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In view of this option, Mr. Dove attended the February 17 Housing Commission meeting and <br />provided testimony and support for Option A and the concept of allowing the developer to <br />market IUC's to another Pleasanton developer(s). While no specific development site was <br />identified that could use the IUC's, the Commission indicated that there are a number of <br />developments planned in a number of areas that could benefit from IUC's. Based on discussion <br />at this meeting, the Housing Commission took action recommending the Council allow the sale <br />of IUC's to help provide financial support to the project. <br /> <br />In general, staff supports the concept and use of IUC's and recognizes that they could be an <br />important part of a financing plan for a senior housing project with very affordable rents. As a <br />result, staff is in general agreement with the Commission's basic thought process on this subject. <br />However, staff has informed the Council previously that it would request a developer identify <br />the specific use and location for credits prior to making a recommendation for transfer. Further, <br />while staff has generally discussed a senior very affordable project for this site, if Option A is <br />approved, the owner will most likely sell the property which may very well lead to a different <br />type of development that may not need or quality for IUC's. As a result, staff recommends the <br />Council inform the owner that it would consider a request for credits for this site consistent with <br />the IZO project, but that approval would be dependent on further project review. <br /> <br />HOUSING COMMISSION RECOMMENDATION <br /> <br />The Housing Commission discussed this issue at its meeting of February 17, 2005. The minutes <br />from the meeting were not ready in time to include with this report. The Commission voted <br />unanimously to support the staff recommended Option A. In addition, as noted above, the <br />Commission further recommended that the City Council consider allowing the project to be able <br />to market any IUC's to other developments in Pleasanton as a potential source of revenue for a <br />future project. <br /> <br />FISCAL IMPACT <br /> <br />The City's Lower Income Housing Fund currently has a balance of approximately $9.1 million. <br />Of that amount, approximately $2.9 million is committed to projects, primarily the assisted <br />living facility project ($2,490,000 for predevelopment and permanent loans; approximately <br />$300,000 for payment of City fees). <br /> <br />SR:05:080 <br />Page 6 <br /> <br /> <br />