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LEST Cleanup Fund Program <br /> Claim Number 43 - Appeal <br /> Page 3 . <br /> specifically addressed in their guidelines . ;ApproDriately we <br /> believe, your staff . . . "not by error" . '. . blit very <br /> intentionally, attempted to rectify this oversight. and <br /> unfair categorization. by electing to specifically ass_gn <br /> "real estate operators" to an existing category. that would <br /> more appropriately reflect the type of businese it is . <br /> However, as we stated in our initial appeal . we believe -r:at <br /> your decision to include real, estate operators in the <br /> category of Service ix. l represents a misunderstanding of the . <br /> nature and structure of our business, thereby resulting in an <br /> unfairly restrictive limit on the maximum earnir_as rece_ots <br /> permitted. <br /> We believe it is vital that two separate..scate-ories be <br /> established which distinguish between a ,comp,Any which manage <br /> real estate owned by others (a property management fi=) and <br /> a company which owns the properties that jthey manage tan <br /> owner and manager of one ' s own real estate ) . 'R The former's <br /> gross income is entirely composed of management fees based <br /> only on a small percentage of the rents 'collected, while the <br /> latter company' s gross income includes the total rents <br /> collected from which mortgages . taxes , insurance. repairs, <br /> and other expenses must be paid. The latter'icompanv <br /> describes our situation in which we own 'and "manage our own <br /> real estate. { <br /> Therefore. we are requesting that you establish a -seoarata <br /> category for "Real Estate Owners" which morel' accurateiv <br /> reflects the nature of our business and which should a1lo� <br /> for gross annual receipt-limits in excess of, the 5 . 5 mi114 - n <br /> dollar limit, which is permitted "automobileleasing" <br /> businesses . Of the existing class ificat'ions-,. the automcbi_e <br /> leasing business is the closest in structure'!„ function and <br /> capital outlay to our business. Please nbte�� that they bay <br /> automobiles and lease them, and comparatively, we buy <br /> buildings and lease them. The cost of our product is <br /> considerably higher than the parallel automobile leasing <br /> business. which normally results in a higher;, gross income as <br /> well as accompanying larger expenses for' items such as <br /> mortgage , interest, maintenance and repair eosts. The_erore. <br /> we believe that the appropriate gross in'comel limit for "Real <br /> Estate Owners" should be at a minimum of: 14 million do=ia=s . <br /> i <br /> We have sincerely appreciated the constructive and equitaole <br /> manner in which your staff has organized, and treated this <br />