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Ms. Forbath replied that it would be funded for the useful life of the components that has been used up at that time, as determined by the reserve study. Commissioner Fox inquired what the approximate homeowner dues per month would be. Ms. Forbath replied that she did not know but that other parks' HOA fees range from $120 to $220 per month. Commissioner Fox noted that this would be an additional on -going amount. Ms. Forbath agreed and added that those with State loans would have the dues accounted for in their housing cost estimate and that any renter would not be responsible for paying HOA dues. Commissioner O'Connor inquired what the percentage of low- income versus non -low income residents in the park was. Ms. Forbath replied that she was not sure for this park but that almost uniformly in other parks, low- income residents fall between 80 percent to 85 percent of the residents, with a higher percentage for low- income in age- restricted parks. Mr. Close noted that low income was based on income and not assets. Ms. Forbath noted that low- income levels quoted earlier were 2008 figures; no 2009 figures have come out to date. Commissioner Fox noted that there was a comment about an altruistic motive for allowing homeowners the option to buy their units, but another speaker stated that it was more coercive. She inquired if representatives had stated that residents who supported the conversion would get a 15- percent discount in the future. Ms. Forbath stated that she did not believe this was coercive or altruistic. She noted that State law states that if parks are converted, every resident will have the opportunity to purchase or remain renting. She indicated that there was an early offer made by Mr. Guggenheim to every resident in the park that if they were supportive of the proposal, they would be offered additional benefits. She noted that many people signed up for this and, in exchange, were assured a 15- percent discount on the purchase price of the land and owner financing for buyers and better rent protection for renters. In response to Commissioner Fox's inquiry if those who opposed the conversion would get the same benefits, Ms. Forbath replied that no resident would be deprived of anything they are entitled to under the law. She noted that the offer was made to all the park residents and that the benefit should be viewed as an incentive similarly offered by developers for purchases of new tract homes. She added that the residents would receive the benefits at the time of conversion. EXCERPTS: PLANNING COMMISSION MINUTES, February 25, 2009 Page 12 of 19