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<br /> REPORTER'S TRANSCRIPT OF PROCEEDINGS TAKEN 6-7-04 <br /> 1 believe we know what the time frame will be, <br />¡ 2 depending on when they're ready to begin <br /> 3 construction. And before they begin construction <br /> 4 they have to deposit with the City or pay for the <br /> 5 very low income units, and that number, that figure <br /> 6 does not have to be determined at that time, what <br /> 7 their contribution will actually be. <br /> 8 It could be for a project on or off site. <br /> 9 And they have been looking, talking to staff about <br /> 10 potential very low income projects off site in and <br /> 11 around - - surrounding the downtown area and <br /> 12 elsewhere. <br /> 13 So we anticipate that they will at some <br />\ <br /> 14 point come in or discuss, negotiate a fee to pay <br /> 15 for those very low income units, but we don't know <br /> 16 the time as this point. <br /> 17 COUNCIL MEMBER BAIN: Could you provide <br /> 18 just in general guidelines, in terms of how that <br /> 19 free is determined? <br /> 20 MR. PASSANISI: Well, it will be determined <br /> 21 on the project that the City may have in mind, <br /> 22 assuming that it's a. project that's off site. The <br /> 23 City will have to do its own financial review and <br /> 24 determine what the costs are for land and for <br /> 25 construction, and then we will approach the <br /> UCCELLI & ASSOCIATES 30 <br /> (650) 952-0774 <br /> 0.- <br />