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189 Councilmember Mohr asked if the $75.00 additional per month for meals would be optional. Mr. Harris advised it is mandatory. Councilmember Mohr G.uestioned the income range shown in the report. Mr. Tim Trusdale, representing Eden Housing, elaborated on the affordability issue, stating it is premature at this time to set fixed figures as it will depend on many considerations including how much money; the City is willing to commit to this project. Councilmember Brandes stated he is concerned about the ownership structure. Mr. Trusdale stated that once they start getting into the financial structure and legal documentation that a three member board should be created to sign those documents. The three member board would be appointed by Citv Council, following the avenues used for other City ~uilding, which was the Certificate of Participation avenue. He stated this did not have to be done tonight, and he did not know what process Council goes through to appoint people to such a board. He stated that PHGI is laying out some financial options tonight, as requested by Council in the November meeting. PHGI wants Council's blessing to proceed with the Certificate of Participation avenue approach to this structure and finance under that aspect. If not, then PHGI would have the Bond Inducement resolution to fall back on and would proceed under the tax exempt bond program. Another purpose in tonight's presentation is to lay out some ownership structures; Council can use the PHGI corporate shell to end up being the actual paper entity that owns the project or Council can create their own entity. PHGI would like to continue to play the major role in moving this project, at least through construction, then the City would have a three member board and management agency taking over. Mayor Mercer asked if the City will go out to bid on the financing of this pre- ject. Mr. Peter Ross, financial consultant, stated that it depends on which financ- ing sturcture the City chooses. He advised that Council will be an active partici- pant in approving the financial structure, bidding, and construction process. Mr. Walker stated the financing and structure will be much the same as that used for the construction of the police building. After considerable discussion, it was moved by Councilmember Brandes, and seconded by Councilmember Mohr, to approve use of the Certificate of Participation approach to finance the senior housing development and authorized City staff, Pleasanton Housing Group, Inc., and consultants to proceed. The roll call vote was as follows: AYES: Councilmembers Brandes, Butler, Mohr, Wood, and Mayor Mercer NOES: None ABSENT: None Mr. John Budsky, representing HUD with E. F. Hutton as underwriters, stated they would like to be considered for this or any other projects that might be coming up, and would llke the opportunity to present a competitive bid. Mayor Mercer requested that Pleasanton Housing Group, Inc., and the consultants work with staff regarding the financial structure, affordability/rent levels, and ownership structure, and to keep Council informed as the project progresses. REPORTS OF BOARDS AND COMMISSIONS Actions Taken by the Board of Adjustment, Design Review Board, and Planning Commis- sion at their meeting of 1-9-85 Mr. Harris presented his report (SR 85:28) dated January 14, 1985, regarding this matter. No action was required or taken by Council on the item. 11. 1/22/85