O N m m P C'! m Q O m m m N W0 p m N m O m N N N N N A d N C) r N O O l7 r N r r (O CJ m N f9 N f9 fA � fA f9 f9 f9 OOm NO t'1 Om C)m OIO NANACIO 1G N C'ane O N 10 d m N mQ O m Am m It) Ot7 N(00(O N(") m n O r Ct r N A V N A N N O Q O) r IV O m A P O m (O m N m O OP(O mm OQ N10 mOOmOm� N (pQ 100 m0 O f9N�mNlANN f9 f9 fA di f9 th � N � � r t7 r r O O O A N r S. (O N d W 0 m r N r l7 000 Or N N 17 00 O r rr 10 d 100(")NmOmm (0 1!) r O F M A b N N. O N P Nm .1 YI n d .... N p 000 Or 00Mm-(700mOm N NV 0 O NN 10 00p 010 10 00 nr NP00N NA 000 000 mn m -i LR N 010 Om 100 CJN NNOMN(0010 N10 NAO A N ry O O O t0 O0 r 1() r V O W 10 0 p O WV N N m O f0 V O m Cl O O m O (0 ry I. rm m d0 f9�-f9N f9Nf0 O O O N O 10 O n N 0 N d ... r N 000 000 100 10 dm f0 Or O rm QN1001� Nm0 Nm m1�OFIli 1y O O O r N m O m C) r W 1� tf1 A d O W f0 O OV. NO O O10 mN mm�l7OOmO e9 N !9 N N V (0 O W 0 {D n f9 IA O O O 000 O O m m0 m O F O d N 1710 e n N 0 0 0 N O'NmOt7 NfD 1!) N lD N A O A o odo do � om oA mz+n l�irvoai O MClO 0 MO O f9 fA N rr �f9��f9 (0 o0 o00o O O O O N 00001 mm r n N 0 (ON m O P 00 �o O N mW nerNPmmm 0 O d N m O 17 N N1n-NIONAO U 0 O O O O d t7 � O 00 d Q n 0 m r N r P O O P (O N 0 m 0 N m O Q t7 � F O m m M 0 0 mwvi "'men f17 vn r r ' TS O O O O m 0 O 0 0 m A A d n N 0 0 0 W 0 O P N m O V O O O O 10 O O O O r W l7 m O m F O N O P P r N m CI N 10 r 1!) (O N n m O O O O P oQminm 0 0 N mm P O N om mm m Nromm mo 1»w�w N� LL N moron m17 m co In r-+ o0o O OO m Ci CZ 1� mm m m M N� CO on O (O Om m� m QO mnrPrNPO 0 m 0 O e N m O rmNm�-4nmN n p mO 1n a F N A OI m m 0 r r r 0 N N A O m m M N NMW P (O C) m N0 0 f9 Yl �iA W in m m Q e ....... ... N N N N N NNN O N N N N N NNN . U � U N N N N 0) _ > C 0 m n m w t E m m y\ y'0 o wa r mN yd 0 O y= m m E 1'3 m w y/ m m 1Sm m Nm u m> L N a TN 10 m d LLo Doti dQU m m LL� K Q >iN d� 9? �LL u i� Km 2 d O� O m N oM m Q N O O n n m t7 1nMmmi000� m T V N N Q m Q O n N P m O P N M m N m N N W f0 M r M O N m M I In F N m m m O m M Ip m (p N M M Q In IG N N N N N N N N N S OWN N Q fA fA eA fA f9 f9 f9m mM �m m �n P MomM�mo N m m N Q h N Q n N m V NNP m m m m N m N N m m M r ID h m m m M m r N m r' n N O m O m m M m m C'1 O M n m m e N N P m � C1 N p W m Ip In N eD m N m N N OI m N m N M O m P m N Q In (O m m O N N N M O m N M M Q Www N N M UN N M m m m O N M P n N n M O m M M r b m m r M m N M N (p O n r M n N m P N N H IG Q N M P m f0 m Nm In N m N P n mM m m O N r m� Q e m mYf M m M 00. N M M e9 NwwNw NM �we9 O N M m m m O m m {G m n N n M O m M M m Mr n m O M O h N M m r M m n N m N m NMm m O F M N m V N m m O tD ID M m Q F O m (O m N m In N N m 1n N N M m� A M NM w NM NM � Nw w N m M O m N n m (O m YI h N n M O m n O m N r M m M N m n N m m n m h M N m O m b M m I O F M r N m P ry M(Om m mN M(O eOm(DmNmm N nQN e� M r N N MNf9NNN OSm Nm M Om e0 mmin NnMO (ONM OmCI QM m mN m m Oh Nn ml7 OMNmO(ONM mnO1�MnMm Q, N n N C O r r N o m r P O W m m N m 0 o P m o ff M P M o o m o m NfANN ry mP M S N m N N r (OP M N P MN IN O O O O m n O m O N Q m m m h N n M O O O IM ON N Q M O M N m O 1^ m M N NO N Q Nt0 PO NneOmmm' p pOo �N oP mo �Moo�oom N N V 17 �N MN r N r �N m N w M Nw w w Nw w NM O O O m m N O m O N Q m m M r N r O O O O O O M m m N N O Q O Q N r .7 N m O M N m O m In (O 1I1 n OI: M n N ry OOO O� 01 O �N hhn V OCO (Om p O(OP QN m 01n m.- m MOOmO{D O O O 1A m N O m m!2 r N P m m N n N O O O m N 100 y O V Q m LQm m h O r m N O O O M r m O M h O m N n P O m m p oem Qw o oh me mm�Moomo wen N Pm P m M P w`"w w`A� O O O O O O O M m m N m O O O P h m O Q Q n N Q m m 10 r O P N N O M N m O O O m M 0 O N O O O O O m O N ON M m m h N n Q O m O N O O N m M M m n' f m O � M P Q Q O m m � M O O m M w w N w r �ry O O O O O O O O N O O O O n m M r n N m (G N M O m O Q 0 0 O O m -i IQ h N Q ... m O P N m O n N U m o o C o a 0 0 o P a r A m r h r V o oQmmm 0. mm ry m oP Mr r rommMoo 19www�fA V'i fM vn r r m M O O O O m OOOOh m M 10 Om r O N OP P n Nm m m O Q N O MNm mfOml� m OOOOQ o eminm OQ N mm P ON om M mm 1n N mmn�0 lie N�omm Mo MM�w NM LL ry lommn mM m ton y-+ o0o 000 1n o0o r Mm M mM Nm m on om om m� m vo mnnPrNQm mmmoaNmo rMN1n m1c 1n C n lri ovi a m6 m vio mo mcih aimrhr NMW Q (OM m Nm m www V/ U�/) ° � m m M YI m h m m O N M P m m n m m O y� 0 m m h m m O N Q Q N m N O O O O O O O O O O O O ........ O O O O O O O O O N U _T C m m0 4 d E E .:S m m m y c E 0 i d 2 2 J ^' U E m 6 c pm Nm LL m F 2- U ,. m d m E H Y Y!(1� S T m IL LL QUO ~ lL J � d>� m C LL W' m LL 3. Ehlers W -" To: Greg Sticha, City of Chanhassen From: Nick Anhut, Ehlers Date: June 7, 2017 Subject: Gas and Electric Franchise Tax Considerations The City requested that Ehlers provide information on best practices and the steps involved to implement new gas and electric franchise taxes, and additionally propose a tax structure to fund the city's street maintenance program. This memo is intended as an overview of the procedural steps and provide insight into the potential revenues and consumer impacts to inform development of a franchise tax structure. Why Establish a Franchise Tax? Cities in Minnesota charge what is commonly referred to as franchise fees to utility and cable service providers for their franchise rights to operate within the city and utilize public right-of-way and other public grounds for such purposes. Fees are governed within a Franchise Agreement that establishes the terms between the City and a franchise provider. The fees are charged to the provider, but are typically passed through directly to the customer base as a direct line item on their cable or utility bills. The line item is typically identified as a "City Fee" on the bill. In general, franchise tax revenue can serve as an alternative resource for the city's general fund or to provide funding for a specific project or expansion of services. Franchise taxes have become a more common and desirable alternative to property and sales taxes for funding street maintenance in the absence of other funding mechanisms. There is flexibility in establishing the appropriate amount: typically set at a fixed charge per month, or in some cases as a rate based on a percentage of the billing or tied to consumption. The tax may also factor in different user categories (example: residential versus commercial users) or even try to mirror the various pricing tiers (classifications) set by the utility provider. Many cities work with the utility provider to establish a fixed charge which varies by customer classification — whether it be residential, commercial, or industrial/high demand users. There are several benefits to MN cities for establishing a franchise tax: • Reliable and stable source of revenue largely insulated from state budgets. • Revenue growth is tied to the growth in business activity and residential development. • Potentially offsets need for property tax or special assessment increases. • New residents immediately begin contributing to the cost of city services. There is approximately a 2 - year lag between a new building's completion and the city realizing the property tax benefit. • Tax-exempt properties (including government facilities, churches and other non -profits) contribute their respective share to the revenue stream. Larger base than property taxes. • Opportunity to balance the financial obligations between payer classes (commercial and residential). While there are several benefits, we recognize that there are also disadvantages: www.ehlers-inc.com E H L E R S Minnesota phone 651-697-8500 3060 Oentre Pointe Drive LEADERS IN PUBLIC FINANCE Offices also in Wisconsin and Illinois fax 651-697-8555 Roseville, MN 5511 3-11 22 toll free 800-552-1171 • May be perceived as a means of generating a new tax without annual notification and referendum approval, as with other taxes. • May be unpopular with certain property or user classes (high consumers or rental properties) • May be strongly opposed by non -profits that do not believe their benefits equal their costs. • Requires periodic management to adjust charges for inflationary and tax base factors. Implementation Process We have begun preliminary communications with the three gas and electric utility providers in the Chanhassen area regarding the requirements of implementing a new franchise tax. Each provider currently has a franchise agreement in place that will need to be amended upon review by legal counsel to ensure the proper enabling language and initial tax structures are included. When the ability to charge the franchise tax is established, the city must periodically adopt an ordinance for each service provider to enact the tax. The ordinance will contain the governing terms of the taxes imposed, along with setting effective and expiration dates. Future city council action may change or eliminate the tax within a new ordinance. While there is no statutory public hearing or notice requirement, some communities have chosen to include these steps in the process to provide the public an opportunity to question, comment and address concerns. As part of the process, many communities decide to dedicate the revenues to a specific purpose or fund. The state regulated providers (Northern States Power - Xcel and Centerpoint Energy) request that the City send a certified copy of the council action to pass the ordinance 90 days in advance of the first fee collection. These providers must furnish a 60 -day notice to the Minnesota Public Utilities Commission of the intent to change any of their fees. Both Xcel and Centerpoint have model ordinances that they can provide the City. Minnesota Valley Electric Cooperative is not state regulated and has a less stringent process for implementing the franchise tax. The new revenue is collected by the utility providers from their customers along with their normal billing procedures. Service providers then remit revenues to the City. The remittance occurs on a quarterly basis with a slight lag between actual collection and remittance. The remittance will also be limited to the utility providers' uncollectible billing and/or customer refunds. Based on the factors above an approved franchise tax in September of 2017 could be billed to customers starting in January, 2018. The initial tax submission tied to January — March, 2018 collections would be provided to the City to contribute to projects by April 30, 2018. Utility Classifications Each service provider has unique customer classifications to differentiate pricing for residential and various commercial/industrial entities. Their charges include monthly fixed fees set by customer type as well as variable charges based on energy consumption. Schools, churches, hospitals, and other similar institutions are typically classified as commercial or industrial users. In general, franchise taxes should be as consistent as possible so as not to place one provider at a competitive disadvantage from others. In structuring the franchise tax, the city may choose to assess the franchise tax to limit the desired impact to customer types within the city, to capture revenue or consumption levels, or to set a minimum fixed rent to the utility provider. To deliver an equitable impact of the fee, a franchise tax based on a percent of monthly billing or consumption is preferable. However, in Minnesota most franchise fees are fixed based on utility customer classification. Fixed charges are generally preferable for both cities and utility providers as they are not susceptible to energy price and usage patterns. Revenues then only fluctuate by changes to the number of customer accounts. A fixed charge could be applied across all users regardless of type. However, most cities use a tiered approach because residential, commercial and industrial customers' consumptions vary greatly; making it difficult to implement a flat fee with equitable impact. The initial fixed charge is developed from reviewing estimates of the utilities' typical gross revenues and customer base to mitigate these impacts. Customer Classifications Xcel - Electric MVEC - Electric CenterPomt - Gas Residential Residential Residential SmalIC&I—Non-Demand Small Cotmnercial/Ind- Non -Demand Finn Small C&I—Demand Small CommercialtInd- Demand Firm Large C&I Large Commercial/Ind Firm 53.7% Small Commercial Small Volume, Dual Fuel A (SVDF A) $89,100.00 5.1% Small Volume, Dual Fuel (SVDF B) $20.15 $114,855.00 Large Volume, Dual Fuel (LVDF) Public Street Lighting $175.75 $588,411.00 Municipal Pumping — Non -Demand Small Dual Fuel $95.10 IMunicipal Pumping — Demand 1.0% Structuring the Franchise Tax City staff has estimated a $1,750,000 annual revenue need to fund its anticipated pavement management program. For purposes of discussion, estimates of franchise tax revenue assuming a tiered monthly fixed charge (Scenario A) or a 4.37% charge on revenue (Scenario B) are provided below based on preliminary information from the City's utility providers (2016 averages). Both scenarios are designed to achieve the city's annual pavement management program funding estimate. Gas and Electric Sample Revenue Analvsis Scenario (Tiered Fixed) Total: $1,750,213.08 100% Annual Fixed Charge $51.24 $81.00 $241.80 $2,109.00 $1,141.20 Monthly Estimated %of Customer Classification Fixed Annual Revenue Charge Revenue Residential $4.27 $939,587.88 53.7% Small Commercial $6.75 $89,100.00 5.1% Medium Commercial $20.15 $114,855.00 6.6% Large Commercial $175.75 $588,411.00 33.6% Small Dual Fuel $95.10 $18,259.20 1.0% Total: $1,750,213.08 100% Annual Fixed Charge $51.24 $81.00 $241.80 $2,109.00 $1,141.20 Gas and Electric Sample Revenue Analysis Scenario B (% Based) Total: $1,750,000.00 100% Gas and Electric Sample Franchise Tax Impact to Bill Payers Annual Average Charge $44.77 $92.87 $277.12 $2,417.26 $1,307.57 Sample Estimated Annual Customer Classification Monthly% Annual %of of Charge of evenue Revenue Bill Scenario A Charge Residential 4.37% $820,878.43 46.9% Small Commercial 4.37% $102,153.97 5.8% Medium Commercial 4.37% $131,630.67 7.5% Large Commercial 4.37% $674,415.78 38.5% Small Dual Fuel 4.37% $20,921.15 1.2% Total: $1,750,000.00 100% Gas and Electric Sample Franchise Tax Impact to Bill Payers Annual Average Charge $44.77 $92.87 $277.12 $2,417.26 $1,307.57 'Based on pooled information provided by Xcel, MVEC, and Centerpoint Alternative Funding - Property Tax Levy City staff has estimated a $1,750,000 annual revenue need to fund its anticipated pavement management program. The impact of a franchise tax on users will differ from that of a new $1,750,000 property tax levy instituted to fund the annual costs of the program. For comparison with the annual charges of Scenarios A and B above, examples of the impacts a new levy would have on a variety of properties with differing values and tax classifications are attached to this memo. The estimates are based on the City's Pay 2017 tax base, existing levy, and tax capacity rate. We will be at the work session on June 12, 2017 to further discuss the city's process and address any questions. Sample Bill Impact Annual Bill Impact Average Customer Classification Average of Scenario A of Bill Scenario A Charge Scenario B ScenarioAnnual B (Fixed) (4.37%) Charge Residential $85.39 5.00% $51.24 $3.73 $44.77 Small Commercial $177.14 3.81% $81.00 $7.74 $92.87 Medium Commercial $528.60 3.81% $241.80 $23.09 $277.12 Large Commercial $4,610.93 3.81% $2,109.00 $201.44 L $2,417.26 Small Dual Fuel $2,494.20 3.81% $1,141.20 $108.96 1 $1,307.57 'Based on pooled information provided by Xcel, MVEC, and Centerpoint Alternative Funding - Property Tax Levy City staff has estimated a $1,750,000 annual revenue need to fund its anticipated pavement management program. The impact of a franchise tax on users will differ from that of a new $1,750,000 property tax levy instituted to fund the annual costs of the program. For comparison with the annual charges of Scenarios A and B above, examples of the impacts a new levy would have on a variety of properties with differing values and tax classifications are attached to this memo. The estimates are based on the City's Pay 2017 tax base, existing levy, and tax capacity rate. We will be at the work session on June 12, 2017 to further discuss the city's process and address any questions. ■� Debt Issuance Services City of Chanhassen, Minnesota Pavement Management Program - Estimated Tax Impact June 7, 2017 $1.75MM Annual Levy Need PAVEMENT MANAGEMENT PROGRAM LEVY INFORMATION Program Amount $1,750,005 Number of Years 1 PROPERTY TAX INFORMATION Current 2017 Actual Net Tax Capacity - Payable 2017 41,418,833 PMP Levy Increase 1,750,000 Estimated % Levy Increase 17.71 Estimated Tax Capacity Rate: City Tax Payable - 2017 Without Proposed Levy 23.855 Payable - 2017 With Proposed Levy 28.080 Estimated Tax Rate Increase 4.225 TAXIMP7MMALYSIS Estimated Market Value Taxable Net Tax Current 2017 Program Total Proposed Type of ProDertv Market Value Exclusion Market Value Capacity" City Tax Tax Increase City Tax $ 100,000 $ 28,240 $ 71,760 $ 718 171 30 202 150,000 23,740 126,260 1,263 301 53 355 200,000 19,240 180,760 1,808 431 76 508 250,000 14,740 235,260 2,353 561 99 661 Residential 300,000 10,240 289,760 2,898 691 122 814 Homestead 400,000 1,240 398,760 3,988 951 168 1,120 600,000 - 600,000 6,250 1,491 264 1,755 750,000 - 750,000 8,125 1,938 343 2,281 900,000 - 900,000 10,000 2,385 423 2,808 1,000,000 1,000,000 11,250 1 2,684 475 1 3,159 $ 500,000 $ - $ 500,000 $ 5,781 1,379 244 1,623 1,000,000 - 1,000,000 12,030 2,870 508 3,378 Commercial/Industrial" 2,500,000 - 2,500,000 30,778 7,342 1,300 8,642 5,000,000 - 5,000,000 62,025 14,796 2,621 17,416 8,000,000 - 8,000,000 99,521 23,740 4,205 27,945 15,000,000 15,000,000 187,011 44,611 7,901 52,512 Apartments $ 1,500,000 $ - $ 1,500,000 $ 18,750 4,473 792 5,265 (4 or more units) 5,000,000 - 5,000,000 62,500 14,909 2,641 17,550 10,000.000 - 10,000,000 125.000 29,818 6,281 35,100 ' The figures in the table are based on faxes for new pavement management tax levy only, and do not include tax levies for other purposes. Tax increases shown above are gross increases, not including the impact of the state Property Tax Refund ("Circuit Breaker") program. Many owners or homestead property will qualify for a refund, based on their income and total property taxes. '- Commercial/Industrial Net Tax Capacity calculation adjusted for the City's Fiscal Disparities sharing factor. EHLERS Prepared by Ehlers 6/7/2017 LEADERS IN PUBLIC FINANCE o� 8n88� 8S81m.1,R me ui NP om r vyis y ?N NN„N H� d `Y O 10/1 0 0� eo$ O a$ YOl N OIyn o.y. viT m P N vie N N N T l.i N N NNN N E N p p p 8 N 0 0 pp p p p 0O aNP PNNNT yO pO SN pN �] N NNV�NN v ^M 88g 8888E lq E — Y c E E N Y L n P N N N L E � N N N N N N A Cm N Q N 9 X N N N d V n p E b N 0 0 N T .+ m m 0' 10n Oa O P N uN NNN111 O 'O'� NNNNN ^E � o s a �`' Q�x momlp8p$8 R88`J,8 U '�Nd NNN NNNNN E s N P N N N N N N N N N aC O C N N N N N N N N N N m 8 8 N 1011 s N s n N Om O Q O$ NOtN00 'OP�NNOONN NN NN NNN N N N mmm N$ m$m YI N O v01O n n$$ Q p OpO NN�NNNIOVNNN NN NN N N lmv� $Q$roil voj vol v01$n n$$pa$$ m N n C N N N N N m T N O N N N N N N N N N VI m O N N N O O O YI X O N ✓ N n v,o ry u�o nno P $ N N» N N N N N N N N N N N 89R$R2RR8V5ep NNNWNNNNNN Ni0 YEN sao��asdss N N N N N N N N N N i0 N N N 8881R22p9 10 88p8R8$R�8ta8 888< n Q Q V N N $ 0 N N O O i0 ti O m P 2 N ti NNNN N N N N N N N N N N N N N N 0 O0 0O 0 0O 0YI 0T OO O O O O O ONONa A a o$ Q10 p0 ooai v16c n ippi yoy rvry n vl ri m ri c viomd NNNNNNiR NNNNNNNNi1�NNQNNNN p N lCO N N N N N N N N N N N N N N N N P N N Q P M O VI P N N O 100 O N N 10/1 O N n O fmV N$ a O O O N N N N N N N N N N N N N N N N N N P NNN N d `Y n U H N H m N N � 9 C O N OO m E N em.1 N N m d„g d 8881R22p9 10 88p8R8$R�8ta8 888< n Q Q V N N $ 0 N N O O i0 ti O m P 2 N ti NNNN N N N N N N N N N N N N N N 0 O0 0O 0 0O 0YI 0T OO O O O O O ONONa A a o$ Q10 p0 ooai v16c n ippi yoy rvry n vl ri m ri c viomd NNNNNNiR NNNNNNNNi1�NNQNNNN p N lCO N N N N N N N N N N N N N N N N P N N Q P M O VI P N N O 100 O N N 10/1 O N n O fmV N$ a O O O N N N N N N N N N N N N N N N N N N P NNN N m P T n U H N H m N N � 9 C O N OO m E N em.1 N N m d„g d -89s g� � `Sie NH N lq E — Y c E E N i Cm N Q N 9 X N N N 8881R22p9 10 88p8R8$R�8ta8 888< n Q Q V N N $ 0 N N O O i0 ti O m P 2 N ti NNNN N N N N N N N N N N N N N N 0 O0 0O 0 0O 0YI 0T OO O O O O O ONONa A a o$ Q10 p0 ooai v16c n ippi yoy rvry n vl ri m ri c viomd NNNNNNiR NNNNNNNNi1�NNQNNNN p N lCO N N N N N N N N N N N N N N N N P N N Q P M O VI P N N O 100 O N N 10/1 O N n O fmV N$ a O O O N N N N N N N N N N N N N N N N N N P NNN N