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<br />Solstice Partners, LLC <br />lob Muir Woods Drive, Cary, NC 27513 - (919) 610-883 Fax: (gig) 46~-5341- cconnot~sfr~ne,rr.com <br />September 10, 2oog <br />Cabarrus County Board of Commissioners <br />c/o Ms. Kassie G. Watts, AICP <br />Senior Planner <br />Cabarrus County Planning Department <br />65 Church Street SE <br />Concord, North Carolina 28026-oyoy <br />Re: Wexford Pointe Apartments <br />Application for a Reservation of Capacity Certificate <br />Dear Commissioners: <br />Thank you for the opportunity to present and speak to our application for a <br />Reservation of Capacity Certificate for Wexford Pointe Apartments in Concord, North <br />Carolina. As a result of the conditions placed on the existing financing for this project, <br />we are formally requesting that the Phasing Schedule for this project be modified so that <br />we will be able to meet the deadlines that inherently come with our financing structure. <br />As discussed, the major source deadline v~~e are concerned about is the federal housing <br />tax credit deadline that all units must receive a Certificate of Occupancy by December <br />31, 2011. <br />We are sensitive to the phasing schedule, but are asking for you to consider a <br />deviation from that schedule so that we may proceed and comply with all of our <br />financing sources. We are prepared to pay the lump sum fee of $440,218 ($4,153 X 106 <br />units) at issuance of all building permits. We are currently moving through the City's <br />planning approval process and hope to be in a position to receive building permits by <br />12/31/2oog. Therefore, we respectfully request that the Cabarrus County Board of <br />Commissioners allow us to purchase alI 106 building permits at once and as early as <br />December, 2oog. <br />Attachment number 2 <br />Page 347 of 362 <br />G-3 <br />