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07/27/2015 <br /> 7.3.A. - Page 11 <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 /> hardships for City renters and displacement of those who can least afford <br /> to address the instability caused by rapidly increasing rents. <br /> C. The Program was established as a five-year pilot program commencing <br /> 2015. No new loans will be made under the Program after , 2020. <br /> D. The City Council in its sole and absolute discretion shall determine annually <br /> whether or not to renew the Program,to provide funding for the Program,and/or <br /> to modify the Program. <br /> E. The City Council will determine annually how much funding, if any, is available to <br /> support the Program. <br /> F. Funding for Fiscal Year 2015-2016 is established at one million, five hundred <br /> thousand dollars ($1.5 million dollars) and is to be funded from the City's Capital <br /> Improvement Program (CIP) subject to approval through the City's CIP approval <br /> process. <br /> G. Program Loan Funds may only be used to reimburse a Borrower for costs directly <br /> arising from the design, purchase, and/or installation of an Automatic Sprinkler <br /> System in an Eligible Building. <br /> H. Unless directed otherwise by the City Council, all Borrowers' payments on <br /> Program Loans will be deposited into the Program Loan Fund. <br /> III. PROGRAM APPLICATION AND COMPLETION PROCESS. <br /> A, Pro�ram Application. <br /> 1. To participate in the Program, an Owner must first apply to the Building <br /> Official for a building permit to install an Automatic Sprinkler System in the <br /> Eligible Building. <br /> ATTY/RE50.3085/CC RESO—RWC FIRE SAFETY FIRST PILOT PROGRAM—ATTACHMENT A <br /> REV:07-22-15 VR <br /> Page 5 of 9 <br /> OAK#4837-7968-0037 v1 <br /> 5 RESO.#15428 <br /> MUFF#705 <br />