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Ponderosa may request use of its IUC's. The ultimate decision on if the IUC's are used <br /> will be determined by the City Council. <br /> Option 2 Deny Ponderosa's request which would result in the IUC's expiring on March <br /> 26, 2012. During this period, Ponderosa may still request, and the City Council may <br /> approve, use of the credits even if the project benefitting from the IUC's is not <br /> constructed until after March 26, 2012. <br /> Option 3 Approve an extension for a lesser period of time reflecting current economic <br /> conditions. One alternative would be to grant the extension until June 2016 which is the <br /> maximum allowable date set forth in Amendment 1 of the Ponderosa AHA. The basis of <br /> this option is recognition of the fact that the economy has significantly halted residential <br /> development placing an unintended barrier to using the IUC's. While it is difficult to <br /> determine how and when the economy will turn to the point that use of the credits is <br /> feasible, the extension will provide additional time for economic improvement. <br /> If the City Council elects to approve an extension, staff will forward a letter to Ponderosa <br /> memorializing Council's action. <br /> Submitted by: Financial Review: Approved y: <br /> Steven Bocian David P. Culver Nelson Fialho <br /> Assistant City Manager Finance Director City Manager <br /> Attachments: <br /> 1. Ponderosa Home Affordable Housing Agreement, Including Amendment 1 <br /> 2. Inclusionary Unit Guidelines <br /> Page 4 of 4 <br />