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52 <br />• East Palo Alto <br />have approved the Agreement and others are considering it. <br />Summary <br />There are potential advantages and disadvantages to a mechanism such as the Housing <br />Endowment and Trust: <br />Pros <br />1. It will bring in anew source of funding by allowing cities to participate instate bond <br />proceeds dedicated to Housing Trusts. <br />2. We demonstrate our willingness to participate in a county -wide housing initiative. <br />Cons <br />1. We will only be able to use state funding once we have a state approved Housing <br />Element. After a review by the Housing and Human Concerns Committee and the <br />Planning Commission, staff will present it to Council -- with some recommendations <br />for additional programs to help us meet the regional fair share numbers— sometime <br />in July or August. <br />2. The Development group thought of H.E.A.T as primarily a funding vehicle. <br />However, once in place, it has the potential to do much more. The legal authority of <br />this JPA is broader than just being a fundraising vehicle. Once Redwood City has <br />joined, it may be awkward to withdraw. <br />3. On -going costs may increase over time. If the initial administrative budget is <br />$100,000, Redwood City's share would be $10,600 based on our share of the <br />county population. An operating budget of $250,000, Redwood City's share would <br />be $26,500. These estimates assume all 19 cities in the county participate. There <br />is also an expectation that each member city will contribute a large sum of money to <br />the Trust portion of H.E.A.T. <br />4. Timing —The Council will be considering budget cuts in June and July 2003. There <br />is little likelihood that the private sector will generate funding to the Trust in the near <br />term. <br />This item will be brought to Council for formal consideration in July or August 2003. <br />Michael Church <br />Planning Director <br />—'" Susan Moeller �L' <br />Acting Community <br />Development Director <br />Ed Everett <br />City Manager <br />Attachment <br />1. Development Group Final Report, November 2002 <br />2. Copy of the draft Joint Exercise of Powers Agreement <br />