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a summary and detailing expenditures by The Source, for the subject property, including the <br />purchase price, and certain repair work that was done by Mr. King. He disclosed that they have <br />a $500,000.00 commitment with exception of the grant expenditures for the reconstruction. He <br />stated that he had spent $65,800.00 since the closing, for repairs and restoration of the property, <br />and he described some of the work done on the property representative of the $65,800.00. <br />(Clerk's Note: entered into evidence by Attorney Henderson, Exhibit 7 — Life Recovery <br />Center expenditures as of 04-15-08) <br />Attorney Henderson continued questioning Mr. King regarding money spent on repairs <br />of the property after the purchase in July 2006. <br />Mr. King replied that they finished up the plumbing and electrical work, and explained <br />why the project was delayed until February 13, 2007. In answer to the question of what he <br />would do with the property if he is unable to use it for the intended purpose, Mr. King said he <br />probably would have to look at what options are available to him, perhaps go into affordable <br />housing or sell it. He affirmed that an appraisal was obtained in connection with the purchase of <br />the property, ($450,000.00) and at that time they were operating under the assumption of <br />approved use. He divulged that the appraisal stated that the value in use was $230,000.00. <br />(Clerk's Note: entered into evidence by Attorney Henderson, Exhibit 8 — copy of Boyle <br />& Drake, Inc. Appraisal) <br />ATTORNEYO'HAIRE CROSS-EXAMINED TOMKING <br />Attorney O'Haire questioned Mr. King in connection with his purchase of the property <br />and at what point he got a lawyer involved. <br />April 24, 2008 32 <br />Special Call Meeting (The Source) <br />