Participant contributions

From the 2024 DOR Tax Exemption Study

Det. No. 01-129, 21 WTD 31 (2002) 33 partnership for development of housing in support of Navy operations in the . . ., Washington region (the “RFP”). [Member], responded to the RFP, and submitted its offer to participate with the Navy in the design, finance, construction, ownership, management, operation and maintenance of . . . residential units and associated improvements on a designated . . . acre site in . . . County, Washington (the “Military Housing”). The Navy and [Member] intend to form [Taxpayer], . . . to effectuate the construction of the Military Housing (the “Project”). The sole purpose of the [Taxpayer] is to “design, finance, construct, own, operate, manage and maintain a . . . Project, including associated improvements, on a designated . . . acre site in . . . County, Washington . . .”, and the [Taxpayer] is prohibited from engaging in any other business. The Navy and [Member] will be the members of [Taxpayer]. The Navy will make a cash capital contribution in the amount of $. . . to [Taxpayer] (“the Navy’s Capital Contribution”). The Navy will also agree to pay to the LLC additional amounts to supplement the monthly rental income received from the military tenants