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was provided information on how the transaction would work. Commissioner Mermelstein discussed with Mr. Bocian the $500,000 amount the City had tentatively agreed upon and other financial information pertaining to the different options. Chairperson Casey opened the meeting for public comment at 8:42 p.m. Becky Dennis, 838 Gray Fox Circle — reviewed with the Commission a letter of support for this project from Citizens for a Caring Community (CCC). She advised that they feel the plan offers a good level of affordability and the proposal by the developer is a good resolution. Ms. Dennis felt: 1) the idea of transferring units was interesting but thought there could be a down side to developers who purchase the credits; 2) services to be provided should be addressed in the Affordable Housing Agreement; and 3) high speed internet access should be provided in community area within the development to enhance on -site service delivery. Steve Eggert, St. Anton Partners — reviewed the different options, the very-low income units, and the benefits to the City provided by bond financing. He also noted that internet services will be provided in all common areas. Sean Souer, POB 12222 — indicated that he, too, likes Option 2A and felt it would offer a good environment for families. He felt this kind of proposal should be considered for future projects. Chairperson Casey closed the meeting for public comment at 8:52 p.m. Chairperson Casey discussed with Mr. Bocian the anticipated life -span of the credit transfers and whether there was any monetary value to a credit. Mr. Bocian advised that staff would be reviewing the matter in greater detail prior to Council review, but the life span or expiration would probably be five years. He also advised that there was a value to the credits, but the value depends on what the developer planned for the project. Chairperson Casey asked about the Lower Income Housing Fee nexus study, and Commissioner Probert asked about Ms. Dennis' comment regarding review of the Affordable Housing Agreement. Mr. Bocian advised that these comments would be forwarded to the Planning Department for consideration as it reviews the project. Commissioner Butler had questions concerning waiving of fees and use of Lower Income Housing Funds. He also questioned whether a similar approach could be used for larger projects. Mr. Bocian advised that the City is always open to such ideas, and the City Council will affirm its support to issue tax exempt bonds for the project at its May 21 meeting. He also advised Commissioner Butler that the City will determine how the unit credits will be transferred by St. Anton. Chairperson Casey thanked the St. Anton representatives for a creative project. A motion was made by Commissioner Welsh, seconded by Commissioner Probert, recommending the City Council approve Option 2A for an Affordable Housing Agreement with St. Anton Partners for a 168 - unit apartment development at 5729 West Las Positas Boulevard. ROLL CALL VOTE: AYES: Commissioners Butler, Mermelstein, Probert, Welsh, and Chairperson Casey. NOES: None ABSENT: Commissioner Lopez ABSTAIN: None Page -2-