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Although not part of the settlement agreement itself, the committee and staff have <br /> discussed with the residents a City sponsored low interest loan program, funded from <br /> the City's lower income housing fund, to be used for residents who wish to purchase <br /> their lots but are unable to secure traditional funding or through the State's current loan <br /> program for this purpose. The particulars of this program will be discussed between <br /> staff and the Park residents and the particulars of the program brought back to Council <br /> for consideration. <br /> CONCLUSION <br /> Staff believes its recommendation is the most prudent course of action in this particular <br /> situation. It will provide clarity and reasonable certainty to existing residents as to how <br /> their rents will be calculated once lots begin to be sold (some 10 years from now) and <br /> the settlement funds being paid to the Park Owner will be used for capital improvements <br /> in the Park. <br /> Submitted by: Approved y: <br /> Brian Dolan Jonathan Lowell Michael Roush Nelson Fialho <br /> Director of Community City Attorney Special Counsel City Manager <br /> Development <br /> Attachments: <br /> 1. August 18, 2009 and May 5, 2009 City Council Agenda Reports <br /> 2. [Proposed] Resolution Upholding the Appeal and Thereby Conditionally <br /> Approving the Application <br /> 3. [Proposed] Settlement Agreement <br /> Page 4 of 4 <br />