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twenty-year and wondered if that is accurate. Director of Finance Olson responded affirmatively, adding the twenty-year payoff will not be of the existing liability. Existing liability will stay in the thirty-year cycle. The twenty-year payoff would be for future liabilities. Gains would also be amortized at twenty years. Councilmember Brown asked when staff will present to Council, adjustments to development fees and Director of Finance Olson reported staff is close to being done. City Manager Fialho reported Transportation Fees need to be reviewed by Economic Development and staff anticipates the item will be presented to Council in the summer. City Manager Fialho thanked Director of Finance Olson and her staff for the great work they do. MOTION: It was m/s Brown/Olson to accept Comprehensive Annual Financial Report (CAFR) and other audits for the year ending June 30, 2017. Motion passed by the following vote: Ayes: Councilmembers Brown, Narum, Olson, Pentin, Mayor Thorne Noes: None Absent: None 21. Presentation of new California Housing Legislation Director of Community Development Gerry Beaudin presented details of the report and displayed a PowerPoint presentation addressing California's Housing Future in terms of housing production, inequality and lack of opportunity, affordability, home ownership, homelessness, discrimination and inadequate accommodations. He reported on the Housing Package including financing affordable housing, streamlining local review processes, increasing local accountability and reporting requirements, allowing funding to pay for affordable housing thorugh inclusionary zoning and preserving affordability of existing subsidized housing. He added while the majority of the laws will have no impact on the City's processes, three of them may impact the City more directly. These include SB 35, Streamlined Approval Process, SB 166, Residential Density and Affordability, aka "No Net Loss", and AB 1397, Inventory of Land for Residential Development. He provided a summary and elibility criteria for each piece of legislation and addressed HCD Guidance, noting HCD released a list of cities eligible for the streamlined development process on February 1, 2018. Councilmember Narum asked whether the east side would not meet the eligibility criteria and Director of Community Development Beaudin reported the definition of "development" is very specific and the east side would not be eligible as it is not surrounded by 75% development and stated he would also question environmental aspects of the east side. In response to Mayor Thorne's question, Director of Community Development Beaudin reported during this RHNA cycle, Pleasanton would need to be 50% affordable. Additionally, the City would need to pay prevailing wages. Councilmember Pentin stated the City has established its own 15% and if the City is streamlining at 50% and inquired whether scaling is allowed. Director of Community Development Beaudin stated it is 50% based on 80% area median income. If the City were to adjust its requirements down to 10% it could go down to 10%. He added all of this is at the developer's discretion. In this RHNA cycle, the City has been classified by HCD into the 50% bracket. The City may have to go back to the 15% affordability requirement until more units are produced. Councilmember Olson noted at 50% it is unlikely that any projects will come forward and asked regarding the State's rationale. Director of Community Development Beaudin reported there are City Council Minutes Page 4 of 7 February 20, 2018