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Ms. Dennis asked if lowering the income level would improve the competitiveness. Mr. Iremonger thought not. Mayor Pico asked if this was the same funding source for the assisted living programs? Mr. Iremonger said there are various programs within this same funding source. Ms. Ayala asked when the funding would be made. Mr. Iremonger responded that the funds would be available at the end of summer. Mayor Pico referred to the conditions of approval on the Greenbriar projects and inquired if this application for funding is not approved, would the same affordability requirements and restrictions be in effect? Mr. Bocian said yes. Mayor Pico declared the public heating open. Carol Meyer, 7901 Stoneridge Drive, representing Bemal Investment Company, expressed her appreciation to City staff for their assistance. She felt very optimistic that the funding application will be approved. There being no further speakers, the public hearing was closed. It was moved by Ms. Ayala, seconded by Ms. Michelotti, to adopt Resolution No. 01-012, approving the execution and delivery of the bonds related to the Bernal Avenue apartments and Bernal Investment Company, LLC, an affiliate of Greenbriar; authorize the City Manager to file the California Debt Limit Allocation Committee application; and approve the contract with Jones Hall to provide bond counsel services for the debt issuance. The roll call vote was as follows: AYES: Councilmembers - Ayala, Campbell, Dennis, Michelotti, and Mayor Pico NOES: None ABSENT: None ABSTAIN: None 7. MATTERS INITIATED BY COUNCIL Ms. Michelotti inquired about the sale of the three acre property to the City of Pleasanton and the other issues regarding school fees Pleasanton City Council 21 02/06/01 Minutes