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Ms. Mohr asked Mr. Swift to reiterate the income for a family of four to qualify and for a family of two. Mr. Pico asked what the benefit would be to purchase one of these lower income units rather than a market value home. Lou Baldacci, Far West Associates, briefly explained the history of the project and then pointed out that the homeowners in the project requested that this be converted to an all fee ownership project. He believed that this was the best time to make such a conversion especially in these economic times. Mr. Baldacci then reiterated the financing and benefits of the project. He concluded by asking for Council's approval. In response to Mayor Tarver's question, Mr. Baldacci explained in depth the financing of this project. Kathy Sulon, Far West Marketing Representative, indicated that the average income for the tenants in the project is $33,496, which falls within the definition of a lower income for two person households. Roberta Hutzler, 405B Vineyard Place, spoke in opposition to this application. She explained that the homeowners have already completed 7 years of a 15 year agreement. She was concerned that the owners would have 22 years of restrictions placed on them. She suggested - that 10 units be rented for another 8 years so that the original agreement could be cleared off and the units sold at market value. Gene Pons, 450 Vineyard Place, also spoke in opposition to this application. He objected to changing the restriction because that is not what he had agreed upon when he and his mother purchased the home. Mr. Ports pointed out that this was not part of the CC&R's. He suggested making the restriction fewer than the ten units and not go beyond the eight years. Robert Burton, 418 Vineyard Place, asked that the City vacate the present agreement so long as the developer would sell the units as owner-occupied as opposed to selling to large landlords in one block. He too objected to this proposal and urged Council to deny this application. The following residents also spoke in opposition to this item: Rishi Chowdhury, 458 Vineyard Place, (A petition was presented to Council); Pare Beringer, 423B Vineyard Place; Robert Cordtz, 262 W. Angela; and Howard Garrigan, 389 Mavis Drive. Mr. Baldacci reiterated the benefits this application would bring to the current homeowners by having the City convert this program to a for-sale program for affordable housing. A compromise which would make sense to the applicant, in terms of the length of time, would be to leave the term as eight years. 02/15/94 11