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Mr. Bocian pointed out that the credit issue can be delayed, but it was necessary to confirm the number of affordable units in the project for the application. Pat. Sabelhousen said the question of the transfer of the credits is not part of the current TEFRA hearing. The debt limit allocation has been confirmed for having 138 units of 50% and 60% of median income. The market units are the other thirty or forty units. Ms. Ayala said when the Ponderosa first applied for credits, it was going to get X amount of dollars from the state for bond financing. Now that it is providing more affordable units, will it get the same bond financing or more? Mr. Sabelhousen said the financing amount has not changed. Mr. Sweeney said last year's project had about 75 points. The state has very objective criteria to determine points and it funds the best project with the highest score. The Ponderosa project would have been funded then because of the points it had. Because of the competition in the current application, it needs to score higher to be sure it gets funding, and the only criteria it could move was the affordability. He was confident the project would be funded because it was in the high nineties in points. He just wanted to make certain the project gets built because a commitment has been made to the community. Ponderosa has been on record since the beginning that it would try to make this portion of the project as affordable as possible. Ms. Ayala inquired whether there were concerns that the bonds may not be funded due to the current situation with the state budget. Mr. Sabelhousen said these bonds have nothing to do with the State of California budget or credit worthiness. The bonds are privately purchased. Mr. Sweeney agreed that the bond issuance and credit transfer issues can be separated, however he would like to have Council approval to use the credits on site. Discussions could be held later about a transfer off site. Ms. Hosterman would like the project to move forward and preferred to discuss credit transfer later. Mr. Sweeney indicated the project needed approval of the fee waivers in order to get the points. Mayor Pico invited public comments. Becky Dennis, 383 Grey Fox Circle, indicated she approved of the additional affordability for this project. Having 38% of the units at an affordable rate is great. She agreed there needs to be more discussion on the credit issue. She felt if Ponderosa sells those credits, the City should get back the fees that had been waived. That policy issue needs to be dealt with along with affordable housing fees. She understood the benefit to Ponderosa, but she felt the Pleasanton City Council 24 05/06/03 Minutes