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<br />. The IUe's can be used only by Ponderosa Homes, or a subsidiary owned by a majority of <br />Ponderosabr exclusively by its Chairman, Kile Morgan, Ir. and cannot be transferred, <br /> <br />Staff Comment: As a result of this condition, the mc's cannot be transferred. <br /> <br />. The mc's will have a term of five years commencing from the date the PUSD either <br />closes escrow or terminates its option on the 23-acre site Busch site. <br /> <br />Staff Comment: This timeline is consistent with the mc guidelines. <br /> <br />. The mc's may be used only on the 23-acre PUSD optioned site, <br /> <br />Staff Comment: As an alternative, the Council could consider a more expansive use of the <br />IUC's allowing them to be used on another site with or without restrictions subject to a <br />subsequent approval by the Council. While many alternatives are possible, listed below are <br />three that provide a range of usage. <br /> <br />Alternative I. - The priority is to use the IUC's on the 23-acre PUSD optioned site and <br />they may not be used on an alternative site until the PUSD either closes escrow or <br />terminates its option. The IUC's may only be used on one site. Any alternative site is <br />subject to the approval of the City Council. <br /> <br />Alternative 2, - The priority is to use the mc's on the 23-acre PUSD optioned site and <br />they may not be used on an alternative site until the PUSD either closes escrow or <br />terminates its option. The IUe's may oilly Be used on ORe site. Any alternative site is <br />subject to the approval of the City Council. <br /> <br />Alternative 3. - The priority is to use the IUC's on the 23-acre PUSD optioned site.:. <br />However, the owner may request their use on an alternate site.-_ and they Hlay not be <br />useE! on an alternative site until the PUSD either doses escrow or termiIJates its option. <br />The IUe's Hlay only be used on one site, Any alternative site is subject to the approval <br />of the City Council. <br /> <br />Each of these alternatives provides greater latitude for using the IUC's at a site other than <br />the 23-acre PUSD optioned site, If the Council approves Alternative 3, there is a need to <br />make an adjusunent to the period that the IUe's may be used, While there are many <br />* possible timelines, staff recommends having the IUC's expire within five years after <br />Council approval after which time they could only be used on the PUSD site. This <br />timeline provides the developer with the opportunity to use the credits on another site <br />immediately but recognizes the five year term included in the mc Guidelines, <br /> <br />SR:04:260 <br />Page 6 <br />