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Attachment B Regular C'ity Council 1VYeeting Monday, Se�tember 22, 2008 Page 13 cial ass�stance for thE entire 'VVestwood community; howe�ver, opined that the A�- sociation couldn't afforrl to "do nathing;" and while there may be se�vexa� �vho h�d to move if they couldn't af�ord the payinents, without attempting to saund harsh, in setling tl�eir asset, it pr�vided th�m mare recot�rse than renters. Ms. Shea again opined �hat the Association co�ld not afford to not do something. Councilmember '�VilImus soughti curren� assessment values of the average units. Mr. Miller responded that, in 20a6, the typical unit value was $205,Oa0. Councilmember Wi�lmus advised that he was struggling with the term, interest and balancin� the nu.mbers. Councilrnember Pust noted that she had originally been the ane expres�ing the most concern wit� this concept; and thai she was hearin� some of her concerns when the City Council was first approached by Westwood Village. Councilmem= ber Pust no�ed that tf�e City, through the HRA, had numerous programs for single- family residential properties. Cou�cilinember Pust opi�ed that the City needed to look at tl�eir housing st�ck, and invest in mulfi-�amily housing stock, to provide for c�uality multi-family housing. Councilmember Pust notied the State statute caps for this pragram and timing for HIA's that would address any floodgate problems with multiple reQuesis; and opined that through this tool and by investing in the City's housing stock, it was a win-win for the Clty in maintaining good housing, �d not having multi-fanlily units further deteriorate, creating more problems similar io the current foreclosure crisis for single-family hornes: Co�cilmem.ber Pusi noted the complexities af the HIA; however, opin�d that just because the City hadn't done it before, didn't' m�an that �t shouldn't. Councilinember Pus�t apined t�iat t1Te City Co�uncil needed to trust the Westwood comrnunity that had diligently vvorked through this; and asked that those on th� losing side of the Westwood rriajority vote, would cons�c�er iheir risks if they didn't work together as a community {i.e., contractar honoring his bids; costs� of rebidding �ie pr6jecf; additional deterioratio� of existing siding) and asked that under ti�at analysis tl�ey act now rather than risking starting over in another �conomic time. Councilmember Pust opined that this was the time to act on this. Councilrzze��her Roe sought clarification from Mr, Miller or City Attomey Squires on State Statute provisions far linking assessments and paying off bonds, similar to pay-as-you-go stipulations based on incorne received versus bond pay- ments. Councilmember Rae sought further information from staff regarding staff's ratlonale for not recommending a reduced administrative f�e as requested by the Association.