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Vice Chairperson Stark asked about the term of the regulatory agreement. Steven Bocian replied that it is approximately 27 years and would only be negotiable if the project is refinanced. The Ground Lease maintains affordability throughout the life of the project. It was moved by Vice Chairperson Stark, seconded by Commissioner Wiest, that the City Council support Option 1 which retains ownership by Eden Housing, Inc., with conditions as outlined in the report. The motion carried unanimously. Commissioner Schwaegerle discussed the budget and past deficits. He thanked preceding Housing Commissions for making good decisions in selection the management companies and lauded Barcelon for its excellent service. Vice Chairperson Stark queried Eden's interest in providing property management services. Steven Bocian stated that Eden is definitely interested in that role, but the City has clarified its interest in continuing to control the management. He noted that Eden nevertheless provides a "safety net" in case services are needed on an emergency basis. Commissioner Schwaegerle asked for comments from Barcelon representatives. Walter Anderson, Barcelon Associates, thanked the Commission for its positive comments. He noted that Barcelon has been an active participant in the recent meetings held on the subject of the ownership transition. He lauded Pam Geiger and Kathy Bogges, the on -site managers for Ridge View Commons and Kottinger Place. He feels that Eden has an excellent record and he looks forward to continuing to work with them. Mr. Anderson noted, however, that there are agencies who can provide asset management services in the unlikely event that the relationship with Eden does not work out. Feb 2004 HC minutes item Bb.doc/SFE 2/26/04 9:34 AM Page 3