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7.2. Fiscal Impact of Including Assisted Living Units in the Housing Cap Count Impact on a Prospective Basis39 The Initiative defines a housing unit to include any residences that have a kitchen (sink, cooking device, and refrigerator) and a bathroom (toilet, tub or shower). The statement of reasons section of the Initiative states that the Pleasanton definition of housing unit should be consistent with the U.S. Census Bureau and State of California definitions when calculating the housing cap. Staff looked at development planned in the near future that, depending upon this application of this definition, may trigger this section of the Initiative; the one project identified is the Continuing Life Care (CLC) project planned for the Staples Ranch property. CLC proposes to build 636 units that would include independent living units, villas and apartments. To date, the City Council has indicated that 240 of the 636 units would count towards the City's housing cap; however a final decision will not be made on that issue until Council considers the PUD development plan for the CLC facility. In the meantime, for other purposes, staff has been counting 240 units from CLC towards the housing cap consistent with the Council's preliminary direction. If, however, the Initiative were adopted and a11636 units were determined to fall within the Initiative's definition of a "housing unit" and count toward the City's housing cap, this would cause a reduction of an additional 396 units (that is, in addition to the 240 staff has been counting) in the number of future housing units that could be developed in the City under the housing cap. This would create a loss in annual net revenues to the City, as well as upfront capital fees (development impact fees), as follows: Table 9 Housing Unit Assumptions: Multifamily Unit~~~ Single Family Detached Unit~2~ Floor Area: Cost per square foot: Estimated Market Value: Person Per Household: ~3~ 900 square feet $250 $225,000 2.0 3,500 square feet $350 $1,225,000 3.0 (1) Based on Windstar Apartment Project: 350 units ranging from 576 square feet to 1,368 square feet; of the 350 units 213 units are one bedroom/one bath, 130 are two bedrooms/two baths and 7 are three bedrooms/three baths. (2) Based on the Ironwood Project: 191 units ranging from 1,450 square feet to 5,091 square feet. (3) Per State of California Department of Finance as of January 1, 2008: 2.753 persons per household in Pleasanton. Per U.S. Census: owner occupied 2.87 persons per household and renter occupied 2.3 persons per household. Per 1996 General Plan: 3.09 persons per single family household and 2.05 persons per multifamily household. 39 The analysis only considers the application of the definition of housing unit on a prospective basis because the Initiative did not include specific language about retroactivity. 35