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<br />,.' 09/30.(2004 10: 36 FAX 925 734 9141 <br /> <br />PONDEROSA HOMES <br /> <br />1//1 002 <br /> <br />Attachment 2 <br /> <br />PONDERDS^ <br /> <br />HOMES <br /> <br />September 30, 2004 <br /> <br />Mr. Steven R. Bocian <br />Deputy City Manag,;r <br />CITY OF PLEASANTON <br />P.O. Box 520 <br />Pleasanton, CA 94566-0802 <br /> <br />RE: Affordableflo,using Credits, Ponderosa Ironwood (Busch) <br /> <br />Dear Mr. Bocian: <br /> <br />This letter will sen c as a request by Ponderosa Homes II, Inc., to receive lnclusionary <br />Unit Credits ("lUC's") in exchange for providing excCSS affordable housing units at its <br />Ironwood project. <br /> <br />Thc Ironwood proj cct was requircd to provide a total of 64 affordable units (172 <br />multifamily X 15% = 25.8)+(191 single-family X 20% '" 38.2) = 64 units. The project <br />actually has provided 138 affordable senior apartmcnt units representing 80% of the <br />apartment units and 38% of the overall project. Furthermore, these units are affordable to <br />seniors in the 50% and 60% of median income range. Given this, the project meets <br />Section 2 of the Guidelines for roc's by providing 74 affordable units in excess (138 less <br />64) ofthat required by the Ordinance. <br /> <br />As originally appro'ied, tbe project was to provide 86 affordable units versus the actual <br />138 apartment unit~: being built today, We later increased this to 87 units in our initiai <br />application for CDl.AC bond allocations. Based on this, we are adjusting our request for <br />IlJC's to the differelce betwecn our original approval and what we provided, 138-87 = 5J <br />units. <br /> <br />We understand that thc Guidelines for lUC's distinguishes between affordable unit types, <br />potentially placing ,I. higher value on single-fanli1y versus multifamily units. Accordingly, <br />wc propose that f1C City of Pleasanton award lUC's to Pondcrosa Homes on the <br />following basis: <br /> <br />Multifamily rental units: <br /> <br />1 credit [or each affordable unit required <br />. <br /> <br />Condo/Townhouse units: <br /> <br />1.5 credits [or cach affordable unit required <br /> <br />Senior housing units: <br /> <br />1.5 credits for each affordable unit required <br /> <br />66~' 1 Owens Drive' Pleosonton. California 94588-3398 <br /> <br />Tel: (925) 460-11900 . Focsimile; (925) 734.9141 <br />