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Regular Council Meeting <br />4/24/95 <br />Page Fourteen <br />can. He asked them to keep in mind that those residents who are retired at a set <br />amount, and now this comes up and they have to pay part of it. We are looking to <br />where we can lend assistance that is appropriate. We don't want people moving out <br />of their houses; we don't want people being forced into dire straights at all. <br />Mr. Konieczny said in the letter from LaTourette, he mentioned interest rates from <br />zero to 7%. He did point out that Mayfield- Village is a wealthy Village but that isn't <br />everybody in the Village. We know there are Community Development Block <br />Grant loans, etc. that are other avenues. He is not convinced there aren't still more. <br />Those are the kind of things when Mrs. Kovacevic asked what else we can do, we <br />can all work together to find those things. At some point, we know when we sit <br />down here, Council will make a decision to set aside "x" number of dollars to put <br />into a fund that is going to have some benefit. There are certain rules we must <br />follow when we do that. Meanwhile, we are still looking for other avenues. Phil <br />Brett has done a lot to cement some very solid relationships between lending <br />institutions. These are tangible gains we are making; he is optimistic we will make <br />more. <br />Mrs. Comella, 673 Roble,y Lane - asked about the Issue II--what part are grants and <br />what part are interest free loans and what does that mean. <br />Mr. Cappello said 1.8 million dollars in grants and $860,000 in loans. <br />Mrs. Comella asked what that means. <br />Mayor Rinker explained the grant money is taken from the construction costs. The <br />interest free portion is dependent upon what can be amortized over time. The <br />communities have already committed and are paying for the engineering costs. That <br />comes out of the general fund. There are other costs, such as for intersections, that <br />the Village is bearing directly. What you have leftover is what has to be assessed <br />across the board. That is where the zero interest rates apply. We have indicated to <br />people that we have an option of paying the cost up front. We assume that most <br />people will find it better to pay an assessment over time. Those interest rates, when <br />you are amortizing that expense, have some real benefits. It doesn't remove the <br />principle, but by reducing the interest or having no interest, it definitely creates a <br />savings. <br />Mr. Cappello reminded the citizens and Council that this year State Issue II in on the <br />ballot again. It is not guaranteed for the next years to come. When it comes up, he <br />suggests the people in the Village think about voting for it.