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& IG - i <br />REPORT <br />To - t 9 City Council <br />From Mayor Claire and Vice- Mayor Ira', <br />March 10, 2003 <br />Subject <br />Housing Assistance for the City Attorney <br />Recommendation: <br />Reduction of housing assistance funds available for City Attorney and providing <br />discretion to the Mayor and Vice Mayor to effectuate additional measures to secure <br />repayment of housing assistance. <br />Background <br />As an inducement to acquire the legal services of City Attorney Stan Yamamoto and to <br />offset the substantial cost differential in housing between Riverside County and the Bay <br />Area, the City Council authorized housing assistance up to $650,000. In light of <br />pending budget constraints, the suggestion has been made and the City Attorney has <br />agreed to reduce to $400,000, the maximum amount of the assistance offered. Any City <br />housing assistance utilized by the City Attorney would be in support of any commercial <br />loan obtained by the City Attorney. <br />Moreover, depending upon the nature of the commercial financing obtained by the City <br />Attorney in securing financing for his primary residence, to the extent that repayment of <br />any City funds utilized may be accelerated to the mutual benefit of the City and City <br />Attorney, the Mayor and the Vice Mayor should be authorized to provide for such <br />measures. Pursuant to the City Charter, the Mayor shall execute all such documents <br />as may be necessary to effectuate the purposes of the funding arrangement. <br />Fiscal Impact <br />By instituting the above recommendations, the City will reduce its unfunded contractual <br />obligations and may be able to accelerate repayment of housing assistance. <br />Richard Claire, Mayor <br />J r , i¢$-Mayor <br />