IDC Agenda 06-16-1988
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AGENDA
MONTICELLO INDUSTRIAL D
Thursday, June
City Hal
MEMBERS:
Chairperson Shelly Jo
Harvey Kendall, Dale
Rick Wolfsteller, Lin
and Ollie Koropchak.
STAFF MEMBER: Jeff O'Neill
1. CALL TO ORDER.
VELOPMENT COMMITTEE
6, 1988 - 7:00AM
nson, Donald Smith, Lowell Schrupp,
ungwitz, Ron Hoglund, Jay Morrell,
a Miekle, Dan Carlson, Arve Grimsmo,
2. APPROVAL OF THE MAY 19, 198 IDC MINUTES.
3. CONSIDERATION OF THE JOINT EETING BETWEEN THE PLANNING COMMISSION,
THE HOUSING AND REDEVELOPME T AUTHORITY, AND THE IDC.
4. CONSIDERATION OF ELMER L. A DERSEN, FORMER MINNESOTA GOVERNOR,
AS THE IDC BANQUET GUEST SP AKER.
5. CONSIDERATION OF THE LABOR URVEY MEETING.
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6. CONSIDERATION OF THE REVOLVNG LOAN FUND.
7. CONSIDERATION TO REVIEW THE MONTICELLO BUILDING RATE SCHEDULE
AND A REPORT ON THE INDUSTRAL BUILDING COMPARISONS.
8. CONSIDERATION OF A NEW IDC
9. CONSIDERATION OF MANTEQ UPD
10. OTHER BUSINESS.
11. ADJOURNMENT.
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OTHER PROSPECTS.
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MINUTES
MONTICELLO INDUSTRIAL D VELOPMENT COMMITTEE
Thursday, May 1 , 1988 - 7:00AM
City Hal
MEMBERS PRESENT: Chairperson S e11y Johnson, Don Smith, Harvey
Kendall, Dan ar1son, Linda Mielke. Lowell
Schrupp, and 11ie Koropchak.
MEMBERS ABSENT:
Dale Lungwitz
Grimsmo. and
Jay Morrell, Ron Hoglund, Arve
ick Wo1fste11er.
STAFF PRESENT:
Jeff O'Neill
1. CALL TO ORDER.
The IDC meeting was called 0 order at 7:15AM by Chairperson
Shelly Johnson.
2. APPROVAL OF THE APRIL 21, 1 88 IDC MINUTES.
Dan Carlson made a motion t
minutes, seconded by Linda
approve the April 21, 1988 IDC
ie1ke. Minutes stand approved.
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3. CONSIDERATION TO ACCEPT IDC RESIGNATION FROM MEMBER JOEL WINKELMAN.
Chairperson Johnson read Jo
from the IDC as received on
a motion to accept the resi
motion carried. Koropchak
and the committee members a
replacement for the June me
Erik Fjerdingstad of his in
1 Winkelman's letter of resignation
May 18. 1988. Harvey Kendall made
nation, seconded by Dan Carlson, the
s to send a letter of "thank you"
e to consider candidates for
ting. Don Smith will talk to
erest.
4. UPDATE OF THE REVOLVING LOA FUND SUBCOMMITTEE.
Koropchak reported the RLF :ommittee had met 3-4 times and
targeted June 16 as the dat for a recommendation to the IDC.
Don Smith volunteered to reDlace Joel Winkelman as a member
on this subcommittee.
5. UPDATE OF THE LABOR SURVEY.
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Koropchak reported that the Labor Survey Agreement had been
prepared between the Busine s Development Services, Inc. and
the City of Monticello upon recommendation from Rick Wo!fste11er
a new agreement was written between BDS and the Monticello IDC.
Koropchak noted that it was not specified in the agreement of the 40%
guaranteed rate of return. The IDC concensus was to add this to
the agreement plus a 3 montl guaranteed completion date.
6. UPDATE OF THE IDC CONCERNS SUBCOMMITTEE.
Based on the subcommittee's May 17 meeting the IDC discussed and
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6. CONTINUED.
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and made recommendations fo
actions. Don Smith made a
in June between the Plannin
Authority, and the IDC (aft
results from the indication
the same strategies and goa
Dan Carlson made a motion t
direct City Staff to recomm
to upgrade the industrial p
initiated. Motion seconded
Thirdly,afterreview of the
comparison prepared by Jeff
Lowell Schrupp for City Sta
permit fee and plan review
the survey certificate fee
reduction of $300 to $400 d
of three catagories or over
seconded by Linda Mielke an
by the IDC for City Staff p
courses in diplomacy or the
help eliminate the negative
O'Neill asked the IDC if th
a formal group with city de
authority such as a Corpora
asked Jeff to provide them
the more formal the group t
recruit IDC members was one
IDC Minutes - 5/19/88
the City Staff to implement the necessary
equest for a joint meeting to be held
Commission, the Housing and Redevelopment
r Dale Lungwitz returns). This meeting
that the three groups may not have
s for economic development. Second,
at Jeff O'Neill or Ollie Koropchak
nd to the City Council that a study
rk roads from 7-ton to 9-ton be
by Harvey Kendall and passed 8-0.
esidential bulding permit fee survey
O'Neill, a motion was made by
f to consider a reduction of the
f $100 each and to reduce or delete
f $200. This would have a total
llars. Now $1,043, proposed $643
all total of $1,442. Motion was
passed 8-0. Fourth, a recommendation
omotion is continuing education
right way to say "no". This to
attitudes of City Hall. Jeff
y ever considered organizing as
ision processes or policy making
ion with by laws. The committee
ith more information; however,
e more difficult it might be to
concern voiced by the members.
7. CONSIDERATION OF BAN UET SP AKER.
Elmer L. Andersen, Former M nnesota Governor, was suggested to
the committee as a possible banquet guest speaker, as it was
a concensus of the IDC to d op the efforts of a Carlson Corporation
executive as a guest speake One board member expressed there
may be a conflex of interes with communities of Elk River,
Princeton and others. The DC agreed to have President
Johnson and Koropchak to co tinue the recruitment process.
8. UPDATE OF INDUSTRIAL PROSPE TS.
After the meeting with Mr.
company of Manteq, Inc. rem
company is a researchand de
looking at a 20,000 sq ft f
The company is a temporary
chemist, engineers, etc.
orm Strand and Conrad Larson, the
ins interested in Monticello. The
elopment company out of Michigan,
cility housing lab area and offices.
mployment service for professionals:
.
Mr Tim Moriarty still remai s interest in one of the City's
subdivided lots.
Koropchak reported of Decor tive Services buyout of the business
to three new partners, one f which is Deloris Schackor. Mr.
Kasper, one of new owners, sked if the City could assist in
IDC Minutes - 5/19/88
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8. CONTINUED.
the rental of their current location or assist in finding a
new location. Koropchak su gested the IXI property and
C10w Stamping. They would ike to stay in Monticello because
of their trained labor force; however. indicated possible
location to Albertville.
IXI Complex has been sold to John Plaisted of Elk River.
9. UPDATE OF MONTICELLO RECERTIFICATION.
The committee received a cop of the letter recognizing Monticello
as a 1988 Recertified Star C ty.
10. ADJOURNMENT.
By concensus of the IDC. the meeting adjourned.
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G..~~ \<G\~~~
Ollie Koropchak
IDC Executive Secretary
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IDC Agenda - 6/16/88
3. CONSIDERATION OF THE JOINT EETING BETWEEN THE PLANNING COMMISSION,
THE HOUSING AND REDEVELOPME T AUTHORITY, AND THE IDC.
The joint meeting betwee~th Planning Commission, the HRA, and
the IDC has been scheduled for Thursday, June 30, 1988. The
meeting will be held at the ew Fire Hall at 6:30 P.M. with
refreshments and beverage served. The purpose of the meeting
is to bridge the gap which m y exist between the three
commission/committees by set ing common strategies and goals
for economic/industrial deve opment in Monticello. The agenda
will be prepared by Jeff OlN ill and Ollie Koropchak based on
suggestions from the various groups.
4.
CONSIDERATION OF ELMER LAND
AS THE IDC BAN UET GUEST SPE
.
At the last IDC, the committ
and myself the responsibilit
Although not all IDe members
Elmer L. Andersen was a good
extend an invitation to Mr.
heard him deliver positive-h
A letter of invitation was a
morning I received a telepho
Andersen has a previous comm
he no longer commits to spea
his friends in Monticello th
for other alternatives or pI
5. UPDATE OF THE LABOR SURVEY.
FORMER MINNESOTA GOVERNOR,
e gave Chairperson Shelly Johnson
to find a banquet guest speaker.
agreed that Former Governor
choice, Shelly and I agreed to
ndersen because both of us have
morous productive speeches.
dressed to him and as of this
e call of declination. Mr.
ttment, however, also stated
ing engagements and wished
best. Shelly and I will look
ase make a suggestion.
The agreement with Business Development Services was executed
and returned with the down p~ ment of $1,500. Guaranteed 400
returned responses out of a m iling sample of 900 to be
completed within 90 days from execution date. Two alternative
dates for review of survey qu stions by the subcommittee or the
IDC and Mr. Pelstring are Fri ay, June 17 or Wednesday June
22 in the morning. Please co sider the choices and decide so
I can contact Mr. Pelstring f r final arrangements.
6. CONSIDERTION OF THE REVOLVING LOAN FUND.
The final subcommittee meetin
this morning, however, no one
copy of the organizational st
this date. Additional infor
the meeting.
-
-
was scheduled for 7:30 A.M.
showed up. Enclosed is a
ucture and policies as to
ation will be provided at
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June 7, 1988
Business Development Services Inc.
Ms. Olive Koropchak
Economic Development Director
Monticello Industrial Development committee
250 East Broadway
Monticello, MN 55362
Dear Ms. Koropchak:
Business Development Services, In
have determined to move forward 0
survey for the community. We app
provide our services and want to
the completion of the study.
. <BDS) is pleased that you
the completion of the labor
eciate the opportunity to
ssure you of our dedication for
I wanted to confirm two issues ra"sed in discussions with Mary
Czech of our office this past wee
a total of 400 responses from the
involve, at our expense, addition
selection sample of area resident
independent agency the statistica
also commit to complete the surve
from the execution of the date of
BDB will commit to guarantee
labor survey. This may
1 mailings drawn from the
We would also verify with an
accuracy of the data. We will
within a 90-day time period
the Agreement.
I look forward to meeting with yo and the Industrial Development
committee in the near future to r view the existing draft of the
survey.
Sincerely,
PWP/ld
INC
8990 SPRING8AOOK ORNE. SUITE 230 . MIN EAPOUS, MN 55433 . PHONE: 612/786-6151
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GREATER MONTIC LLO ENTERPRISE
250 EAST BROADWAY
MONTICELLO, MNNESOTA 55362
(612) 95-2711
INTRO UCTION
The purpose of the Greater Monticello E terprise Revolving Loan Fund (GME) is
to address the economic development nee s in the City of Monticello. Through
this program, administered by City Staf , the Enterprise's Board of Directors,
and the participating lending instituti n(s); loans are made to businesses to
help them meet financing needs. The Re olving Loan Fund (RLF) is established
for public purpose not for a specific c mpany.
PUBLIC PURPOSE
1. To provide loans for credit wo thy businesses that create new jobs.
2. To provide loans for credit wo thy businesses that would increase the
community tax base.
3. To assist new or existing indu trial or non-competitive commerical
businesses to improve or expan their operations.
4. To provide loans as a second s at to private institutions (bank
financing) .
5. To provide loans in situations in which a funding gap exists.
6. To provide funds for economic evelopment that could be used to assist
in obtaining other funds such s Small Business Administration loans,
Federal and State grants, etc. .
ORGANIZATION
The Greater Monticello Enterprise is a on-profit organization (501-3C) which
allows tax exemption for private contri utions. The Board of Directors consists
of seven members: a City Council member, an Industrial Development Committee
member,an accountant, an industrial bu iness representative, a City
Administrator or Assistant, a Hospital District Administrate or Representative,
and a School District Administrative R presentative. The members are appointed
by the Industrial Development Committe and recommended to the City Council for
approval. The Board of Directors shal serve a term of four years (rotating)
and receive no compensation.
The CITY COUNCIL shall 1) adopt a reso
operational procedures which were draf
Mielke, Donald Smith, Assistant Admini
Development Director Ollie Koropchak;
Industrial Development Committee. 2)
ution approving the policies and J> ,,-v "-
ed by a subcommittee of Dale Lung, Linda
trator Jeff O'Neill, and Economic
hereafter, were approved by the
hall approve the Greater Monticello
Page 2
RLF Administration
.
Enterprise Board of Directors as appoint d and recommended by the Industrial
Development Committee. The Board of Dir ctors shall consist of seven members,
a City Council member, an Industrial Dev lopment Committee representative
an accountant, an industrial business re resentative, the City Administrator or
Assistant, a Hospital Administrator repr sentative, and a School District
Administrator representative. 3) shall receive quarterly summaries or annual
reports of the Greater Monticello Enterprise. 4) shall review the revolving
loan policies on an annual basis.
The CITY STAFF shall carry out the operating procedures as approved by the City
COuncil. They include the day-to-day ru! s and regulations of the loan
program.
.
1. Preliminary Loan Application sha I be consistent with the RLF policies
and meet minimum credit standar This should take approximately one
week and if the business does no, meet the two preliminary
qualifications, deny the prelimi ary loan application. If the
preliminary loan application is pproved, request a formal
application.
2. Formal Application shall include companies market, it's management,
and it's finances. This is to b obtained by the City Staff and/or
from the participating lending i stitutions. Attached with each
formal application is a written elease of information exacuted by the
loan applicant. .
3. The City Staff shall analyze the formal application, thereafter shall
submit a written recommendation 0 the Board of Directors for approval
or denial.
The GREATER MONTICELLO ENTERPRISE Board 0 Directors consists of seven member
appointed by the Industrial Development C mmitteee and approved by the City
Council to serve a term of four years (ro ating) and will receive no
compensation. 1) Board of Directors shal carry out the RLF policies as'
approved by the City Council. 2) Board of Directors shall receive
recommendations from the City Staff and t e participating lending institutions
representative. 3) The Board of Directors shall have the sole authority to
approve or deny the RtF Loans.
The CITY ATTORNEY shall review all contra
and legal documents.
The PARTICIPATING LENDING INSTITUTION(S)
revolving loan applicant. 2) carry out th
Council. 3) shall analyze and summarize t
recommendation to the Board of Directors
1) shall be determined by the
RLF policies as approved by the City
e formal application and submit a
or approval or denial.
ORIGINAL REVOLVIN
LOAN FUNDING
GOAL:
SOURCES:
$200,000.00
City Liquor Store
Public Utili ties
Private Funding
Percentage of revenue collected by organizations
applying for gambling licenses.
.
REPLENISHMENT: UDAG Grant repayment 0 $27,971.40 annually for 12 years,
ending December 31, 20 O.
.,., . ....., .)... '" ,..."":-.-" '."'..',_. -.". ," ...... ..-:,...........' _.'~._-..-"'T"'I"'"-:-~..,..,.."..~......,"~.~...........,~~
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GREATER MONTI< ELLO ENTERPRISE
250 EAS' BROADWAY
MONTICELL< , MINNESOTA
PRELIMINARY API LlCATION FOR LOAN
APPLICANT:
FIRM OR TRADE NAME:
BUSINESS ADDRESS:
(# & Street) (City & State) (Zip Code)
TELEPHONE: BUSINESS ( ) HOME ( )
DATE ESTABLISHED: EMPLOYER 1. D . #:
SOLE PROPRIETOR CO WORATION PARTNERSHIP
MAN, GEMENT
NAME T TLE OWNERSHIP %
PROJECT LOCATION:
NEW BUSINESS EXISTING BUSINESS
- -
TOTAL PROJECT COST ESTIMATE: $
PROPOSED USES: REQUEST:
LAND $ AMOUNT OF LOAN
EXISTING BUILDING MATURITY & TERMS
CONSTRUCTION REQUESTED
MACHINERY CAPITAL APPLICANT'S
WORKING CAPITAL EQUITY
OTHER LOAN PURPOSE
TOTAL USES $
PROPOSED BEGINNING DATE:
ESTIMATED COMPLETION DATE:
TITLE TO
PROJECT ASSETS TO BE HELD BY: OP ERATING ENTITY --- ALTER EGO
-
PARTICIPATING LENDER:
(Name) (Address)
( )
(Contact Person) (Telephone #)
~
PRESENT # OF EMPLOYEES: PROJECTED # OF EMPLOYEES
ADDITIONAL PROJECT INFORMATION:
APPLICANT SIGNATURE: DATE SIGNED:
.. ~., ~'~','''','''~' '-,--'-" ...'.".,,-......,-.'-.-7 ,.,
--...-..--
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THE GREATER MONTIC LLO ENTERPRISES
REVOLVING LOAN' UND POLICIES
I. BUSINESS ELIGIBILITY
*
*
*
*
*
Industrial Businesses
Non-competitive Commerical Busi esses Which Enhance the Community
Businesses Located Within the C'ty of Monticello
credit worthy Existing Businesss
Non-credit Worthy Start-Up Busi esses with worthy Feasibility
Studies (Deny all historical n n-credit worthy businesses)
$5,000 Per Each Job Created or 5,000 Per Every $20,000 Increase
in property Valuation
*
II. FINANCING METHOD
*
COMPANION DIREcr LOAN - Example Equity 20%, RLF 30%, and Bank 50%
(all such loans may be subordin ted to the primary lender(s) if
requested by the primary lender~ s). The RLF loan is leveraged and the
lower interest rate of the RLF owers the effective interest rate on
the entire project.)
PARTICIPATION LOAN - RLF buys a portion of the loan (the RLF is not in
a subordinate position, no coll teral is required by the RLF, and the
loan provides a lower interest ate.)
GUARANTEE LOANS - RLF guarantee a portion of the bank loan.
(personal and real estate guart ntees handled separately.)
*
*
III. USE OF PROCEEDS
*
*
*
Real property Acquisition
Real property Rehabilition (e ansion or improvements)
Machinery and Equipment
IV. TERMS AND CONDITIONS
*
LOAN SIZE - Minimum of $5,000 nd Maximum not to exceed 50% of the
remaining revolving loan fund alance if the remaining revolving loan
fund balance is $50,000 the ma imum laon issuance is $25,000.
LEVERAGING - Maximum 60% Priv te
40% publ c
LOAN TERM - Personal property ife of equipment (5 to 7 years)
Real Estate Proper y maximum of 10 year maturity or
balloon and amorti ed up to 30 years.
INTEREST RATE - Fixed rate of P to 2% below Minneapolis prime rate.
LOAN FEE _ Minimum fee of $200 but no to exceed 1% of the total loan
project. Fee are t, be documented and no duplication of
fees between the Ie ding institution and the RLF. Build
loan fee back into roject cost. Retain the right to
reduce or waive 10 n fee or portion of loan fee.
PREPAYMENT POLICY - No penalt for prepayment.
DEFERRAL OF PAYMENTS -
*
*
*
*
*
*
,..., .....,...n_.. '._-''7,...".,...-"",.~,-.:"-,~.-~~
PAGE 2
RLF policies
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! ! !
EJI) OF FI
YEAR BOIIJS
! !!!!
Two National Development Council Cours s will be offered at the end of
this month. Registration information ill follow, but mark your calendars
now.
JUNE 29TH
ROCHESTER
MIDWAY MOTOR LODGE
o Credit Analysis for Service Bus'ness
Cost (including lunch) only $25
This one day session wil7 explore the lissues and analytical tooTs
necessary to understand the financial eeds of service businesses.
. ~ JUNE 30TH - JULY 1 (1-1/2 days) -- ST. CLOUD --
a Business Credit Analysis for E onomic Development
Policy Hakers
SUM/ODD INN
-_._~--~~~-~--'~---'-~~
Cost (including lunch on June 0) only $35
This course is designed especially fo Council members, Port Authority
Directors, Community Development Corp ration Board Members, etc.
It will go through the six steps of t
deal with organizational issues such
loan packaging success and also
staffing needs and goal setting.
Star Cities will receive priority for the limited seats available.
National Development Council (NDC) is a nationally recognized financial
training organization. They have wor ed with the State of Minnesota for
several years in providing excellent raining to Minnesota economic
development professionals.
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7. CONSIDERATION TO REVIEW THE MONTICELLO BUILDING RATE SCHEDULE
AND A REPORT ON THE INDUSTR' AL BUILDING COMPARISONS.
After suggestions by the ID to reduce the residential
building permit fees. Mr. 0 Neill and city staff further
discussed the matter and cane up with another alternative.
this to be presented at the meeting. Also. Jeff will have
an update of the industrial building permit fee comparison.
8. CONSIDERATION OF A NEW IDC 1EMBER.
The IDC members were asked )f suggestions for nominees to the
IDC and Don Smith volunteer d to contact Erik Fjerdingstad
of his interest. These to be presented at the meeting.
9. CONSIDERATION OF MANTEQ UPD~TE AND OTHER PROSEPCTS.
To be presented at the meet ng.
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arc
Clow Stamping Company
Box 23C Star oute 0 Merrifield, Minnesota 56465 0 218/765-3111
May 20, 1988
Mayor Arve Grimsmo
City Hall
Monticello, MN 55362
Dear Mayor Grimsmo,
We sincerely thank you, Mr. Rick iolfsteller and the members
of the Monticello City Council fa your support and co-operation
concerning the Clow Stamping Comp ny Project, Series 1988.
Monticello is a fine city, and Cl w Stamping Company is proud to
be a part of it.
Best personal regards,
CLmv STAMPING COMPANY
~J~
Everett L. vJow
President
EL/bm
~~
ic E. Claw
ecretary
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