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0t ~{[r {~~/" (LU S <br />t;K^„ZR ~;;^IIlf..,, ; <br />A:,i,~Ciii: <br />rJ.+. <br />rl ;;^^~~ <br />/ ~ Si<,~ ~~ k~l~~ ~,~ ~~silnji, <br />6 (A ~'/ mr G f` <br />~..mf'J ~ ~ t."'~lt% ~ 6'm~~ ~^r 'lff ~ ~ `.~ W LI t~ <br />Reclaiming the POWER of our Communities <br />60ARD OF DIRECTORS ~ 'ii ~i~w 3.. y,J ` <br />December 1, 2003 ": <br />r <br />(azthnv I°carringion, Pmsident <br />~~d Slme! NngGGnrGanA.Arm~intion <br />Phil$mi[h, Secretory John Smith DEG ~ ~;[t)t~i~ <br />Chnpe(I-li!/Pa/r're ll[frrtr'lmu,t Tax Assessor <br />Orange County <br />Robin Ranlun, Treasurer P.O. Box 8181 ~~~N>J~ {r~, ~~$n (1~E+~'~ <br />Vnr!/irirlr Cnnun+rnily /luunntinn r <br />Hillsborough, NC 27278 <br />Jane Parmr ~ - <br />Vorlhiirle Cmnnumily. 1unnnlinn ` <br />I3arhara Poggie Dear Mr. Smith: <br />VnrtLrirle Cam»umiy Ar,adntinn <br />IIetsy Cocl:man Please find enclosed applications far tax exemption for the following properties in Chapel liill; 503 <br />LntGnm Cmmy Fronting FLr/lmnly Sykes Street and 229 N. Graham Street. EmPOWERment, Inc. purchased these properties to create <br />,aan s P°^shee, Past Presiacnt affordable house ownership opportunities for low-income residents of Orange County. We fnanced the <br />Vortbrirle Cummun;tyflrmd°ri011 project with CDBG money from the Town of Chapel Hill.. <br />sraFP As a practice and in our performance agreements with the Town of Chapel Hill these will be sold to <br />families earning less than 80 percent of the area median income. In both cases, the property will <br />"''rh chat°^ become part of the Orange Community Land Trust ensuring that the property will remain affordable far <br />Dirzrlnr <br />into the future (minimum of 99 years). Lastly, we intend to build on both sites in 2004 and have the <br />neiores eager homes sold to low and/or moderate income families before the end of 2005 (most likely they will be <br />"`~°°°" °inrar sold before Dec. 31, 2004). <br />Jerr c,;°la <br />f7t~ndnte n;rtrr»r We believe this meets the requirements of NCGS 105-278 6(e), where real property held by a nonprofit <br />Fabian r. Farrington Organization is held for a charitable purpose if it is held for nor more than five years as a future site for <br />'rnperry c Flrgorxitiarr Mnnn~'°r housing for individuals and families with low or moderate incomes. The taxes that would otherwise be <br />Ivrarsha Fanran; due on this property will be considered a lien on the property until a home far glow tomoderate-income <br />cnnrr„rrn»n mrrn.~yr, family is constructed and sold within the five-year period. <br />Josh Prnhopy <br />ur,um», 1>rosn„» n-Innngar We apologize for the tardiness of the application, but we just became aware of this exemption clause. <br />7s tl FI°r. The additional funds saved from being exempted from property taxes on these two properties would <br />Fi„»nr;rdmrn»nsr, greatly assist in reducing the costs of the new homes for moderate and low-income families. We <br />appreciate your willingness to consider this application. <br />Greg was°„ <br />Flmcrrirg RtGnLilirarinrr Mmr~cr <br />Please contact me if you need additional information or have any questions. Thanks again for your <br />ADDRESS continued support of our work. <br />hlidwny 14usincss Ccntcr <br />109 N Graham St Sincerer <br />mite zoo ~ y/~ _ _ p"'qq <br />Chapel flill,NC?757( /~ (,.G'L~W~G~_ <br />Phone (9t9) 9G7-R779 ~/ 1. 4< <br />Fa.: (979) 9c,7-ono Jeff Gaiola <br />n fnQempowcrmcnt-inc org <br />o~wm cn,powcnnem-inc org Associate Director <br />