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51th' 02 000.5 10 50 hK <br />An employee -awned company <br />August 16, 2001 <br />Bill Kearns <br />Equity Mortgage <br />3510 University Drive <br />Durham, NC 27707 <br />Dear Mr. Kearns: <br />btl_U C.'HHYtL HILL 1 yly 96'! 990.5 lu 96110210 <br />Per your request, this letter is intended to provide information regarding Alex and Frances Hess and the <br />funding they are receiving through the Federal Emergency Management Agency's Fiaeard Mitigation <br />Grant Program and the State of North Carolina's Acquisition and Relocation Fund. <br />Here is a little background information: The Hesses are participating in the Hazard Mitigation Grant <br />Program (HMGP) buyout, which provides grant funds for Orange County to acquire their property at 611 <br />Yorktown Drive in Chapel Hill (at the property's pre - Hurricane Floyd fair market value). These funds <br />will be provided by the State to the County, who will cut a check to the Hesses for the accepted sale <br />amount of $182,000 at closing. This grant program is not a loan, but is a cash settlement to the Hesses <br />for allowing Orange County to purchase their property in conjunction with this acquisition project. <br />The Hesses also will receive some assistance through the a2te Acquisition and Relocation F i <br />to help them purchase their approved new property at 1907 White Plains Road in Chapel Hi ii, SARF <br />costs, <br />to five <br />For the purchase of the property at 1907 White Plains Road, the $17,010,00 may he used for: <br />• Any surveys, appraisals, termite inspection (and treatment, if necessary), title searches. closing <br />costs (including any fees associated with the loan), title insurance, end recording fees required. <br />e Any monetcry differeace between the amount paid for the property at 611 Yorktown Drive and <br />the purchase price of the property at 1907 White Plains Road AFTER the Fiesses's loan amount is <br />determined (it should be equal to the payoff for the current loan from the property at 611 <br />Yorktown Drive). <br />If you have any questions or need additional information /clarification, please do not hesitate to contact me <br />at(919)876-6888. Thank you for your cooperation. <br />S'ncerely, <br />C �l p�1�Wx�j%)t <br />Stacy F. Robinson <br />Technical Coordinator <br />Hazard Mitigation <br />PBS &3 <br />Cc: Alex Hess <br />3214 Spring Farast Rosd. Raleigh, North Carolina 27616 • Telephone, 919176 6888 • Fax: 919,876 6848 • www phsl.com <br />** TOTPL PRGE.02 ** <br />