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Ms. Dennis referred to the subsequent agreements and the provisions to deal with a possible default. It appears the return would be based on cash flow analysis. She wanted to make certain there is discussion on how that is determined and how cash flows are audited. She believed that would answer any questions concerning financial difficulties. Mr. Bocian indicated those provisions will be set forth in the ground lease. Ms. Michelotti asked how soon this project can be heard by the Planning Commission. Mr. Bocian did not know. It has been through the preliminary planning process and comments have been received from the Planning staff. It is now up to Bridge to move the project forward. The current issue is to make certain the site is clean. There is no schedule as yet for the submittal of the plan. Ms. Michelotti believed everyone was anxiously awaiting this project, which will be adjacent to Ridge View Commons, which is an independent living facility. The need for transition from independence to assistance is very important to this community. The need is great in the entire Bay Area. Mayor Pico declared the public hearing open. Bob Cordtz, 262 W. Angela, did not approve or disapprove of the project. He referred to the meeting of Septernber 5, 2000 at which the mayor had several questions. Mr. Cordtz believed the transfer of ownership and funding is based on the entire value of the project: equity, capital and the value of the land. At that time, Council was unhappy with the appraisal and felt it was low. He thought staff was directed to get a new appraisal and asked if that had been done? Mr. Bocian said not yet. Mr. Cordtz referred to a comment from Christine Steiner of the Assisted Living Sub- Committee, who said the finances for the project had been reviewed by a financial consultant. Mr. Cordtz wanted to see a copy of that financial review and the name of the person who did the review. He asked if that had been done for the current proposal? Mr. Bocian said yes and he would provide that information. Mr. Cordtz hypothesized that the land for this project was worth about $4 million. The City was giving $2.5 million for the project. He asked if the City had considered subsidizing hospital stays for some of the people. He preferred that the City sell the land in order to get benefit from the property taxes. Mayor Pico said that was evaluated initially by the City Council in the decision to make this land available for the assisted living facility. Council has consistently supported the Housing Authority and the Sub-Committee in this area to make that property available. The Council recognizes that is part of the cost and the investment that the City is making in this project. That was reflected in his comments in September 2000 with respect to the value of the Pleasanton City Council 9 11/06/01 Minutes