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For the second element of the Initiative defining a "housing unit", if units within assisted living facilities are counted against the housing cap, this will also have revenue impacts to the City, estimated as a loss of $101,000 to $194,000 in net annual operating revenues and a loss of $6.5 to $11.5 million in one-time development impact fees for infrastructure. Counting assisted living units against the housing cap also reduces the one-time development school impact fees projected to be received by the School District by $1.1 to $11.9 million when the housing cap is reached. The following table summarizes the fiscal impacts: Summa of Fiscal Im acts related to Housin Unit Definition Range of Reduction Minimum Maximum Annual Reduction in Net Revenues Per Year $ 101,000 $ 194,000 One-Time Development Fees City $ 6,539,148 $ 11,485,584 Pleasanton Unified School District $ 1,083,456 $ 11,947,320 Other Agencies $ 12,402,324 $ 15,094,332 Total $ 20,024,928 $ 38,527,236 In summary, the effects of the Initiative on hillside development and counting units towards the housing cap, as well as the impacts to City revenues and operating expenses, will vary depending upon the interpretation and implementation of the Initiative. 2. Introduction At its May 20, 2008 meeting, the City Council received the certification results for the Save Pleasanton's Hills & Housing Cap initiative. Council then directed staff to provide a report analyzing the impacts and effects of the Initiative, as provided by California Elections Code §9212, as well to provide information responding to the questions raised by Council members and the public at the May 20, 2008 meeting regarding both hillside protection regulations and options regarding the Initiative. As required by State law, this report is being presented to the City Council within the thirty day time limit. After its consideration of the report, the City Council must decide whether to: (a) adopt the Initiative as written; or (b) place the Initiative on the ballot for the next general municipal election -November 4, 2008.