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/"' winning development. She commended the City for its exemplary commitment to the project. She noted that at the end of the lease, the entire facility would belong to the City. She did not believe it would take two years to fill the facility. THE PUBLIC HEARING WAS CLOSED. In response to an inquiry by Commissioner Arkin, Deputy City Manager Steve Bocian advised that the draft ground lease currently contains provisions that a preference system for Pleasanton residents be used that is agreeable to the City. He anticipated that as the project construction moved forward, the Assisted Living Task Force would work on those criteria. The current preference system is not applicable to this project. He noted that they will sit down with Bridge Housing and work on the criteria. He anticipated that there would be some level of preference for Pleasanton residents. There were some provisions that if the project were to have any HUD financing, there would be some sort of affordability down to 55 years of age; otherwise, they preferred 62 years of age and older. This project contained some State provisions that must be followed. Commissioner Roberts noted that one of her friends had a stroke at age 55 and had to be in assisted living. r-- In response to an inquiry by Commissioner Arkin, Mr. Bocian replied that Bridge Housing would create a partnership called BLP Partnership, which would own the property. BLP Partnership would be a combination of Bridge Housing and Lytton Gardens. In response to Commissioner Arkin's concern regarding profitability, Mr. Bocian replied that there was a very large market component in the building. The project was anticipated to be very successful. The City has a considerable investment in the project, and they want it to work. He believed that if the project were to encounter financial problems, they would work collectively to resolve the problems. THE PUBLIC HEARING WAS REOPENED. In response to an inquiry by Commissioner Kameny, Lisa Grady advised that the conditions are acceptable, and that they had worked their concerns out with staff. THE PUBLIC HEARING WAS CLOSED. Commissioner Roberts noted that the PV -ready installation would be very beneficial if the price of electricity skyrocketed in the future, and that the potential budget impacts would be mitigated. Chairperson Maas believed that this was a great project, and that it was the Commission's privilege to be able to vote on it. She complimented staff, particularly Eric Kishi and Steve Bocian on their efforts and great work on this project. Commissioner Kameny thanked the subcommittee for their many hours of hard work. He ,,-. noted that they had done an exemplary job on this project. PLANNING COMMISSION MINUTES August 14, 2002 Page 7