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J 7 ~GC~Atw~ ~ ~~ <br />Sept.. 13, 2005 <br />Efland Volunteer Fire Co., Inc. <br />PO Box 39, Efland NC 27243 <br />Orange County Commissioners <br />Donna Dean, Btadget Director <br />Orange County Budget Office <br />P.O. Box 8181 <br />Hillsborough, NC 27278 <br />Dear Madams and Sirs: <br />The Efland Volunteer Fire Department Board of Directors would like to <br />purchase 19 acres of land for a fiiture second station in Efland. The parcel <br />address is on Highway 70 West, Efland, NC and is located across from the <br />Hancor plant on U.S. 7oW <br />The total cost of the land will be $120,D00.. We intend on financing <br />$78,000. This money would be financed with a 5 year note at around 4,27 <br />percent, Payments are estimated at $17,352 annually. The total repayment cost <br />would be around $86,800. The variability in these numbers would be Pram slight <br />changes in the interest rate based on fhe closing date. We are budgeted for the <br />payments in this fiscal year. We may require a tax rate increase of around <br />$8,000 per year to assist with paying this loan., In five years, when the loan is <br />paid off, the $17,000 could be used to pay for a mortgage an a new station at this <br />site. <br />If you have any questions contact myself ar Assistant Chief Peter <br />Hallenbeck. <br />'Thank you, <br />~~,_,,,...._ ~ ~ ~~.~~_._--- fit s <br />Ronnie L. McAdams, President <br />Efland Volunteer Fire Co, Inc. <br />