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'FIRST CENTRUM, <br /> RECEIVED <br /> Southeast Region MAY 3 0 1996 <br /> April 29, 1996 Aped............ <br /> Ms. Tara L. Fikes <br /> Director <br /> Orange County Department of Housing and Community Development <br /> 300 West Tryon Street <br /> Hillsborough, North Carolina 27278 <br /> RE: Carolina Spring <br /> Proposed Affordable Apartments for Senior Citizens in Carrboro, N. C. <br /> Request for exemption or reimbursement of $186,000 school impact fee <br /> Dear Ms. Fikes: <br /> Thank you for your letter of April 24, 1996, confirming Mr. Link's feceipt of my <br /> April 16, 1996 letter request. This letter is to provide additional information that <br /> you have requested in order to fully consider First Centrum Corporation's request. <br /> I am enclosing several portions of our recent tax credit application to NCHFA, <br /> which cover the information you have requested, specifically: <br /> - a full description of the proposed apartment complex which includes the <br /> number and types of units and proposed rents. <br /> - a detailed project budget. <br /> - cash flow projections for the first TWENTY years of operation, which is <br /> the cash flow projection required by NCHFA, even though you will see in our <br /> application that we are commiting to THIRTY years of low income occupancy in <br /> our application (Part A, page 5 of 12). If you want to see an additional ten years <br /> of cash flow projected beyond twenty years, please let me know, and we will be <br /> glad to do some additional calculations. <br /> - some other materials describing the importance of our project to the low <br /> income seniors community in Orange County. <br /> The information provided herewith is consistent with my April 16, 1996 letter, and <br /> will hopefully make that lengthy explanation and request more understandable. <br /> Thank you again for your consideration of First Centrum's request. We would be <br /> extremely appreciative of Orange County's approval of this request in order to <br /> make affordable housing for senior citizens feasible in Orange County. <br /> Respectfully <br /> Jerr ohla <br /> Executive Vice President <br /> 7000 Peachtree-Dunwoody Road,Building 11 ■ Atlanta,Georgia 30328-1615 ■ (404)698-MO - Modem(404)698-0510 <br />