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LAW OFFICES GILCHRIST RUTTER PROFESSIONAL CORPORATION Jennifer Pearce, Chairperson Arne Olson, Vice Chairman Commissioner Philip Blank Commissioner Anne Fox Commissioner Kathy Narum Commissioner Gregory M. O'Connor, Alternate Pleasanton Planning Commission January 21, 2009 Page 2 For those residents who decide that they do not wish to own, the law provides that they may stay and rent for as long as they choose with protection from future rent increases. For lower income households that choose to continue to rent, the rent can never increase more than the average increase in the previous four years or CPI, whichever is less. In Alameda County, a four person household that makes $66,250 per year or less qualifies as lower income according to 2008 state income guidelines. However, the conversion of Vineyard Villas is unique because the Park Owner has agreed, at the City and the residents request, to delay the sales of lots for a minimum of ten years. This means that nothing in the Park will change for that term, and the residents will have plenty of time to make their plans for the future. As an incentive to residents, the Park Owner also provided an opportunity for every resident to enter into an Agreement in which residents who support the conversion would be provided additional benefits and protections. Because a majority of the Resident Households who responded to a survey of support conducted pursuant to Government Code 66427.5 have supported conversion of the Park to Resident ownership, the Park Owner will provide the following benefits and protection over and above those legally required to those residents who signed the Agreement: For those residents wishing to purchase The Park Owner will provide a fifteen percent (15 discount off the appraised purchase price of a Resident Household's space for each Resident (i) whose Resident Household enters into escrow to purchase such Resident Household's space within 90 days after delivery of the Final Public Report "90 -day Period The Park Owner will provide Park Owner financing of up to $50,000 toward payment of the purchase price for a Resident Household's space for each Resident (i) whose Resident Household enters into escrow to purchase such Resident Household's space with the 90 -day Period; Such purchase price discount and financing benefits are transferable to a one -time immediate successor or assignee of such a Resident provided the