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Ms. Michelotti understood the buy down is to help get the units in line with the one unit <br />that is being offered at $200,000. <br /> <br /> Mr. Freed said under the condition of approval, the City could elect to buy two additional <br />units at the market price. <br /> <br /> Mayor Tarver declared the public hearing open. <br /> <br /> Jack Hovingh, 4250 Muirwood Drive, felt the developer could afford to pay the buy <br />down on three units making the units affordable at no cost to the City. He said projects are <br />approved, then the developers request a modification. Council never extracts anything from the <br />developers for this change. He felt affordable housing was an important element that should be <br />extracted. <br /> <br /> Mr. Freed said Kaufman and Broad purchased this property from the original developer. <br />The land acquisition price was based on current market conditions. Kaufman and Broad has not <br />benefited from an increase in the market. <br /> <br /> Ms. Ayala said the square footage is a benefit for Kaufman and Broad that was not there <br />for the previous developer. <br /> <br /> Mr. Freed said the square footage will generate additional revenues, but it will also come <br />at an additional cost. The additional square footage is intended to be marketed as an option not <br />a requirement. He did not expect this request to add additional square footage to impact the <br />issues over affordable housing. Kaufman and Broad is trying to put itself in a competitive <br />position. <br /> <br /> Mayor Tarver said he was looking for all three units to sell at $200,000 and felt it wasn't <br />too much to ask. The City will probably still have to subsidize these units considerably to make <br />them affordable. <br /> <br /> Mr. Freed said he would have to look at the economics to see if the additional costs <br />could be absorbed. He asked if a condition could be written either for the project to stay in <br />conformance with the existing approvals, or to come back with a definite answer regarding the <br />price of the three units. <br /> <br /> Mayor Tarver said he would like Kaufman and Broad to commit to offering three units <br />at $200,000. <br /> <br /> Ms. Dennis asked what the difference was between the original plan and the new plan? <br /> <br /> Mayor Tarver felt the difference is the size of the units being increased by 224 square <br /> feet. <br /> <br />Pleasanton City Council 8 6/2/98 <br />Minutes <br /> <br /> <br />