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<br />~ <br /> <br />Allan Jensen, 907 East 20th Avenue, said he has no financial interest in <br />bUildings that might be converted to condominiums. He said City regulations <br />that dictate what property owners can do with their properties are the reason <br />there is not more secure housing for the elderly in Eugene. <br /> <br />Stanley Whitehill, 260 North Adams, said he did not agree with what seemed to <br />be a personal attack on Mr. Bennett. Mr. Whitehill said the Federal Tax <br />Reform Act will increase costs to property owners because taxes will not be as <br />deductable. However, taxes on rental properties will still be deductable. He <br />said prices of condominiums are not as competitive as prices of single-family <br />homes because people have more choices when they buy a home than when a <br />condominium conversion is forced on them. He also said it is difficult for <br />owners to sell condominium units. <br /> <br />Mr. Whitehill said handicapped and retired people often live only on their <br />investments and being forced to buy a condominium to continue living in an <br />apartment produces a financial hardship. <br /> <br />Fergus McLean, 2920 County Farm Road, said he would discuss ethics in <br />government and providing for Eugene's retirement community as an economic <br />development strategy. He said our society includes private wealth and common <br />wealth and common wealth involves things that concern the public good. He <br />said people are elected to represent us and to protect the common good. He <br />said those people should not consider things related to their private wealth. <br />He said people do not expect the protectors of the common wealth to use their <br />positions to promote their private wealth. <br /> <br />e <br /> <br />Mr. McLean said Rob Bennett has about $2 million in loans at subsidized <br />interest rates from the City of Eugene and the implications of that fact are <br />disturbing. He said City Manager Micheal Gleason serves at the pleasure of <br />the City Council and is in charge of protecting the City's loans. He said the <br />implications of defaults or problems with'the loans are disturbing. He said <br />the situation erodes public confidence in the government. <br /> <br />Mr. McLean said attracting retired people to Eugene is a viable economic <br />strategy. He said people affected by the revisions to the Condominium <br />Conversion Ordinance probably spend more than $500,000 in the community <br />annually. He suggested subsidized City loans be used to build more housing <br />for retired people. He said many things in Eugene can be used to attract <br />retired people to the community and he likes having retired people downtown. <br /> <br />David Freeman, 3025 Portland Street, said he has been a businessman for 15 <br />years and understands the need for reasonable profits. However, he does not <br />think City laws should be revised so they negatively affect elderly people. <br />He said many elderly people are afraid of the proposed changes to the <br />Condominium Conversion Ordinance because the people fear losing their sense of <br />"community." He said the existing ordinance led people to think they had <br />securi ty. He suggested the counci 1 reach a compromi se that wi 11 provi de a <br />reasonable profit to developers and guarantee homes and dignity to elderly <br />people. He said he will share some ideas about a compromise. <br /> <br />e <br /> <br />MINUTES--Eugene City Council <br /> <br />February 9, 1987 <br /> <br />Page 9 <br />