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• <br />• <br />• <br />Summary <br />If the City views the subordination issue as losing the senior preference to the control of the new lender, <br />I suggest this proposal does just the opposite and takes concrete steps to lessen the likelihood of project <br />failure long term. <br />The more demanding issue challenging Willow Ponds is the real potential of losing the project's <br />affordable tenant base, rent structure, and disability requirements. <br />Finally, Willow Ponds needs to be refinanced in the near future. The subordination issue will not go <br />away if my proposal is denied. The best method to address the City's subordination issue is to deal with <br />it now and accept the new owner and refinancing plan as proposed here. <br />12 <br />