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From: jeff Scott Hoyland bedfordhoyland@aol.com
Date: 4/21/2003
Time: 5:22:39 AM
Remote Name: 205.188.208.76
There are three important pieces to this project: 1) the developer does not recieve any money until the project has 95% occupancy or one year of profitability. In the business it is called "last dollar in". Also the developer is asking the sate for money. 2)The project went from 16 units (to large for the plot of land) to 10 units- of which 5 are real afforable units and the other five count towards affordable. So by the Town giving money through the CPA we get 2 of the units as "real affordable" 3) The project still has to pass the Zoning Board.