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3 <br />HOUSING CONSTRUCTION <br />Phase One of the subdivision which includes eleven (11) homes <br />is near completion according to schedule. Additionally, <br />twelve homes in Phase Two are under construction ahead of <br />schedule. None of the homes are complete and ready for sale. <br />However, completion of Phase One is anticipated in January <br />1991. (See Subdivision Map). All public facility improvements <br />are also progressing according to schedule. <br />INTERIM ASSISTANCE LOAN EXPENDITURES <br />To date, Culbreth Park Community Development Corporation has <br />expended approximately $1,933,323.00 of the $2,250,000 loan. <br />Specifically, the expenditures are as follows. <br />ACTIVITY <br />Acquisition <br />Water <br />Sewer <br />Construction <br />Financing <br />Roads /Landscaping <br />Services <br />BUDGET <br />$ 588,869 <br />Permits, Fees <br />Planning /Surveying <br />Engineering <br />Administration <br />TOTALS <br />49,915 <br />263,829 <br />557,923 <br />254,761 <br />270,463 <br />85,420 <br />7,191 <br />155,629 <br />16,000 <br />$2,250,000 <br />EXPENDED <br />$ 588,869 <br />-0- <br />218,705 <br />436,885 <br />254,761 <br />192,422 <br />75,414 <br />7,191 <br />154,076 <br />5,000 <br />$1,933,323 <br />BALANCE <br />49,915 <br />45,124 <br />121,038 <br />-0- <br />78,041 <br />10,006 <br />-0- <br />1,553 <br />11,000 <br />$316,677 <br />Based on discussions with Culbreth Park Community Development <br />Corporation, the remaining balance will be expended within <br />the next three months. <br />