Agenda - 05-18-1999 - 8e - Laserfiche WebLink

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project. The Committee had extensive deliberation on the composition of the new corporation. It was established with a 9 member Board of Directors, with 7 directors appointed by the First Baptist Church of Chapel Hill and one director appointed by each of the United Church of Chapel Hill and the InterFaith Council for Social Service, which have agreed to co-sponsor the project. 8. Site,. Rev. Manley, Mr. Rufus Minor and Lane Sarver met with the Board of Directors of Pines Community Center, Inc.. Pines Community Center, Inc. voted unanimously to support the project and to option the land to First Baptist Church in return for an option fee sufficient to cover the interest cost on the mortgage note held by CCB, in the amount of $2,000.00 per month. The purchase price was agreed at $50,000.00 per acre, or $300,000 for the 6 acres, an amount which is supported by the appraisal. The Seller will also be required to extend the sewer to the site and to obtain the proper easement as required by OWASA. Because HUD requires Site Control to extend through 27 May, 2000 (12 months from the Section 202 application due date), option payments in the amount of $26,000.00 must be evidenced by either payment or escrow. With the predevelopment feasibility study budget amended to reflect actual cost items, this can be accomplished with an additional $10,000.00, to be applied to the purchase price. A proposed revised budget is shown below: PROPOSED REVISED BUDGET: ITEM 1. Topographic Survey 2. Environmental Phase I 3. Site Planning 4. Soils Engineering Tests 5. Appraisal 6. Land Options 7. Legal, Organizational, Coordination TOTAL REVISED ORIGINAL BUDGET BUDGET 4,725.00 8,000.00 1,100.00 3,000.00 2,500.00 5,000.00 4,000.00 5,000.00 1,900.00 4,000.00 26,000.00 5,000.00 45,000.00 35,000.00 C: