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Ms. McKeehan indicated the actions most often discussed were refinancing a project, <br />providing capital loans to projects, and density. The idea of a subsidy or buying down units has <br />not been discussed by the committee yet. Any other reasonable proposal will be discussed as <br />well. <br /> <br /> Mayor Pico said while it may cost $30,000 to provide an affordable unit, that is not <br />necessarily coming from City funds. <br /> <br />Mr. Bocian continued with his staffreport. <br /> <br /> Ms. Ayala referred to the projection of eight million square feet of <br />Commercial/Office/Industrial (CO1) and asked how many years it would take for that to be built. <br /> <br /> Mr. Brozosky asked if that was assuming the property would not be rezoned? That <br />would change the formula if that occurred. <br /> <br />Mr. Campbell asked how predictable funding from outside sources would be. <br /> <br /> Mr. Bocian felt it was predictable considering development that has been previously <br />approved and the fact that the City did not have to provide funding from the lower income <br />housing fund for the affordable units. With the assisted living project, the City is providing <br />loans, but there are tax credits and other things the developer is receiving. Programs come and <br />go. <br /> <br /> Mr. Brozosky referred to the recent bond act adopted by the California voters and asked <br />if it would be possible to access some of those funds. <br /> <br /> Mr. Bocian said the details of that act are still being work out. He went on with his <br />report. <br /> <br /> Mr. Brozosky did not understanding how there could be a nexus from someone buying a <br />new house which would require more low income housing to be built. In looking for workforce <br />housing, it was easier for him to see a job creating a need for low income housing because of the <br />jobs provided. <br /> <br /> Mr. Bocian said there is a need for additional affordable units and those must be provided <br />by either an inclusionary zoning ordinance or by paying a fee. Since the ordinance has been in <br />place, Council has approved new developments with affordable units. That may continue in the <br />future, so lower income housing fees will not be collected from developments of more than <br />fifteen units. <br /> <br /> Ms. McKeehan elaborated that this is the same principle that allows charging park fees <br />and school impact fees, whether an individual uses the park or has children in school. <br /> <br />Pleasanton City Council 18 05/20/03 <br />Minutes <br /> <br /> <br />