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years, plus for however long individual tenants remain in those units. There is a bit of a cushion. At the end of 55 years you do not have people being evicted because they cannot pay market rents. They are protected until they voluntarily move or their incomes get t~o high. Ms. McKeehan suggested to Councilmembers that they go ahead and approve this with the idea that we are going to get what we thought we were going to get on this project, or we will have to call a special meeting with Councilmembers. Council meets again on the 31st of July, which is a workshop night, end we could bring this back in front of Council. She is as concerned as Council is about this situation. Mr. Pica suggested that if nothing else the City should acquire an option at the end of the 55 years and to continue these innovative types of financing. He feels very strongly that any affordability with a sunset clause is really not affordability in the long term and he thinks it is incumbent on Councilmembers, as elected officials, to really think for the long term. Ms. McKeehan suggested Councilmembers adopt the item with the idea that it is "in perpetuity" and the City will do what it can to get that accomplished. If the City cannot, it will come back to Council. Ms. Ayala asked about the final maps that were just approved and the affordable hou~ing units. Are those "in perpetuity?" Also, what about the Nolan Farms affordable housing units? Mr. Bocian said they are for 30 years, provided that the owner of the property lives in the property for the 30-year period. That is a restriction that is placed on the financing by Fannie Mae. With the Nolan Farms project the City put in a considerable effort with Fannie Mae to ~ to address this issue and Fannie Mae made it very clear that no financing would be approved for this project without that restriction, which is a Fannie Mae requirement. He feels as the City is dealing with the private ownership in the G-reenbriar Project, the City will probably nm into the same situation. Ms. Dennis appreciates the law protecting the people that ere in the units, the Council is approving the units with the idea that they are a permanent asset to the City. This is a benefit that is provided by Council approval, it is not something temporary that benefits specific individuals in place, but is rather an asset and investment the City is making and the ability to, "in perpetuity," provide housing options for all people. Mr. Roush said the City would work to bring back to Council a financing plan for the "for sale" units that have a true perpetuity factor built in, rather than a limitation of any number of years. It was moved by Mayor Pica, seconded by Ms. Dennis to approve Resolution No. 01-084 authorizing the issuance, sale and delivery of City of Pleasanton variable rate multifamily housing revenue bonds (Bernai Apartments Project) 2001 Series A Plea~nnton City Council 40 07/17/01 Minutes