Reassessment by Municipal or County Tax Assessor. Transfer Tax Tax Obligation of Former Investor or Partner Communication Buy Out-
Explanation of the Banc of America Historic Ventures/Rotunda Partners HTC deal 2/8/2007 Prior to Project Completion 1999 - 2001 DateAmount Stipulation Closing$1,000,000 Closing of escrow 4 months$2,000,000 25% verifiable project completion 7 months$2,000,000 50% verifiable project completion 10 months$2,000,000 75% verifiable project completion 14 months$2,000,000 Part III and Cert of Occupancy
First five years after Project Completion 2001 - 2006 Project pays 3% annual "preferred return" paid quarterly Project pays B of A's projected-related income taxes (paid annually) After five years 2006 Project sent executed letter demanding that B of A exercise its "put" option On the first day, B of A exited the Project for the negotiated $1.8M (20% of HTCs)
California Capital Group Phil Tagami 300 Frank H. Ogawa Plaza, Suite 340 Oakland, CA 94612 510-268-8500 Mark A. Moss & Company Mark A. Moss 300 Frank H. Ogawa Plaza, Suite 30 Oakland, CA 94612 510-663-6677
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