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MEETING OPEN TO THE PUBLIC Mr. Joseph Madden, 3851 Vineyard Avenue, presented his letter dated February 10, 1981, to City Council regarding request for approval of "Shadow Creek" Project Low-Income Housing Agreement. Councilmember Butler stated he did not recall that when this matter was considered in November if the affordable range was specifically established at 20%, but he felt the key issue is the concept of buy back at the time that an original owner might sell, to keep the property in the low income bracket. Mayor Mercer stated he did not feel this would be a problem on one-bedroom units. He added he felt FAr. Madden is trying to take advantage of the incentives encouraged by Council to provide units at a reasonable cost. After discussion, it was moved by Councilmember Wood, and seconded by Councilmember Kephart, that Resolution No. 81-28, approving the following agreement for 20% (which is ten units) of the 48-unit multiple family project on Vineyard Avenue called "Shadow Creek": (1) Each of the 10 units will be singularly owned or co-owned. The single owner or one of the co-owners will be a person or a family that satisfies the latest ABAG definitions of low income at the time of the sale. (Co- ownership means a low-income person or family and an investor share the ownership, monthly payments, and tax'benefits to their mutual advantages.); (2) The low-income person or family must occupy the unit; (3) A local bank or local savings and loan institution will determine if the low-income applicant satisfies the low-income criteria and will then notify the City in writing; (4) All owners of each low-income unit sign a legally binding'agreement at the time of the original purchase with Mr. Earl Adams or Mr. Joseph Madden, or with both, to sell their unit to one of them or both of them if the unit is sold within five years after their purchase. The selling price will be determined by an MAI appraiser at the time of the second sale. Mr. Adams or Mr. Madden or both will then sell the same unit at the same appraiser's selling price to a different buyer or buyers who can satisfy the low-income requirements of Item I above; be adopted. The roll call vote was as follows: AYES: Councilmembers Butler, Kephart, Mohr, Wood, and Mayor Mercer NOES: None ABSENT: None Mr. Paul Ebright, 5416 Blackbird Drive, expressed concern about the proposed high-rise development relative to adverse impacts of pollution and traffic, and he urged elected City officials to represent what the people want. The Manager of the Vista Del Sol Apartments, 2451 Santa Rita Road, addressed the Council regarding the Condominium Conversion Ordinance, stating it had been taken off the agenda a couple of times and his tenants were beginning to wonder what was going on. Mayor Mercer explained that the reason for the continuances is to allow additional time for pertinent information relative to this matter. The Manager of Vista Del Sol stated his tenants had grave concerns about the Condominium Conversion Ordinance and would like to attend the appropriate meeting to voice their concerns. Mrs. Susan McKee, 4693 Denker Drive, stated she was concerned about the projects being considered in the northern portion of the City and about the effect of one project on the other as well as the total development impact. She stated she felt 4.. 2/10/81