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<br />09/30/2004 10:36 FA4 925 734 9141 <br /> <br />PONVJ::KUSA I!UMJ::S <br /> <br />Ii!I UUJ <br /> <br />Single-famil:,' housing: <br /> <br />2 crcdits for each affordable unit required <br /> <br />Our priority for thc~ use of any lUe's granted is on the 23.26 acres adjacent to the <br />Ironwood project that is under Option to the Pleasanton Unified School District. The <br />lInderlying zoning on tbis property allows for the development of senior housing. <br />Therefore, we reqU€5t that the 5-year time framc for the use of ruC's on this site extend <br />from the date the Sc:hool District exercises or terminates its option. If we do not use the <br />IUC's for the School Site. Ponderosa Homcs will have 5 years from the date the mc's are <br />approved to use at a:lother projcct in the City of Pleasanton. <br /> <br />Ponderosa Homes has loaned to Busch Garden Investors, LP, $1,906,000 to date. It is <br />anticipated that an ;tdditional $2,500,000 will be loaned to the panllership to bridge the <br />gap from the completion of construction to conversion. Additionally, thc value of the <br />senior apartment sit.:: was set at $1,000,000 but as a market rate project the property could <br />be worth approximaccly $6,000,000. <br /> <br />We believc that the Ironwood project has provided more affordable housing on a <br />percentage basis than any markct rate project cver developed in the City of Pleasant on. <br /> <br />Thank you for your ~onsidcration and please feel free to contact me with any questions or <br />comments. <br /> <br />Sincerely, <br /> <br />~OS~OI:<E II, me <br /> <br /> <br />Jeffrey C. Schrocder <br />Vice President, Land Acquisition & Planning <br /> <br />