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Ms. Forbath noted that the State has made provisions for those on a fix income and that their rent is protected for the rest of their life. She stated that the rent gets locked into an average of the previous four years rent prior to the conversion. She noted that if inflation goes up, the previous four year average or CPI, whichever is less would be used. She stated that if you are on a fixed income, then you will have protected rent as long as you want to live in the park. She stated that trying to sell a mobile home today is very difficult because it is a personal property loan and those loans are hard to come by. She noted that after the conversion, whether the lot is bought or not, it would be easier to sell because the buyer would have to get a real estate loan, not a personal property loan. She noted that the personal property loan can roll over onto the land value and with that you get a grant deed that will show that the home is attached to the land. She stated that the grant deed would allow you to get a real estate loan. Mr. Fritsch mentioned there is a mixture of manufactured homes and older homes. Some of these people have a lot of money tied up in their home. A member of the audience asked if the meetings, maps, and surveys were part of the legal process even though the conversion would not take place for ten years. Mr. Roush explained that currently the law allows the owner to do this, but in five years the process could be different, so the owner wants to do this now. He stated that the law requires the application be approved and then a map is recorded which creates the lots. A resident asked if the lots have already been surveyed. Ms. Forbath stated that the actual lot line process would not be done for ten years. She stated that nothing would happen for a minimum of ten years and possibly longer. She explained that this conversion is being done by the owner as part of his long range estate planning. Ms. Forbath explained that this is a one -lot subdivision or one parcel. She stated that a condo overlay would be done and a surveyor would come out and determine the lot lines. She noted that this would also be sent to the Department of Real Estate. She stated that this process is the last process right before sale and that once the lots are determined then the appraisal can be done. A member of the audience asked if the owner could change his mind and sell the mobile park without the conversion. Ms. Green, space #80, mentioned that before the rent stabilization, there was $15,000 capital improvement and that anything over that $15,000, the residents would have had to pay. Debbie #82, asked if the people still renting after the conversion would have to pay homeowner association dues. Ms. Forbath replied that only the people who buy their lot would pay homeowner dues. She stated that the current park owner would pay for those lots not sold. A resident questioned why he should buy his lot when the current owner would be paying the dues. Minutes: PMCC -2 Page 4 January 9, 2009