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<br />not a party to the Option Agreement, this matter will not be included in the Affordable <br />housing Agreement but is being addressed between the PUSD and Ponderosa.) <br /> <br />With the inclusion of these modifications, Section 11 has been amended as follows: <br /> <br />Section 11. "Eight-seven (87) of the 138 Affordable units shall be deemed to meet <br />the full requirements of the City's Inclusionary Zoning Ordinance for the 363 units <br />approved for the development. If the Owner develops additional units on the <br />property noted in Exhibit B [Map of 23- acre site optioned to school district] fifty- <br />one (51) of the 138 Affordable units may be applied as affordable housing credits <br />("credits") to that additional development as meeting the requirements of the City's <br />Inclusionary Zoning Ordinance. Subject to City approval, if the Owner develops <br />other residential property '.yithiB the City Elf if the Ovffler elects to transfer the <br />credits to aBother pa'rty, up to fifty-one (51) of the 138 Affordable units may be <br />applied as credits to meeting the requirements of the City's Inclusionary Zoning <br />Ordinance for saeh additional development(s) by Ponderosa or a subsidiary whose <br />maiority ownership is held by Ponderosa or its Chief operating Officer, Kyle <br />Morgan. In no event shall the total available affordable credits for units developed <br />on land as indicated in Exhibit B, or off-site or tr-aasferred, exceed more then fifty- <br />one (51) units. <br /> <br />The use of credits is subiect to the following terms: <br /> <br />1. The use of credits will expire when either the Pleasanton Unified School <br />District ("District") acquires the parcel as set forth in the Option Agreement <br />between the District and the Owner or in eight years and six months, which ever is <br />sooner, unless the Option Agreement is extended in which case, this term will be <br />extended for the same period of time. <br /> <br />2. If the credits are used to meet the City Inclusionary Zoning Ordinance for a <br />rental unit, one credit will be applied to every housing unit. If the credits are used <br />for ownership units, one and one-half units will be applied to every housing unit. <br /> <br />Because. the above represents a more conservative approach to utilizing the credits, it <br />can be determined that it would not conflict with the Commission's recommendations to <br />approve the credits, As a result, staff recommends this matter not be returned to the <br />Commissions for their review. <br /> <br />SR:03:308 <br />Page 5 <br />