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Mr. Rasmussen confirmed the process and noted that staff and the consultants would update the Task Force's Draft Phase II Specific Plan document to include the illustrative plan as modified by Council and develop a sub-area plan. The consultants would also be providing a view analysis through the EIR and answering questions related to costs of certain facilities. Staff and the consultants plan to return to Council with an updated Specific Plan and in approximately one month, return to Council to get its approval on the alternatives it would like addressed in the Specific Plan EIR. Mayor Hosterman thanked staff for its hard work and efforts and reminded the community that a number of staff and consultants that are working on this project live in Pleasanton. There was a break at 9:43 p.m. The meeting reconvened at 9:50 p.m. Review end aDoroval of Citv'a OoeratinR and Capital I~udqet (1) 2604-65 Mid-Year and Third Quarter Financial Reoort (SR 05:166) Sue Rossi, Director of Finance, presented the staff report. Ms. McGovern referred to page seven of the staff report, which mentioned the close-out of funds previously set aside in the Housing Loan Fund. She asked if there is any funding left in this fund. MS. Rossi said nothing is needed for projects already appropriated. Ms. McGovern asked if this fund accommodated the silent seconds and would this program be continued? Ms. Rossi said that when a project comes up that Council determines it wants to do some form of a loan, like a second, money is appropriated from the Lower Income Housing Fund and transferred to the Housing Loan Fund. The close-out of funds previously set aside in the Housing Loan Fund is simply what is required to finish any obligations that Council has determined. Money is transferred back to the Lower Income Housing Fund that may be used for future loans for future projects or any other appropriate purposes, which provides Council more flexibility. Ms. McGovern wanted to have funding available for silent seconds for young couples who are trying to move into workforce housing. She asked if this funding was still available. Mr. Bocian believed Ms. McGovern was referring to the CALHFA loan that is provided to families. Funding is set aside for this program both in terms of a loan from CALHFA and a match from the City. Ms. McGovern wanted this loan to be publicized in the community so that people know it is available. She asked if the CALHFA loan would always be maintained. Mr. Bocian said the CALHFA loan would be maintained until the City uses up the funding and then the City may apply for an additional loan. Pleasanton City Council 20 06/21/05 Minutes