Investment Resources Corporation

7701 East Kellogg, Suite 820, Wichita, KS 67207-1703

P.O. Box 780298, Wichita, KS 67278-0298

Phone (316) 652-0616   Fax 316) 652-0072

January 14, 2005

David Corliss

City of Lawrence

P.O. Box 708

Lawrence, Ks. 66044

Dear Mr. Corliss:

Enclosed please find a copy of the Resolution of Support required by the Kansas Housing Resources Corporation to be submitted with our housing tax credit application for the rehabilitation of the Vermont Towers, located at 1101 Vermont Street, Lawrence, Kansas. 

Investment Resources Corporation has completed several similar rehabilitation projects in the past 7 years and currently owns over 3,000 units of housing in both Kansas and Missouri.  The majority of these units are subsidized projects, similar to the Vermont Towers, many of which we have owned for over 20 years. 

It is our intention to purchase the Vermont Towers and use the proceeds from the tax credit sale to complete a major rehabilitation of the project.   None of the residents will be displaced during the rehabilitation and all residents qualify under the tax credit program.

We would like to have the Resolution placed on the Council Agenda during the next regular scheduled meeting.  If you have any questions please feel free to give me a call at 316-652-0616.   Thank you for your assistance.

Sincerely,

Santo M. Catanese

President