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funds are specifically intended for use in facilitating the development of low-income housing in Pleasanton. Commissioner Butler asked Mr. Bocian to provide some clarification about funds for the Housing Element and the use of funds from the Lower Income Housing Fund. He also asked about HUD subsidies. Mr. Bocian provided information about the use of these funds and the concerns the City has regarding HUD subsidies. Commissioner Butler questioned whether the Low Income Housing Tax Credit program was subject to any changes that could affect financing for the project. He also questioned whether this would be a syndication process and what the commitment would be. Mr. Bocian advised that tax credits would need to be awarded for the project and that the City intended to work with MidPen to seek an allocation. He also advised that regulatory changes are not anticipated to have a significant impact on the planning for this project. Commissioner Mermelstein asked about return of the property to the City of Pleasanton after tax credits have been received and also whether rent subsidies would be returned. Mr. Bocian provided information about the ground lease arrangement and long-term City control of the land. Commissioner Welsh indicated she was unclear about some financial aspects of the operating budget information provided in the report. This matter was discussed. Chairperson Probert opened the meeting for public comment at 7:58 p.m. John Weir, 414 Amaral Circle - indicated that he likes the layout of the project but had concerns about the overall cost for the net number of new units. He stated that he supported the project but wished something could be done to reduce the overall cost. Becky Dennis, 838 Gray Fox Circle — Ms. Dennis, a member of the Task Force, indicated she was happy that this plan had now been brought to the Commission. She felt the process had been good, the plan was well accepted, and the community had generally come together with a consensus. She liked the Option 2 solution and felt that everyone has been patiently working to create a positive result. Ms. Dennis feels this will be another unique project for Pleasanton. Tim Hunt, 7266 Foothill Road — Mr. Hunt is the President of Pleasanton Gardens. He advised that Pleasanton Gardens was pleased to have been approached about this project and is enthusiastic about what the Task Force has presented. He recommended moving the project forward to City Council. David Stark, 4072 Cid Way—as a past member of the Housing Commission, Mr. Stark advised that he thought the Draft Predevelopment Report for Kottinger Place was great. He felt that patience has paid off and the addition of the Pleasanton Gardens property has made a huge difference. Mr. Stark felt that City staff and the Task Force had worked hard and it is time to put "rainy day" funds to good use. Having Pleasanton Gardens partner with the City of Pleasanton is good and it is time to do something to improve these two locations. Mr. Stark felt it was important that Pleasanton Gardens give its property to the City in order to expand affordable housing. He felt that community input had been great and there is value added by having the City involved with this project. Mr. Stark asked the Commission to consider Option 2 and encouraged them to stay engaged in the project. Page - 4 -