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The provisions in the existing partnership agreement will remain in full force and effect.
However, in conjunction with this transfer, a $20,000 transfer fee will be paid by the Orcutt
Townhomes Ill L.P. to the withdrawing limited partner to cover legal and transfer costs.
These non-federal funds will be paid from the property’s operating reserve fund.
Accordingly, the attached resolution presented for your consideration authorizes the
formation of the Orcutt TH 30 L.L.C. as the successor limited partner to the withdrawing
investor and special limited partners and requests that similar action be taken by Newport
News City Council.
The formation of this proposed entity is essential to the continued operation of the Orcutt
Townhomes property and Board approval of the attached resolution is recommended.Jump to an indexed page (43 of 43)