REPORT TO COUNCIL
SUBJECT
Title
Adopt a Resolution and Approve an Amendment to Housing Assistance Agreement for City Manager Kent Steffens Extending the Home Loan Repayment Term
Report
BACKGROUND
The City has a long-standing Executive Mortgage Assistance Program currently available to Council appointed officers, department directors, Assistant City Manager, and Deputy City Manager. The program was established in 1981 by Council Resolution Number 256-81. The program was amended in 1988, 1989, 1996, 2015, and 2019 by Council Resolution Numbers 226-88, 125-89, 160-96, 712-15, and 933-19.
Given the high cost of housing in Sunnyvale, the program was enacted to enhance the City's ability to recruit and retain top quality executives, as well as encourage executives to live within Sunnyvale City limits.
The Program offers a loan for purchase of residential property within the City of Sunnyvale for the employee's principal place of residence. The loans are conditioned on future performance of substantial service by the employee and are due and the program requires the employee to repay the loan in full upon sale or transfer of the property, within six months of either the termination for any reason of the employee's employment with the City or termination of the use of the property as the principal residence of the employee, whichever occurs first, or (if applicable) within one year of the date of employee's death or disability retirement.
This Report to Council has been prepared as previously directed by Council to approve an extension of the repayment terms in the existing home loan purchase agreement for City Manager Kent Steffens.
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 to assure that City services are provided in an effective, efficient, and high quality manner.
ENVIRONMENTAL REVIEW
The action being consid...
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