Agenda - 12-13-1999 - 5 - Laserfiche WebLink

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• December 13, 1999 Myles Presler, Executive Director EmPOWERment, Inc. 705-A Rosemary Street Carrboro, NC 27510 Dear Mr. Presler: The Orange County Board of Commissioners hereby commit $90,000 to EmPOWERment, Inc. for the purchase of a tract of land, for subsequent housing development, on Pine Hill Drive in Carrboro as identified in their Housing Bond Program Application dated July 8, 1999. The actual disbursement of funds is contingent upon the execution of a Performance Agreement between the County and EmPOWERment, Inc. that will have the following components: 1. Project Description 2. Purpose of Funding 3. Security Provisions; e.g. Deed of Trust -Promissory Note 4. Construction Timetable 5. Compliance wi#h applicable zoning and building code requirements 6. Project Budget 7. Statement regarding Minority and Women-Owned Business Participation 8. Fair Housing Certification 9. Anti-Displacement Certification 10. Dissolution Requirements -What happens to project property of EmPOWERment, Inc. is dissolved? 11. Reporting Requirements 12. Long-Term Affordability Requirement a. The bond investment will be secured by a forty (40) year Deed of Trust and Promissory Note, forgivable at the end of forty years. b. The period of affordability will be 99 years and will be secured by a deed covenant. c. Aright of first refusal will be incorporated into. the deed covenant that may be exercised by EmPOWERment, Inc. and/or Orange County. d. Equity will be shared at a rate of 50/50. 13. Other requirements as necessary to promote the Board of County Commissioners goals. The County Manager will present to your organization the Performance Agreement, form of Promissory Note, form of Deed of Trust, and the form of the Deed Covenant on Wednesday, December 29, 1999 for execution. The $90,000 funding award will be disbursed within five (5) working days after receipt by the County of a fully executed Performance Agreement. Sincerely, Moses Carey, Jr., Chair