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Regular City Council Meeting Monday, September 22, 2008 Page 12 fee, above the assessment, be applied in case assessment payments come in lower than anticipate. Councilmember Ihlan questioned the term of the loan. Mr. Miller recommended a 15 year term, rather than 20 years, which was consis- tent with other City bond issues and assessment terms for other improvement pro- j ects. Councilmember Ihlan expressed concern with the fairness of allocation costs within the community association; and also expressed concern about the larger community of Roseville and whether other multi-unit buildings would seek the same thing; and whether the City could support issuing another bond for 15 years. Mr. Miller advised that there were some limits; however noted that the City was well below its debt capacity; and didn't know if other homeowner associations were in the same position or what that magnitude could be. Ms. Kelsey responded that staff had performed a survey of other multi-unit build- ings in the City, with no positive responses that they would seek this type of fund- ing. Ms. Kelsey noted the condominium buildings, as previously referenced by Ms. Como; however, she noted that their situation was different and complex, given the owner-occupied and rental mix of the building, based on a government reorganization done in the 1980's. Ms. Kelsey advised that it was her understand- ing that there were 76 of those units owned by one investor who obtained the property through a foreclosure; and noted that they had yet to identify what if any assistance they needed until completion of their replacement reserve study. Ms. Kelsey further advised that this condominium unit was adjacent to Har Mar Apartments, and with the substantial improvements being performed there, they sought to be a good neighbor and improve their property accordingly. Councilmember Ihlan expressed further concern that the City was serving as a bank for this project; and noted the City's limited resources, and no criteria in place to determine merits of various projects, but apparently decision-making on a first come, first serve basis. Councilmember Ihlan opined that she was not only concerned regarding the Westwood Village community, but for the City's fairness to the entire community; and fairness for single-family homeowners who may need assistance, but couldn't afford to borrow due to the current credit crunch. Ms. Shea responded to Councilmember Ihlan regarding what prevented other as- sociations from seeking financial assistance, noting that this HIA program, unless extended by the State, had a sunset date of 2009, and that any process needed to have reached a certain point by that sunset date or couldn't seek application. Ms. Shea, regarding if Westwood unit owners couldn't afford the assessments, advised that the Association didn't want to lose anyone, and that they were seeking finan-