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Resolution 3925 - REPEALS RESO 3922 and Adopts Application Process for Tax Increment Assistance50 RESOLUTION NO. '.3925 A RESOLUTION REPEALING RESOLUTION NO. 3922 AND ADOPTING AN APPLICATION PROCESS AND PROCEDURE FOR REVIEW FOR TAX INCREMENT ASSISTANCE AUTHORIZED BY ORDINANCE #933 ON MAJOR REDEVELOPMENT PROJECTS I.N THE CITY OF KALISPELL. WHEREAS, Title 7, Chapter 15, Parts 42 & 43, Montana Code Annotated authorized the City of Kalispell to develop a workable urban renewal plan to rehabilitate and eliminate blighted areas utilizing "tax increment finances" in partnership with private.enterprise, and WHEREAS, the City Council of the City of Kalispell created the Kalispell Downtown Redevelopment Plan by Ordinance #933 on September 10, 1979, and WHEREAS, the City Council of the City of Kalispell and the Kalispell Development Corporation have recognized the benefits to be derived from working closely with private developers seeking to use tax increment funds, and WHEREAS, tax increment financing has been a successful financial vehicle in enhancing economic development opportunities both within and without the Kalispell Downtown'Redevelopment Plan area, and WHEREAS, the City of Kalispell anticipates new projects from developers wanting to participate in the tax increment program, and WHEREAS, on May 6, 1985 the City Council of the City of Kalispell adopted,by motion the Tax. Increment Policy Manual which set forth the Purpose and Function of the Kalispell Development Corporation, estab- lished a Procedure for Review of Proposals for Tax Increment Funds, described an Application Process, contained the forms necessary to submit a Tax Increment Financing Application, and WHEREAS, the creation of the Tax Increment Committee of the Kalispell Development Corporation and a review of. the Tax Increment. Policy Manual have made it necessary to more formally adopt and amend the Tax Increment Policy Manual, and WHEREAS, the adoption of the Tax Increment Policy Manual as amended by Resolution shall formally describe the purposes and processes necessary to implement tax increment assistance under Ordinance #933. NOW THEREFORE IT IS .HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL: SECTION I. That Resolution No. 3922 passed by the City Council of the City of Kalispell on the 5th day of February, 1990 is hereby repealed. SECTION II. That pursuant to the authority granted to the City of Kalispell by Title 7, Chapter 15, Part 42 & 43, Montana Code Annotated and as a means of implementing the tax increment assistance provisions of Ordinance #933, the City Council adopts the Tax Increment Policy Manual, as amended, said Tax increment Policy Manual attached hereto as Exhibit "A" and for purposes of A.his Resolution made a part hereof. SECTION III. This Resolution shall become effective imr„e-- diately upon passage by the City Council and approval by the Mayor. PASSED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AND APPROVED BY TIiE,.. MAYOR THIS 19th DAY OF MARCH ,1990. vv� Y. `j. `' ' ` Roger Ho ki s , 'Mayor ATTEST : ;' ' :9+ ' ��. '. �'•' . , . "f . Amy H,. obertson �. Acting City Clerk -Treasurer PURPOSE AND r THE'KALISPELL DEVELOPMENT CORPORATION To assist the City Council, the Kalispell Development Department Corporation (KDC) contemplates working as closely as possible with developers seeking.the use of tax increment funds. The KDC's primary objective relative to assisting potential developers will be to assure that all project proposals are complete in terms of providing all the necessary information to allow the City Council to make a decision regarding the proposal. Successfully performing this function should eliminate the possibility of the City Council delaying action due to a lack of information. The Tax Increment Committee of the Kalispell Development Corporation shall act as a liaison between the Kalispell Development Corporation and the City of Kalispell. The Tax Increment Committee (TIC) shall review all requests for expenditure of tax increment funds, proposed development projects, and infrastructure improvements in the Downtown Redevelopment Area. The TIC shall be composed of the Mayor of the City of Kalispell, the Chairman of the Community Development Committee, Kalispell Development Corporation President, Kalispell Development +, Corporation President -Elect, Immediate Past President, and such other members as the Kalispell Development Corporation Executive Committee shall submit annually to the Mayor and City Council for confirmation, who shall be appointed by the Mayor with the advise and consent of the City Council. Decisions of the KDC/TIC shall be forwarded as recommendations through the Community Development Department to the City Council for action., The KDC's primary objective in assisting the City Council is to prepare a sound recommendation pertaining to each project proposal's potential for efficient use of the funds. The KDC has adopted the following goals and priorities pertaining to the use of tax increment funds. All project proposals will be evaluatedaccording to how well they meet the goals and priorities. REDEVELOPMENT GOALS To eliminate slums .and blighting influences as well as inappropriate land uses within the Redevelopment Area and specifically the Central Business District, and to free land for development into more economic uses. To establish, a pattern of land use within the Redevelopment Area which is functional, imaginative, and achievable, and which provides for residential, commercial, and industrial development. To provide a system of off-street parking facilities which recognizes the needs of the shopper, the businessman, the resident, the high school student and the employee. To develop a traffic circulation system within and around the Central Business District and Redevelopment Area which provides for safe and convenient automotive and pedestrian movement. To strengthen the Central Business District's position ,as the retail, business, and financial center of northwest Montana. PROJECT PRIORITIES :The -amount of economic activities to be generated by the project, the total employment generated by the proposed activities, the increase and expansion of the tax base with the planned development and the project's impact on the fiscal deterioration within the Redevelopment District and community. Other forms of financing that will be leveraged with .the project, the developer's past performance and the total feasibility of the project. Section 7-15-4288, MCA. Costs which may be paid by tax increment financing. The tax increments may be used by the municipality to pay the following costs of or incurred in connection with an urban renewal .project;. --sr. - ,;„: ai41r.r t (1) land acgis in ;. r •. r: fi , ,,�.,. : �' (2) demolition .ari 'removal of'structures; (3) relocation of occupants; and .,�the..._,acgµ s i t,i.og,.. construction,. . and improvements ,.of stree'th cur s•, dutteks, sidewalks, pedestrian malls, alleys; :,parking, lots;and off-street parkingf.acilities,' sewers, water- lines, waterways, public, buildings, .and other. public improvements authorized by parts 41 through 45 of chapter 12, Parts 42 and; ;43 of chapter' 13, end part 47 of chapter '14 and items of* 'Personal property to be used in connection with improvements for which the foregoing costs may be incurred; and :.­ (5) costs incurred in connection with the redevelopment activities allowed under 7-15-4233. Tax increment may premiums, if any, pursuant to state of providing funds and law to p eage o e r yi' EMIC U:: -Vilt interest on bonds which the. Agency may issue for the purposes listed above for the purpose pay such costs. PROCEDURE FOR REVIEW OF PROPOSALS FOR TAX INCREMENT FUNDS 1. Initial contact to present a proposal for the use of tax increment funds shall be made through the Community Development Department. Application forms and development criteria will be made available to developers. Applications shall consist of a written project proposal providing the following information: -Name, address, etc. of the applicant. -Location of the project. -How much money is being requested? -Will TIF funds be in the form of a loan? -What is the proposed use of the funds? -What are the requested terms of the agreement? (How long for repayment? How will it be repaid?) -What combination of funding will be used in the project? -Some idea of what increase in taxes would be generated from the project. •-A brief history or track record of the applicant. -Do they plan to take advantage of the tax incentives such as the remodeling tax credit? -Any additional items as determined by City staff or. the KDC. 2. The Community Development staff shall submit the project proposals to the City Council for informational purposes. Staff will refer all proposals to the KDC for. processing. 3. KDC Action - the KDC working through the Tax Increment Committee (TIC) will conduct meetings upon demand with proper public notices. The KDC/TIC will provide the City Council with copies of minutes of all meetings. City staff will act as staff for the KDC/TIC and provide the members with copies of project proposals prior to meetings. Groups making proposals will be asked to limit their presentations to approximately 20 to 30 minutes with only one speaker participating in the actual presentation. Under no circum- stances will the KDC/TIC consider taking action on a proposal unless all parties involved in the proposal are present or represented by someone with the authority to make commitments on their behalf. The Ki:C/TIC will prepare a written recommen- dation for consideration to the City Council. Presentation will be made by the KDC/TIC and the proposed developer at a work study session of the City Council. The applicant will receive a copy of the recommendation. 4. City Council Action - The City Council, as Urban Renewal Agency, may act upon the proposal at the regularly scheduled a meeting or, if it deems necessary, may schedule public hearing to consider the proposal. At the time that the Council considers the proposal, it will permit all interested parties to present information pertinent to the proposal. Any project proposal.receiving approvalbythe.City Council "and' hrbu the use of a should'" be c"odumented finl _alizegh "legally binding'_�." Development Agreement "4.. Such an agreement will specify, in" detail, what all parties involved in the proposal have committed 'to loan, pay, develop, etc. APPLICATION PROCESS TAX INCREMENT FINANCING I. INTRODUCTION The existence of blighted areas within the municipalities of Montana has been identified by the state legislature as a problem which requires government action. Enabling legislation has given local governing bodies the authority to establish urban renewal districts, utilize urban renewal powers, and implement urban renewal projects through the use of tax increment financing. Tax increment financing (TIF) is a significant element of the urban renewal law, allowing urban renewal programs to be financed locally without reliance on limited federal funds. The principal behind TIF is the ability of the local governments to use the increase in taxes within a specified district above an established base year for redevelopment projects. In 1979 Kalispell adopted an urban renewal plan and designated the central business district as a blighted area. Property taxes continue to be paid to all taxing jurisdictions on the basis of the 1979 taxable valuation. Any subsequent tax increases due to new development_, inflation, or re -appraisals, however, are set aside for the City of Kalispell which has been delegated the authority to undertake urban renewal efforts.. After the expiration of urban renewal authority on 1987 or after retiring of all bonded indebtedness incurred for renewal activities, the base year restriction is eliminated and the local taxing jurisdictions obtain the additional tax revenues generated through redevelopment. Tax increment financing is not an abatement program for new development. Revenues obtained, however, may be utilized to encourage the implemen- tation of public or private projects. As specified in state law, the City of Kalispell may utilize TIF for the following activities: 1) land acquisition; 2) demolition and removal of structures; 3) relocation of occupants; 4) public improvements; and 5) costs .incurred in the exercise of urban renewal powers, including urban renewal projects as authorized by Kalispell City Council, Ordinance #933. Loans and grants may be eligible under this provision. II. APPLICATION PROCESS The City Council of the City of Kalispell has the authority to assist developers in the implementation of redevelopment projects.. The following procedure has been developed to process TIF funding requests. Costs to be paid with TIF monies may not be incurred by the applicant prior to the effective date of funding approval and the satisfaction of any conditions of such approval. Contact the City of Kalispell__ Community Development Department, City of Kalispell, Kalispell, MT, to discuss the project and determine eligibility for TIF assistance. PrepareApplication- The CD staff will assist the developer in preparing a formal application. Staff Review - Upon submittal of all necessary information, the staff reviews the merits of the project and the need for funding. Board Review 6 DecisiDn - ,Toe-,K•ali-spe13, Development Corpor- ation (KDC)/Tax Increment Committee (TIC) reviews the project and staff recommendation, and either recommends approval/ disapproval for funding request or requires more applicant informa_tion,: City Council Reydew,and Approval - The City•Counci1 of the City of Kalispell., will review and make the final decision ;on the KDC/TIC recommendation on presentation by the Community ...,,Development Committee. III. APPLICATION REQUIREMENTS A developer must submit a written application for each proposed project. The following information would generally be required in the application. Based on the nature and amount of the request, the CD director may exercise discretion in the application information requirements. In particular, the director may waive the requirement of personal financial statements when not deemed necessary for the evaluation of a project. At any point in the review process, the staff or board may request more .information of the applicant. The CD staff will assist the developer, when necessary, in developing the information. 1. Project Description - a description of the project, type of development and scope of work including: - plans/schematics - project schedule. - completion of project - project feasibility - and economic feasibility proposed timetable for substantiate the market of the project. 2. Pljicinclnij - d de6cripLivn 01 the financial arrangements of the project to includes - source of funds - detailing terms and conditions. - I.wlldol L'4r{Hiil1 I..{Ball I tJ - UV I LIcf{{u`a uj� cullmi l l,l11a11 LU uX funds necessary for completing the project cost breakdown - estimated cost of project -proforma - projections of anticipated income, expenses, cash flow and depreciation for the first five years of the project. 3. Development Entity - a public disclosure of the development entity and other involved parties including information on qualifications and past experience. 4. Financial Disclosure - full financial disclosure of development entity with evidence that the developer has both the financial and legal ability to complete the proposed project. As per adopted policy, this information will be kept confidential, subject to a challenge of this policy in a court of law. Provide a letter from financial source. 5. [necessity of TIF - a "but for statement" that private investment is contingent on TIP, based on cash -on -cash return and internal rate of return. 6. Leverage Ratio - ratio of public to private investment.. 7. Em to meat Generated - best estimate of construction and permanent jobs to be generated by the project and a Wage/salary scale for employment created. 8. Letters of intent from tenants for lease project. 9. Tax Generation - The existing tax base of the property upon which TIP assistance is requested must be compared to the anticipated tax base resulting from the proposed project and must demonstrate that the increase in taxes generated by proposed project will cover TIF° assistance over a period of.not to exceed ten years. The following .hypothetical development would be a realistic guide for development using a $2 million project: $2,000,000.00 3.86 .. - .77,2a0.00 .459425 35,467.70 _ _5,211.99 $ 30,255.61 IV. CRITERIA FOR REVIEW Market Assessed Consolidated Mill Taxes, Generated. by Proposed Project Existing Taxes TIP. Tax Annual Increase The submission of an application for tax increment assistance begins the review process which is undertaken by the Community Development staff and the KDC/TIC. Materials contained in the application provide information needed t.o assess the merits .of the project in relation to the goals and objectives of the Urban Renewal Plan. This will allow the KDC.'/TY.0 to decide between competing projects or determine if a proposal has sufficient benefits to warrant assistance. The KDC/TIC evaluates a project based on the following criteria. 1 I. Economic St' 1 be _ _ imu us - The amount of economic activity to generated by the project. This includes an earnings statment and/or projections of annual gross sales which result from the project. 2. Eml2loyment Generation -- Total employment generated by the project including short-term construction and long-term Permanent jobs. Included should be a wage/salary scale for all employment created. Additional employment "spinoff" or the multiplier effect is also considered. 3. Tax Generation - The estimated taxable value or a breakdown of the praject's total construction cost must be submitted. This will allow the City to determine additional tax payments and the amount of assistance to be provided. 4. Elimination of Blight - The project's impact on the physical and fiscal deterioration within the urban renewal district and the community. 5. Financial Assistance - Other forms of financing associated with the project including equity, lender participation, industrial development revenue bonds, and state or federal monies will be examined to assess the need for TIF assistance. In addition, tax incentives under the Economic Tax Recovery Act will be considered. 6. Developer Past Performance - The applicant's demonstrated performance in implementing similar projects. 7: Project Feasibilty - Based upon the proforma and financial arrangements, a review of project feasibility will be undertaken. 8. Impact Analysis/Assessment - This review will be based on environmental impaets,-design, and dislocation associated with the project. 9. Special or Unique_ Opportunities - The extent to which the project represents a special or unique opportunity to meet local priority needs that are consistent with economic revitalization and urban redevelopment objectives. 10. Timely Completion - The feasibility of accomplishing the Project in a timely manner (one or two years) within the total project budget. 11. TIP Assistance - TIF assistance to a developer initiated project shall noCexceed 10% of the entire project including, but not Limited to, land assemblage, acquisition, demolition, construction, landscaping, utility connections, parking, etc. Based upon this criteria, a decision will be made on the provision of financial assistance. If approved, post approval requirements will be undertaken. V. POST APPROVAL REQUIREMENTS 1. Development Agreement -- The City and the developer must sign a legally binding development agreement which finalizes the terms and conditions of the TIF assistance. 2. Reporting Re uirements - Developer shall provide the City with 90 day progress reports and other reports on approved projects as specified in the development agreement. i EXHIBIT "A" TAXINCREMENT POLICY MANUAL (Procedures Necessary to Implement Tax Increment Provisions of Ordinance #933) ._ Adopted Resolution No. 3March 19� 1990 Pursuant to 925 ,: TAX INCREMENT FINANCING APPLICATION CITY OF KALISPELL COMMUNITY DEVELOPMENT.DEPARTMENT A. APPLICANT 1. Name:_— 2. Address: _ 3. Contact Ferson:_ Telephone Number:— B. Project 1. Location%. a. address: ---_---- b. legal description: 2. Present Ownership of Site. 3. Narrative Description of Project: 4. Plans/Schematics: (attach schematics, site and landscaping plans, and renderings, if available).- 5. Project. Schedule: 1 1 1 6. Market analysis: (attach market study or other analysis regarding feasibility of project.) 7. Employment Generated by Project: a. construction jobs: b. new permanent jobs: C. transferred jobs: _ d. retained jobs: C. Project Financing 1. Source of Funds: (complete attached forms) 2. Lender Commitments: (attach evidence of commitment of funds) 3. Estimated Project Costs: (complete attached form) 4. Proforma: (complete attached form) D. Tax Increment financing (TIF) Request 1. Amount. Requested: Pr2ject_Act.ivity $ Total Request $ 2. Necessity of TIT' Assistance: (evidence that private development is contingent on TIT' assistance) 3. Estimated Leverage Ratio a. total private investment $ b. TIF request $ C. leverage ratio W b) E. development Entit : (complete "Developer's Statement for Public Disclosure" form) F. Financial Disclosure: (complete Financial "Developer's Statement Responsibility" form) of Qualifications and PROJECT I. SOURCES OF FUNDS Private Leader $ Developer Equity $ TIC' Request $ Other Funds (specify) $_ - Total Project Cost II. EQUITY Cash Invested $, other,(specify) $ $ Total Developer Equity Ill. LENDER COMMITMENTS Lender Amount of Loan Interest Payment/ Term Period years $� years $ 1 1 1 1 1 1 Land: Cost of Land Off -Site Improvements On -Site Improvements Other Land Improvements Total Land & Improvements Structures: Excavation Foundation Frame Floor Structure Floor Cover Ceiling Interior Construction plumbing Sprinklers Beating - Cooling Electrical Exterior Walls Windows Wall Ormentation Roof Structure Roof Cover Elevator Other Total Structure Total Structure & Land 13 PROJECT COSTS Fees: Legal $ General Requirements $ Builder's Overhead $ Builder's Profit $ Appraisal $ Architect Design & Supervision $ Permits $ Other Fees $ Total Fees Financial: Bonds $ Interest During Const. $ Taxes During Construction $ Construction Insurance $ Interim Financing Fee $ Origination Fees $ Title & Recording $ Other $ Total Financial Supplemental Management Fee: Developer Profit & Risk $ Contingency Reserve $ Total Total Estimated Development Cost 1 1 1 11, m n m m a ((DD o Ui UI rr rr UI O U1 C UI w UI (n UI (D .. �' .. '� 100 (D O 3 � r- (D (D piro n n a n O '0 O G C (D m r• pa +( r0 O O O 'U C 0 o o n to c w ro ru to (D (D O (D U w CA 0 a (D w w r• r• (D (D (D n " G rr rr *e w rr r• Cl +ti + rt r< a rr �:l w n w �w (D (D En rr rr rr .-. � .. � rt w � C] w (D In U) C ' C �C rr Ul P.-J • rr rfi W t.,. (A to to7 H. '•< O Da "1 (D 'A� � Ln W �3 l6 G N x � (fin H a 1-3 aj m D � t� r (D n El ro ro w r r) x (o (D (D (D n Q � O n (D a � � (D n (D w En a (D N m W w � m ]3 r• (D (D a rr m (n r rt n (D rl cn (D ul ti (D irl o n c N N m a �r .. to � { r DEVELOPER'S.STATEMENT OF QUALIFICATION AND FINANCIAL RESPONSIBILITY (For confidential official use of the City of Kalispell Community Development Department) 1. a. Name b. Address 2. Is the applicant a subsidiary of or affiliated with any other corporations or any other firm or firms? _ Yes �tyo if yes, list each such corporation or firm by name and address, specify its relationship to the applicant, and identify the officers and directors or trustees common to the applicant and such other corporation or firm. 3. a. The financial condition of the applicant, as of 19 _® is reflected in the attached financial statement. (NOTE: Attach to this statement a certified financial statement showing the assets and the liabilities, including contingent li.abil- i.ties, fully itemized in accordance with accepted accounting standards and based on a proper audit. If the date of the certified financial statement precedes the date of this submission by more than six months, also attach an interim balance sheet not more than 60 days old.) b. Name and address of the auditor or public accountant who performed the audit on which said financial statement is based: 4. If funds for the project are to be obtained from sources other than the developer's own funds, a sL.aLement. of Lhe developer's plan for financing the acgi.i i si t ion and development of I he. land. and amnII111 of cash avrailahle to developer to meet equity require:menls of t-110 }-)l OPUS LI Ulidut L,ak illy (,I 1(_( I4�1. ul. CI t-LIi I w.iy required to substantiate Lhe availability of developer. equity): 6. Names and addresses of lender references: 7. a. Has the applicant or any individual or entity affiliates] with the development of this project been adjudged bankrupt, either voluntary or involuntary, within the past 10 years? Yes I No If yes, give date, place, and under what name. b. Has the applicant or any individual or entity affiliated with the development of this project been indicted for or convicted of any felony within the last 10 years? —_Yes No If yes, give for each case (1) date, (2) charge, (3) place, (4) court, and _(. ,!_ actio% taken., Attagq ,,any.expl,poni,de.emed necessary. 8. Outline undertakings, comparable to the proposed project, which have been completed by the developer or any of the principals of the developer, including identification and brief description of each project and date of completion: 9. Identify the construction contractor or builder who will undertake this project. I I -A a. Name and address of such contractor or builder: b. Has such contractor or builder within the last 10 years ever failed to qualify as a responsible bidder; refused to enter into a contract after an award has been made, or failed to complete a construction or development contract? _--Yes No If yes, explain: c. Total amount of construction or development work performed by such contractor or builder during the last three years: General description of such work: d. Construction contracts or developments now being performed by such contractor or builder: DATE TO BE PROJECT LOCATION AMOUNT COMPLETED e. Outstanding construction -contract bids of such contractor or builder: PROJECT AMOUNT DATE OPENED 10. Does any member of the local governing body or the City of Kalispell Community Development Department to which the accompanying bid or proposal is being made, or any officer or employee of the City of Kalispell who exercises any functions or responsibilities in connection with the project, have any direct or indirect personal interest in the developer or in the project? Yes No If yes, explain. 11. The applicant may choose to attach additional statements and other evidence of qualifications and financial responsibility. CERTrrICATION I (We)1 _ certify that this developer's Statement of Qualification and financial Responsibility and the attached evidence of the developer's qualifications and financial responsibility, including financial statements, are true and correct to the best of my (our) knowledge and belief. Dated:_______,— Signature — Address and Zip Code -- Dated:—_ — Signature �-- .Title - Address and Zip Code 1If the developer is a corporation, this statement should be signed by the President and Secretary of the corporation; if an individual, by such individual; if partnership, by the managing partner; if an entity not having a president and secretary, by one of its chief. officers having knowledge of the financial status and qualifications of the developer. DEVELOPER'S STATEMENT FOR PUBLIC DISCLOSCIREI A. Applicant 1. a. Name b. Address C. IRS Number of Applicant 2. if the applicant is not an individual doing business under his own name, the applicant has the status indicated below and is organized or operating under the laws of --_-__ — ---- A corporation. A nonprofit or charitable institution or corporation. A partnership known as A business association or a joint venture known as A federal, state, or local government or instrumentality thereof. Other (explain). 3. If the developer is not an individual or a government agency or instrumentality, give date of organization. 4. Names, addresses, title of position (if any), and nature and extent of the interest of the officers and principal members, share- holders, and investors of the applicant, other than a government agency or instrumentality, are set forth as follows; a. If the developer is a corporation, the officers, directors or trustees, and each stockholder owning more than 10% of any class of stock. b. If the developer is a nonprofit or charitable institution or corporation, the members who constitute the board of trustees or board of directors or similar governing body. C. if the developer is a partnership, each partner, whether a general or limited partner, and either the percent of interest or a description of the character and extent of interest. lif space on this form is inadequate for any requested information, it should be furnished on an attached page which is referred to under the appropriate numbered item on the form. -- - d. If the developer is a business association or a joint venture, each participant and either the percent of interest or a description of the character and extent of interest. e. If the developer is some other entity, the officers, the members of the governing body, and each person having an interest of more than 1.0%. DESCRIPTION OF CHARACTER AND NAME, ADDRESS AND ZIP -CODE EXTENT OF INTEREST 5. Name, address, and nature and extent of interest of each person or entity (not named in response to Item 5) who has a beneficial interest in any of the shareholders or investors named in response to Item 5 which gives such person or entity more than a computed 1.0% interest in the developer (for example, more than 20% of the stock in a corporation which holds 50% of the stock of the developer, or more than 50% of the stock in a corporation which holds 20% of the stock of the developer): 1 1 NAME, ADDRESS, AND ZIP CODE DESCRIPTION OF CHARACTER AND EXTENT OF INTEREST 1 C 6. Names (if not given above) trustees of any corporation or firm above: of officers listed under CERTIFICATION and directors or Item 5 or Item 6 I (we) 1Dis certify that this DeveYoofrmy (our) knowledgeuandCbeliefosure is true and correct to the bey Dated: signature — -- T i t 1 e —--��— Address and Zip Code Dated: — — �.___------- —� Signature —�� — Title Address and Zip Code lif the developer is an individual, this statement should be signed by such individual; if a partnership, by one of if a corporation or other entity, by one of its chief offic)ers having knowledge of the facts required by this statement.