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121100 EDAOfficial File Copy CITY OF NEW HOPE EDA MEETING City Hall, 4401 Xylon Avenue North December 11, 2000 President W. Peter Enck Commissioner Sharon Cassen Commissioner Don Collier Commissioner Pat LaVine Norby Commissioner Mark Thompson 1. Call to Order 2. Roll Call 3. Approval of Regular Meeting Minutes of September 25, 2000 4. Discussion Regarding Request by Lanel Financial Group, Inc. for Financial Assistance for Rehabilitation Improvements at Lincoln Townhomes, 7319-7349 62"~ Avenue North 5. Adjournment CITY OF NEW HOPE 4401 XYLON AVENUE NORTH NEW HOPE, MINNESOTA 55428 Approved EDA Minutes Regular Meeting September 25, 2000 City Hall CALL TO ORDER ROLL CALL APPROVE MINUTES IMP. PROJECT 493 Item 4 EDA RESOLUTION 00-04 Item 4 President Pro tem Collier called the meeting of the Economic Development Authority to order at 7:51 p.m. Present: Sharon Cassen, Commissioner Don Collier, President Pro tern Pat LaVine Norby, Commissioner Mark Thompson, Commissioner Absent: W. Peter Enck, President Motion was made by Commissioner Thompson, seconded by Commissioner Cassen, to approve the Regular Meeting Minutes of August 28, 2000. Ail present voted in favor. Motion carried. President Pro tem Collier introduced for discussion Item 4, Resolution Approving Extension to Land Disposition Agreement Relating to Development of 5501 Boone Avenue North (Improvement Project No. 493). Mr. Kirk McDonald, Director of Community Development, stated this involves the existing agreement the City has with Hennepin County regarding $100,000 of CDBG money that has been set aside for the development of the city-owned property at 5501 Boone. The existing agreement requires the property to be used for an adult daycare facility which will be constructed by the end of this year. The resolution will provide a three-year extension for the development. The conveyance of land was interrupted last year when Minnesota Masonic Homes purchased North Ridge Care Center. Minnesota Masonic Homes is preparing its strategic plan and examining the function of the adult daycare services (CareBreak). The organization has requested an extension and Hennepin County is supportive of the extension. President Pro tern Collier inquired whether a three-year extension is excessive and whether this prohibits the property from being utilized for another project. Mr. Steve Sondrall, City Attorney, recommended the full three-year extension and noted the City has the right to make another request to Hennepin County regarding the CDBG funding if the EDA desires to pursue an alternate use for the property at any time. Commissioner Cassen introduced the following resolution and moved its adoption: "RESOLUTION APPROVING EXTENSION TO LAND DISPOSITION AGREEMENT RELATING TO DEVELOPMENT OF 5501 BOONE AVENUE NORTH (IMPROVEMENT PROJECT NO. 493)". The motion for the adoption of the foregoing resolution was seconded by Commissioner Thompson, and upon vote being taken thereon, the following voted in favor thereofi Cassen, Collier, Norby, Thompson; and the following voted against the same: None; Abstained: None; Absent: Enck; whereupon the resolution was declared duly passed and adopted, signed by the president which was attested to by the executive director. New Hope EDA Page I September 25, 2000 ADJOURNMENT Motion was made by Commissioner Thompson, seconded by Commissioner Cassen, to adjourn the meeting. All present voted in favor. Motion carried. The New Hope EDA adjourned at 7:55 p.m. Respectfully submitted, Valerie Leone City Clerk New Hope EDA Page 2 September 25, 2000 EDA REQUEST FOR ACTION Originating Department Approved for Agenda Agenda Section Community Development 12-11-00 EDA Item No. By: Kirk McDonald By: 4 DISCUSSION REGARDING REQUEST BY LANEL FINANCIAL GROUP, INC. FOR FINANCIAL ASSISTANCE FOR REHABILITATION IMPROVEMENTS AT LINCOLN TOWNHOMES, 7319-7349 62ND AVENUE NORTH ACTION REQUESTED The City has received the enclosed request from LaNel Financial Group, Inc. for financial assistance to make rehabilitation improvements at the Lincoln Townhomes property, 7319-7349 62"d Avenue North. Staff requests to discuss this request with the Council and to review the preliminary report on this request prepared by the City's financial/development consultant. POLICY/PAST PRACTICE The City considers requests for financial assistance for multiple family housing projects on a case-by-case basis. In the past, the City has provided assistance through a variety of programs, including the apartment rehabilitation program, through the creation of housing improvement districts and through tax incremen~ financing assistance. In 1995, the City provided LaNel a $156,500 loan/grant for the construction of a community center at Broadway Village Apartments. BACKGROUND LaNel Financial Group, Inc. is in the process of purchasing the Lincoln Townhomes property located at 7319- 7349 62nd Avenue North. The property consists of three 2-story brick buildings, which are rental townhomes (two 6-unit buildings and one 4-unit building). There are no garages located on the property. The property is located in an R-4 High Density Residential Zoning District and contains approximately 57,800 square feet. The property is located east of the SuperAmerica station and north of and adjacent to the Anthony James Apartments and Broadway Village Apartments complexes, both owned by LaNel. LaNel has indicated to the City that it is their desire to purchase the property and make substantial rehabilitation improvements, due to its proximity to the Anthony James property. The goal would be to convert the property to senior rental townhomes. The current market value of the property is $465,000, however, the ~urchase price to acquire is about $1.1 million. (cont'd.) MOTION BY SECOND BY / I:rfa\ Request for Action Page 2 12-11-00 The Building Official indicates that the property is in average/mixed condition and LaNel indicates that in their opinion the property requires a substantial amount of rehabilitation. They are estimating that $307,000 will be needed for rehabilitation and the addition of some garages on the site. The improvements, which are identified in detail in the attached correspondence, would include exterior building and parking lot improvements and substantial improvements to the interior. LaNel is requesting financial assistance from the City in a tax increment financing package and/or grant that would cover the estimated cost of the rehabilitation improvements. Per the attached TIF map, the Anthony James property adjacent to this site is located in a TIF District. The Lincoln Townhomes property itself is not located in a TIF' District, however, it is located in an area designated for the expenditure of "pooled" TIF funds. Per the direction of the City Manager, staff indicated that the City would review the request with Krass Monroe, a financial/development consultant the City has utilized in the past, and present preliminary information to the EDA. The Finance Director, City Attorney and Community Development Director met with the consultant on December 4 to discuss the request. Several options were discussed, including the creation of a new TIF District. Krass Monroe indicated that LaNel had worked on similar projects and financing packages in other cities, including Crystal. Krass Monroe indicated that they would prepare spreadsheets on several options for the EDA to consider and the preliminary report is enclosed. Staff believes that two of the primary factors that should be considered by the EDA when reviewing this request include: 1. What the benefit would be to the City in terms of increased market value on the property after the rehabilitation takes place. 2. This property is in need of substantial rehabilitation and the maintenance and preservation of the housing stock in the City is a primary goal of the Comprehensive Plan. ATTACHMENTS · Developer Correspondence/Request · Maps · Parcel Data for Taxes Payable 2000 · Consultant's Report LaNei Financial Group, Inc. 4601 Excelsior Blvd, Suite 601 Minneapolis, MN 55416 (952) 920-5338 (952) 925-5640 (fax) November 29, 2000 Kirk McDonald, Director of Community Development City of New Hope 4401 Xylon Avenue No. New Hope, MN 55428-4898 Re: Lincoln Townhomes Dear Kirk: As a follow up to our meeting discussing our purchase of the Lincoln Townhomes adjacent to our Anthony James Apartments, I am enclosing herewith a preliminary list of rehab improvement that we would plan to do at the site, if we are successful in purchasing the property. It appears as though the purchase price is going to be in the neighborhood of $1,100,000. We would like to propose a tax increment-financing package and/or grant that would cover the estimated rehab portion. Obviously this property needs a substantial amount of rehab and because of its proximate to our Anthony James property, we have an interest in that improvement. The rehab amount is a little higher than we talked about at the meeting, which obviously is the result of our focusing on the individual items in a little more detail. Please let me know if you need any additional information. Very truly yours, LANEL FINANCIAL GROUP, INC. President PGB: mc CC: Greg Bronk (w/enc.) Frank Lang (w/enc.) Gene Nelson (w/enc.) 16 Unit Proposed Renovation List Exterior Patch/Sealcoat/Stripe Stoops/Walks Landscape/Drainage Dumpster Enclosure Roofing Exterior Paint Maintenance Free Exterior $ 5,000.00 5,000.00 10,000.00 2,000.00 20,000.00 5,000.00 25,000.00 Interior Carpet Paint Cabinets Countertops Appliances Light Fixtures Blinds Basement Finish Mechanical Bath Tile Plumbing Garages $35,000.00 18,000.00 22,000.00 6,500.00 18,000.00 5,500.00 6,500.00 25,000.00 30,000.00 9,000.00 5,000.00 60,000.00 $ 307,000.00 Property Information Search by Street Address Result page wysiwyg://6/http://www2.co.hennepin.mn.us/pins/AddrSrchRes.s.tm Hennepin CountY, MN Prope~y ID ¢ Address ~ "~ Addition Name Building #: 73'19 I (exacl) I Street Name: (at least 3 characters) nd Ave N ,[, 6 2 Condo #: ,[ (optional) Search IClear 20 ~ records per page Property Information Search Result (The property information database is updated at the beginning of each month.) Parcel Data for Taxes Payable 2000 Property ID: 05-118-21 21 0040 V~e,,v ~'¢a; j Property Address: 7319 62ND AVE N Municipality Name: NEW HOPE School Dist: 281 Watershed: 0 Sewer Dist: 02 Construction Year: 1962 Owner Name: Taxpayer Name & Address: Payment O~tiorj Parcel Size: IRREGULAR HELGA DUBE ARUN & HELGA DUBE 7710 TANGLEWOOD CT EDINA MN 55439 Most Current Sales Information Sales prices are reported as listed On the Certificate of Real Estate Value ' and are not warranted to represent arms-length transactions. Sale Date: December, 1997 Sale Price: $ 339,100 Transaction Type: Sale Excluded from Assessment Analysis Lot: Block: Metes & Bounds: TRACT A Tax Parcel Description Addition Name: REG. LAND SURVEY NO. 0840 ValUe and Tax Summary for Taxes Payable 2000 Values Established by Assessor as of January 2, 1999 Estimated Market Value: Limited Market Value: Taxable Market Value: Total Improvement Amount: Total Net Tax: Total Specials: Solid Waste Fee: Total Tax: 485,000 485,000 485,000 15,311.07 89.57 15,400.64 I of 2 12/01/2000 8:28 AM t~roperty Information Search by Street Address Result page wysiwyg://6/http://www2.co.hennepin.mn.us/pins/AddrSrchRes.stm Property Information Detail for Taxes Payable 2000 Values Established by Assessor as of January 2, 1999 Values: Land Market 64,000 Building Market 421,000 Machinery Market Total Market: Land Limited Building Limited Total Limited: Qualifying Improvements Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status 485,000 64,000 421,000 485,000 APARTMENT NON-HOMESTEAD Records 1 - 1 of total 1 2971 Questions or problems with this database search should be directed to Don. KopelCb, co.hennepin.mn.us Hennepin County is providing this information as a public service. Please send comments on our Web Site to Henn. NetCb, co.hennepin.mn.us or use our Feedback Form Home ~; ii Ser~ce~ ,~ Taxpayer ~ er.,' ue~,~ Mair Search De:ut. Copyright © 1998 Hennepin County 2 of 2 12/01/2000 8:28 AM 12/08/00 1~! 13:41 FA.[ 612 885 5969 ERASS M01~0E ~002 KRASS MONROE, ATTORNEYS · J~tmes R. Cas~.et'ly P.A. AT LAW MEMORANDUM FrolI1; Dam: Re: City of New Hope, Miimesota Acm: Kirk McDonald, Community Development Director Arm: Daniel I. Donahue, City Manager Ama: Daryl Sulander, Finance Director James R. Casserly, Esq. Greg D. Johnson, CPA December 8, 2000 LaNel / Rehab Assistance for Rental Project Our File No. 10048-4 LaNcl is purchasing a 16-unit rental townhome project from Arunn and Helga Dube. It would appear that the project would qualify for inclusion in a redevelopment tax increment disu-ict. LaNel is requesting assistance from the City because of the substantial costs of rehabilitating the project. To provide assistance, the City needs to dctenrfinc the level of tax increment that may bc available from the rehabilitation of the project. Attached is a two-page analysis showing the amount of increment potentially available. Page 1 is titled "Assumptions" and contair~s flae assumptions. The current or original market value is $485,000, LaNel representatives have indicated that the market value upon completion of the rehabilitation will be $1 million. Upon rehabilitation, the project should generate over $1,900 per unit ha taxes for a total of $307480. However, the original market value, actually the original tax capacity, must be subtracted. Tax increment only results from the increase in taxes, which we have determined upon the year of completion to be $14,127. We are assuming the full rehabilitation would occur in 2001, with a new valuation in 2002 for taxes payable 2003. We have also included a small inflation factor of 2%. We have SUffE 1100 $OUTHPOINT OFFICE CENTER- t6~0 WEST 82ND STREET · BLOOMINGTON, MINNESOTA 5S431-1447 TELEPHONE 6121885-5999 . FACSIMILE 612/885-5969 KRASS ~ONROE 003 subtracted the maximum amount of administrative fees allowed by law and have used an interest rate or present value rate of 7.5% to determine flae value of the future tax in.erement in year 2001 dollars. Page 2 is titled "Cash Flow and Present Value Analysis" and uses the assumptions fro,aa page 1. After making the calculations, column (e) illustrates the amount of available tax increment; colunm (f) subU'acts the administrative fees; the remainder is column (g) which shows the available tax increment- In the year 2003, for example, there is $7,064 available semi-annually. Column (i) shows the present value, that is the value in 2001, of the tax increment received in 2003. The 2001 value, using a 7.5% present value rate, is $5,876. ARer the year 2017, we have drawn a line. At this point, the City will have received 15 full years of tax increment. The total amount the City would receive after 15 years is shown in column (h) which in 2017 amounts to $266,061. That amount has a present value in the year 2001 of$130,314 as shown in colunm (j). For purposes of otu' analysis, we have assumed the City would prefer to only conmait 15 years of tax increment receipts. The City has asked us what options are available to it {br assisting the project. Typically, there are four ways of providing this assistance: 1. A tax increment revenue note. This is a "pay as you go" approach. The City provides the redeveloper with a revenue note, for example, in the amount of $130,000 at an interest rate of 7,5% and then pledges 15 years of tax increment to the palnx~ent of that note. There is little if no risk with this approach. 2. Low interest loan. If the City has other resources, it can make a loan to the redeveloper using very favorable loan terms. Interest can be deferred for two years and. can be set at a 5% rate. The City would take a second mortgage on the property and would also have the tax increment securing the repayment. The loan could be for more than the present value of the tax increment after 15 years, $130,000 in our example, because there are several sources repayment. This approach has slightly more risk and it is necessary for the City to have funds to make this option possible. 3. A grant. With this option, the City provides the redeveloper with a grant in the amount of $130,000 after the rehab work is completed and then recovers its grant from the future tax increment. This approach has more risk because the future tax increment is not assured and is subject to changes in tax rates, class rates, and market valuation.. 'However, there are certain guarantees that we can obtain from the redeveloper to lessen these risks. · Page 2 i2/0~/00 ~I i$:41 FAX ~i2 8~5 5969 ~. .~KR~SS ~0NROE ~004 Combination of above. It is not tmusual for a city to employ a combination of the above approaches. LaNel has i.udicated that it has rehabilitation costs m excess of $300,000. The City may wish to assist with a portion of those costs with one of the above-described options. We look forward to reviewing these options with you further and providing you with additional supporting analysis. JRC/jed ce: Steven Sondrall, Esq., City Attorney \~,D(.:~W'I~,,DATA",N~NEW i, lo~£\04\C(3R~v~CD(.3NAL..D DONAI'"IUE .~UI..ANDF. I~. ,'~ONDR^I.I.. IRC t .DOC Page 3 1../0~/00 FRI 13:41 FAX I~RASS ~ONROE CITY OF NEW HOPE LaNel - Lincoln Townhomes ASSUMPTIONS Land Original Market Value PIN # 05-118-21-21-0040 57,800 sq. ff. 64,000 Original Tax Capacity Low Income Market Rate % of ETC 0.0% 100,0% o @ 1.oo% 485,000 @ 2.40% Estimated Market Value Low Income 0 Market Rate 16 Building. 421,000 0 11,640 units @ $62,500 per unit = $0 units @ $62,500 per unit = $1,000,000 16 units @ @ 1.00% @ 2.40% Estimated Tax Capacity Low Income 0 units Market Rate 16 units Estimated Annual Taxes Estimated Annual Available Tax Increment $1,905 Construction 100% 2001 Valuation 2002 Taxes Payable 2003 Estimated Pay 2000 Tax Rate 1.27 Inflation 2.00% (2OO4 / 2005) 10.00% Administration Fees 12/1/2000 7.50% Present Value Rate 0 24,000 per unit = OO5 TOTAL $485,000 11,64O $1,000,000 24,000 $30,480 14,127 ~ aN~.t.xls prepared by Krass Monroe, P.A. 12/8/2000 1~?0~/00 FR! 1~:4R FAX 612 885 5969 ... ~$S MONRO~ [~006 .G~ OF N~ HOPE 2 ~Nel - Lincoln T~nhomes CASH FLOW ~D PRESENT V~UE AN~YSIS <.-- ANNUAL .... > < SEMI - ANNUAL ----'> (a) (b) (o) (d) (e) (f) (g) (h) (i) Original Estimated Captured Estimated Less: Available Cumulative <~ Present Value ---> Tax Tax Tax Tax Adrrdn Tax · Avail, Tax Semi Annual Cumulative Date .Capacity Capacity Capacity Increment Fees Increment Increment BalanCe Balance (see assumptions) (c) - (b) (d) x (e) x (e) - (f) Total of (g) P.V. of (g) Total of (i) Inflation 2.0% (prey. year 1.27 10.00% 7.50% 12/01/00 06101/00 11,640 0 0 0 0 0 0 12101100 11,640 0 0 0 0 0 0 05101101 11,640 11,640 0 0 0 0 0 0 12/01101 11,640 11,640 0 0 0 0 0 0 06101102 11,640 24,000 0 0 0 0 0 0 0 12101102 11,640 24,000 0 0 0 0 0 0 0 06/01t03 11,640 24.000 12,360 7,849 (785) 7,064 7,064 5,876 5,876 12/01103 1t,640 24,000 12,360 7,849 (785) 7,064 14,127 5,664 11,540 06/01/04 11,640 24,480 12,360 7,849 (785) 7,064 21,191 5,459 16,999 12101/04 11,640 24.480 12.360 7,849 (785) 7,064 28,255 5,262 22,261 06101/05 11,640 24,970 12.840 8,153 (815) 7,338 35,593 5,269 27,529 12/01/05 tl.640 24,g70 12,840 8.153 (815) 7.338 42.931 5,078 32,607 06101106 11,640 25,469 13,330 8,464 (846) 7.618 50.549 5.081 37,689 12/01106 11,640 25,469 13,330 8,464 (846) 7,618 58,167 4.898 42,586 06/01107 11.640 25,978 13.829 8.781 (878) 7,903 66,070 4,897 47,483 12/01107 11,640 25,978 13,829 8,781 (878) 7.903 73,973 4,720 52,204 06101108 11,640 26,498 14,338 9,105 (910) 8,194 82,168 4,717 56,921 12/01/08 11,640 26.498 14,338 9,105 (910) 8,194 90,362 4,547 61.468 06101109 11.640 27.028 14.858 9,435 (943) 8,491 98,853 4,541 66,009 12/01109 11,640 27,028 14,858 9,435 (943) 8.491 107,345 4,377 70.386 06101110 11,640 27.568 15.388 9,771 (977) 8,794 116,139 4,369 74,756 12101tt0 11,640 27,568 15,388 9,771 (977) 8.794 124.933 4.211 78,967 06/0t111 11,640 28,120 15,928 10,115 (1,011) 9,103 134,036 4,202 83,169 17./01/11 11,640 28,120 15,928 10,115 (1,011) 9,103 143,139 4,050 87,219 06/01/12 11,640 28,682 16,480 10.465 (1.046) 9,418 152.558 4,039 91,258 12/01/12 11,640 28,682 16,480 10,465 (1,046) 9,418 161,976 3,893 95,150 06101/13 11,640 29,256 17,042 10.822 (1.082) 9,740 171,715 3.880 99,030 12101/13 11,640 29.256 17.042 10,822 (1,082) 9,740 181,455 3,740 102.770 06101114 11,640 29,841 17,616 11.188 (1.119) 10,067 191.522 3.726 106,496 12/01/14 11,640 29.841 17,616 11,186 (1,119) 10,067 201,590 3,591 110.088 06/01115 11,640 30,438 18,201 11,558 (t .156) 10,402 211,992 3,576 113,664 12/01/15 11,640 30,438 18,201 11,558 (1,156) 10,402 222,394 3,447 117.111 06/01 I16 11,640 31,047 18,798 11.937 (1.194) 10,743 233,137 3,432 120,543 12/01/16 11,640 31.047 18.798 tl,937 (1,194) 10,743 243,880 3,308 123.850 06/01/17 11,640 31,667 19,407 12,323 (1.232) 11,091 254.970 3.291 127,142 12/01/17 11,640 31.667 19.407 12,323 (;1,232) 11,091 266,061 3,172 130.314 ~06/01/18 11,640 ' 32,301 20,027 12,717 (1.272) 11.446 277.507 3.155 133,469 12/01/18 11.640 32,301 20,027 12,717 (1,272) 11,446 288,953 3,041 136.511 06t01119 11,640 32,947 20,661 13,120 (1.312) 11.808 300.760 3.024 139,535 12/01/19 11.640 32,947 20,661 13,120 (t,312) 11,808 312,568 2,915 142.450 06/01/20 11,640 33.606 21,307 13,530 (1.353) 12.177 324,745 2.897 145,347 12/01/20 11,640 33.606 21.307 13,530 (1,353) 12,177 336,922 2,793 148.140 08/01r2.t 11,640 34.278 21,966 13,948 (1.395) 12.553 349,475 2,775 150,915 12/0t/21 11.640 34,278 21.966 13,948 (1,395) 12,553 362,029 2,675 153.589 06/01/22 11,640 34,963 22,638 14.375 (1.438) 12.938 374,966 2,657 156,246 t2/01/22 11,640 34.963 22,638 14,375 (1,438) 12.938 387,904 2.561 158,807 06/01/23 11,640 35,663 23,323 14.810 (1,481) 13,329 401,233 2,543 161,350 iz/01123 11,640 35,663 23,323 14,810 (1.481) 13.329 414,563 2.461 163,801 06/01124 11.640 36,376 24,023 15,254 (1,525) 13,729 428~-92 2,433 166.234 12/01/24 11,640 36,375 24,023 15,254 (1.525) 13.729 442,021 2,345 168,580 06101125 11,640 37,104 24,736 15,707 (1,571) 14.137 456.157 2.328 170,907 12101125 11.640 37.104 24,736 15.707 (1,571) 14,137 470,294 2,244 173.t51 06101/26 11,640 37,646 25.464 16,169 (1.617) 14,552 484,646 2,226 175,377 12/01/26 11,640 37.846 25.464 16,169 (1,617) 14,552 499.399 2.146 177,523 06101127 11,640 38,602 26,206 16.641 (1,664) 14,976 514,375 2,128 179,6§1 12101/27 11,640 38,602 26,206 16,641 (1.664) 14.976 529.352 2.051 181,702 588,168 {58.817) 529.352 §29.352.. L 181.702 18t ,702 ..... Prepared by KCaSS Monroe, P.A,. 12/8t2000 12/08/00 FRZ 13:42 FAX 612 885 5969 KRASS ~[ONROE ~]007 CiTY OF NEW HOPE LaNe! - Lincoln Townhomes LGA I HACA PENALTY ~'"__ ANNUAL - ~ <- SEMI, ANNUAL --> ~- SEMI - ANNU/~J- (~} (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) Retained Qualifylng Divided by; EqualLzed -times; lSD Projected LGAI 5.0% Local Captured Captured lSD Sales captured Equalized Loss of HACA of T.I. Match Nat Tax Phase-in Net Tax Ratio Net Tax Tax Rate LGA I Cumulative Lot..31 Cumulative Date Capacity Perr~nt Capacity Capacity HACA * Balance Match * Balance (b) x c 0.9230 (d) ! {a) 0.3658 (f) x (g) ! 2 06/D1/~0 0 0 0,9230 0 0.3658 0 0 0 0 t2/01100 0 0 0.9230 0 0,3658 0 0 0 0 06101/01 0 0 0.9230 0 0.3558 0 0 0 0 q2/01/01 D 0 0.9230 0 0.3658 0 0 0 0 06/01/02 0 0 0.9230 0 0.3658 0 0 0 0 1 ~01102 0 0 0.9230 0 0.3558 0 0 0 0 06101/03 t2,360 0 0.9230 0 0.3658 0 0 196 196 12/01/03 12,360 0 0.9230 0 0.3658 0 0 196 392 06/01/04 12,360 0 0.9230 0 0.3658 0 0 198 589 12./01/04 12,360 0 0.9230 0 0.3658 0 0 196 785 06/01105 12,840 0 0,9230 0 0.3558 0 0 204 989 12/01t05 12,640 0 0.9230 0 0.3658 0 0 204 1,193 0~01/06 13,330 6.25% 833 0.9230 903 0.3658 165 185 212 1,404 12/01/06 13.330 6.25% 833 0.9230 903 0.3658 165 330 212 1,616 06/01/07 13,829 12.50% 1,729 0.9230 1,873 0.3658 343 673 220 1,835 12/01/07 13,829 12.50% t,729 0.9230 1,873 0.3658 343 1,015 220 2.055 00/01108 14,338 18.75% 2,888 0.9230 2,913 0.3658 533 1.~48 228 2,282 12/01/08 14,335 18.75% 2,588 0.9230 2,913 0.3658 533 2,08t 228 2,510 05101/09 14,868 25.00% 3,714 0.9230 4,024 0.3658 736 2,817 236 2,746 17_J01109 14,858 25.00% 3,714 0.9230 4,024 0.3658 736 3,553 236 2,982. 06101/10 15,388 31.25% 4,809 0.9230 5,210 0.3658 953 4,506 244 3,226 1~01/10 15,358 31.25% 4,809 0.9230 5,210 0.3658 953 $,459 244 3.470 06/01111 15,928 37.50% 5,973 0.9230 6,471 0.3658 1,184 6,642 253 3,723 12/01/11 15,928 37.50% 5,973 0.9230 6,471 0.3658 1,184 7,826 253 3,976 06/01/12 16.480 43.75% 7,210 0.9230 7,811 0.3658 1,429 9,265 262 4,238 12/01/12 18,480 43.75% 7,210 0.9230 7,611 0.3658 1,429 10,683 262 4,499 06/01/13 17,042 50.00% 8,521 0.9230 9,232 0.3658 1.689 12,372 271 4.770 · 12/01/t3 17,042 50.00% 8,521 0.9230 9,232 0.3658 1,689 14,080 271 5,040 06/01114 17,616 56.25% 9,909 0.9230 10,736 0.3858 1,964 16,024 280 5,320 12/01/14 17,618 56.25% 9,909 0.9230 10.736 0.3658 1,964 17,987 280 5.600 06/01/15 18,201 62.50% 11,376 0.9230 12,325 0.3658 2,254 20,242 289 5,589 12/01115 18,201 52.50% 11,376 0.9230 12,325 0.3858 2,254 22,496 289 6,178 00/01/16 18,798 68.75% 12,923 0.9230 14,002 0.3658 2,581 25,057 298 5,476 12/01/18 18,798 68.75% 12,923 0.9230 14,002 0.3658 2,561 27,618 298 6,774 06/01117 19,407 75.00% 14,555 0.9230 15.769 0.3658 2,884 30,502 308 7.083 12/01117 19407 75.00% 14.555 0.9230 15,769 0.3558 2,884 33,388 308 7.391 06~01116 20,027 81.25% 16,272 0.9230 17,630 0.3658 3,224 36,610 318 7,709 12/01118 20,027 81.25% 16,272 0.9230 17,530 0.3658 3,224 39,835 318 8,026 06/01119 20,661 87,50% 18,078 0.9230 19,586 0.3658 3,582 43,417 328 8,354 12/01119 20,661 87.50% 18,078 0.9230 19,586 0.3658 3,582 47,000 328 8,682 06/01/20 21,307 93.75% 19,975 0.9230 21,642 0.3658 3,958 50,9§8 338 9,021 12/01/20 21.307 93.75% 19,975 0.9230 21,642 0.3658 3,958 64,916 338 9,359 06101/21 21,966 100,00% 21,966 0.9230 23,798 0.3658 4,353 59,269 349 9,708 12/01/21 21,968 100.00% 2t,966 0.9230 23,798 0.3658 4,353 63,621 349 10,056 06/01122 22,6~8 t00.00% 22,638 0.9230 24,526 0.3658 4,486 58,107 359 10,416 12/01/22 22,638 100.00% 22,538 0.9230 24,526 0.3658 4,486 72,693 359 10,775 06101123 23,323 100.00% 23,322 0.9230 25,269 0.3658 4,622 77,215 370 11,145 12/01123 23,323 100.00% 23,323 0.9230 25,269 0.3658 4,622 81,837 370 11.516 06101/24 24,023 100.00% ;~4,023 0.9230 26,027 0.3558 4,760 86,597 38t 11,897 12/01/24 24,023 100.00% 24,023 0.9230 26,027 0.3858 4,760 91,357 381 t2,278 06101125 24,736 100.00% 24,736 0.9230 26,800 0.3658 4,902 96,259 393 t2,671 12/01/25 24,736 100.00% 24,735 0.9230 26,800 0.3658 4,902 101,161 393 13,064 06101126 25.464 100.00% 25,464 0.9230 27,58~ 0-3658 5,046 106.206 404 13,468 12J01/26 25,464 100.00% 25,464 0.9230 27,588 0.3658 5,046 111,252 404 13,872 06/01/27 26,206 100.00% 26,206 0.9230 28,392 0.3558 5,193 116,445 416 14,288 12/01127 26,206 100.00% 25,206 0.9230 28,392 0,3658 5.193 121,638 416 1.4.,70~..1 926,249 . 513 843 665,052 12%638 121,638~ 14,764 14,704_ =~ ~" semi-annual * semi-annual ...... ~ ~-,. ~',-~,o,~ u~nrn~_ P.A. 12/8/2000