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Regular City Council Meeting Monday, September 22, 2008 Page 13 cial assistance for the entire Westwood community; however, opined that the As- sociation couldn't afford to "do nothing;" and while there may be several who had to move if they couldn't afford the payments, without attempting to sound harsh, in selling their asset, it provided them more recourse than renters. Ms. Shea again opined that the Association could not afford to not do something. Councilmember Willmus sought current assessment values of the average units. Mr. Miller responded that, in 2006, the typical unit value was $205,000. Councilmember Willmus advised that he was struggling with the term, interest and balancing the numbers. Councilmember Pust noted that she had originally been the one expressing the most concern with this concept; and that she was hearing some of her concerns when the City Council was first approached by Westwood Village. Councilmem- ber Pust noted that the City, through the HRA, had numerous programs for single- family residential properties. Councilmember Pust opined that the City needed to look at their housing stock, and invest in multi-family housing stock, to provide for quality multi-family housing. Councilmember Pust noted the State statute caps for this program and timing for HIA's that would address any floodgate problems with multiple requests; and opined that through this tool and by investing in the City's housing stock, it was a win-win for the City in maintaining good housing, and not having multi-family units further deteriorate, creating more problems similar to the current foreclosure crisis for single-family homes. Councilmember Pust noted the complexities of the HIA; however, opined that just because the City hadn't done it before, didn't' mean that it shouldn't. Councilmember Pust opined that the City Council needed to trust the Westwood community that had diligently worked through this; and asked that those on the losing side of the Westwood majority vote, would consider their risks if they didn't work together as a community (i.e., contractor honoring his bids; costs of rebidding the project; additional deterioration of existing siding) and asked that under that analysis they act now rather than risking starting over in another economic time. Councilmember Pust opined that this was the time to act on this. Councilmember Roe sought clarification from Mr. Miller or City Attorney Squires on State Statute provisions for linking assessments and paying off bonds, similar to pay-as-you-go stipulations based on income received versus bond pay- ments. Councilmember Roe sought further information from staff regarding staff s rationale for not recommending a reduced administrative fee as requested by the Association.