The Ocracoke Community Pool Association would like to follow a financing model for the purchase of this property, which replicates the very successful refinance of The Island Inn Property. The Island Inn was kept afloat with a combination of local commitment and the return being paid by the Occupancy and TDA tax boards. Private investors receive a Promissory Note and Deed of Trust in the amount of their choosing, with interest paid annually for a period not to exceed 10 years. This financing tool is meant to provide the time for the Board to secure grants to pay off the land purchase and to build the pool.

1. the investors will reap a 5% return, paid once annually for up to 10 years

2. the interest payments will be paid out of the rental income

3. we have an accountant who will pay out the annual returns

4. the instrument we will be using has been designed by an attorney and is currently being used by the Island Inn Project.

5. At this point in the process, we are asking that investors sign a commitment letter.

 We will not go to closing without knowing that the property will work for the purpose for which we intended, and at a price which reflects the capacity of the lot.