JCWCC.ORG

PRESS

June 23, 2011

Budge Upton the Masterbuilder and Developer for Worldwide Christian Center Letter of Interest is below:

Letter of Interest to Develop the Miracle Center.docx


June 24, 2011

President Roy Glover

JCWCC

500 Australian Ave

Suite 640

West Palm Beach, Florida 33401


Re: Worldwide Christian Center, West Palm Beach, Florida


Dear Bishop Glover:


As per our recent discussion, please let this letter serve as our notification that the site off of Okeechobee Blvd. is located in a qualifying census tract as indicated by the CDFI Fund's website and is therefore eligible to receive a deployment of New Markets Tax Credits.


The New Markets Tax Credit program is a federal and state community development incentive program administered by the CDFI Fund under the US Department of Treasury. The fundamental purpose of the New Markets Tax Credit program is to establish a network of specialized financial institutions known as community development entities and through the operation of these entities to attract private investment capital into projects in qualifying census tracts. This, in turn, stimulates community and economic development and benefits low and moderate income communities.


Under the Florida New Markets Tax Credit program, you are able receive up to 15% of equity into a project and the federal New Markets Tax Credit enables you to receive up to 20% equity into your project for a total of 35% equity.


In addition, you have asked me identify developer(s) from a major flagged hotel group. In my network of associates, I am in contact with developers who have numerous hotels in their portfolios to include Marriott, Hilton and Hyatt products who have expressed an interest in developing hotels in the South Florida area.


I have enclosed my company's capability statement for your information. If you require any additional information, or need further clarification on the New Markets Tax Credit program or Heritage First, please do not hesitate to contact me at 561-820-4878.


Sincerely

Stephanie Best

Director


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