What we have done?

Offer to purchase (Non-Binding contract) a commercial building:

–Building is offered at $1.86M

–ICSNC to secure $1.25M (loan, donation and promissory notes with $250K for renovation), $860K tax benefit to seller

–Centrally located in heart of North Carolina

Developed projected income opportunities

–Rental for office to secure ongoing income for day-to-day activities and expenses (e.g wedding, parties, etc.)

–Complete Proforma Schedule is listed in “Use of Proceed” section of the promissory notes Disclosure Agreement

Received Bank Loan pre-approval letter

Engaged Legal oversight

–Promissory notes offer available for $500K

–Will be provided to contributors that purchase a promissory notes of $1000 or higher

Worked with building architecture/engineering firm

–Team of architects have reviewed the feasibility to redesign the building architecture for both ICSNC and commercial use on code

–City of Durham zoning department was consulted on redesign