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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. Commissioner Fox referred to Mr. Roush’s letter regarding the owners filing a lawsuit of $25 million if the City continues to delay the hearing or otherwise interfere with the conversion. She inquired if this was indicative of what is considered the appraised value of the park. Mr. Close replied that this number was derived from experts and used throughout the State. He added that some cities have not followed State law, and the owners had to exercise their rights to sue for damages resulting from delay. He noted that six months ago, the City of Palm Springs wrote a check on the eve of the trial to the owner of a park for $937,000 due to delay in a conversion. Commissioner Fox stated that in the letter, the City Attorney has asked on numerous occasions to provide a more concrete example of what the purchase price of the lots would be. PLANNING COMMISSION MINUTES, February 25, 2009 Page 21 of 29