55B - RESO BRISTOL ST PROJ PHASE 4

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escrow instructions to assure the prompt return of all the City funds in the event escrow is cancelled by either party or should fail to close within a reasonable period of time. Payments to Non - Tenured Residential Tenants Residential tenants with less than ninety days (90) of continuous occupancy prior to the initiation of negotiations will be eligible to receive only a payment of moving expenses. Replacement Housing Payments to Owner - Occupants Residential owner - occupants who have established residency for at least 180 days prior to the City's offer to purchase may be eligible for a replacement housing payment determined by the aggregate value of three separate compensation elements: a) Purchase Price Differential, b) Mortgage Interest Differential, and, c) Incidental Expenses. Purchase Price Differential The Purchase Price Differential is based on three factors: The final price paid by the City for a replacement dwelling, and, The cost of a decent, safe and sanitary dwelling comparable to the dwelling acquired by the City. The purchase price differential amount is determined by comparing the final acquisition price of the Project residence to the lesser of the actual price paid for a replacement home or the price of a comparable available decent, safe and sanitary dwelling. If the purchase price of a replacement home is less than the cost of a comparable replacement home, the payment will be limited to the actual difference. If the purchase price exceeds the cost of a comparable replacement home, the payment will be based on the cost of the comparable replacement home. Replacement housing referrals to owner - occupants will match, as closely as possible, current housing circumstances. The calculation of purchase price differential payments to owner - occupants of multifamily properties will be determined by comparing the pro -rated value of the comparable element of a replacement property. Mortgage Interest Differential The Mortgage Interest Differential Payment is intended to compensate homeowners for any increase in interest costs between the acquired dwelling and the replacement dwelling. Computation of the payment is based upon three factors: 1) the remaining term and amount(s) of the current mortgage or mortgages 2) the current type of mortgage product (i.e. fixed vs. variable) 3) a comparison of the mortgage interest rate for the acquired dwelling relative to the lesser of the current market rate or the actual new rate for a similar mortgage product. To be eligible for this payment, the mortgage on the dwelling being acquired must have been in place, as a valid lien, for at least 180 days prior to the City's initial written offer to purchase. Page 116 RELOCATION PLAN Bristol Street Phase 4 Project