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<br /> PAGE 3 <br /> <br />• Given the EHA’s sources of financing, estimated construction costs, and projected revenue, <br />does the project pencil out? If any of these variables changes by 10% - 20% is the project <br />still financially sustainable? How will the EHA cover the financial burden if any phase of the <br />project does not go as planned? What are the potential impacts to Everett taxpayers? <br /> <br />• Does the EHA team have the knowledge, experience, and capacity to successfully manage <br />and implement a project at this scale without additional overhead costs associated with <br />hiring outside experts or contracted personnel? <br /> <br />• Has the EHA considered the economic impact to the Everett community if the market rate <br />housing portion of the project remains off the public tax rolls? <br /> <br />Again, I share these questions and concerns from a position of respect and support for the <br />Everett Housing Authority’s mission and role in our community. <br /> <br />David Packard, the co-founder of HP, frequently offered a warning to business school students <br />that he mentored at Stanford University: “Most companies die of indigestion versus starvation.” <br />While this is an important business lesson, it also applies to individual investors, non-profit <br />organizations, and government agencies. As someone who supports the EHA’s long-term <br />success, I ask that you be mindful of Packard’s warning as well. <br /> <br />Sincerely, <br /> <br />Craig Skotdal <br /> <br />Craig Skotdal <br />President <br /> <br /> <br />CC: EHA Board of Commissioners <br /> Mayor Cassie Franklin <br />Everett City Council <br />Everett Planning Director Yorik Stevens-Wajda <br />Economic Development Director Dan Eernissee