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2 5 <br />It is important to the ARI Board that both organizations share the philosophy that tenants should <br />have more than a roof overhead. We want them to live in the, community, not in isolation, and we <br />want them to live in home, not merely a shelter. We think our service structure enables them to <br />become a part of our community. <br />ARI has a long history with EmPOWERment. <br />• Some of the same individuals have been involved with both organizations. <br />• We-the ARI Board and the Executive Director of EmPOWERment~ollaborated <br />successfully three years ago to create the Property Manager's position at <br />EmPOWERment. <br />• ARI contracts management services from EmPOWERment and we have frequent <br />communication with the manager. <br />• The manager works closely with ARI's bookkeeper. <br />• Through the property manager, EmPOWERment's construction/repair manager has <br />performed services for Alta. <br />The EmPOWEltment Board has determined that it should and will become more involved in <br />affordable rental housing going forward; thus they are prepared to accept the transfer of <br />properties. <br />Because EmPOWERment wants to expand in this area and because EmPOWEltment's staff <br />already performs support services for ARI and its tenants, we believe that EmPOWEIZment is the <br />logical successor to ARI. <br />How will transfer be accomplished? <br />ARI proposes to transfer its properties to EmPOWEIZment at book value, and EmPOWERment <br />is prepared to accept the properties. <br />In addition to the properties, ARI will transfer all of its assets, including cash reserves, accounts <br />receivable and any other assets on hand as of the date of transfer. EmPOWERment will be asked <br />to accept all of ARI's short-term and long-term liabilities as of the that date. <br />EmPOWERment is represented by the Community Enterprise Clinic at Duke Law School. ARI <br />has engaged an attorney to handle the transfer of titles. <br />Advantages of dissolution and transfer <br />Advantages to EmPOWERment: <br />• Increased net rental income <br />• Increased profile in the community due to greater ownership of affordable rental units <br />• ARI's 2008 Financial Statement shows a net worth of $519,955. A transfer of properties <br />will enhance EmPOWERment's net worth <br />