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Exhibit C <br /> <br /> Conceptual Framework for an Affordability Program for the Marriott Senior <br /> Assisted Living Facility Project <br /> <br />· The City and Marriott will jointly establish a "subsidy fund" to subsidize assisted <br /> living costs for approximately 6 residents. <br /> <br />· The monthly subsidy for each resident will be established within the range of <br /> approximately $300 to $400 (the final amount to be determined jointly by the City and <br /> Marriott). <br /> <br />· No additional units will be constructed (i.e., the project will remain at 142 units as <br /> originally proposed unless otherwise modified by the City Council). <br /> <br />· Marriott and the City will each make financial contributions toward the establishment <br /> of the subsidy fund. In addition, the Lower Income Housing Fees which the developer <br /> will pay pursuant to the City's fee ordinance (currently estimated at approximately <br /> $100,000) will go toward the subsidy fund. The goal will be to achieve a fund which <br /> is largely self-sustaining and which will support the level of subsidy discussed above. <br /> For example, a total fund of $400,000 might consist of approximately $200,000 from <br /> Marriott, the Lower Income Housing Fees paid by the project (approximately <br /> $100,000), and a contribution of approximately $100,000 from the City's Lower <br /> Income Housing Fund. The exact formula will be determined and specified in the <br /> agreement between the City and Marriott. <br /> <br />· The City will hold and manage the subsidy fund as a sub-program or account within <br /> the Lower Income Housing Fund. Payment to cover the subsidies will be conveyed <br /> by the City to Marriott on a regular basis according to a mutually determined <br /> schedule. <br /> <br />· Marriott will be responsible for all other aspects of administering the subsidy program <br /> (e.g., determining resident eligibility, etc.) on an on-going basis. Marriott will provide <br /> regular, periodic reports to the City according to a mutually determined schedule. <br /> <br />· The City and Marriott will establish eligibility guidelines which minimize the <br /> administrative burden while assuring that a priority goes to Pleasanton residents with <br /> financial need who require assisted living services. Based on the market rate for <br /> assisted living and the targeted level of subsidy, it is estimated that the subsidy should <br /> <br /> 14 <br /> <br /> <br />