Agenda 12/01/2009 Item #16G 1
Agenda Item No. 16G1
December 1, 2009
Page 1 0113
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EXECUTIVE SUMMARY
Recommendation to designate, by Resolution, the entire geographical territory of
Collier County as a Recovery Zone, in accordance with the American Recovery and
Reinvestment Act of 2009, which allows for the issuance of Recovery Zone
Economic Development Bonds and Recovery Zone Facility Bonds on or prior to
December 31, 2010; and providing authority to the BCC to approve eligible projects
to be financed by such Bonds. (Fiscal Impact - None)
OBJECTIVE: To designate the entire geographical territory of Collier County as a
Recovery Zone which would allow for the issuance of Recovery Zone Economic
Development Bonds and Recovery Zone Facility Bonds to finance various eligible
projects, and provide final authority to the Board of County Commissioners (BCC) for
the approval of eligible projects to be financed by such Bonds.
BACKGROUND: To address the worsening national economy, the United 'States
Congress in February, 2009 passed the American Recovery and Reinvestment Act of
2009 (ARRA). ARRA created two new types of bonds and broadened the types of
projects which may be financed with proceeds of Private Activity Bonds or Industrial
Development Bonds:
--
. Recovery Zone Economic Development Bonds are for public projects to be
built within a recovery zone. Interest generated by these public bonds are taxable,
hence the interest rate charged to local governmental entities issuing such bonds
will be higher. To offset this expense, any public entity issuing bonds under this
program will be given a tax rebate directly from the United States Treasury equal
to 45 percent of the interest eamed on the bonds. This amount is paid to the local
government in connection with each interest payment made by such government.
In current markets, the after-tax interest costs to a local government, with respect
to these Bonds, is generally lower than traditional tax-exempt bonds.
. Recovery Zone Facility Bonds are a new category of tax-exempt private activity
bonds (or industrial development bonds) which may also only be used in
Recovery Zones. They may be used by private entities for commercial projects
within the designated recovery zone. 95% or more of the net proceeds of
Recovery Zone Facility Bonds must finance recovery zone property. To that
extent, the proceeds must be used to construct, reconstruct, renovate or acquire
private property within the recovery zone after that zone has been properly
established. In addition, the bond funds must be used for a qualified business
which is defined by federal law to exclude rental or residential properties; private
or commercial golf courses or country clubs; massage parlors, hot tub or sun tan
facilities; racetracks or other gambling establishments; or any store whose
principal business is the sale of alcoholic beverages for conswnption off premises.
All other private projects would be eligible to use Recovery Zone Facility Bonds.
These bonds are tax-exempt.
--
. Under the ARRA, both of the above-described bond programs are for a limited
duration - bonds must be issued on or before December 31, 20J O.
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Agenda Item No. 16G1
December 1, 2009
Page 2 01 13
CONSIDERATIONS: Each State in the Country has been allocated a portion of the $10
billion dollars the federal government has allocated to the Recovery Zone Economic
Development Program and the $15 billion dollars allocated for the Recovery Zone
Facility Bond Program. The State of Florida, in turn, has allocated Collier County a total
of $14,184,000 for the Recovery Zone Economic Development Bond Program and
$21,276,000 for the Recovery Zone Facility Bond Program.
Before any Recovery Zone bonds may be issued, the BCC must designate, by Ordinance
or Resolution, all or part of the County as a Recovery Zone. Once designated, bonds
issued under either of the two Programs may only be issued for projects within the
Recovery Zone.
Recovery Zones are areas designated by state or local governments as having significant
poverty, unemployment, home-foreclosure rates or general distress or any area for which
a designation as an empowerment zone or renewal community is in effect. Collier County
meets the criteria to be designated a Recovery Zone.
FINANCE COMMITTEE: On October 23, 2009, the Committee met and discussed the
options of designating multiple areas such as existing CRAs or designating the entire
County. By majority vote, the Committee agreed the designation of all of Collier County
was the best course of action and to recommend that the BCC do so by resolution.
FISCAL IMPACT: Officially designating Collier County as a Recovery Zone has no
fiscal impact outside of staff time required to locate and present to the BCC qualified
public projects and/or a qualified business which are defined by federal law. Before any
bonds may be issued under either thc Recovery Zone Economic Development Bond
Program or the Recovery Zone Facility Bond Program, the BCC must review and
approve same.
LEGAL CONSIDERATIONS: This item has been reviewed and approved by the
County Attorney's Office, and is legally sufficient for Board action. (HF AC)
GROWTH MANAGEMENT IMPACT: None.
RECOMMENDATION: To approve a Resolution designating the entire geographical
territory of Collier County as a Recovery Zone to allow issuance of Recovery Zone
Economic Development Bonds and Recovery Zone Facility Bonds to finance eligible
projects; provide final authority to the BCC for the approval of eligible projects to be
financed by such Bonds.
Prepared by:
David Jackson on November 3,2009
Executive Director, Bayshore/Gateway Triangle Community Redevelopment Agency
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Agenda Item No. 16G1
December 1, 2009
Page 3 01 13
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COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
Item Summaoy:
1681
Meeting Date:
Recommendation to designate, by Resolution, the entire geographical territory of Collier
County as a Recovery Zone, in accordance with the American Recovery and Reinvestment
Act of 2009, which allows for the issuance of Recovery Zone Economic Development Bonds
and Recovery Zone Facility Bonds on or prior to December 31, 2010; and providing authority
to the BCC to approve eligible projects to be financed by such Bonds. (Fiscal Impact None)
12/1/2009 9:00:00 AM
Prepared By
David Jackson
Executive Director, eRA
Date
11110120092:30:20 PM
Approved By
David Jackson
Executive Director, eRA
Date
11/10120092:30 PM
Approved By
Heidi F. Ashton
Section Chief/Land Use"Transportation
Date
County Attorney
County Attorney
11110120094:24 PM
Approved By
OMS Coordinator
Date
County Attorney
County Attorney
11117120098:38 AM
Approved By
Jeff Klatzkow
County Attorney
Date
11117120092:48 PM
Approved By
Mark Isackson
ManagemenUBudget Analyst, Senior
Date
Office of Management &
Budget
Office of Management & Budget
11119120098:29 AM
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Agenda Item No. 16G1
December 1, 2009
Page 4 01 13
RESOLUTION 2009-
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA
DESIGNATING COLLIER COUNTY, FLORIDA AS A
RECOVERY ZONE FOR PURPOSES OF SECTIONS 1400U-I,
1400U-2 AND 1400U-3 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED; PROVIDING FINDINGS;
PROVIDING FOR ELIGIBLE ACTIVITIES/PROJECTS FOR
RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS;
PROVIDING FOR ELIGIBLE ACTIVITIES/PROJECTS FOR
RECOVERY ZONE FACILITY BONDS; PROVIDING FOR
SEVERABILITY; PROVIDING FOR A SUNSET DATE; AND
PROVIDING FOR AN EFFECTIVE. DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIOA:
SECTION 1.
FINDINGS.
(A) Section 140] of 'I' it Ie I o[Division B of the American Recovery and Reinvestment
Act 01'2009 ("ARRA") addcd Scctions 1400-1 through ]400U-3 to the Interna] Revenue Code
(the "Code"). authorizing state and local governments to issue recovery zone economic
developmcnt bonds ("Recovery Zone Economic Dcvclopmcnt Bonds") and rccovery zone
facility bonds ("Recovery Zone Facility Bonds" and together with the Recovery Zone Economic
Developmcnt Bonds. the "Recovcry Zone Bonds") through December 31, 20] 0 which provide
tax incentives to statc and local govcrnmcnts by lowcring borrowing costs as a means to
promote job creation and cconomic rccovery to targeted arcas particularly affected by
employment declines.
(B) The United States Treasury Department established a national bond volume
limitation ("Volume Cap") of $1 0 billion [or Recovcry Zone Economic Devclopment Bonds and
$] 5 billion for Recovery Zone Facility Bonds which is allocated among the states in the
proportion that each state's 2008 stale employment decline bears to the aggregate o[ the 2008
state employment declines for all o[the states ("Recovery Zone Bond Allocation'').
(C) Recovery Zone Economic Development Bonds are taxable tax-credit
governmental bonds that may be used to finance certain "qualified economic development
purposes," defined as expenditures promoting development or other economic activity within an
area designated by the County as a recovery zone (the "Recovery Zonc"), including (]) capital
expenditures paid or incurred with rcspect to property located in the Reeovcry Zonc, (2)
cxpenditures for public infrastructure and construction o[ public facilities, (3) expenditures for
job training and educational programs. and (4) any other "qualilied economic development
Agenda Item No. 16G1
December 1, 2009
Page 5 01 13
"
purposes" as allowed under Intemal Revenue Service Notice 2009-50 (Recovery Zone Bond
Volume Cap Allocations) and under any further guidance that may be released by the Internal
Revenue Service regarding Recovery Zone Economic Development Bonds. Recovery Zone
Facility Bonds are tax exempt private activity bonds that may be used to finance certain property
located within a designated Recovery Zone.
(D) Each state that has received a Recovery Zone Bond Allocation is required, without
discretion, to reallocate such allocation among the counties and large municipalities (min.
100,000 population) in such state in the proportion that each county's or municipality's 2008
employment decline bears to the aggregate of the 2008 employment declines for all the counties
and municipalities in such state.
(E) The County has becn allocatcd $] 4, 184,000 in Recovery Zone Economic
Devclopment Bonds and $21,276,000 in Recovery Zone Facility Bonds, which must be issued
on or before December 3 I, 20 I O.
(F) Section 1400U-I(b) of the Code requircs each governmental issuer of Recovery
Zone Bonds to designate an eligible Recovcry Zone or Zones within its geographical jurisdiction
using the following criteria: (1) significant poverty, unemployment, rate of home foreclosures,
or general distress; (2) any area distresscd by reason of the closurc or realignment of a military
installation pursuant to thc Dcfcnsc Basc Closurc and Realignmcnt Act of 1990; and (3) any
area for which a designation as an empowcrment zonc or renewal community is in effect as of
thc effective date of ARRA.
(G) l11C uncmploymcnt ratc in the County has risen from 8.4% in Scptcmbcr 2008 to
13.1 % in September 2009, currcntly exceeding the national avcrage.
(H) Home forcclosures in the County have increascd 9% during the last 12 months and
rclated Lis Pendens are currently being filcd at an avcrage rate of approximately 713 per month
for the first nine months of2009.
(I) Median single family home sales priccs have dropped from approximately
$300,000 in July 2008 to approximately $187,000 in July 2009.
(1) Taxable sales havc decreased approximatcly 6% for the pcriod bctween Junc 2008
and June 2009.
(K) The high uncmployment rate, home forcclosures, reduced home values and
decrcase in retail activity in the County has impacted citizcns and businesscs countywide and
has resultcd in the gcncral distress throughout the County. Accordingly, it is in the bcst intercsts
of the County that the entire geographic area of the County be designated a "Recovery Zone" for
purposes of issuing Rccovcry Zone Bonds to promote job creation and cconomic recovery.
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Agenda Item No. 16G1
December 1, 2009
Page 6 01 13
SECTION 2. DESIGNATION OF RECOVERY ZONE. Pursuant to Section
l400U-1 of the Code, the entire geographic area of the County is hereby designated as a
"Recovery Zone" for the purpose of issuing Recovery Zone Bonds.
SECTION 3. ISSUANCE OF RECOVERY ZONE BONDS. Issuance of
Recovery Zone Bonds will be at the discretion of the Board of County Commissioners of Collier
County, Florida (the "Board") based on project qualifications as provided herein.
SECTION 4. RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS-
ELIGIBLE ACTIVITI ES/PROJECTS. Eligible activities/projects that qualiry for issuance of
Recovery Zone Economic Development Bonds shall include activities/projects within the
Recovery Zone that promote economic development, as measured by such criteria as the Board
deems appropriate and may include:
(A) Capital expenditures paid or incurred with respect to property located in the
Recovery Zone, including working capital expenditures to promote development or other
economic activity;
(B) Expenditures for public infrastrueturc and construction of public facilities; and
(C) Expcnditurcs fm- job training and cducational programs,
SECTION 5. RECOVERY ZONE FACILITY BONDS ELIGIBLE
ACTIVITIES/PROJECTS. Eligiblc activitics/projects that qualify for issuance of Rccovcry
Zone Facility Bonds include any and all private activity bonds issued on behalf of qualificd
borrowers for projects located within the Recovery Zone, including qualifying capital
improvcments and infrastructure projects; providcd, however, qualifying projccts do not include
any private or commercial golf course, coul1lry club. massage parlor. hot tub facility, suntan
facility, racetrack or other facility used for gambling, or any store the principal business 01'
which is the sale of alcoholic beverages for consumption off premises.
SECTION 6.
PROJECT PROCESS.
(A) With respect to the Recovel)' Zone Economic Dcvclopment Bonds. the Board
shall make the final dctermination in its discrction as to which eligible projects shall be funded.
(B) With respect to Recovery Zone Facility Bonds. thc Board shall consider all
recommendations pursuant to cstablished procedures for conduit financing which shall be
provided to it by the Collier County Industrial Development Authority. The eligible
activities/projccts that qualify for issuance of the Rccovery Zone Facility Bonds shall include
activities/projects that promote economic development within the Recovery Zone as measured
by such criteria as thc Board dccms appropriatc.
(C)
Zonc Bond
The County may cntcr into 3n agreement to reallocatc a portion of its Recovel)'
Allocation to an cliuiblc issuer for issuance of its own bonds or entcr into an
'"
Agenda Item No. 16G1
December 1, 2009
Page 7 01 13
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agreement with a qualified ultimate beneficiary for use of proceeds from bonds, Recovery Zone
Bonds may be issued by the Collier County Industrial Development Authority with the consent
of the Board.
SECTION 7. COMPLIANCE. Notwithstanding any provisions to the contrary
which may be contained within this Recovery Zone Designation Resolution. activities/projects
financed through the issuance of Recovery Zone Bonds shall comply with all applicable existing
Federal, State, and local laws, rules, and regulations.
SECTION 8. SEVERABILITY CLAUSE. (fany provision of this resolution or
the application thereof to any person or circumstance is held invalid, the invalidity shall not
affect other provisions or applications of this ordinance which can be given effect without the
invalid provision or applications. To this end, the provisions of this resolution arc declared
severable.
SECTION 9. SUNSET DATE. This ordinance shall automatically sunset at
1 I :59 p.m. Eastern Standard Time on December 31, 2010, unless otherwise reaffirmed or
otherwise amended by the Board prior to that date.
~..".
SECTION 10, EFFECTIVE DATE. This Resolution shall become effective
immediately upon its adoption. DULY ADOPTED this 281" day of July, 2009
DUL Y ADOPTED, in Regular Session this 181" day of November 2008.
BOARD OF COUNTY COMMISSIONERS OF
COLLIER COUNTY, FLORIDA
(SEAL)
Donna Fiala, Chair
ATTEST:
Clerk
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
(!xv
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County Attorney
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Agenda item No. 16G1
December 1, 2009
Page 8 of 13
Southwest Florida
Regional Economic
Indicators
October 2009
o
FLOJ:IIH
eLL! CU'M
l_ \1\ I~:<rl
Regional Economic Research Institute
Lutgert College Of Business
Phone 239-590-7319
Florida Gulf Coast University
10501 FGCU Blvd. South
Fort Myers, FL 33965
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Agenda Item No. 16G1
December 1, 2009
Page 9 01 13
The national unemployment rate is expected to rise in 2009 to between 9.7 and 10.5 percent. The
September 2009 national unemployment rate rose to 9.5 percent and may rise lurther. Unemployment
in 2010 is expected to be slightly lower, but at an historically high rate of more than 95 percent. For
2011, the unemployment rate is expected to be approximately 8.5 percent belore finally declining to a
long-run rate of around live percent. The projections for unemployment are lor the lourth quarter 01
each year.
Unemployment Rate
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58 60
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48
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Source; Minutes of the Federal Open Market Committee, June 23.24, 2009,
Our regional economic indicator charts continue to show the impact of the slowdown in the local
economy in the form of low retail sales, high unemployment rates, low permitting levels, and low
inflation rates. Unemployment in the region climbed to 13.6 percent in September, up from 13.1
percent in August. Passenger traffic at Regional Southwest Airport {RSWI saw an 8 percent month-tQ~
month decrease lrom July to August 2009, and a one. percent increase over August 2008. Monthly
tourism revenues throughout the region were down 11 percent from the prior year.
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Agenda Item No. 1681
December 1 , 2009
Page 100113
Worl,force - Unemployment
Charlotte. Collier, Hendry, and Lee Counties reported increased unemployment in September 2009
(Chart 141, compared to August. The unemployment rates tracked in this report are not seasonally
adjusted. Lee County's unemployment rate rose from 13.5 percent in August to 13.9 percent in
September 2009. Collier County's unemployment rate increased from 12.7 percent to 13.1 percent, and
Charlotte County's figure grew from 12.1 percent to 12.7 percent. Hendry County unemployment
increased from 16.5 percent in August to 16.8 percent in September 2009, while Glades County's
unemployment rate dipped to 10.0 percent. Florida's unemployment rate rose from 11.0 percent in
August 2009 to 11.2 percent in September, and the national unemployment rate was 9.5 percent (not
seasona lIy adj usted).
Chart 14: Regional Unemployment
SWFL County Unemployment Rates ("!o) - Most Recent 13 Months
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Agenda Item No. 16G1
December 1, 2009
Page 11 01 13
Taxable sales figures are used to track consumer spending, an important component 01 the regional
economy. Chart 10 provides a historical range of average monthly taxable saies Irom 2000 to 2008 and
the latest 12-month average through July 2009. The taxable sales charts show month 01 collection by
the merchant rather than the reporting month issued by the Florida Department of Revenue. Thus, July
is the latest collection month plotted on the lollowing charts,
The local impact of the current recession continues to be visible in the decreases in taxable sales, as
shown in Chart 10, Lee County taxable sales in July 2009 decreased by ten percent versus year-earlier
levels, as shown in Chart 11. Collier and Charlotte Counties experienced year-to-year reductions 01
seven percent, as shown in Charts 12 and 13. Charts 11, 12, and 13 show some increase lrom the prior
month in the rate of year-to-year declines. Hendry County's July taxable sales (not charted) were off by
seventeen percent Irom a year earlier, while Glades (not charted) were up by 18 percent. Taxable sales
for the five-county region declined by $114 million, or nine percent, Irom July 2008 to July 2009; the
regional decrease Irom the prior month 01 June 2009 amounted to $91 million or 7 percent.
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Agenda Item No. 16G1
December 1, 2009
Page 120113
Sales of Single-Family Existing Homes and Median Sales Price
The number 01 existing single-family homes sold by REALTORS in August 2009 showed decreases from
the prior month in Lee, Collier, and Charlotte Counties (Charts 17, 18, and 19). For all three counties,
total saies declined to 1,799 homes, a 17-percent decrease from July 2009, but a 68-percent increase
over August 2008. Lee County sales declined Irom 1,570 in July to 1,252 in August 2009. The median
sales price lor Lee County increased slightly lrom $89,000 in July to $89,300 (Chart 17). Collier County
sales decreased from 348 to 317 with the median price decreasing to $170,000 from the prior month
ligure 01 $187,000, as shown in Chart 18. Charlotte County sales declined lrom 248 to 230, along with a
decrease in the median price lrom $105,000 to $103,300, as shown in Chart 19.
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Chart 18: Colliel- County
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Agenda Item No. 16G1
December 1, 2009
Page 130113
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