Background/Purpose of Request:
Ms. Holly Smith, representative for Coastal Commons Senior Living Community Affordable Housing Development, submitted the attached request for a fee deferral agreement in support of her tax credit application for the Coastal Commons Senior Living Community Affordable Housing Development.
The proposed Coastal Commons Senior Living Community is located off Beach Road SW (NC 179), identified as Tax Parcel 24400010 and adjacent to the proposed Duck Pond Estates. The proposed project is an affordable housing development consisting of sixty 1 and 2 bedroom apartments. Attached is additional information, including water and sewer fees calculation worksheets, site diagram and vicinity map.
Ms. Smith proposes the following terms for the requested agreement:
- Agreement Amount: $150,000 to pay the estimated Water and Sewer Impact Fees.
- Interest & Term: 2.0% over 20 years.
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