15-0701_MILLENNIUM HOUSING, LLC._Handout - Turk, George (Millennium)Attention AH SJME Residents! C iOpL^
The City of San Juan Capistrano !v
WANTS TO HEAR YOUR OPINION! W i hMOn/
When SJME was purchased by Millennium, interest rates were higher than today, which creates an
opportuniby to refinance the loan.
WHAT ARE THE BENEFITS OF REFINANCING?
• If refinanced, approximately $300,000 previously paid in interest per year would be available to
be spent m improvements, such as the aging electncal system, street repavmg, redesign of the
shuffle board court.
• The rent subsidy program would continue.
• The $ II .56 per month CPI rent increase will be rescinded and future rent increase may be
minimized.
WHAT IS THE DOWNSIDE OF REFINANCING?
• Large-scale improvements could be delayed or cancelled if the refinance were not approved.
• Refinancing now could delay a potential purchase of the park for a few years.
• Interest rates and other costs could be higlier if refinanced later.
HERE IS WHERE YOU COME IN!
The City' wants to be assured that the opinion of our residents has been heard. The RA Board of
Directors has t^^dce issued letters of support of the refinance, but we want to present your opinions at a
City public hearing in June.
Please indicate your opinion below. P.eturn the form to the Resident's .A.ssociation mail slot (across
the hall from the clubhouse office) by Monday, May 18. WE NEED YOUR INPUT!
NOTE: This is an opinion-poli about the refinancing. It is NOT a survey about buying the park!
I suppoit the refinance LI I do not siippoit the refmance
I have no opinion
Signature SJME Space Number
Thank you for your participation. SJME RA Board of Directors