The Penobscot Nation is redeveloping the elder housing facility located at or near Nohkomess Way on Indian Island, which includes the demolition of the existing structure and construction of a new 24-unit rental housing project (the "Project"). The Nation is using Low Income Housing Tax Credits to finance the construction of the Project, along with loan funds from Maine Housing, Bangor Savings Bank and various loans from the Nation. In order to facilitate the financing, the Nation has caused a Maine limited partnership to be formed which will serve as the vehicle for financing and constructing the Project, this limited partnership is called Penobscot Elder Housing Limited Partnership. The General Meeting has previously approved a lease with the partnership with a term of 25 years and a renewal term of 22 years. The Tax Credit program partner that is helping to finance this project, Hunt Capital, is asking that the renewal term be for 25 years instead of 22. Therefore, the issue is being presented to the General meeting to approve this additional 3-year period to the term of the ground lease. The Project will also include access and parking for the elder housing facility residents.