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Mayor Pico pointed out the School District did negotiate this part of the <br />agreement with the developer in good faith. He has not heard of anyone fi.om the School <br />District taking an official position in opposition to this agreement. He believed the <br />School District understood the issues of value and provisions, which have been <br />incorporated to ensure there are no penalties. <br /> <br /> Ms. Ayala indicated she is not implying that the City renegotiate the agreement <br />with the School District. <br /> <br /> Mr. Pico indicated his concern with Ms. Hosterman's proposal, as he believed it <br />did not address his original concern. He believed there was a potential windfall in <br />transferring credits for rental housing projects to a for-sale project. While there is no <br />method to arrive at the 1.5 credit ratio, it comes close to meeting his concerns. He noted <br />that this ratio could be changed in this process. <br /> <br /> Mr. Brozosky noted that it is hard to figure the value based on a hypothetical <br />project in the future where there is uncertainty. He suggested Council consider adding <br />some type of language in the Inclusionary Ordinance that would provide flexibility at the <br />time development moves forward. <br /> <br /> Mr. Pico mentioned Council could agree to have the credits be available, but it <br />would be up to the judgment of a future Council to determine how the credits are <br />allocated or to determine what number is applied. If Council wanted to be open ended <br />about it, it could restrict the credits to just being applied to this project and let a future <br />Council determine whether all the credits would be applied against rental housing or <br />applied against for sale housing, or some combination thereof based on facts and <br />circumstances at the time. The other argument presented is making a final decision this <br />evening. The decisions that Council makes with respect to land uses and entitlements do <br />fie the hands of future Councils. He believed the best decision needed to be made at the <br />time, and pointed out that Council does have a lot of options. <br /> <br />Item 6A(2) <br />Approval of City Resolution Authorizing the Issuance of Bonds for the Busch <br />Garden Apartments. (SR 03:315) <br /> <br />Mr. Bocian presented the staff rq, o t. <br /> <br /> Mr. Brozosky thanked staff for taking the time to review the matter with <br />Councilmember Ayala and him. Should a foreclosure occur, he wondered if the City <br />would lose the $205,000 loan? <br /> <br />Mr. Bocian stated that the City could potentially lose the loan. <br /> <br />Mr. Pico asked if the loan was secured by the property?. <br /> <br />Pleasanton City Council 8 11/4/03 <br />M'mutes <br /> <br /> <br />