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Mayor Pico had questions regarding the fee waiver and transfer of credits. He believed <br />that if the developer were allowed to transfer the credits to a third party, those credits would have <br />value, especially if that third party did not have to pay lower-income housing fees. He believed <br />the request was to waive lower-income housing fees on 51 units and then allow the developer to <br />transfer them to someone else who would also not have to pay the fees. Why is it in the City's <br />best interests to approve this? <br /> <br /> Mr. Bocian said that transfer oferedit is at Council's discretion. Staffbelieves the <br />developer is providing the units and it is above and beyond what is required in the project. <br />Therefore, the developer should be entitled to use of the credits for a different project. It is <br />recognized there may be concerns about the credits in the future, which is why the Council has <br />discretion. <br /> <br /> Ms. Ayala clarified that if the developer builds on the school site, it does not have to <br />come back to Council for approval of the credits. <br /> <br /> Mr. Bocian said that was correct. The rationale is that the development would take place <br />on the same site and the development has already met the required number of affordable units for <br />the site, consistent with the inclusionary ordinance. There are 51 credits and a 22 acre site, so if <br />the developer builds the number of units that require more than 51 units of affordable housing, it <br />would still have to provide those extra units. <br /> <br /> Ms. Hosterman felt Council was being asked to approve this development and a future <br />development without knowing what it would look like. She still wants a school for the Busch <br />property. She was unwilling to consider anything but the current project. <br /> <br /> Mr. Brozosky said Council can refuse to allow a transfer of credits for a development off <br />site. <br /> <br /> Ms. Hosterman had no difficulty approving the issuance of revenue bonds for the Busch <br />Gardens Apartments, but was uncomfortable deciding anything else at this time. <br /> <br /> Mr. Campbell was agreeable to giving credits on site, but was uncomfortable allowing <br />them to use the credits off site. He felt it could lead to a dangerous precedent. <br /> <br /> Mr. Brozosky pointed out that Council can refuse to allow the transfer of credits in the <br />future. He felt that could be reviewed on a case by case basis and gives discretion to Council. <br />He asked if Section 8 vouchers would be accepted for the below market rate units? <br /> <br /> Mr. Bocian said they can be applied to any unit. They are being accepted at the <br />Promenade and at Ridge View Commons. <br /> <br />Mr. Brozosky asked if there was a preference system for these units. <br /> <br /> Mr. Bocian said there is an established preference system for independent living projects. <br />It is only the assisted living project needs to be refined because it is so unique. <br /> <br />Pleasanton City Council 22 <br />Minutes <br /> <br />05/06/03 <br /> <br /> <br />