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Mr. Budman replied, The rent the residents pay will not change. Residents pay thirty percent <br /> (30%) of their income and that is just how section eight(8) rent is structured. The base rent that <br /> we pay will probably go up ten percent(10%), but that will not affect the residents. <br /> Committeemember Williams-Preston followed up, Are there any assurances that this renovation <br /> work will be done with minority contractors? <br /> Mr. Budman replied, We are looking to work with the best contractors that can provide the best <br /> products at the best price. We would obviously be open to minority contractors but at the end of <br /> the day, our first goal is to provide the best possible product to the residents of the property. We <br /> are going to competitively bid out these contracts and there are minority contractors that bid,but <br /> there are no assurances at this point. Right now, we are really just looking for the best product. <br /> Councilmember Oliver Davis asked, When the units are being renovated, where will the <br /> residents go? Will they remain in the complex?And how long will they be relocated? <br /> Mr. Budman replied, Our first choice, which is the most likely choice, is we will relocate them <br /> temporarily to other units on the property. The natural attrition of the property,units will vacate <br /> and as they do, we will relocate them to that unit, renovate their unit, and move them back to <br /> their renovated unit. The renovations are expected to take about two (2)weeks for individual <br /> units, so they will only be out of their unit for about two (2)weeks. <br /> Committeemember Jo M. Broden asked, What is the current occupancy? <br /> Mr. Budman replied, Occupancy is roughly one hundred percent(100%)with one hundred and <br /> fifty one (15 1)units. <br /> Committeemember Broden followed up, And when was the last time any renovation has taken <br /> place at this property? And how is your relationship with the current management company? <br /> Mr. Budman replied, There has been no substantial renovation at this property,that we are aware <br /> of, since its initial construction. The management company is a third-party management <br /> company. We hired them to manage the day-to-day operations of the property. <br /> Committee Chair White then opened the floor to members of the public wishing to speak in favor <br /> of or in opposition to the legislation. There were none. Committee Chair White then turned the <br /> floor back to the Committee for further comments or main motions. <br /> Council President Tim Scott stated, This came before the Economic Development Commission <br /> and it was passed unanimously. Mrs. Lee is here and she is representing the property <br /> management company. I truly believe this is the only economic way that this property can get a <br /> boost and the uplift that is needed. Previous management did not take care of this property, <br /> therefore there were issues that weren't addressed. This is a needed property in our City and a <br /> needed boost. There is no City money, it is their own bonding and funding and I think this is the <br /> only way to make it a stable community within our City. <br /> 3 <br />