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4/15/2022
Freedom's Path Dublin is coming along nicely. This week can be characterized as incremental success. We met with the Department of Veterans Affairs and other stakeholders on Thursday.
The Executive Director at VA's Office of Asset Enterprise Management has signed off on VA's capital contribution to the project. With all sources of financing complete, VA is able to move forward with their Notice of Intent (NOIE) and concurrent review. VA has an upcoming meeting regarding the AIR Commission Report and is expected to have the NOIE to the Secretary of VA's office by the end of the month. But we know how things go with VA and timing...
With that said, we are forecasting a lease execution and closing no later than approximately the end of July. As LIHTC Tax Credit developers, we have the 10% test to meet as well as our place in service drop dead date. We are projecting an 11-month construction time, but in today's environment we don't know what the supply chain will be doing or labor markets for that matter, so it will be a challenge to keep construction numbers (and our contractors) still for that long. In combat, the battalion or fighter aircraft or logistics that can consistently move and act faster than its enemy has a powerful advantage. We must maintain a sense of urgency throughout all ranks and departments involved in our developments.
Our engineer crew went to the site to perform some soil tests as required by the lender. We are confident the tests will reveal that which we are already aware.
"Hit quickly, hit hard and keep right on hitting. Give the enemy no rest, no opportunity to consolidate his forces and hit back at you." —Holland M. Smith