REPORT TO COUNCIL
SUBJECT
Title
Adopt a Resolution Amending and Restating the Policy for the Provision of Housing Assistance to Newly Appointed Charter Officers and Department Directors (the "Mortgage Assistance Program") and Rescinding Resolution Numbers 256-81, 226-88, 125-89, and 160-96
Report
BACKGROUND
The City Council Subcommittee met on June 30, 2015 to discuss the City's Executive Mortgage Assistance Program. The City Council Subcommittee directed staff to place a public agenda item on a regular City Council meeting to discuss modifications to the program. Based on that request, this Report to Council has been prepared to facilitate the public discussion.
EXISTING POLICY
Council Policy 7.3.1 Legislative Management - Goals and Policies, Goal 7.3D: Maintain a quality work force, consistent with state and federal laws, City Charter, and adopted policies in order to assure that City services are provided in an effective, efficient, and high quality manner.
ENVIRONMENTAL REVIEW
N/A
DISCUSSION
The City has had a long-standing Executive Mortgage Assistance Program. The program was established in 1981 by Council Resolution Number 256-81. The program was amended in 1988, 1989 and 1996 by Council Resolution Numbers 226-88, 125-89, and 160-96 respectively. Eligibility to this program is limited to the City Manager, the City Attorney, and Department Directors,. Given the high cost of the housing market in Sunnyvale, the program was enacted to enhance the City's ability to hire top quality executives, as well as encourage executives to live within Sunnyvale corporate limits. The program is designed in a fashion that there would be no cost to the City, in that interest paid on loans would be commensurate with what the City's portfolio would otherwise yield.
Some of the key terms and conditions of the current program are:
1. The program is available to executives within twelve (12) months of commencing employment with the City.
2. The loan...
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