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WORK STUDY SESSION <br /> <br />· Improvements include realignment of the street for traffic calming and <br /> pedestrian safety <br />· Project is a cooperative agreement between the City and the property <br /> owners <br />· City's responsibilities include construction of street and landscape <br /> improvements, Fa(;ade Improvement grants, and, target loan program <br />· The Owners formed an owners association and signed and recorded <br /> CC&R's and Owner Participation Agreements (OPA), and agree to <br /> improve the buildings <br />· The CC&R's will improve maintenance and management, <br /> overcrowding, manager training, and enforceability <br />· The owner improvement project began in August, 2000 and is <br /> expected to be completed in August, 2005 <br />· The owners association is comprised of owners of 48 properties; 90% <br /> participation required; received 100% participation <br />· Responsibilities of the owners association include maintenance of <br /> landscape and parking areas, and assistance in enforcing standards; <br /> the association is supported by monthly dues <br />· Owners to improve building and have 5 years to bring up to standards <br />· City gains a better neighborhood, future savings and prototype for <br /> other neighborhoods <br />· Owners gain higher values, stable tenants, and lower cost <br />· Residents gain community pride, safer community, and improved <br /> conditions <br />· Creation of 500 affordable housing units <br />· Fa(;ade and Public Improvements <br />· Approval of bonds totaling $14.2 million for interior and exterior <br /> improvements <br />· Major rehabilitation and improvements for 287 units <br />· New loan program for stair and balcony improvements <br />· Grand opening of 40 rehabbed apartment units <br />· Project attracting private investors/non-profit agencies <br />· Rehabilitation of 130 units with 100% private financing <br />* Neighborhood and Owners Associations formed and meet regularly <br />· Funding awarded for traffic signal at Hobart/Standard <br />· County funding for family resource center <br /> <br />CITY COUNCIL MINUTES <br /> <br />387 <br /> <br />OCTOBER 21, 2002 <br /> <br /> <br />