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Mr. Thorne believed staff was asking Council to do what made sense and not try and interpret what the previous Council did. Mr. Bocian said that was correct. Ms. McGovern asked if the City purchased additional affordable units on the Ponderosa site? Mr. Bocian said the City did not purchase any additional units. When the development came in with 87 units, it was already in excess of the requirements of the Inclusionary Zoning Ordinance. The number of affordable units was increased from 87units up to 138 units. The City agreed to provide a loan to the Developer in order to make more units affordable. Ms. McGovern asked if the value of the IUC's increases as the cost of housing increases? Mr. Bocian believed so. Ms. McGovern asked if the IUC's would become more valuable if the credits extend to 2016? Mr. Bocian said he believed that they would. Ms. McGovern asked if the developer could come to Council and state that it had another project in Pleasanton and ask to use these IUC's on that development? She also asked if Council could agree and not require the developer to use them on the Busch property? Mr. Bocian said yes. Ms. McGovern asked if the developer could return to Council in 2009 and request additional time? Mr. Bocian said yes. Mayor Hosterman invited public comments. Mark Sweeney, representing Ponderosa Homes, reminded Council that it spent a significant amount of time on this issue over a period of two years. On November 2, 2004, Council approved what the developer believed was consistent with Mr. Brozosky's recollection. The developer believed it was granted five years from the date that PUSD either closed escrow or otherwise terminated its option. He noted that Ponderosa Homes did not expect to be able to use the I UC's until 2016. If the PUSD exercises its option in May 2008, it would not have to pay for the property or close escrow for 2.5 years, which could allow the credits to be used five years from that point. Ponderosa Homes is only asking for five years from the date the PUSD exercises its option. Ponderosa Homes would be willing to modify the provision to state that if in May of 2008, if PUSD exercises its option, it triggers the developer's five-year timeframe for use of those credits with the potential use of those credits elsewhere in Pleasanton so that the last date would be May 2013. The reason this is so important to Ponderosa Homes is because in November 2004, Council imposed upon the developer a priority to use these credits on the Busch property. Ponderosa Homes interpreted that to mean that if it presented another project Pleasanton City Council Minutes 15 03/07/06