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124 <br /> <br /> the proceeds for other public improviments associated with the <br /> remaining portions of the Staples Ranch property. This would <br /> include the engineering and design work to review the feasibility <br /> of the rest of the project as well as for other issues in the <br /> Valley, like a second Bart station in Pleasanton. <br /> <br /> Mr. Mercer inquired if the County can do anything to lower <br /> the price of the units, besides the City's waiving its fees of <br /> about $4,000 per unit. <br /> <br /> Mr. Martinelli stated that $150,000 per unit would fall <br /> within the upper range of affordable housing costs. The <br /> assignment of $8,000 per unit as specified in the SDSP could be <br /> absorbed by the remaining portion of the County property. This <br /> would reduce proceeds from sale and shrink the base but with the <br /> City's waiver of $4,000 in fees, it would make the units <br /> affordable to a lower range of $138,000 per unit. <br /> <br /> Mr. Mercer asked the City Attorney if the project can be <br /> conditioned such that, when the County turns the project over to <br /> the developer, that the affordable units cannot be sold for more <br /> than $140,000 per unit. <br /> <br /> Mr. Roush replied that the Dublin Canyon Meadows project at <br /> one time had a selling price range built into the conditions <br /> However, since it will take about two to three years to build the <br /> project, inflation factors may need to be considered. Other than <br /> that, the project can be conditioned, based on the representations <br /> made. <br /> <br /> Mr. Mercer inquired if the project could be conditioned to <br /> have the affordable units sold only to existing Pleasanton <br /> residents, particularly City and School District employees. <br /> <br /> Mr. Roush answered that he would look into the matter and let <br /> Council know. <br /> <br /> Mr. Martinelli stated that another way to reduce the cost of <br /> the purchase price, but not the selling price, would be to <br /> piggy-back this with other County and City projects. The mortgage <br /> credit program allows a two percent reduction in interest rates, <br /> which could be added to the range of affordability and tax <br /> credit. <br /> <br /> Mr. Brandes asked staff if in trying to get the price of the <br /> units down, it would be appropriate for Council to take money out <br /> of the affordable housing fund. <br /> <br /> Mr. Swift replied that these are moderate-income units. The <br /> City has a low-income housing fund, and earlier in the evening, a <br /> low- and moderate-income fund of $100,000 has just been created. <br /> Council can take this money and put it in the project, if it so <br /> desires. <br /> <br /> - 16 - <br /> 3-20-90 <br /> <br /> <br />