turn and rest with prospect lending in we've been brought into the homes initiative to offer a secondary source of financing for some of the buyers with properties that are in a condition and where they need improvement too you know we have a little one of the loan programs that you know we can offer to help the buyers is a renovation loan where they can finance the cost of the renovations for the house into essentially the purchase price of the home you know we're we're getting into it a little bit now and we have some new loan applications coming in and i think it's a really good tool for the city to be able to move some of the distressed inventory that you have through this initiative and we look forward to you know being being able to finance the homes that a lot of lenders might shy away findings in a nutshell what the loan does is it allows a buyer of the home to put money that they need to renovate the home into the initial mortgage so that they have one closing one set of closing costs and it's you know it's done all all at the same time there's other options available as well for renovation financing for these homes but we just want to give you a little bit of an overview and see if you have any questions of us that we might be able to answer to kind of further explain it and how it can help to maybe move some of these assets that the city has there any  questions yeah you know this power point here is i don't want to you know bore you with all the details of it but we wanted to pass them out so you have a general idea of what the program is and you'll see some statistics in there are the housing stock within the whole county that might be eligible for this type of financing it's different than a regular more where someone you know takes out the mortgage says simply purchase a home we're saying ok if you need to buy a house for you know maybe it's fifty thousand dollars but it needs another fifty thousand dollars in repairs but will lend you money off that hundred thousand dollars total number and that's what makes it a little bit unique and allows the buyer to finance what they need without really going to their own party where they might not have the means to do so so hopefully that option allows you know to sell more of these homes in a timely fashion and that's what we're here for that risk this product is an f h a loan so it's backed by the federal government and insured by the federal government the bid from the contractor for the estimate i should say is very detailed so we know exactly line by line what they're going to do but we also build in a fifteen percent contingency reserve so that you know if someone's borrowing maybe you know fifty thousand in repairs we're going to make them take out a little bit more than what they need just in case when they do open up that wall and find you know the pipes or verse or something of that nature they have additional money and then if that money is not used it goes back to pay down principal balance of the farmers one but we do build in a fifteen percent review the contractors bid to both protect the consumer that's buying the home and also to protect us as the lender so that we're not over land so we make sure that those kids are in line with what the market prices should be for that w do it yourself network t v so there is a television campaign for us to promote it nationally and then locally you know we've participated with the mayor with the press conference to try to get the word out there and also really in the local real estate community georgetown on one of our loan officers is very involved in the community here and you know it's really kind of spreading the word through the real estate community to the real interest so that they are also informing the buyers because a lot of the buyers don't even know that you can do this you might yet see the house and say oh i'd love to buy the house but i don't have the money to run it well now you have the solution you know that's  fairly comparable to to the rest of the market maybe a little bit higher because it is an additional risk where you're taking on a renovation but all in all you know very low compared to speak to historical rates you know interest rates are still very good through the thirty years thirty year it's a thirty year fixed rate mortgage so it's a safe and sound product no prepayment penalty or anything of that nature so it's you know fairly conservative as far as a mortgage  for new york state national so sation letter carriers and we have submitted a proposal for your consideration as a console to was support the continuation of all of our six state delivery standards that we've had in united states the united states postal service and supporting of the the house and the senate resolutions that are currently pending in committee united states senate the house we have a very important world in the united states as the united states postal service we are the second largest employer in the united states second only to wal mart with much better wages and benefits by the way we are under undue stress however and the resolutions that we're looking for support up in the house in the senate are ones that will provide certain modest financial relief and restructuring of the postal services as an organization on a regular basis as members of the council do represent the city as connect the and its many employees  six and i'm going for the next seventy five years i doubt that the members of the council then or now could predict what your employment levels would be in seventy five years from now and i think that knowing the stress that the city is under being asked to pay for future retiree health benefit premiums for the next seventy five years and doing it within a period of ten years would put severe financial stress on the city of schenectady it was certainly doing that in the postal service to the tune of five point six billion dollars a year it's an unnecessary burden to some bird that we're the only gate and see the federal government is being forced into this what we are the only business in the united states that does this and we're required to do it by law and i don't and dish and there are certainly changes going on within the poll's to service since our first postmaster general benjamin franklin started up the postal service we are not the same organization as we we were two hundred plus years ago and two hundred years from now we're not going to be the same organization either however by constitution we are mandated to exist we do not exist as a financial burden of the united states citizens because we are run as a business we are successful as a business even though we have we and the interior is handling industry have suffered severely under the latest recession but we can work our way through it as a business and as a place like government agency with your support as a city and we're looking forward to support across the state and in the state legislature as well sending a message to the united states that six day delivery is valuable is valuable for your citizens because we are at the doorsteps of all yours as in six days a week we were in your in your up businesses six days a week so in addition to providing a commercial service to to your citizens and to our businesses who are generate the revenue over the postal service we are also there watching and protecting your communities we bind the communities together being said we as a business we still have to exist as a business we as a as a labor union are doing something that's not natural is labor and we are we are making the business model case we have hired a major international financial group called the last record and in particular that one of their vice presidents ron bloom bloom was instrumental in the restructuring of both the steel industry and the auto industry in the united states most recently working for the obama administration they have come up with specific proposals on how to restructure this industry and we are prepared to move forward now you've heard through with the public media that there is a drive by the postal service and postmaster general and members of congress to have us become a five day delivery service the oddity of that is that  business is actually driving towards seven day delivery that going the other way as consumers you you can feel how you want to have your your products delivered to you when you order online or over the telephone with through the mail you're tracking your deliveries and you want them delivered as soon as possible the businesses get that and they are moving in that direction if they are allowed to do so the postal service will also now from their commercial vendors i don't lads are group that we hired is in agreement since the pedestal service through the legislation has not been able to move five day delivery one of our regulatory commissions the postal rate commission has three weeks ago now for the first time submitted a request for proposal from businesses to conduct a survey to see what the financial organization by moving from sixty to five day we believe that's backwards you don't make a decision to make a move before you know which move was going to look like it's a business so we are we are pushing to have this done the right way and we believe that while the polls right commission is starting up those requests for proposals starting this fund that we believe is very important that the cities and the state governments in our in our country need to have their spread out the amortization of the prefunding of the help and for premium over the course of forty years the house bill is looking to do similarly the same thing and at the same time they're looking  to refund to the postal service over payments into the pension plan what you did last cycle was made an appointment for a expired term and made a point for a new member ok what this does is last year when the two appointments were made they were made in april and they were set to expire in one was set to expire in two thousand and thirteen and the month of april was used the other was set as a five year term and it was set to expire april of two two thousand and eighteen or seventeen rather what the charter or what the code calls for is these terms to expire in september of whatever here they are going to be target love from october first to september thirtieth so what this legislation monitoring housing related transactions and campaigns the fair housing office of the civs connect because conducted humorists one on one in public format or training for land or standards home buyers real state brokerage companies financial institution lenders media governmental and agency city also is the recipient of federal and state funds for neighborhood housing improvements their housing has played a major role monitoring reports which requires the city to be in compliance with  definitely not on the same page at this point we do have one more cycle before we have to approve this i know this brecker is interested in providing funding for the city schools to help with the reading program i think some of the concerns with this are that the schools never submitted an actual application on you know whether this is appropriate or not that's when i get the biggest question in all of these is where the money's going to the table we really haven't had much discussion on the whole idea of applying for the loan and i hope we can do that tonight i know there's people some people who are supporting some people who have a lot of questions about the now it's going to take out of the c b d grants for the next time ever many years to pay it back on and i think also just one concern with any of these programs  had actually submitted an application when there were other galleries available online the need arose and i think just an explanation the school district just making the pitch is that you know we have no idea that they have no community policing is where four but we are not proposing to change the world and just like with this is this was not to propose to really change the rates this was proposed to add new rate structures because we believe we have holes and that's why you know you'll see that these are all kind of watercooler two dollars less for the senior it's kind of a blanket that we're not trying to propose because like the mayor said we're looking to study the sewer holes or to really come back maybe and do something in the future but this was just because of cards and we're going to this would put it just if there was a way to actually categorize it i think that would be great because it would be to the detriment you know have someone that's behind the pro shop a seasonal person have to make the call on what is disabled and what is not to sa  it could be you know night we call them for domestic issues that we need to address immediately to arm and proactive type of unforced and that's referrals are made to the team and analyzed by the team and then directions given from the team to do some time the proactive at the end of next year and as a result of see magni go it's actually i guess a good thing and a bad thing we've reached attainments status air quality in the area has improved in new york state no longer qualifies to receive this money as a result the state in conjunction with our local m p oh the c d c has allowed us to push forward with this project which was originally set for construction in three years early so we can take advantage of the money that was  authorize that we brought in with judas for design services and we also have the i just i'm kind of going to go one and two together as they are related the schedule a form which shows that the state the project is for the improvement of the area boulevard not st j street and front street intersection right now it is kind of a convoluted large intersection where we have you know several you know backups it's all class f rated intersection so it's the lowest class intersection that we have in that the state categorizes the idea is to improve that and to pressure in safety and traffic flow and improving traffic flow to improve the air quality which is why qualified for this type of a grant this type of funding grant so this is in front of you now to proceed with a resolution i will then send that with a agreement design phase one through six and fifteen thousand right of way incidentals what you don't see here are the other phases like carl was talking about we will why the mineral budgets going forward for twenty fourteen and twenty fifteen however the right of sorry so this is just the start of this project so i want to make sure that you guys are aware of what kind of myself in the traffic department due to issues that we were having at this particular intersection with traffic from the parking march driving and using the handicap ramp like a curb cut this was the most cost effective easiest