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10 <br /> 7 <br /> after the project has been financed (1996), constructed (1997), and leased up (1998), and <br /> has achieved its proforma operating results for three consecutive months. <br /> How much of this $324,582 First Centrum Corporation ever receives for its efforts, after <br /> covering all cost over-runs for three years of pre-development, development, lease-up, and <br /> stabilization, is uncertain; but we are not in a position to cover the $186,000 school <br /> impact fee and other "off-site" requirements. <br /> We hope this explanation will dispel any notion that "for-profit" developers of affordable <br /> housing are getting rich at the public trough, or less deserving of consideration than "non- <br /> profits" for exemption or reimbursement of the "off-site" fees. <br /> We need the cooperation of Orange County and OWASA on "off-site" requirements, as <br /> well as the already received cooperation of the Town of Carrboro, to ensure that the <br /> Carolina Spring seniors community can be financed and built. Without such cooperation it <br /> is unlikely that affordable housing will be feasible in Orange County. <br /> First Centrum Corporation very much appreciates your time and consideration of the <br /> foregoing explanation of affordable housing feasibility - - an esoteric but extremely <br /> important subject. <br /> We respectfully request an exemption or reimbursement of the $186,000 school impact <br /> fee for the propsed Carolina Spring project, in order to keep the project financeable to <br /> lenders and to keep the apartments affordable to low-income senior citizens in Orange <br /> County. <br /> If you have any questions, please let me know. I would be pleased to respond by letter, <br /> by telephone, or preferably in person at your convenience. First Centrum Corporation is <br /> looking forward to the same positive working relationships in Orange County that it has in <br /> all the other communities in which it has provided affordable housing. <br /> Sincerely, <br /> Jerry A. ohl <br /> Executive Vice President <br /> encl: NCHFA budget form <br /> cc: Mike Nelson <br /> James Harris <br /> Donna Dyer <br />