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HomeMy WebLinkAbout029886 RES - 07/16/2013Page 1 of 2 Resolution Authorizing the execution of an agreement with Kinney Hotel Partners LTD providing for temporary property tax abatement. Whereas, the Texas Property Redevelopment and Tax Abatement Act (the "Act "), Texas Tax Code, Chapter 312, as amended, authorizes the City of Corpus Christi, Texas (the "City ") to enter into tax abatement agreements for projects meeting the guidelines and criteria for granting tax abatement duly adopted by the City; and Whereas, an application for temporary tax abatement has been filed with the City by Kinney Hotel Partners LTD for the construction of a boutique hotel in the City; and Whereas, the property to be covered by the proposed tax abatement agreement is located in the city limits of the City within an area designated as an enterprise zone eligible for property tax abatement under the provisions of the Act; and Whereas, the project is not located on property that is owned or leased by a person who is a member of the City Council of the City of Corpus Christi; Now, therefore, be it resolved by the City Council of the City of Corpus Christi, Texas: SECTION 1. The City Council finds and determines that the terms of the proposed agreement with Kinney Hotel Partners LTD providing for temporary property tax abatement and the property subject to the proposed agreement meets the applicable guidelines and criteria, as amended, adopted by the City. The City Council further determines that the proposed project is feasible and the proposed temporary abatement of taxes will inure to the long term benefit of the City. SECTION 2. The Tax Abatement Agreement with Kinney Hotel Partners LTD, attached as Exhibit A, is approved, and the City Manager is authorized to execute the agreement. This res lutio takes effect upon City Council approval on this the day of , 2013. ATTEST: Armando Chapa City Secretary Resolution Kinney Hotel Tax Abatement 5 -13 -13 THE CITY OF CORPUS CHRISTI Nelda Martine Mayor C'29 86 INDEXED Corpus Christi, Texas of ... , 2013 The above resolution was passed by the following vote: Nelda Martinez Kelley Allen Rudy Garza Jr. Priscilla G. Leal David Loeb Chad Magill Colleen McIntyre Lillian Riojas Mark Scott Resolution Kinney Hotel Tax Abatement 5 -13 -13 abAhu\J 0 2 9 8 6 TAX ABATEMENT 'AGREEMENT ' This Tax Abatement Agreement ( "Agreementl is made :arid .entered into by and between the City of Corpus Christi, Texas M ") and Kinney Hotel Partners LTD, a Texas limited partnership (Towner"), the Owner of taxable property in the City of Corpus Christi, Texas, located on 318 Born Street, Carpus Christi" Nueces County, Texas ("Property ") [. AUTHORIZATION This Agreement"is authorized by the Texas Property Redevelopment and Tax Abatement Act, Texas Tax Code; Chapter 312, as amended :( "Act°), and is subject to the "laws of the State of Texas and the charter" ordinances, and orders of the City. The Guidelines and Criteria for Granting Tax Abatement (Gurdelnes and Criteria "): adopted by the City are incorporated as a part of this Agreement Except as the Guidelines and Criteria are specifically modified by this Agreement as .allowed by Section 312.002(d) (1) of. the Act, all definitions in :the, Guidelines and Criteria are applicable to this "Agreement. The Property is within an enterprise zone designated pursuant to Chapter 2303 of the Texas Government Code, 11. DEFINITIONS A. As used in this Agreement the following terms have the following meanings; 1. means the temporary or partial. exemption from ad valorem taxes of certain: added value to real and personal property in a zone designated for economic development :purposes unrer'thee Act. 3. " "Base Year Value "' meet% the assessed value ef:the trecirovemente on the Properijr as certified by the Nueces County Appraisal 'District as of the January 1 preceding the execution of this. Agreement, plus the agreed upon" value of Improvements made after January 1., but before the execution of this Agreement, 4. "Construction Phase" means the period during which a material and substantial improvement of the Property occurs which represents a separate and distinct construction .operation undertaken for"the pun - ferecting,the; i pr vernents, (a) The Construction Phase ends upon the earliest to occur of the following events: (1) When -a certificate of occupancy issued for the mica! (if within City lirnit� }, (2) When ' co rnmerciar: production of a product ar,provision of a service - is achieved at the facility, (3) When the ;architect or engineer supervising constrUc #ion issues :a certificate of sub,stantial wrnpletion, or some similar- instrument. (4) Two (2) years :after the date of this Agreement. Pegg 1 of 14 Tax Atsaterrr E it ney €ateW 13 (b) The determination of the end of the .Construction n Phase is made by the City„ in its sole - and absolute discretion,, based upon the above criteria and the other factors as the City may deem relevant. (c) The determination of the end of the Construction Phase by the City is conclusive, and any judicial review of the determination is governed by the substantial evidence rule. .5 "Eligible': Prcipertr means the buildings, strictures, site improvements, and that office space and certain personal property necessary-to. the operation and administration of the Facility to be .constructed under this Agreement. A list of the Eligible Property is set forth in the Project Description, which`is attached to this Agreerrient es Exhit it A and Made a part of this Agreement. During, the Construction Phase of the Eligible Property, the Owner may make the change orders to the Eiigibte Property. as are reascinably necessary to accomplish its intended use, provided that no change order may be Made, which will change the qualification of the project as a'" Facility" under the Guidelines and Criteria for Granting Tax Abatement approved bythe City. 6. "Facility" means a Basic Manufacturing or Service : Facility,- Regional Distribution Center Facility, Regional TelecornrhunicaticirisiData Prarassing Center Facility, Rein l Visitor Amusement Facility, Enterprise Zone :Facility, Downtown Revitatization:Housing Facility, Petrochemical Facility, Convention Center. Hotel, or Historically Significant Structure approved by the City as set: forth in the 'Guidelines and Criteria for Grantiig Tax Abatement adopted by. the City. 7. "Improvements" means the buildings, portions .of buildings, and other improvements, including fixed machinery and equipment, used for commercial or indust La ld $427,138.00 C. The City and the Owner agree that the value of any, additions to the lmprovvemerits made after .Januarys 1 or not" otherwise reflected on the above valuation of Improvements is Additional I pr ©vernents ,$11.532.00 D. Addition of the above. amount to the valuation . of the improvements as of the January 1 valuation date prior to the date of execution of this Agreernent`results in a Base Year Value as . follows Base Year Value: $438,670.0t W. TERM OF ABATEMENT AND AGREEMENT A. The City agrees to abate the ad valorem taxes on the Eligible Property under this Article and Articles V and Vi of this Agreement. The Abatement is effective with the. January 1 valuation date immediately- following the date of execution of this Agreement The Abatement continues for up to two (2) years during the period of the Construction Phase and for the next six (6) full tax years after the Construction Phase, expiring as of December 31 of the 2020 tax year. If the period of the Construction Phase exceeds two (2) years, the Facility is corisidered'completed''for purposes of Abatement, and in no case may the period of Abatement, inclusive of construction and completion exceed eight (8) tax years, The years of Abatement provided in. this Agreement in each instance coincide with the tax year commencing on January 1 and expiring on December 31, and in no event may the Abatement extend beyond December 31 of the 2020 tax year. This Abatement also .covers as Eligible Property those supplemental improvements to the Eligible: Property that are added or constructed during the post - construction two ) year period:'. of Abatement. In no event, however, May the total Abatement period for the ;Eligible Property exceed the maximum six (6) year Abatement period for the entire project as specified in this, Agreement. B. The term of this Agreement continues for a periodiof five (5 ) years following expiration of the abatement period. All terms end conditions imposed upon the Owner continue in effect during the period; and the Owner is obligated specifically to continue the minimum employment levels specified in this Agreement. Any default is : subject to the provisions" of Article VW of this. Agreement t. V. TA CABILITI( During the period .that the Abatement is effective, taxes payable . _ •as follows: 1,. The value of the land comprising the Property is fully taxable. 2. The Base Year ' Value. of .existing Improvements comprising the .Property is. Cully taxable. 3. The value of Ineligible' Property is hilly taxable. VI. AMOUNT OF ABATEMENT Page 3,Eif 14 TaxAbatement Kinney Hotel a 3'9 i3: A. The Abatement:` provided bythts.Agreement is based ;upon a'Now Facility located.. within the Downtown i~•aeinrfestme t2one, The percentage of tax abated is under the following schedule: Percentage of-Abatement Construction Period (not to exceed 2 years) 100% year.;l'. Year 2 Year 3 Year .4 Year 5 • 100% 100% 50% Year6 -25% B. At the time of execution of this, Agreement, the Owner states;' to the City that the minir urn investment comeirisitig perrrianent trriprQvemerats upon completion::'of the ',C nst rctron Phase is: $4,700,000 ("Minimum Investment "), of which $4,700,000 is eligible for tax abatement C. The tle for calculating the additional tax is outlined as fellows: (Tax Ratel x [(85% of Minimum Investment Actual Minimum investment) x (100% - Abatement %)} = °Additicnai. Tax: VB.:CONTEMPLATED IMPROVEMENT .. The contemplated improvements- are set fortis in the Project Description attaches as Exhibit "A," During the. Construction Phase, the Owner may snake the. change orders to the project that are reasonably necessary, provided that no change order may be made that will champ the qualification- of the project: as a: "Facility" under the Guidelines and Criteria for .tenting Tax Abateement approved by the City. All improvements must be completed under all applicable laws, ordinances; rules or regulations :Duringg the terns of this Agreement, use of the Property i limited to operation of the Facility described in the Project Description consistent with the general, purpose of encouraging development or redevelopment of the zone during the period of this Agreement VIII. EVENTS OF DEFAULT AND- RECAPTURE A. Failure- to Commence Operation: Cumin :Tarn of Agneerrent.: Iri the event that the Facilitlt is not completed and does not begin operation by the January 1 following the completion of construction,: no abatement is given for that tax year, and the ull amount of taxes assessed against the property is due and payable for that fax year:: In the event that the Owner fails to begin operation by the next January 1, then this Abatement Agreement terminates. and all Page 4 o 1'4 tax Abat sent Ivrrney abated taxes during; the period: Of cor` *trtxction are recapt0 recap d-and must be paid within 60 days` of the termination: B. Discontinuance of Operations During term of Abatement;; In the event the Facility is completed and begins operation, but subsequently discoxtinues operations during the term of the Agreement after the completion of construction, for any reason except on a temporary basis due to fire, explosion, or ether :casualty, accident,: or natural disaster, the Agreement may be terminated by the City, and all taxes previously abate by virtue; of this Agreement are recaptured and must paid within 60 days of the termination. C. Delinquent Taxes. In the event that the Owner allows its ad valorem taxes to become delinquent or fails to timely, and properly follow the legal procedures for their protest or contest.. this Agreement terminates and the abatement of the taxes for the calendar year of the- delinquency also temiinates. The total taxes assessed without abatement for that calendar year must be paid within sixty (6v} days from the date of termination. Penalty and interest do not begin to accrue on the additional amount of taxes due as the `result of recapture under this provision until the first day of the month following the sixty (60) day notice, at which time penalty and interest accrues under the laws of the State of 'Texas Penalty and interest on the amount; of taxes originally levied based upon the Abatement twin to accrue as of the date the taxes were. due under the laws of the State of Texas 0. Notice of Default.. Should the City determine. that the Owner is in default under the terms and conditions of this Agreement. City` must -notify: the Owner that' the default is not cured within sixty (60) days from the date of the notice ("Cure Period") then this Agreement may be terminated. In the event the Owner- fails to cure the default" during the Cure Period, this. Agreement may be terminated And the taxes abated by virtue of the Agreement will be recaptured and must be paid as provided in this A r ment 1 Actual irtvestment, Should the Company not reach the investment as stated in. Section 6. C , the difference between the tax abated an the minimum .investment and the tax that should' have been abated based upon the actual investment. as determined by the City must be paid within 60 days of notification to th e -der of the :determination. Penalty and interest do not begin to accrue upon the smile until the first day of the month following the sixty. (60) day notice, at Which time penalty and in terest accrue under the laws of the State of Texas. F. Red.iittioriktRollback Tax Rate,: 1,. If during any year of the period of Abatement any portion Of the abated value is ;added to the otoo it total :value of the City-, but is not treated as "new property value" (as defined in Section 26.012. (17) of the Texas Tax Code) for the purpose of establishing the 1!effective MairitenanCe ` rate" ''in calculating the "relibe tax. rate" under Section' 26.04 (c) (2) of the ; Texas TaX Code and if the :diva budget calculations indicate that a tax rate in excess of the "rollback tax rate" is required to-fund the operations of the City for the succeeding year, their the City -recaptures frown the Owner a tax in an amount equal to the lesser of the following; (a) The amount of the taxes abated for that, year by the City with respect to :the Property: (b) The amount obtained by subtracting the. <rollback tax rate compute d without the abated property value, being treated as new property value from the rollback .Pages or 14' Tax Matto ent Ki ey Hotel :5 -3143. tax.'rate 00put0d::withi the abated properly value being` treated as new property. value ::and Multiplyirig t :e tiiffererlce by the;.:tdtal: assessed value of the :City. 2. if the. City has-granted an :abatement of`taxes to more than One taxpayer, "then the. amount of tree recapture : lculated under "subparagraph b)- above i prorated on the basis of the value. of the abatement with respect to.: each taxpayeer. 3. This' event does not constitute adefault" under this Agreement; and the sixty (60) day Cure Perked. provides above does not apply, The recaptured Wet must be paid within thirty (30) days after notice of the rollback in tax rate: has been: given to :the Owner: Penalty and interest do not begin to ague upon the sum unable-first day of the month . following :Abe thirty (30) day noticei et which time penalty and interest; accrue ur der'the laws:of the 'State °of Texas: G. Continuation of Tax Lien., 1 The amount of tax abated each year under the terms of this Agreement is secured by a first and prior tax lien, which will continue in existence from Year to year-until the time as this Agreement between the City and Owner is fully performed by Owner, or until all taxes; whether assessed or recaptured, are paid in full. H City Council Reserves Right to Terminate of Modify Agreement in the event of any default by Owner,: the City Council reserves the right to terminate Or modify this Agreement: l: Q.wnera 'right f,.a appeal 1. groan must be afforded written notice of the default :and -the • opportunity" to cure as provided above.. 2. If Curler :believes the action Wes irnpr0per Owner May file an -, appeal in Nueces County district court within:sixty (60) days after written . notice of the action by the City. 3. Owner shall .reri+fitto the City, within the- 60-day period any additiopal €ar recaptured taxes levied under the payrnerit provisions of Texas Tax Code § 42.06. 4. If the final determination of the appeal ;increases, Owner's tax liability above the . arc unt paid, CWrie:r shall remit the additional tax under Tax Code= 42.42, b if the final determination of the appeal.. decreases Owner's tax liability, the City will refund the Owner the difference between the amount of tax paid and the amount of tax for which Owner is liable under Tax Code 42:43. IX. ADMINISTRATION A. Inspections The Owner shall allow employees andforrepresentatives of the City to have access to the Property during the term of this Agreement to inspect. the Facility to determine camphience with the terms and conditions of this Agreement: All inspections will be made only after the giving of .twenty -four (24) hours prior notice, and conducted in the Manner as to not unreasonably interfere with the construction or operation of the Facility. All inspections must be made with one or more representatives of the Owner and under miner's safety: standards.. Page s0r14 Tax Abatement. Taney Hotel' 3t -1'3 B. Appraisal. 1. The,Chief Appraiser of the Nueces County .Appraisal'District annually determines (a) The taxable value Of the real and personal property comprising the Properly taking into consideration the Abatement provided by this Agreement. (b) The full taxable value without Abatement of the real and personal property comprising the Property; 2, The Chief Appraiser records both: the. a ated taxable value and the full taxable value in the appraisal records 3. Each year the Owner shall furnish the Chief Appraiser with the information outlined in Chapter 22, Texas Tax Code, "as amended, as may be necessary for" the administration of the Agreement specified in`ths Agreement.. C. Annual Reports. 1, Owner shall "certify to the governing body of the City on or before April 1 each year that the Owner is in compliance" with each applicable teal of this Agreement. 2. Additionally, during the initial four years of the tenn of property tax:;atement, Owner shall provide to the City an annual report;: covering those items listed on Schedule attached to this Agreement in order to ciacurnent the efforts of the Owner to acquire goods and services on alapai basis. 3. The. annual report is prepared on a calendar year basis and is submitted to the City no later than ninety (90) days ;following the end of each the calendar year. 4. Submit to the Nueces County Appraisal District an Application for Property Tax Abatement Exemption (Texas Comptroller of Public Accounts Property Tax. Form 50- 116). ,A copy must be forwarded to the City_; D. Utilization of Local Contractors and Suppliers. Owner agrees to exercise reasonable efforts in utilizing local contractors and suppliers in the construction of the Project, except where not reasonably possible to do so without added expense, substantial inconvenience;.. or sacrifice in operating efficiency in the normal course of business, with a goal of 50% of the total dollar amount; of all construction contracts and supply agreements. For the purposes of this section. the term "local" as used to describe manufacturers; suppliers, contractors, and labor includes, firms, businesses, and persons who reside in or maintain an .office -within a 60 mile radius of Nueces County Owner agrees, during the construction of the .Project and for four years after Completion, to maintain written records documenting the efforts of Owner to 'comply with the Local Requirement, and to provide an annuial report to the Cif Manager or designee, from which the City Manager or designee shall determine if Owner is in compliance with this requirement. Failure to substantially comply with this requirement, in the sole determination, of the City Manager or designee, shell be a default hereunder. E. Utilization Of Disadvantaged Business ' Enterprises (DBE Owner agrees to. exercise reasonable efforts in utilizing contractors and suppliers that are determined to be disadvantaged business enterprises, including m inority business enterprises women -died business Page .7et14 TaxAbat rtent Kinney Notes 5-31 =1'3 enterprises • nd historically-Underutilized business enterprises: In •order •to- qualify as a business enterprise udder this. provision, the firm must be certified by the City,. the Regional. Transportation Authority or another governmental entity in the jurisdiction of the home office of the business as complying with-stete or federal standards for qualification' as such art enterprise-. Owner agrees to a goal of 30% of the total ` dollar amount of all construction co tracts.: and supply agreements being paid to disadvantaged" business ;enterprises, with "a priority made for business enterprises. which are kcal: Owner agrees, during the construe on of the Project and for four years after Completion, to maintain Written records documenting the. efforts of Caner to comply with the DBE Requirement, and to provide an annual report to the City Manager or designee, from which the City Manager or designee shall determine if Owner is in compliance' with`this requirement. Failure to substantially comply wrti` this requirement, in the sole determination of the City Manager or designee, shall be a default hereunder: For the purposes of this section, the term "local" as used to describe, contractors and suppliers that are . determined to be disadvantaged business enterprises, including minority business enterprises . women -owned business enterprises arid histc rically - underutilized business enterprises includes firms, businesses, and persons who reside in or maintain an office within a 60. mite radius of Nueces County. F. Undocumented Workers Owner does not and agrees that it will not knevuingiy employ an undocumented worker:. If, after receiving payments under this Agreement, Owner is convicts, of a violation under §U.S.C. Section 1324a(f) : Owner shall repay the payments at the rate and according to the terms as specified by City Ordinance, as amended, not later than the 120th day after the date der has been notified of the violation, ASSIGNMENT A. The_ Owner may assign this Agreement to any one or more corporation(s), 50% or more of the outstanding voting securities of whit are owned, directly or indirectly, by one of the Owners, or any partnership(s) or limited partnership(s) in which an Owner, or a subsidiary of an Owner, is a :general partner. B. The Ocaner•• may assign this' Agreement -'to: any other :new "owner or lessee of the Facility with The prior written consent of the City, which consent may not be unreasonably withheld. C. Any assignment must provide that the assignee shell irrevocably and unconditionally assume all the duties and obligations of they assignor: and become the Owner upon the same terms and conditions as set out'in this Agreement D. in the event more than One entity is Owner under this Agreemerits the obligations of the entities are joint and several. F. Any assignment of this. Agreement is" to an entity that ;mi must provide substantially the same improvements to the Property, except tea -the extent the improvements have been completed, F. No assignment is approved if the Owner or any assignee is indebted to. the City for ad vaiorein taxes or other obligations, XI. NOTICES. A. Any notice required to be given under the provisions of this Agreement must be in writing and is duly served when deposited, with the proper postage prepaid, and registered or certified, Page II of 14 Tax Abatern tt i O:may Hotel s -31 -13 returnieteipt requested; with the:United States Postal SeiVide, addressed to the City or Owner atthe-addresses listed belOw. B. If mailed, any notice Or communication is deemed to,be-received three days after the date of depositin'ther United States Mail. Wiless-otherwise provided in this Agreement, all notices are delivered to the .following addresses:- To the City: -CITY OF'CORPUS CHRISTI 1201 Leopard Street O. box 92T/ Corpus Christi, Texas 78469 Attn: city Manager To the Owner: KINNEY HOTEt.-,PARTNERS.t.TD. 329.Peerman Place COrpkis Christi,. TexaS 713411 C. Either party may designate a different 'address by giving- the other party ten . days written no ce. **Remainder of page left intentionally blank Page 9 ti 14 Taxithatem : -Kinney Hotel 54143 This Agreement has been executed ;by the 'parties in multiple: originals far counterparts; each having full force and effect: ATTEST: CITY OF CORPUS CHRISTI, TEXAS By: By: 'Armando Chapa Ronald; L. Olson.. City Secretary . . City Manager Executed the .d y. of ;.2013; OWNER: KINNEY HOTEL PARTNERS :TD RO ney J Martin, Manager of Phase Two LW, General' Partner of Kinney Hotel Partners'LTi Executed this ; -1 day of ► °' P .; .. 201 . STATE OF TEXAS - ACKNO1111'LED' MENT ELIA �. E7Rf: olary Pubfic, State :at Taxes MY Cormiiission Expires, February 04, 2016 KNOW ALL BY THESE PRESENTS This instrument wa acknowledged before me on 2')= , 2013, by. Rodney,1 Martin, Manager of Phase Two 1.1C, a Texas 11m1te lability company, General Partner of Kinney Hotel Payers LTD, on behalf of the company. NOTARY PUBUC, State;;of Tax Abatemet'K nney Hotel 5.31 -13 Page:1 n "0'14 Exhibit A. Project Plan The Kinney will be, a high-end boutique he tel catering to business travelers as its primary target and :vacationers as its secondary ndaryr< target. The property will consist of 54 rooms in =three separate room classes and each will have a king- shed bed .and luxury amenities, All rooms will face a lush courtyard surrounded on two sides by two thr story room wings, on the front end by a three - story guest services building, and on the back end by,a 'single-story event maces The hotel will not operate a full-service restaurant or buffet operations` but will instead opt forroom- delivered meals from a limited, high -end Menu of breakfast and appetizer options. It will also house a stria bar area to serve guests and Locals The hotel will have a dedicated exercise area, several indoor and outdoor i o nmmon areas, a conference room available fOr guests within the main guest services building,, and a 4,300 square foot event space that may. be .utilized as orre;. `two, or three separate spaces.; Tat Abdterrient Kinney of 3 28.11 Page pit of 14 EXHIBIT B Property: Description.: The. Kinney wt fl be iodated at SCHATZEL TRACT ' ,: an addition in the Cam. of Corpus Christi, Nueces County, Texas, as shown by the map of the pat thereof recorded In Volume 34, Page 46, Map Records of Nueces County, Texas, to which reference is here made: for all pertinent purposes. Pale 12; f 14 Fait AbatertacCiiiey fit0 w2 s 13 Exhibit C *Bud Local" Annual Reports The following information is reported tot the: City. on a calendar -year basis during the first four years of the tax abatement Program:. 1. Dollar spent for materials* (focal) 2. Dollar amount spent for materials (total). 3. Collar amount spent for labor** (focal). 4. Dollar amount spent for labor' (total). Number rof lobs created in the construction project ocat). 6. Number of jobs in the construction proj (total). 7. Number' of jobs created on a permanent basis (focal). 8. Number of jobs created on a permanent basis (total). ' "Materials" are defined to include all 'materials used in excavation, site linprovement, demolition, concrete, structural steel, fire proofing; piping, electrical, instruments, paintings and scaffolding, insulation, temporary construction facilities, supplies, equipment rental in construction, small 'tools and -consumables, This team, does not include major items of machinery and equipment; not-readily-available locally " "Labor' is defined to include all labor in connection with the excavation, site improvement,: demolition, concrete construction, structural steel, fire proofing, equipment placement, piping, electrical, instruments, painting and scaffolding, insulation, construction service, craft benefits, payroll burdens, and related labor expenses. 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