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(1) Amended request of Ponderosa Homes to allow the use of Affordable Housing Credits in connection with the 172-nnit senior apartment development approved on the Busch property. (SR 03:308) Steve Bocian, Deputy City Manager, presented the staffreport. Mayor Pico noted that a distinction was being made between using the eredits for rental versus for sale housing. Mr. Bocian pointed out that credits are transferred on a one-to-one basis if used for a rental unit. If credits are used for ownership development, they will be transferred at the rate of 1.5 credits for each unit, for a total orS1 maximum units on rental units and 34 on ownership. Ms. Ayala believed the public needed to know about the City's Inclnsionary. She asked for an explanation on how the ratio for the for sale housing credits was reached. Mr. Bocian noted the value of eredits may be greater if applied to an ownership property. There is also the recognition that they are two different types of projects, and historically, it has been mom difficult to obtain affordable ownership housing in the City. He pointed out that the 23-acre site could potentially be developed with ownership housing, and noted there was some concern about providing credits to 51 units. Ms. Ayala mentioned that she continued this item at the last Council meeting because she wanted more information on the issuance of the bonds. She thanked staff for taking the time to provide more detailed information. She did not believe the developers would be ask'rog for credits if they did not believe there was a value to them. Assuming a value could not be placed on credits, she wondered if the 1.5 credit ratio could be applied to rental housing. Mr. Bocian pointed out the 1.5 credit ratio was somewhat arbitrary, and no calculation was used in detmtdning the value of the credits. Staff looked at different ratios and whether the credits could be applied only for an apashnent project. One of the issues previously mentioned was the potential density of the project. The other issue was that it had been more difficult to obtain more ownership housing in the City, and as a result, maybe those credits should have a higher value. In response to an inqffmy by Ms. Ayala, Mr. Bocian affirmed that Council had total discretion in approving or denying the credits. Council may attach temis and conditions to the credits. Ms. Ayala asked if there were any concern that action taken might set a precedent in the future. Mr. Bocian believed that anytime something is done for the first time, the inclination would be for a subsequent developer to mention what was done before. Pleasanton City Council 4 11/4/03 M'mutes