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24 Mr. Bocian stated that the developer proposed that the units be priced for persons with 60% of the median income. The process that staff went through was to try to find a developer who was most capable of developing this program. Ms. Mohr asked staff to define "cashflow" which was used in the staff report. She asked if the developer and the non-profit agency would split the cashflow at the point that this project is out of the red and into the black. Mr. Bocian answered that cashflow was the revenue available after all project expenses are paid. The proposal stated that there is an opportunity for the City to recoup the investment of the land in this project on a long term basis. The non-profit organization and developer would also benefit from the on-going operation of it. Ms. Mohr then referred to the discussions of Ridgeview Commons. She said that at the point the property began returning a profit, the City could then begin deeper subsidies for more of the units so that instead of making a profit, the City would turn the money back into the project and start lowering the rents on more and more units. She asked why the City would not do the same for this project. Mr. Bocian said that it could be done but reiterated that this is just a proposal at this time. It was moved by Mr. Tarvet, and seconded by Ms. Mohr, to authorize the negotiations of a Development Agreement with A. F. Evans Company, Inc for an affordable/market rate housing project on City-owned land located on Case Avenue. The roll call vote was as follows: AYES: Councilmembers Butler, Mohr, Scribner, Tarver and Mayor Mercer NOES: None ABSENT: None ABSTAIN: None Item 4t ~esolution Appointing Members to the Pleasanton-Newark Home Financinq Authority and nuthorizinq an Advance of Funds (SR92:361) Mr. Tarver asked that the funds be taken from the Contingency Funds (General Funds), instead of the Affordable Housing Fund. 9/ /92 24