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0
<br />Progr<
<br />Financing Plan
<br />tures 24,332,016
<br />Estimated Receipts ( +)Overage
<br />and (- )Shortage
<br />Requirements
<br />23,882,017 +449,999
<br />Item 11 11,816,387 11,816,387 -0-
<br />GrosslProgram
<br />Cost 1 36,148,403
<br />Dispo
<br />ition
<br />Proce
<br />ds 7,684,173 2,036,163
<br />- 5,184,173
<br />Net P
<br />ogram Cost 28,464,230
<br />Local
<br />Share
<br />Non-Cash
<br />11,816,387 11,816,387
<br />-0-
<br />Cash
<br />1,416,552 834,906
<br />- 581,646
<br />Total
<br />Local
<br />Share
<br />13,232,939
<br />Capital
<br />Grant 15,231,291
<br />w
<br />Relocation
<br />Grant 2,146,844 1,344,572
<br />+80,227
<br />Rehab
<br />Grant -0- -0-
<br />-0-
<br />Total
<br />Excess
<br />or Shortage
<br />- 5,235,593
<br />Pleas
<br />keep in mind that the above figure does not include interest to
<br />close
<br />out and is subject to change.
<br />Becau
<br />a of the large shortage of funds in this project, we find it
<br />neces
<br />ary to request that you submit a plan for
<br />financial settlement.
<br />This
<br />plan can take into consideration the estimated proceeds to be
<br />received
<br />from the sale of land through Fiscal Year 1979, grants avail-
<br />able imder
<br />the H. U.D. contract for the project,
<br />Community Development
<br />funds
<br />available, and funds from local sources.
<br />It is not necessary
<br />that
<br />the shortage be provided in one year. The
<br />plan may provide for
<br />the settlement
<br />of the outstanding indebtedness in increments through
<br />fiscal
<br />year 1979. This plan should be submitted to our office no
<br />later
<br />than February 20, 1976.
<br />p b it t .•:M (y �YYI '� t M �t .� } L i l u. J �y, ,M, 1J �y:y, w �f ,.µ l �1 .,5
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<br />�`t
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