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3 <br />Phase I — Grant Program <br />Based on the revised cost projections of $195,000 and the assumption that eighty- percent of <br />the residents will meet eligibility requirements, shelf estimates the cost of Phase I to be <br />approximately $158,000. Since the installation cost of the lateral lines is based on individual <br />property charactenstics, this cost projection may fluctuate slightly over the course of the <br />project. Should that be the case, staff will report to the Board and request additional funds to <br />complete Phase I. The County's Housing and Community Development Offica would <br />administer the grant program. <br />Phase II — Loan Program <br />The potential up -front cost of the loan program would be approximately $39,000. This <br />calculation is based on the assumption that twenty percent of the residents (18 residents) will <br />meet eligibility requirements for the loan program and that all eligible participants apply for <br />loans at the same time. It is important to mention that staff feels that it is not likely that the <br />scenario outlined above will happen, however, the potential does exist. The County's <br />Economic Development Department would administer the loan program. <br />It is more likely that some qualifying individuals will apply for loans as funding for Phase II is <br />available. Over the new few months, staff will gather information and include a funding plan <br />for Phase II in the 2002 -03 fiscal year budget. <br />RECOMMENDATION(S): The Manager recommends that the Board review and discuss the <br />proposed Assistance Policy and provide direction to staff regarding any needed changes or <br />clarifications that should be made before bringing the policy back for formal BOCC adoption. <br />