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9.A. - Page 20 <br /> V. "Program Manager" means the City Manager, or their designee, in their capacity <br /> as the City representative charged with the authority and responsibility to <br /> supervise the Program in all its aspects. <br /> W. "Promissory Note" shall mean the promissory note through which the Borrower <br /> shall promise to repay the City for the Program Loan. <br /> X. "Program Loan Priority" means the priority assigned to an Owner's Program <br /> Application at the time it is submitted and establishes an Owner's place in line to <br /> receive a Program Loan from the limited Program Loan Fund. <br /> Y. "Rent Stabilization" refers to that option in the Program whereby a qualified <br /> Borrower voluntarily agrees not to increase the rents in an Eligible Building more <br /> than an agreed percentage in exchange for the forgiveness of their Program Loan <br /> at the end of five (5) years. <br /> Z. "Rent Stabilization Program Loan" means a Program Loan granted to a qualified <br /> Borrower whereby, in accordance with its terms, the Borrower voluntarily agrees <br /> not to increase the rents in the Eligible Building more than an agreed percentage <br /> and in exchange all loan payments are deferred and the entire Program Loan is <br /> forgiven at the end of the five (5) year loan period provided the Borrower has <br /> complied with all conditions of the loan. <br /> II. PROGRAM OVERVIEW. <br /> A. The Program was established by the City Council pursuant to Resolution No. , <br /> adopted on , 2015. <br /> B. The purposes of the Program include: <br /> 1. Advancing and protecting public safety by facilitating the installation of <br /> Automatic Sprinkler Systems in Eligible Buildings earlier than the July 1, <br /> 2020 deadline for completing such installations; and <br /> 2. Diminishing the loss of reasonably priced rental housing in the City by <br /> offering Owners an incentive not to increase the rents for their units by <br /> more than an agreed annual percentage, thereby reducing the economic <br /> ATTY/RESO.3085/CC RESO—RWC FIRE SAFETY FIRST PILOT PROGRAM—ATTACHMENT A <br /> REV:05-12-15 VR <br /> Page 4 of 10 <br />