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Mr_ Swccney noted that the difference ire rants between market-rata units and the affordable units was $ 1 68,480 in Year 1 ; the capitalized value of that income was $2,500,000_ He believed that it was entirely appropriate that sometin~ae in the future, based on the consent of the City Council, they be able to recoup some oFthat investment. IIe noted that the Busch project was 38% affordable, based on 138 units of affordable housing. He added that at 50-60% levels, there were no projects in Pleasarton built by private developers that approach that level of affo rdability. He noted that they would like to take their state allocation, and to begin construction in September or October, 2003. He noted that they lowered the rents on the 51 units in anticipation that they could rely on the inclusionary zoning ordinance that was in place, and to use the credits on their own property, or elsewhere in Yleasanton in the future. With respect to sale of the credits, Mr. Sweeney noted that they had a $2.5 million investn~eni in the credits. However, if the Planning Cornniission or City Council objected to the sale of the credits, they would be willing to give it up. He noted that they had 90 days to use the state rnon ey. He noted that they had the nzaxin~aum green building criteria in the design, and that they provided every senior service possible. 1-Ie added that tl-acy reached the maximum affordability rating of 35 points. He noted that the loan rates were higher than a commercial Barak, but that it enabled theta to receive the affordable housing credits. Yatricia Fielding, 7703 Highland Oaks Drive, Chairperson, Citizens for a Caring Community, noted that they had supported Ponderosa's senior development. She supported the increased number of affordable units, including those for very low income residents. She suggested that the Commission approve the transfer alone, because it was the continuation of the same project, which she believed was an excellent development She would like to lirrait policies which would make it difficult to meet the June, 2004, Flousing I~lemeni goal, which planned 25% of the remaining building permits to go to low income units. She believed that tlae Commission may want to consider density reduction at the mid-point or lower for the development of the adjacent property or other property. She would not like to see as many larger homes built, because they do not take up as many housing unit credits; that would leave more units for the needed low-income units. She noted that transfer credits may be granted to occur when the Housing Elcnient goals had occurred. She supported Ponderosa's use of the affordable housing credits, and. believed the development was an outstanding addition to Pleasanton. THE PUBLIC HEARING WAS CLOSED_ In response to an inquiry by Commissioner Sullivan, Mr. Bocian replied that there were five midpoint density units per acre, for a total of ] 00 units. PLANNING COMMISSION MINUTES July 9, 2003 Page 18