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Reports were presented to you, in 2010, the public Advisory Community there was unanimous support for the program. This program, the south story ordinance actually was brought to you first four years ago today. You wonder why it has taken many of us wonder that as well. It was actually four years ago today that the report hear today hear tomorrow was brought forth to you. There is caps has evolved into esop the Earthquake Implementation Program which is a 40, excuse me, 30year program. The soft story ordinance is the first step in that. It is the low hanging fruit. This is where we get the biggest bang for the buck. This is going to be the easyist and cheapest of the problems to solve and we will look forward to your support in the other efforts on the esup program as well. But i strongly encourage your support on this. Thank you commissioners thank you ....
Really inefficient of how, it did not have to be that way t does not have to be that way in the future. It was partly that way because it was in the code, if you will remember. It was designated and you know, i think that is for us, if we are going to pursue putting the fund together, again, and making it available, we should think carefully about what the policy choices are and what it should be and what the policy out comes, you know . Should be . Before we start putting in details of you know what the transfer of funds will be. Before you talk, we should try to figure out where we are going with it. And then makeup the rules. And then i would suggest that this may be but you have to populate the fund because there sno money. There is probably 2,000 on our side if even that. If you wanted to populate the fund just like we are populating the repair and Demolition Fund so there is sufficient money there to be able to do emergency ....
Now the banks have agreed to come forward to create the mechanism to refinance their property to be able to pull out the additional funds for construction because of the loan to value ratio that is a problem and there is also the availability of doing a secondary loan to access these funds and a gamut of other options some of these buildings are considered historic and so we are working to access the funds to be able to stream line that process as well as our Public Financing component which will be a discontinuing inaudible district and it is similar to the Green Financing in the city it allows the loans to not only be associated with the individual but with the property. If the property changes hands, the length of the loan stays with the property. Whereas it stays with the individual. The idea is that there are other options the idea being is that we want to give as man ....