|
INELIGIBILITY FOR CONVENTIONAL FINANCING: In speaking with bank mortgage officers
<br /> regarding a commercial mortgage for refinancing the balloon payment, it is clear that both the property and
<br /> our income stream preclude such fmancing. Though we, as a non - profit corporation, would be pursuing a
<br /> commercial loan, any bank would have to look at the property as a potential residence. The property is not on
<br /> city utilities and the house is rather primitive (a log structure, it has no central heating or built -in heat that
<br /> works; no shower; the sink in the bathroom has only separate hot and cold faucets and no counter or cabinets;
<br /> there is almost no built -in storage anywhere; very low flow well; though insulated underneath and in the attic,
<br /> the walls are not, and cannot readily be, insulated and all windows are single pane and vary slightly in size).
<br /> Basically, we do not meet the minimum portfolio requirements of most conventional lenders.
<br /> Economically, CRC does not "exhibit the cash flow stream to provide adequate debt service," in the eyes of a
<br /> conventional lender. In years where our income has met annual minimums, part of that has been restricted
<br /> donations dedicated to certain things such as medical equipment or an educational coordinator, and we do not
<br /> meet the monthly minimums on a consistent basis, given our erratic cash flow which comes from our
<br /> dependence on donations. As you know, we have in the past occasionally fallen behind in payments to the
<br /> City, although we have always made them up and have been fairly consistent in the last 18 months. The City
<br /> has more `invested' in the community service that CRC provides and has been more forgiving than would be
<br /> a conventional lender. Also, the payment schedule of a conventional mortgage, with a higher interest rate and
<br /> larger payments, would be difficult for CRC to meet.
<br /> PROPERTY IMPROVEMENTS and MAINTENANCE: We have, I believe, taken good care of the
<br /> property. We had to remove one tree that was leaning out over the driveway, making garbage pick -ups and
<br /> large deliveries difficult. The shed at the head of the driveway that was leaning against the oak tree was
<br /> straightened, strengthened, and extended. The shed that started life as a chicken coop now has a concrete
<br /> floor and shelving for rodent cages, with a concrete walkway leading to it. In renovating the small building
<br /> which apparently started life as a garage and was then converted to a cold water apartment (much of the time
<br /> with a good bit of water on the floor and mildew all over the walls), we installed new drainage, as the
<br /> previous drain was not below the level of the concrete slab and stopped at the driveway, in effect creating a
<br /> moat. This building serves as our clinic, and has also had vinyl flooring, drywall, attic insulation, hot water,
<br /> copper piping, cupboards, shelving, and a food preparation area built in; the wood stove was removed.
<br /> The main residence has had no work done, beyond adding doorways to divide the existing living room (now
<br /> our visitors' center) and utility room from the rest of the house (now our caretaker's quarters). We eventually
<br /> plan to convert the whole downstairs into the visitors' center and build two apartments upstairs, one for a
<br /> caretaker and one for interns. We have replaced the well pump and built a small building on a concrete slab
<br /> adjacent to the pump house, eventually to house a 1500 gallon water storage tank to supplement the very slow
<br /> well (2 gals /min). This building is now serving as an outside ward/flight enclosure. Another very small
<br /> structure, built to match the others, houses a generator. The pump house, generator building, clinic and
<br /> visitors' center have been painted; the rotten deck behind the visitors center has been removed.
<br /> We have not attempted to improve on nature on most of the site - the natural woodlands provides a very
<br /> welcome and healing environment for human visitors, resident education birds, and rehabilitation birds. We
<br /> have put up a number of bird houses, a bat house, butterfly roost box, and the numerous bird feeders attract a
<br /> constant crowd of wild birds, squirrels of three different species, and chipmunks. Children coming from other
<br /> parts of town are entranced by the deer that are such a fixture in the south hills. We have landscaped around
<br /> some of the cages, planting bird and butterfly attracting native plants.
<br /> IMPROVEMENTS NEEDED: After the complex of conditioning cages, the water storage tank or new well
<br /> is a critical need. Subsequently, the visitors' center renovation is the next major phase of our development.
<br /> We hope to make it environmentally efficient, possibly install composting toilets, and to work with the
<br /> email: raptors @efn.org www.efn.org/— raptors
<br /> Cascades Raptor Center is a 501(c)3 non -profit organization (Federal ID No. 93- 1038827) dedicated to wildlife rescue and public education to enhance
<br /> appreciation, respect, and stewardship of the natural world.
<br />
|