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04/03/2006 (.-.~ . ,^,: ~"fk,~'~::".~,:I',....>- ."~I Call to Order Approval of Minutes: 10-03-2005 01-30-2006 eRA Agenda Date: 04/03/2006 Location: Council Chambers - City Hall CRA Item 1. Presentation of the Tax Increment Analysis of the original and expanded Community Redevelopment Agency area by Bruce Lyon of Swan Development Advisors. Executive Director (Assistant City Manager) verbal reports Other Business Adjourn eRA Agenda 4/3/2006 Page 1 of 1 r .~ ' \ ,.,~.'/~ (;.; '. ',''/..;'-"4'''''.1- ~ . I' CRA Cover Memorandum .(i . Trackinq Number: 1,954 Actual Date: 04/03/2006 Subiect / Recommendation: Presentation of the Tax Increment Analysis of the original and expanded Community Redevelopment Agency area by Bruce Lyon of Swan Development Advisors. Summary: The CRA approved on May 16, 2005 a professional services contract with Swan Development Advisors, Inc. to conduct an analysis of the future tax increment that will be generated in the original and expanded CRA boundaries by rising property values as well as new development projects. The results of this analysis will be used by the CRA staff to budget for future projects and activities, subject to Board approval. CRA staff has been working closely with Bruce Lyon, from Swan Development, on this analysis. Swan has developed a report of the analysis, attached, and more importantly, has delivered an Excel-based tool for staff to use in estimating future tax increment from property value growth and from new development projects. This is an interactive tool that will help us with more accurate projections on a yearly basis. The attached report details the analysis conducted by Swan as well as professional opinion of tax increment growth and revenue over the next 19 years. While the revenues for the two areas sit in the same Trust Fund, they are calculated separately because the two areas have different base years. As part of this analysis, staff met with the Pinellas County Property Appraiser's office to review their methodology for assessment of new projects and to confirm some of our assumptions in the report. Because it is difficult to estimate the exact value new development projects (and especially complicated mixed-use projects) will have, Swan calculated the TIF of these projects based on two methods in order to give us a range of increment: 1) project value based on construction costs and 2) capitalized value of a project based on aggregate sales price. The end result is a range that we may be likely to realize to help staff plan for the future. It is important to note that this analysis of future tax increment DOES NOT include funds already committed or any future commitments by the CRA. The CRA's budget in FY 04-05 was $1,361,214. The tax increment is estimated to grow to as high as $5,123,860 in 2011 if all currently planned projects are completed by their estimated times. Oriqinatinq: Economic Development and Housing Cateqorv: Other Public Hearinq: No Financial Information: ~ Other Bid Required? No r .~ ' \ ,.,~.'/~ (;.; '. ',''/..;'-"4'''''.1- ~ . I' CRA Cover Memorandum .(i . Bid Exceptions: Other Other Contract? Presentation of TIF Analysis In Current Year Budqet? Yes Budget Adjustment: No Review Approval Geraldine Camoos 03-13-2006 Rod Irwin 03-24-2006 Geraldine Camoos 03-14-2006 Bill Horne 03-26-2006 Cyndie Goudeau 03-27-2006 17:25:00 10:33:57 10:03: 16 14:43:57 08:31:15 CITY OF CLEARWATER COMMUNITY REDEVELOPMENT AGENCY SWAN DEVELOPMENT ADVISORS, INC. TAX INCREMENT ANALYSIS Bruce Lyon P.O. Box 2097 Lakeland, FL 33806-2097 (863) 616-1615 MARCH 10, 2006 TABLE OF CONTENTS Introduction and Overview .........................................................................................3 Assumptions and Disclaimers..................................................................................... 4 Tax Increment Estimates .........................................................................................6 Downtown CRA Tax Increment Projections .......................................................... 8 Gateway CRA Tax Increment Projections ............................................................ 12 Gateway CRA Projects............................................................................................ 13 Summary.................................................................................................................. 15 eRA Spreadsheet User Directions..............................................................................17 Appendix A .............................................................................................................. 17 Appendix B .............................................................................................................. 20 SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 1 Executive Summary Swan Development Advisors, Inc. was retained by the City of Clearwater Community Redevelopment Agency to develop future estimates of the Tax Increment that will be generated by the rising property values and new development projects in the City of Clearwater's Community Redevelopment Area. The results of this analysis will be available for the CRA to use in its future budgeting activities. More importantly, Swan Development Advisors has developed an Excel based tool for the CRA to use in the future to 1) estimate future tax increment revenue from the property value growth in the district and 2) to estimate the potential tax increment revenue from planned or future projects. Accurate estimation of future tax increment revenue requires an assumption of several factors that impact the calculations. These factors include but are not limited to economic and real estate investment forecasting and accurate property information, including taxable value of future projects and consistent measurement techniques of taxable value by the governing authority or agency. The results indicated herein are estimates of future tax increment revenues that may be generated within the City of Clearwater CRA. These estimates should be considered professional opinion, as actual tax increment revenue is likely to vary from these estimates. The greatest unknown in this model is the degree of market stimulation that new projects will have on the local property values. Historically, Clearwater CRA tax increment growth has occurred at approximately 2.78% annually, including a brief period of declining values a number of years ago. Swan Development Advisors is estimating that this growth rate will increase to as much as 4%, but will average approximately 2.7-3.0% over the life of the CRA. However, the market impact of new projects, particularly large scale redevelopment projects, is currently unknown. A number of highly successful new projects could have a spinoff effect and create greater growth than Swan Development Advisors is able to predict. By incorporating growth estimates of the aggregate real estate values within the CRA with the projected value of projects that have received regulatory approvals and are in the development pipeline, we are able to estimate likely tax increment revenue that will be generated in the next several years. Out-year projections are more speculative, but can be refined in the future by incorporating actual tax revenue and property valuation data into the Excel tool annually and upon completion of projects. Year 2005 Downtown CRA tax increment revenue was $1,361,214 and is anticipated to grow during the years 2006-2011 from $1,430,7 48 to as high as $5,123,860. Much of this growth is the result of new projects as the majority of the underlying real estate values in the CRA are predicted to grow at just 3%-4% annually. For greater detail and explanation about these projections and to view associated Tables and Charts, the body of this report and the actual spreadsheets themselves will be required. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 2 Introduction and Overview Swan Development Advisors, Inc was engaged to perform an analysis and to develop projections of the Tax Increment that may be generated by the rising property values and new development projects in City of Clearwater's Community Redevelopment Area. This analysis was initially intended to inform the Clearwater Community Redevelopment Agency during future budgeting activities and to enable the City of Clearwater and the CRA to make informed decisions regarding methods to utilize the tax increment for upcoming projects and developments. This analysis did not include any funding commitments that the CRA has made previously or will make in the future. The Staff and CRA Board will determine utilization of future tax increment revenues. The individual components of Swan's responsibility under the original agreement were as follows: 1. Undertake an analytical review of the factors affecting the tax increment in the CRA utilizing information provided by the City of Clearwater to develop tax increment projections for the area. 2. Inc01porate new and anticipated projects to these projections in order to determine an accurate estimate of the future tax increment that the City of Clearwater Downtown Community Redevelopment Agency would receive in the future. 3. Develop a written report of the findings. It is important to note that Swan Development Advisors analysis did not independently verify or validate base property valuation data as complete data was unavailable in electronic form and individual parcel analysis was outside the scope of this effort. As a result, it is assumed that property data and tax revenue as previously reported by the Pinellas County Property Appraiser is complete and accurate. In an effort to provide the Clearwater CRA with more than just a brief written analysis of the tax increment projections as defined by the contract, Swan Development Advisors developed a Microsoft Excel based spreadsheet for the CRA staff to use in the future to 1) estimate future tax increment revenue from the property value growth in the district and 2) to estimate the potential tax increment revenue from planned or future projects. The attached Appendix contains a series of twenty-seven pages of tables and charts that estimate these future tax increment revenues. Also included is Swan Development Advisors' tax increment revenue growth projections for the Downtown and Gateway CRAs and tax increment projections for certain projects where the CRA staff provided project details to Swan Developent Advisors. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 3 Assumptions and Disclaimers Accurate estimation of future tax increment revenue requires an assumption of several factors that impact the calculations. These factors include but are not limited to economic and real estate investment forecasting and accurate property information, including taxable value of future projects, and consistent measurement of taxable value by the governing authority or agency. Clearly, general economic and business cycles will affect future taxable value estimates of any kind, and the same holds true with Swan Development Advisors' tax increment revenue estimates provided herein. For this analysis, seventeen years of property value growth and decline were previously documented by the CRA and provided to Swan Development Advisors. Access to this data allowed Swan Development Advisors to derive a historic average annual growth figure of 2.78%. Taking into account general economic and business cycles and seventeen years of documented history, property values are likely to grow at an average of three percent - understanding that certain years will see higher property value growth, while in other years it will be lower. Based on current available data on upcoming development projects, Swan Development Advisors sees the current real estate environment as very positive and growing. However, it is important to understand that real property value growth generally lags behind the business and economic cycles. Therefore growth periods are often followed by periods of slight decline or more often stabilization. Typically real property valuation does not decline significantly except in periods of extended disinvestment. The results indicated herein are estimates of future tax increment revenues that may be generated within the City of Clearwater CRA. These estimates should be considered professional opinion, as actual tax increment revenue is likely to vary from these estimates. The Excel Spreadsheet is designed however, for the CRA staff to input actual tax increment revenue in future years, to estimate future inflation rates of property value and to incorporate the estimated values of new projects that are planned or in development in the Community Redevelopment Area. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 4 Limitin Factors of Anal sis 1. New and Proposed Projects The quality of information and data regarding new or proposed projects is limited to the project value information provided by developers. The City of Clearwater CRA provided data regarding new and proposed project to Swan Development Advisors. This data is suspect for a number of reasons including 1) the privacy required by the developers and their understandable reluctance to release information to public agencies 2) the discrepancies between data provided by developers and the information contained on the building permits 3) the fact that for-sale project values are difficult to understand until real sales begin to occur and the market depth is tested for price and sales velocity. 2. Property Valuation The valuation techniques of Property Assessors, as they apply to new or existing projects, are often uncertain or inconsistent with expectations. According to the Pinellas County Property Appraiser's office, and consistent with the explanation on their web site, the appraisals of real property utilize one or any combination of three varying approaches. First, and most often used for residential properties, is the Sales Comparison Approach. This approach factors all similar properties that have been sold without undue pressure and derives a value consistent with other comparable properties. Second, the property appraiser might employ the Cost Approach. This approach utilizes current costs of labor and materials and applies those to the specifications of the property, including estimated land value, and calculates a total property value. In the case of an existing building, its existing depreciated value will also be taken into consideration when calculating total property value. Third, the property appraiser could utilize the Income Approach. Typically used for income-producing properties, the Income Approach factors current market occupancy rates, rental rates, collection allowances and operating expenses to calculate a specific net income the property could generate. This net income is used to derive the property's overall value. In addition, the appraiser could employ one or any combination of the three approaches to achieve a Reconciled Value of the property. CRA staff met with Property Appraiser staff and confirmed the methodology described above. It is important however to note that in dynamic real estate markets valuation of complex mixed-use properties over extended time periods may lead to significant fluctuations in actual taxable value. Swan Development Advisors performed independent research to identify typical property valuations for residential condominiums where the Pinellas County Property Appraiser recently determined taxable values. This research indicates that residential condominiums are typically valued at 78-82% of actual sales price in Pinellas County. This valuation mayor may not remain consistent over time, but is evidenced in projects completed after 2001. 3. Impact of New Development The impact to existing property values on properties that are adjacent to or generally in SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 5 the vicinity of new projects is unknown. Further, the reverse is true where distant properties could actually see a decline in value due to the concentration of new projects in one area and the subsequent disinvestrnents or lack or new investment in the more distant location. Inevitably, new developments render others more or less valuable based on unknown factors of proximity, architectural style and uses. While a catalytic development project might raise the value of adjacent properties, older properties with similar uses or more distant properties might experience a decline in property value. To be sure, a local community will begin to value property differently and none can consider all external factors accurately. 4. Economy and Business Cycle The local real estate economy in Clearwater and all of the factors that influence that economy including construction cost, interest rates, immigration, emigration, tourism, wage rates, household income and wealth, employment factors, cost of living, and more will ultimately affect actual property value. Currently, construction costs are inflated due to associated factors of supply and demand, and when these costs stabilize or possibly even decline, property values will be affected. Other external affects may include perceived overpopulation of coastal Florida, terrorism, weather patterns, population trends within generational layers (baby boomers, GenX, etc), and state and local taxes. Effectively, any externality that affects decision-making can potentially impact the economic and real ro er value. Table 1 Tax Increment Estimates The following schedules represent Swan Development Advisors' opinion of the likely future tax increment revenues that the CRA can expect to receive in upcoming years. It is important to note that the accuracy of these projections is limited by many of the factors mentioned above, and may be limited by additional externalities not indicated. Downtown eRA Projects Undertaking an analysis to develop tax increment projections for a designated area must reflect an understanding of both the normal (or static) real estate values and conditions as well as include some valuation estimates about taxable value growth rates and new projects that may be planned or underway. Table Two and Figure One below include proposed projects with their estimated values and tax increment revenue in the years that they are anticipated to be complete and taxable. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 6 Downtown eRA Projects Estim ated TIF Aggregate Sales (Based on % Estim ated TIF Price (or Aggregate Sales Construction (Based on % Capitalized Price/Capitalized Project Nam e Cost Construction Cost) Value) Value) II, $ - $ - $ - $ - II Ewing Place Townhomes $1,452,800 $10,674 $2,850,000 $22,378 $ 1,452,800.00 $ 10,673.65 $ 2,850,000.00 $ 22,377.54 II: Clearwater Center $49,200,000 $560,889 $58,220,000 $528,210 Clearwater City Homes $24,500,000 $269,485 $28,700,000 $252,439 Court City Homes $1,380,000 $17,794 $2,860,000 $28,764 $ 75,080,000.00 $ 848,167.32 $ 89,780,000.00 $ 809,413.11 II' Mediterranean Village $13,731,480 $148,042 $28,500,000 $264,005 Station Square Condos $29,764,000 $325,754 $37,800,000 $334,909 Water's Edge $75,000,000 $784,896 $117,750,000 $1,042,170 $ 118,495,480.00 $ 1,258,692.68 $184,050,000.00 $ 1,641,083.08 I I CW Aqua $140,000,000 $1,699,429 $177,250,000 $1,700,190 $ 140,000,000.00 $ 1,699,429.20 $ 177,250,000.00 $ 1,700,189.95 Table 2 *Values based on Property Appraiser's Calendar Year, not City of Clearwater's Fiscal Year SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 7 Total Estimated Taxable Value of New Projects by Year of Completion (Downtown CRA) 200,000,000 180,000,000 ~ 160,000,000 " 140,000,000 " .. 120,000,000 > .!! 100,000,000 -g 80,000,000 >< ~ 60,000,000 40,000,000 20,000,000 . Based on % Construction Cost . Based on % Aggregate Sales Price I Capitalized Value 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Year of Project Com pletion Total Estimated TIF Revenue From New Projects by Year (Downtown CRA) " " r:: " > " 0:: LL >= 2,750,000 2,500,000 2,250,000 2,000,000 1,750,000 1,500,000 1,250,000 1,000,000 750,000 500,000 250,000 . Based on % Construction Cost ~ . Based on % Aggregate Sales Price I Capitalized Value 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Year Projects are Taxable Figure 1 Downtown eRA Tax Increment Projections Tables Four and Five below indicate tax increment revenue estimates by year for the Downtown CRA at estimated growth rates as indicated in Table Three, column "Swan Development Advisors' Estimated Growth." The estimates in Table Four and Table Five include both the normal property value growth of previously existing projects as well as incorporate the projected values of upcoming projects, where sufficient details were available for analysis. Table Four uses the construction cost of planned projects to estimate future tax increment, while Table Five uses the aggregate sales prices of planned projects to estimate future tax increment. Both of these methods are utilized due to uncertainty of the Property Appraiser's actual valuation technique. By utilizing both construction cost and sale price measures, we are able to create a range of estimates that can be used by the CRA. Eventually, one measure or the other will prove to more accurately predict taxable value and will better enable projections by the CRA staff. Figure Two and Figure Three graphically depict the data in Tables Four and Five. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 8 Downtown CRA Growth Rate Schedule ("Control Sheet") Downtown eRA Overall Annual Projected Growth Rate Millage Swan Development Low Growth Med. Growth Advisors' (<2.1% (2.1-4% High Growth Estimated annually) annually) (>4% annually) Growth ~I ... -.mII- --- ..._iiiiiiii-- . ... --- ~ -- ... ... -.mill ~ ..... .... -.mil -.mil -.mil ~ -.mil -.mil . I . Downtown CRA TIF Projections (by Construction Cost) Tax Increment New Taxable Revenue to CRA Projects in (Less DDS Tax @ Previous Year Tax Value Downtown CRA Projected Taxable Value 95% Collectible) 2005 $ 178,586,200 $ 205,127,400 $ 1,361,214 2006 $ 205,127,400 $ $ 211,281,222 $ 1,430,748 2007 $ 211,281,222 $ 827,800 $ 218,447,459 $ 1,511,722 2008 $ 218,447,459 $ 65,780,000 $ 292,965,357 $ 2,353,722 2009 $ 292,965,357 $ 97,618,480 $ 402,302,451 $ 3,589,154 2010 $ 402,302,451 $ 131,800,000 $ 538,125,476 $ 5,123,860 2011 $ 538,125,476 $ $ 543,506,731 $ 5,184,664 2012 $ 543,506,731 $ $ 548,941,798 $ 5,246,076 2013 $ 548,941,798 $ $ 559,920,634 $ 5,370,130 2014 $ 559,920,634 $ $ 576,718,253 $ 5,559,931 2015 $ 576,718,253 $ $ 594,019,800 $ 5,755,426 2016 $ 594,019,800 $ $ 617,780,592 $ 6,023,907 2017 $ 617,780,592 $ $ 623,958,398 $ 6,093,711 2018 $ 623,958,398 $ $ 630,197,982 $ 6,164,214 2019 $ 630,197,982 $ $ 636,499,962 $ 6,235,422 Table 4 *Values based on Property Appraiser's Calendar Year, not City of Clearwater's Fiscal Year __ Swan D ~I (/) >..s::: "0- <( :::: _ 0 s:: lo.. Q)C> E"O Q.Q) 0- _ rl5 ~ E Q)- c~ s:: rl5 :::: en SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 9 Downtown CRA TIF Chart (by Construction Cost) $10,000,000 $9,000,000 $8,000,000 $7,000,000 ~ $6,000,000 ~ $5,000,000 .. > $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- Estimated TIF Revenue Per Year According to Growth Predictions (Based on % Construction Cost at 95% Collectible) Downtown CRA -+- High Growth Model ____ Medium Growth Model ~Swan Development Advisors' Estimated Grow th ----.- Low Grow th rvlodel 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Year TIF Realized Figure 2 Tax Increment New Taxable Revenue to CRA Projects in (Less DDS Tax @ Year Previous Year Tax Value Downtown CRA Projected Taxable Value 95% Collectible) 2005 $ 178,586,200 $ 205,127,400 $ 1,361,214 2006 $ 205,127,400 $ $ 211,281,222 $ 1,430,748 2007 $ 211,281,222 $ 1,735,500 $ 219,355,159 $ 1,521,978 2008 $ 219,355,159 $ 62,774,400 $ 290,903,765 $ 2,330,427 2009 $ 290,903,765 $ 127,274,940 $ 429,814,856 $ 3,900,025 2010 $ 429,814,856 $ 131,859,000 $ 565,972,004 $ 5,438,506 2011 $ 565,972,004 $ $ 571,631,724 $ 5,502,457 2012 $ 571,631,724 $ $ 577,348,041 $ 5,567,047 2013 $ 577,348,041 $ $ 588,895,002 $ 5,697,520 2014 $ 588,895,002 $ $ 606,561,852 $ 5,897,143 2015 $ 606,561,852 $ $ 624,758,708 $ 6,102,754 2016 $ 624,758,708 $ $ 649,749,056 $ 6,385,128 2017 $ 649,749,056 $ $ 656,246,547 $ 6,458,545 2018 $ 656,246,547 $ $ 662,809,012 $ 6,532,696 2019 $ 662,809,012 $ $ 669,437,102 $ 6,607,589 Table 5 *Values based on Property Appraiser's Calendar Year, not City of Clearwater's Fiscal Year Table Five represents Swan Development Advisors' estimate of the future tax increment growth schedule that the Downtown Clearwater CRA can expect to realize in the future, assuming that each of the new projects that are represented are developed on time and are valued by the Property Appraiser in a manner consistent with previous projects in Pinellas County. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 10 Downtown CRA TIF Chart (by Aggregate Sales Price or Capitalized Value) Estimated TIF Revenue Per Year According to Growth Predictions (Based on % AQQreQate Sales Price I Capitalized Value at 95% Collectible) Downtown CRA $12,000,000 $10,000,000 $8,000,000 ... " $6,000,000 " n; > $4,000,000 $2,000,000 $- 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Year TIF Realized Figure 3 --+-Swan Development Advisors' Estim ated Growth An additional component to the basic tax increment analysis that is presented is the opportunity to generate a range of outputs that will enable staff in future years to estimate future tax increment revenue based on past performance. Table Six presents a sheet within the Excel based tool that contains output tables that are based on Low, Medium, and High Growth Scenarios as well as Swan Development Advisors' tax increment growth estimate. This approach to estimation is provided to enable various growth scenarios to be tested and modeled by the Clearwater CRA in future years. Downtown CRA Tax Increment Projections (TIF Calculations Only, According to Growth Projections) Low Glowth Model Medium Glowth Model High Glowth Model Sales Price (or Sales Price (or Sales Price (or % Construction Capitalized % Construction Capitalized % Construction Capitalized Cost Value) Cost Value) Cost Value) 2005 $1,361,214 $1,361,214 $1,361,214 $1,361,214 $1,361,214 $1,361,214 2006 $1,384,392 $1,384,392 $1,430,748 $1,430,748 $1,477,104 $1,477,104 2007 $1,417,156 $1,427,412 $1,511,722 $1,521,978 $1,608,142 $1,618,398 2008 $2,184,161 $2,160,559 $2,329,039 $2,305,642 $2,479,646 $2,456,454 2009 $3,318,589 $3,629,848 $3,530,628 $3,841,626 $3,754,478 $4,065,224 2010 $4,850,588 $5,165,627 $5,154,492 $5,475,487 $5,479,279 $5,806,228 2011 $4,908,660 $5,226,849 $5,337,824 $5,668,449 $5,801,072 $6,144,369 2012 $4,967,312 $5,288,683 $5,526,656 $5,867,200 $6,138,954 $6,499,416 2013 $5,026,551 $5,351,136 $5,721,153 $6,071,913 $6,493,731 $6,872,216 2014 $5,086,383 $5,414,213 $5,921,485 $6,282,768 $6,866,247 $7,263,656 2015 $5,146,812 $5,477,921 $6,127,827 $6,499,948 $7,257,388 $7,674,668 2016 $5,207,846 $5,542,266 $6,340,360 $6,723,644 $7,668,087 $8,106,231 2017 $5,269,491 $5,607,254 $6,559,268 $6,954,051 $8,099,320 $8,559,371 2018 $5,331,751 $5,672,893 $6,784,743 $7,191,370 $8,552,115 $9,035,169 2019 $5,394,635 $5,739,187 $7,016,983 $7,435,809 $9,027,550 $9,534,756 TOTALS $ 60,855,541.93 $ 64,449,451.93 $ 70,654,143.46 $ 74,631,846.82 82,064,328.44 $ 86,474,475.40 Table 6 *Values based on Property Appraiser's Calendar Year, not City of Clearwater's Fiscal Year % Construction Cost $1,361,214 $1,430,748 $1,511,722 $2,353,722 $3,589,154 $5,123,860 $5,184,664 $5,246,076 $5,370,130 $5,559,931 $5,755,426 $6,023,907 $6,093,711 $6,164,214 $6,235,422 $ 67,003,901.37 ggrega e Sales Price (or Capitalized Value) $1,361,214 $1,430,748 $1,521,978 $2,330,427 $3,900,025 $5,438,506 $5,502,457 $5,567,047 $5,697,520 $5,897,143 $6,102,754 $6,385,128 $6,458,545 $6,532,696 $6,607,589 $ 70,733,776.98 SWAN DEVELOPMENT ADVISORS, INC. 11 MARCH 2006 The Low, Medium, High and Swan Development Advisors estimates are adjustable, as are the tax rates from Pinellas County and the City of Clearwater, should any future changes be required. Table Two above is an example of the Sheet where percentage growth rates or tax rates may be adjusted for the Downtown CRA. A similar system is included in the Spreadsheet for the Gateway CRA. Gateway CRA Tax Increment Projections Tables Eight and Nine below indicate tax increment revenue estimates by year for the Gateway CRA at estimated growth rates as indicated in Table Seven, column "Swan Development Advisors' Estimated Growth." The estimates in Table Eight and Table Nine include both the normal property value growth of previously existing projects as well as incorporate the projected values of upcoming projects, where sufficient details were available for analysis. Table Eight uses the construction cost of planned projects to estimate future tax increment, while Table Nine uses the aggregate sales prices of planned projects to estimate future tax increment. Both of these methods are utilized to develop a range of potential values approximating the Property Appraiser's future valuation of the property. By utilizing both construction cost and sale price measures, we are able to create a range of estimates that can be used by the CRA with some degree of certainty. Eventually, one measure or the other will prove to more accurately predict taxable value and will better enable projections by the CRA staff. Figure Four and Figure Five graphically depict the data in Tables Eight and Nine. Gateway CRA Growth Rate Schedule ("Control Sheet") ====== _.. --............. ~-==--' .... .., .' ...', ~ -- -'" ~ .~ -- ., ----- -- .- EiIDI · -.w. · .... . .... . ~ . ~ . ~ . ~ . ~ . ~ . . . . Low Growth (<2.1% annually) Overall Annual Projected Growth Rate Swan Development Advisors' Estimated Growth Gatewa eRA Millage Taxable Value Calculator Anticipated Taxable Project Value as % f Average Aggrega e Sales Price ( Capitalized V lue) Med. Growth (2.1-4% High Growth annually) (>4% annually) Table 7 SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 12 Gateway CRA Projects During the course of this engagement, the Clearwater CRA was not aware of any proposed projects in the Gateway Area of the CRA for inclusion in this section of the analysis. However, the Spreadsheet does accommodate the inclusion of future Gateway area projects as they develop. Gateway CRA TIF Projections (by Construction Cost) _ Swan Development Advisors' Estimated Growth --- Tax Increment Revenue to CRA New Taxable Projects Projected Taxable (@95% Year Previous Year Tax Value in Gateway CRA Value Collectible) 2005 $ 88,234,600 $ 102,228,700 $ 158,124 2006 $ 102,228,700 $ $ 103,250,987 $ 169,675 2007 $ 103,250,987 $ $ 104,283,497 $ 181,341 2008 $ 104,283,497 $ $ 106,369,167 $ 204,908 2009 $ 106,369,167 $ $ 108,496,550 $ 228,946 2010 $ 108,496,550 $ $ 110,666,481 $ 253,465 2011 $ 110,666,481 $ $ 111,773,146 $ 265,969 2012 $ 111,773,146 $ $ 112,890,877 $ 278,599 2013 $ 112,890,877 $ $ 114,019,786 $ 291,355 2014 $ 114,019,786 $ $ 116,300,182 $ 317,121 2015 $ 116,300,182 $ $ 118,626,186 $ 343,404 2016 $ 118,626,186 $ $ 119,812,447 $ 356,808 2017 $ 119,812,447 $ $ 121,010,572 $ 370,346 2018 $ 121,010,572 $ $ 123,430,783 $ 397,692 2019 $ 123,430,783 $ $ 125,899,399 $ 425,586 Table 8 *Values based on Property Appraiser's Calendar Year, not City of Clearwater's Fiscal Year en .... o en >.s::: "C - <( :::: _ 0 s::: .... Q)C> E"C Q.Q) 0- _ (IS Q) E > Q)- C~ s::: (IS :::: (/) Gateway CRA TIF Chart (by Construction Cost) $1,400,000 $1,200,000 $1,000,000 ~ $800,000 . , .. $600,000 > $400,000 $200,000 $- Figure 4 Estimated TIF Revenue Per Year According to Growth Predictions (Based on % Construction Cost at 95% Collectible) Gateway CRA ---+- High Growth Model ____ Medium Growth Model ________ Sw an Development Advisors' Estimated Growth ----.- Low Growth Model 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Year TIF Realized 13 SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 Year 2005 $ 2006 $ 2007 $ 2008 $ 2009 $ 2010 $ 2011 $ 2012 $ 2013 $ 2014 $ 2015 $ 2016 $ 2017 $ 2018 $ 2019 $ Table 9 Previous Year Tax Value New Taxable Projects in Gateway CRA Projected Taxable Value Tax Increment Revenue to CRA (@95% Collectible) $ 158,124 $ 169,675 $ 181 ,341 $ 204,908 $ 228,946 $ 253,465 $ 265,969 $ 278,599 $ 291,355 $ 317,121 $ 343,404 $ 356,808 $ 370,346 $ 397,692 $ 425,586 *Values based on Property Appraiser's Calendar Year, not City of Clearwater's Fiscal Year 88,234,600 102,228,700 $ 103,250,987 $ 104,283,497 $ 106,369,167 $ 108,496,550 $ 110,666,481 $ 111,773,146 $ 112,890,877 $ 114,019,786 $ 116,300,182 $ 118,626,186 $ 119,812,447 $ 121,010,572 $ 123,430,783 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 102,228,700 103,250,987 104,283,497 106,369,167 108,496,550 110,666,481 111,773,146 112,890,877 114,019,786 116,300,182 118,626,186 119,812,447 121,010,572 123,430,783 125,899,399 Table Nine represents Swan Development Advisors' estimate of the future tax increment growth schedule that the Gateway Clearwater CRA can expect to realize in the future, assuming that no new projects are developed, consistent with current data supplied to Swan Development Advisors. Gateway CRA TIF Chart (by Aggregate Sales Price or Capitalized Value) $2,500,000 $2,000,000 el1,500,000 . , .. > $1,000,000 Figure 5 Estimated TIF Revenue Per Year According to Growth Predictions (Based on %Aaareaate Sales I CaDitalized Value Price at 95% Collectible) Gateway CRA $500,000 $- ---+-High Growth rv'bdel ____ Medium Growth rvlodel ________ Sw an Development Advisors' Estimated Growth -----.- Low Growth Model Year TIF Realized 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 SWAN DEVELOPMENT ADVISORS, INC. 14 MARCH 2006 An additional component to the basic tax increment analysis that is presented is the opportunity to generate of a range of outputs that will enable staff in future years to estimate future tax increment revenue based on past performance. Table Ten presents a sheet within the Excel based tool that contains output tables that are based on Low, Medium, and High Growth Scenarios as well as "Swan Development Advisors' Estimate" for tax increment growth. This approach to estimation is provided to enable various growth scenarios to be tested and modeled by the Clearwater CRA in future years. Gateway eRA Tax Increm ent Projections (T1F Calculations Only, According to Growth Projections) High Growth Model Low Grow th Model Medium Growth Model 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTALS % Construction Cost $158,124 $169,675 $181,341 $193,125 $205,026 $217,046 $229,186 $241,448 $253,832 $266,341 $278,974 $291,734 $304,621 $317,637 $330,783 3,638,891.03 gg 9 Sales Price (or Capitalized Value) $158,124 $169,675 $181,341 $193,125 $205,026 $217,046 $229,186 $241,448 $253,832 $266,341 $278,974 $291,734 $304,621 $317,637 $330,783 3,638,891.03 % Construction Cost $158,124 $169,675 $181,341 $204,908 $228,946 $253,465 $265,969 $278,599 $291,355 $317,121 $343,404 $356,808 $370,346 $397,692 $425,586 4,243,336.42 gg 9 Sales Price (or Capitalized Value) $158,124 $192,777 $228,4 70 $265,234 $303,100 $342,103 $382,276 $423,654 $466,273 $510,171 $555,386 $601,957 $649,925 $699,333 $750,222 6,529,004.33 gg 9 Sales Price (or Capitalized Value) $158,124 $215,879 $276,523 $340,198 $407,058 $477,260 $550,972 $628,370 $709,638 $794,970 $884,568 $978,646 $1,077,427 $1,181,148 $1,290,055 9,970,835.69 % Construction Cost $158,124 $192,777 $228,470 $265,234 $303,100 $342,103 $382,276 $423,654 $466,273 $510,171 $555,386 $601,957 $649,925 $699,333 $750,222 6,529,004.33 % Construction Cost $158,124 $215,879 $276,523 $340,198 $407,058 $477,260 $550,972 $628,370 $709,638 $794,970 $884,568 $978,646 $1,077,427 $1,181,148 $1,290,055 9,970,835.69 Table 10 *Values based on Property Appraiser's Calendar Year, not City of Clearwater's Fiscal Year The Low, Medium, High and Swan Development Advisors' estimates are adjustable, as are the tax rates from Pinellas County and the City of Clearwater, should any future changes be required. Table Seven above is an example of the Sheet where percentage growth rates or tax rates may be adjusted for the Gateway CRA. Summary The above tables, charts and narrative provide the basis for the spreadsheet that will be provided to the CRA. Further, these same tools are used to provide total estimates for the entire CRA area where the Downtown and Gateway areas are combined. In total, Swan Development Advisors is projecting that the aggregate CRA tax increment revenues will grow from $1,131,824 to as much as $6,029,599 annually by 2019. The schedule shown in Table 11 below in the second column from the right labeled "Tax Increment Revenue to CRA (@ 95% Collectible)" is Swan Development Advisors' best estimate of the future tax increment that will accrue to the CRA, inclusive of both the Downtown and Gateway areas. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 15 ggrega e Sales Price (or Capitalized Value) $158,124 $169,675 $181,341 $204,908 $228,946 $253,465 $265,969 $278,599 $291,355 $317,121 $343,404 $356,808 $370,346 $397,692 $425,586 4,243,336.42 Swan Development Advisors' Estimated Growth Tax Increment Projected Increase Revenue to CRA Previous Year Tax Total New Taxable (Decrease) in Taxable (@95% Year Value Projects Value Collectible) 2005 $ 266,820,800 $ - $ 307,356,100 $ 1,519,338 2006 $ 307,356,100 $ - $ 314,532,209 $ 1,600,423 2007 $ 314,532,209 $ 827,800 $ 322,730,956 $ 1,693,063 2008 $ 322,730,956 $ 65,780,000 $ 399,334,524 $ 2,558,630 2009 $ 399,334,524 $ 97,618,480 $ 510,799,001 $ 3,818,100 2010 $ 510,799,001 $ 131,800,000 $ 648,791,957 $ 5,377,324 2011 $ 648,791,957 $ - $ 655,279,877 $ 5,450,633 2012 $ 655,279,877 $ - $ 661,832,675 $ 5,524,675 2013 $ 661,832,675 $ - $ 673,940,420 $ 5,661,484 2014 $ 673,940,420 $ $ 693,018,435 $ 5,877,052 2015 $ 693,018,435 $ - $ 712,645,986 $ 6,098,830 2016 $ 712,645,986 $ - $ 737,593,040 $ 6,380,714 2017 $ 737,593,040 $ - $ 744,968,970 $ 6,464,057 2018 $ 744,968,970 $ - $ 753,628,766 $ 6,561,907 2019 $ 753,628,766 $ - $ 762,399,361 $ 6,661,008 Table 11 *Values based on Property Appraiser's Calendar Year, not City of Clearwater's Fiscal Year This estimate is developed to include growth of the underlying market and taxable value of property in the area, while also including projects that are planned for development in the Downtown CRA. The CRA staff indicated that it is unaware of any substantive plans of developers to build new projects in the Gateway area at this time. As new projects are planned for development in the Downtown and Gateway CRA, they can be added to the spreadsheet for inclusion in annual calculations. Appendix A describes the basic functions of the spreadsheet and background information that drove many of the assumptions that are both implicitly and explicitly included in the spreadsheet. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 16 CRA Spreadsheet User Directions Appendix A Control Sheet: This worksheet functionally affects all aspects of the workbook. All outcomes, projections, etc. are based, to some degree, on the Control Features. Given the importance and subsequent implications of this worksheet, it is our recommendation that one person be responsible for these features, such that growth rates and methods for calculating taxable values rest solely on the CRA Manager or Manager's designee. It is expected that the Control Features will rarely be adjusted. As such, they may only be altered once a year or semi-annually. Three main sections exist within the Control Features worksheet, and those three sections are identical for both the Downtown and Gateway CRAs. Working left to right, the sections are "Overall Projected Annual Growth Rate," "Millage" and "Taxable Value Calculator." As with all worksheets, only the cells that are shaded light green can be edited. Overall Projected Annual Growth Rate: Herein lies the ability to adjust expected growth rates based on the local market's performance. General growth rates can be estimated according to Low (<2.1%), Medium (2.1-4%) and High (>4%) growth expectations. Another column, entitled "Manager's Estimated Growth" enables the manager or manager's designee to more specifically forecast growth per year, to accommodate market fluctuations that are less applicable to a generally Low, Medium or High growth model. Millage: Very simply, this section allows the user to adjust millage rates to keep data and calculations current. Each applicable tax is included: "Pinellas County," "City of Clearwater" and "DDB." In the event the Gateway CRA becomes a special taxing district similar to the Downtown CRA, simply rename the "DDB" column and change the millage from 0 to its new rate for the applicable year(s). Taxable Value Calculator: Functionally, this is the factor that allows a taxable value to be calculated for current and proposed development projects. Both "Construction Cost" and "Aggregate Sales Price (or Capitalized Value)" methods can be employed. It is our expectation that with a few years of history, data will begin to show the more accurate method, which is likely to shift according to the type of development project. While the Property Appraiser employs a three-step approach to calculating taxable value, history did not develop trends by which accurate taxable values can currently be calculated across differing types of development. Of note, however, is the fact that recent residential condominium projects have consistently been valued at 78-82% of their aggregate sales price. Commercial and Mixed-U se projects, in particular, present no specific trends. It is our recommendation that if you use a percentage of construction cost as the method for calculating taxable value, and subsequently incentive programs, you hold responsible the developer(s) for submitting accurate figures for building permits. Designed to allow for individual control of future projections, the Control Features represent the backbone of the TIF Projections and should be handled accordingly. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 17 Development Projects Separate worksheets exist for the Downtown and Gateway CRAs, and as with all the worksheets, only the cells that are shaded light green can be edited. Very simply, only the development project's name, construction cost and aggregate sales price can be edited. Of importance is to correctly place the development project(s) in the appropriate year for which they will be completed and added to the tax roll. Again, individual control of this tool allows the user to move projects to the next year in the event construction delays occur. The "Anticipated Taxable Value" and therefore the "Estimated Tax Increment" of the project(s) is (are) calculated based on the factors that exist in the Control Features worksheet. The tax values are then summed for each project and each year, in order to track how new development has impacted the TIF by year. Development Projects Summary A by-product of the Development Projects worksheets, the Development Projects Summary is designed to highlight the most important details of the new development projects. Its intended use includes but is not limited to providing snapshot data that are applicable in making available and presenting to management. Only the name of the development project, its construction cost and aggregate sales price and correlating estimated TIF value are shown. Consistent with other worksheets, the Development Projects Summary has separate worksheets for the Downtown and Gateway CRAs. Since this worksheet is simply a by-product, it does not mathematically affect actual Tax Increment projections. Development Projects Charts Another by-product of the Development Projects worksheets, these charts track and visually show how new development projects affect the Estimated TIF revenue both by year and in total. Consistent with the Development Projects worksheets, both the Construction Cost and Aggregate Sales Price methods are tracked and charted. Besides showing each project by year, the Total Estimated Taxable Values and Total Estimated TIF Revenue data are charted for visual representation. Since this worksheet is simply a by-product, it does not mathematically affect actual TIF projections. Development Project Totals Also a by-product of the Development Projects worksheets, the Development Project Totals worksheet totals both taxable value and estimated TIF for development projects from both the Downtown and Gateway CRAs in a snapshot, user-friendly format that shows such totals by year only and not by each individual project. The data are calculated for both the Construction Cost and Aggregate Sales methods and are then charted for visual representation. To restate it, this worksheet totals the two CRAs together, so separate worksheets for each CRA do not exist. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 18 TIF Projections Designed to show TIF projections for both areas, separate worksheets exist for both the Downtown and Gateway CRAs. Again, both Construction Cost and Aggregate Sales Price methods are calculated and represented. At this point in the workbook, we begin to quantify estimated TIF that will affect the actual CRA budget. Low, Medium and High growth models are employed as well as the Manager's Estimated Growth model. The base year for the tax values on the TIF Projections worksheets is 2005, and those figures are actual values from the Pinellas County Property Appraiser's office. New taxable projects and an estimated percentage of overall growth (from Control Sheet) are added to the previous year's tax value to estimate actual TIF. Then the base year of the CRA's value (1983 for the Downtown CRA and 2004 for the Gateway CRA) is subtracted, and we assume a collectible rate of 95% of all receivables to estimate actual Tax Increment Revenue to the CRA. In addition, a cumulative total is tracked and represented. Below the tables of data, charts track and visually represent estimated TIF revenue by year according to growth predictions. Separate charts exist for both the Construction Cost and Aggregate Sales Price methods. It is estimated that growth over the very near term will outperform growth in the extended future. As such, we recommend that the Manager's Estimated Growth reflect such a trend. Aggregate eRA TIF Projections Using the same assumptions and format as in the individual projections for each CRA, the Aggregate CRA TIF Projections worksheet totals the projections for both CRAs and tracks them in both tables and charts identical to the aforementioned and preceding worksheets. Herein lies the total estimated TIF Revenue under the management of the CRA Board. SWAN DEVELOPMENT ADVISORS, INC. MARCH 2006 19 Appendix B SWAN DEVELOPMENT ADVISORS, INC. 20 MARCH 2006 ~ ~ .. -' ~)a /.b1 e e III 11 ~ '0' g' ~ ~ ._ c a.~O ~ '" III III 11/ bill U ~ 0 ~ 0 Cl. 0'" ~ .........:l III Cl. Z e ~ ~...Ill U ~ E >- E E III Cl.:l ~ 0 III !~~ 111 CII CII Cl Q'S ~ a. / ~...~ u~E C E E ~ Cl. :l 0011I ..-fA c~t ~ II eu gOO' ~ a. \ ~~ Ueu CElli ~ Cl. t oo'!!' ...- 0 c ~ ~ ~CIIa. go ~-\ r- N a QJ en ro CL .... ... III .c u c o :g III N 'c III Ql ... o "0 2'" __ 0 ~.8 $~ .c:. .~ B~ cn:C: == c CII CIJ ,U ~ c: :l .llJ 0 ~ .-a. C\:l ..!!;of: c:-C 0..... <i .E ~ o III .5 "C <( E QJ E c. o a; > ill Cl c: '" ~ Cf) , " '" ~ i ~ " 5 " i:; " ;, .. :11 ~ i!" ..2 ji ~ e h 'l;; ~ '2- aGoI .. ...,.tl~ ! 0 - ,I liS :t ! U) I- 0 W ., 0 ;j) a:: ,- l1. 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" I I Eslirnat"d TIF Aggregate S, 1"5 i (Based on % Estimated TIF Price (D' Aggregate Sales Construction (Based on % Capitalized Price/Capitalized e Proiect Name Cost Construction Costl Value) Value) II. $ $ $ - $ - II Ewing Place Townhomes $1,452,800 $10,674 $2,850,000 $22,378 $ 1.452,800.00 $ 10,673.65 $ 2,850,000.00 $ 22,377.54 II: Clearwater Center $49,200,000 $560,889 $58,220,000 $528,210 Clearwater Cilv Homes $24,500,000 $269.485 $28,700,000 $252,439 Court Citv Homes $1.380,000 $17,794 $2,860,000 $28,764 $ 75,080,000.00 $ 848,167.32 $ 89,780,000.00 $ 809,413.11 II . Mediterranean Village $148,042 $148,042 $28,500,000 $264,005 Station Sauare Condos $325,754 $325,754 $37,800,000 $334,909 Water's Edae $784 896 $784 896 $117,750,000 $1,042,170 e $ 1,258,692.68 $ 1,258,692.68 $184,050,000.00 $ 1,641,083.08 . . CW Aqua $200,000,000 $2,473,069 $82,687,500 $749,145 $ 200,000,000.00 $ 2.473,069.20 $ 82.687,500.00 $ 749,144.62 . Clearwater Bay Club $175,000,000 $2,242,563 $58,050,000 $572,9961 $ 175,000,000.00 $ 2,242,563.16 $ 58,050,000.00 $ 572,995.69 1 I I I I I $ $ $ $ e Swan Development Advisors, Inc. Downtown eRA Projects Summary Page 6 of 27 - I Es\ima'ed TIF Aggregate Sales (Based on % Estimated TIF Price (or Aggregate Sales Construction (Based on '/, Capitalized Price/Capitalized e Project Name Cost Construction Cost Value) Value) I $ $ $ $ 1 I I I I I $ - $ - $ $ 1 I I I I I $ - $ - $ $ - e 1 I I I I I $ - $ - $ - $ - 1 I I I I I $ , $ - $ - $ - 1 I I I I I $ $ - $ - $ - 1 I I I I I $ $ - $ - $ e Swan Development Advisors, Inc. Downtown eRA Projects Summary Page 7 of 27 e e e ~o c: 0' 0 5g "'0-= Qllll_ II) c: III <U 0 0 COUU m ~ c: Q 0 ag "'0-= Qllll_ III C III <U 0 0 aJUU i!J *- ~"C C:O "*.C ~ c:nQ..= ~ ~~ ~~ m C) rc m ra CO<l:UJU> . ?fiQJ~"C C _._ W o ~ct ~ ~~~~~ '" Cl_ c,_ ",ommra aJ<l:UJU> . c o :;::; QI Q. e o o - o ... 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Page 15 of 27 . < , I I I --r-- I ---~ I I I Aggregate Sales EstimalHd TIF Estimated TIF (Based on % (Based on % Pri.:e (or Aggregate Sales e Construction Construction Capitalized Price I Capitalized Project Name Cost Cost) Value) Value) I 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 SO $0 SO 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 $ $ $ $ - I ' 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 $ - $ - $ - $ - I 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 $ - $ - $ - $ - I . 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 .0 $0 $0 $0 $0 e 0 $0 $0 $0 $0 0 $0 $0 $0 $0 $ - $ - $ - $ - I 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 $ - $ - $ - $ - I ; 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 $ - $ - $ - $ - I . 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 0 $0 $0 $0 $0 $ - $ - $ - $ . 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