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<br />09/30/2004 10: 36 FAX 925 734 9141 <br /> <br />PONIJLIWSA IiUMLS <br /> <br />Ii!I UUJ <br /> <br />Single-f,unil:,' housing: <br /> <br />2 credits for each affordable unit required <br /> <br />Our priority for th,: lLse of any IDC's granted is on the 23,26 acres adjacent to the <br />Ironwood project th at is under Option to the Pleasanton Unified School District, The <br />underlying zoning on this property allows for the development of senior hOllsing, <br />Therefore, we request that the 5-year time frame for the use of ruC's on this site extend <br />from the date the Sc:hool District exercises or temlinates its option, If we do not use the <br />,>;: IUC's for the School Site, Ponderosa Homes will have 5 years from the date the ruc's are <br />approved to use at a:lother project in the City of Pleasanton, <br /> <br />Ponderosa Homes has loaned to Busch Garden 111vcstors, LP, $1,906,000 to date, It is <br />anticipated that an :tdditional $2,500,000 v.'ill be loaned to the partllership to bridge the <br />gap from the completion of construction to conversion, Additionally, thc value of the <br />senior apal1ment sit,;: was set at $1,000,000 but as a market rate project the property could <br />be worth approximaccly $6,000,000, <br /> <br />We believe that the Ironwood project has provided more affordable housing on a <br />percentage basis than any markct rate project ever developed in the City of Pleasant on, <br /> <br />Thank you for YOllr ~onsidcration and please feel free to contact me with any questions or <br />comme.nts, <br /> <br />Sincerely, <br /> <br />P~OS~OI:~ R me <br /> <br />Jeffrey C. Schrocder <br />Vice President, Land Acquisition & Planning <br /> <br />