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He noted that Guideline 7 states that the request for the inclusionary units should be made during the development application review process and that the Council will not generally consider a request after approval of the development's PUD and project financing. Mr. Bocian advised that Guideline 8 stated that IUCs would expire within five years. The Housing Commission recommended that the clock would start five years from the date the units are able to be used, as opposed to the date of approval. He noted that Guideline 9 stated that if the project owner transfers the credits or requests that they be transferred, that must take place within 180 days. Staff believed that there should be some significant restrictions on a project owner or developer trying to transfer credits to another developer. Commissioner Fox suggested that the language be clarified to state that the request must be made within 180 days of approval. Mr. Bocian noted that the language could be tightened up, but that the request for transfer for another project owner must be made within 180 days. Commissioner Fox suggested that language be added to require the conveyance of the units to take place within a certain amount of time after the approval of the request has been processed. In response to an inquiry by Commissioner Arkin regarding the downside of creating a more definitive ordinance with fewer guidelines, Mr. Bocian replied that the report addressed the alternatives to the proposed guidelines. He noted that they could be made more finite or that a point system may be created. His experience has been that every affordable project has been unique, with its own financing issues, unit mix, or other characteristics that make it unique. He noted that finite requirements generally did not work with affordable units. Commissioner Roberts moved to recommend approval of the Guidelines for IUCs as outlined in Attachment A, with the inclusion of the amendments by the Housing Commission. Commissioner Maas seconded the motion. Commissioner Fox suggested a friendly amendment to tighten up the wording for Guideline 9 to address the conveyance time after the transfer approval. Commissioner Roberts and Commission Maas concurred with the amendment. Mr. Bocian advised that staff would suggest a 60- or 90-day conveyance period for the transfer. PLANNING COMMISSION MINUTES August 25, 2004 Page 6 of 9