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Goldmark Property Management, Inc. (GPM) was incorporated in 198L GPM is a full <br />service property management company with qualified individuals employed in the areas <br />of Management, construction, accounting and compliance monitoring. <br />GPM is an Accredited Management Organization, the highest designation granted by the <br />Institute of Real Estate Management. The standards for achieving this designation are <br />strict and are monitored by the Institute. They are attached for review by the Members. <br />Most important, the owners of GPM take their strong reputation very seriously. They <br />have developed positive relationships with owners, lenders, city and state governments. <br />They are committed to maintaining this track record. Goldmark staff have conducted <br />some preliminary investigation of the property and a discussion of management is <br />attached. <br />Summary. <br />HADC and GPM believe that the proposed tax exempt financing provides a vehicle for <br />HADC, GPM and the City to achieve their respective objectives: <br />I. provide decent, safe, affordable housing <br />2. accomplish major reinvestment in a property that has significant amounts of deferred <br />maintenance <br />3. provide life /safety improvements <br />4. provide appropriate on -site programs and supervision to improve the quality of life <br />for the Montreal Courts community and to mitigate the impact of this large rental <br />housing complex in the community at large. <br />5. Reduce the negative impact of the real estate property tax reform enacted by the State <br />legislation. <br />Our anticipated time line is as follows: <br />November 12, 1997 Request approval of Inducement Resolution by City of Little <br />Canada. <br />By November 26111 Obtain third party reports for appraisal, environmental, <br />structural, financial analysis and survey. <br />By November 26'x' Public hearing and request for financial approval by City <br />of Little Canada. <br />December 15th Approximate date to obtain IRS approval of transaction. <br />December 31 Close on the purchase of Montreal Courts. Fund <br />capital reserve, fire and safety reserve and future capital <br />reserve. <br />One year from date <br />of closing Completion of all capital and fire and safety improvements. <br />Page 14 <br />