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169 <br /> <br /> Mr. Tarver commented that the brochure indicated that bidders <br />could purchase more than one unit. He inquired how this could be <br />done with the condition that only owner-occupants could bid. <br /> <br /> Mr. Matteson replied that some bidders will try to purchase <br />more than one unit to give their children the opportunity to live <br />in Pleasanton. He then stated that he was requesting Council to <br />delete or amend Condition No. 25 only for what happens after the <br />auction, at which time the final phase of development consisting of <br />approximately 100 units will be marketed through the on-site staff. <br />He projected that all the units would be sold by the end of the <br />year. <br /> <br /> Mr. Tarver asked Mr. Matteson if he could prepare a report on <br />the success rate of the May 19th auction for the Council's <br />consideration. <br /> <br /> Mr. Mercer commented that Condition No. 25 may have to be <br />deleted because selling the units only to owner-occupants is taking <br />longer than expected, and the cost of holding on to the units for <br />a longer period of time increases the cost of the units. <br /> <br /> Mr. Tarver stated that he did not think the condition should <br />be removed just because the developer is experiencing marketing <br />problems. He indicated that the project should be studied further, <br />a major modification initiated, and a public hearing held. <br /> <br /> Mr. John Ferreri, 6330 Laura, Mr. Matteson's business partner, <br />stated that the low interest rates at this time are a factor that <br />affect the affordability of the units and add to the urgency of a <br />decision on the deletion or amendment of Condition No. 25. <br /> <br /> Ms. Scribner commented that Condition No. 25 is self-defeating <br />since there is no stipulation on how long the owner-occupant must <br />live in the unit, and the homebuyer could put the unit back on the <br />market soon after that homebuyer purchases the unit. <br /> <br /> Mr. Matteson pointed out that although he has the right to <br />rent out the units, he opted not to because that would be <br />detrimental to the development, to the present homeowners, and to <br />the City. <br /> <br /> Mr. Gary Purnell, 2472 Via de los Milagros, stated that those <br />who have purchased units and already live in the project should be <br />consulted before any change in Condition No. 25 is made because the <br />community changes with rental units and the homebuyers purchased <br />their units with the understanding that their neighbors would be <br />owner-occupants. <br /> <br /> - 17 - <br /> 5-7-91 <br /> <br /> <br />