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<br /> REPORTER'S TRANSCRIPT OF PROCEEDINGS TAKEN 5-24-04 <br />1 Next. <br />2 The City, I think, took a fairly <br />3 conservative view of the way that they looked at <br />4 the overall project density in calculating 59 units <br />5 to the acre. And you can see the things that were <br />6 excluded, taking a more - - next, taking a much more <br />7 liberal perspective, which a developer would be <br />8 inclined to do. You can see that we could come up <br />9 with a calculation more in line with the 46 units <br />10 to the acre. <br />11 Next. <br />12 This particular slide I think is really <br />13 another way of saying that without density, this <br />14 project couldn't really be built. <br />15 Next. <br />16 I'd like to explain a little bit how the <br />17 phasing of the project is going to occur. <br />18 Next. <br />19 A large percentage of the infrastructure, <br />20 especially along Bair Island Road, would go in <br />21 first. It's more likely that we'll begin the first <br />22 phase of the project out here at Pete's Harbor, <br />23 probably 2- to 300 homes in the first phase. And <br />24 this project is likely to take somewhere between 10 <br />25 and 20 years, in terms of its total development <br /> UCCELLI & ASSOCIATES 48 <br /> (650) 952-0774 <br /> .. <br />