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however, she questioned what they would eventually do with the mobile home and she felt many things need to be thought through. She also voiced concern about the loan program. Councilmember Sullivan noted that Ms. O’Connell’s father voted “no opinion” due to not having enough information. He questioned if her father would vote yes or no based upon the presentation tonight. Ms. O’Connell thought he would say no. Jack Ferris, Ferris Financial Group, supported the park conversion. He has worked putting new homes into the park for over 10 years. His biggest fear is that if the conversion is not done, the park owner can choose several alternatives. He would like people to be protected. He referred to a case in San Rafael where the owner beat rent control and he is increasing rents substantially. Dan Guggenheim is one of the finest park owners he has worked with and this year, he did not impose the rent increase due to the bad economy. He is making many park improvements such as new electrical, gas, and water connections. He believed those buying the lots need an investment protection which is in the land and not in the house. Older homes were tin boxes without insulation, but the new manufactured homes are similar to regular homes. The owner also has the right that if older homes are put up for sale, they can be removed from the park which many people do not realize. He said this is the owner’s favorite park and he wants the park to go to the residents and not to another owner or company who can demolish it. He believes looking ten years out, residents would be happy that they got the opportunity to buy the space and his numbers reveal people would be better purchasing rather than renting. In addition, manufactured homes and land appreciate in value. Councilmember Sullivan confirmed Mr. Ferris does not live in the Park but has placed over 100 new homes in the Park. Mr. Ferris said his business is to build, install, and develop new manufactured homes. He buys old manufactured homes, removes them from the park, and installs new homes. His interest is taking care of those 100 people he moved into the park and maintaining and increasing their values. Janet Cristiano said in 2003, her father passed away and she wanted to move her mother closer. She is very independent; they sold her home, looked for a one-story home in Pleasanton. They looked at the Vineyard Villa mobile home park, and ended up purchasing an older unit, paying a lot for it, and then had it hauled away and put in a new home. Her mother is very comfortable there and the idea of land ownership is very important. She studied concessions the owner is willing to make and she felt it was the best of both worlds. If she cannot afford to buy it, she can stay there the rest of her life. The resale value is clearly a problem when one does not own the land and financing is much more favorable when owning the land beneath, and she supported the conversion as beneficial. Regarding low income residents, she was not sure of the percentage, but she guessed the majority of those living in the park are lower income. Regarding repair work, when the DRE sets up the reserve, they will require a lot more money if there are a lot of repairs needing to be done. She also said owners can also get more done than having an owner not doing anything. In addition, it would be easier to sell a lot than to sell the unit when you do not own the land beneath it. She is a real estate professional and is a senior as well, and she supported the conversion. Richard Close echoed Ms. Cristiano’s points, felt much of the testimony was about people’s fear of affordability, but those who are low income will get, for the rest of their life, no greater than CPI increases every year. As of 2017, without the rent stabilization agreement with the City, rents will escalate to market rate but the conversion would guarantee protection until 2025. Regarding timing of the survey, they complied fully with State law, they worked with the City Attorney on the wording City Council Minutes Page 10 of 17 May 5, 2009