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She mentioned that in some conversions the Tenant Impact Report results from interaction with the residents along with what the owner offers that is over and above the law. She stated that with this conversion, the City is protecting the residents as best they can by working with the owner and us (her company). She stated that as part of the process, they wanted to work with the residents who wanted to be proactive and give them a chance to support this project. She noted that these people who liked the idea and thought the conversion was a good thing, would receive added incentives to keep it going in a positive direction. Jim Eaton, representative of space 106, stated that his mother recently passed away and expressed his concern about selling his mother's home. He stated that everyone wants to feel secure and that there is not enough information about this conversion to give any feeling of security. A resident mentioned that there were many vacant units in the park. Sally, also representing space 106, expressed her confusion with this conversion. She stated that her mom had talked on the phone to a few people about the conversion. They told her to not worry and that she would be informed of everything. She mentioned that when moving her parents to Pleasanton, she did so because she believed Pleasanton took care of their seniors. She noted that her mother was for the conversion, but after she was called, nothing happened until tonight. She stated that the City of Pleasanton needs to be the honest with them and be their advocates. Another in -law representing space 106 stated that he felt like he just walked on to a used car lot in that he can look at what he can get, but he cannot buy it now or know how much it is would cost. He noticed on the Tenant Impact Report a category that asks how many people are in the household, but there is no mention that the mobile park is a senior park. He asked if it will remain a senior park. He also asked if any research had been done to show if these parks, after conversion, gain in value or lose in value, or does it depend on who comes in. Ms. Forbath responded that there is no intention to change from a senior park. She stated that the park is under the mobile home residency law, whether it is converted or not. She explained that there is a process to change the rules and the owners would be a part of that process, once the park is converted to individual ownership. Ms. Forbath explained that they cannot change the status of the park at this time, but once the park is completely resident owned or 51% ownership, then the residents have control over the board and can make decisions. She mentioned that as a resident owned park, the decisions and changes are made by the residents. Ms. Forbath mentioned that she knows of a park that the price of the lot has doubled since being converted five years ago. She noted that you never know in the real estate market as it goes up and down. Ms. Forbath stated that the maintenance of the park is protected under the California Department of Real Estate and they will require the current park owner, at the time of conversion, to put money into a reserve fund to cover the cost of repairs in the park. She noted that the homeowners association will start off with a reserve fund already in place. Minutes: PMCC -2 Page 6 January 9, 2009