Non Federal Funds Letter
July 14, 2006
NON-FEDERAL FUNDS LETTER
WNC Holding, LLC
17782 Sky Park Circle
Irvine, California 92614
Attention: David N. Shafer
Re: Chanhassen Gateway Place, LLC
Dear Mr. Shafer:
The undersigned is the lender with respect to a $300,000.00 permanent loan (the “Loan”) to Chanhassen Gateway Place, LLC (the “Borrower”) in connection with the Borrower’s development
of Gateway Place, a 48-unit multifamily housing project in Chanhassen, Minnesota.
We understand that WNC Holding, LLC or its assignee will be the equity investor in the Borrower by becoming an investor member therein. This letter will verify that none of the funds
comprising the Loan include or will include any proceeds from federal taxes, tax-exempt bonds or any other funds from any other federal source.
Very truly yours,
CITY OF CHANHASSEN
Todd Gerhardt
City Manager
TG:k