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In response to staff questions, Mr. Hansen said his company's "current production schedule or inventory for the coming year or so a quarter to a third attached housing." Daniela Devincenzi, former Redwood City Mayor, Bay Area Bank representative, spoke on behalf of "for sale" housing and said she had been made aware of the Lonestar site proposed development by Councilman Leipzig at the Electronic Arts groundbreaking. Mrs. Devincenzi described her knowledge of the Plan ITom her days on the Council and said, "Given the choice we need to bring ownership units to our City." She described her conversations with Mr. Butler who owns property in the Franklin Street Area and said she agreed with him that "jobs are here. If Redwood City did not approve a single new square foot of development, and we have about 3 million square feet of development, no one would dispute the issue that jobs are here, and we need to house these folks." She said the developers who do these kinds of housing projects are in the audience and if asked could provide great "for sale" developments. Mrs. Devincenzi said "mortgage rates are just about what rental rates are these days, and we can't forget that we need to provide housing stock for my generation. We are the ones filling those 3 million square feet of development. It is the young executives, married... The people buying today are different. We want low maintenance start up housing... My husband, John, and I were able to buy a home because we each had a condo, we were able to sell and move into a home. There are no condos to buy, and the jobs are here. This market will continue to rise.... The young executives want to buy, they want to find something, we want to be next to jobs, we are tired of commuting, get us off your ITeeways, let us own something in our community." Mrs. Devincenzi said the moving in and out rate is higher in rental communities, and "that is why you wouldn't want a mix because of that activity... If you look at Redwood City, I think we have a skewed balance in the availability of rental versus home ownership, and if you asked the homeowners in your constituency they would rather see more home ownership... The executives of Oracle and Electronic Arts, I think they want to see home ownership more available, because it makes their employees want to stay at their job longer." Mrs. Devincenzi said she had visited sites built by W.L. Butler and Shea Homes, and, "they are incredible". She said, "you are in a very fortunate position. You don't have to do one thing or another. You have some choices, and I hope you will choose home ownership for our generation to start, and to live here." Will Thompson, Senior Vice President of lAC, said he had been in front of many City Councils and Redevelopment Agencies, and "I have never heard this particular discussion conducted in this amount of depth. I applaud you for examining the issues and asking such excellent questions." Mr. Thompson said the issue was not whether the Lonestar site should be a "for rent" or "for sale" development. He agreed that the demand for both products was incredible, "that is why rent is so high and housing prices are so high. There is absolutely no question that either type of ownership could be successful. That is not the issue. You have an opportunity in the Franklin Street SPECIAL REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO.1 APRIL 14, 1997 MINUTES Page No. 412 PAGE 10