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amount of parking that is provided or. .. storage, amenities like that. But the quality of the building itself is not different. Finishes may be different... I don't know your specific Codes, but I'd be very surprised if there was a big difference (in Codes.)" Mr. Thompson said, "I would observe that we are talking about the same people. Whether they are renters in this property or buyers in a condominium on this site, essentially it is the same body of people. They work in the same place, they spend their dollars in the same place, they have about the same incomes... To buy the condominium they have to have the down payment. The monthly carry is a little bit more for the condominium... But, basically we are talking about the same market niche of people." In answer to Board Directors' questions regarding management and CC&Rs to maintain high quality, Mr. Thompson said, "The issue is one of management.... Our company has developed and manages approximately 55 apartment communities, and they are very high quality communities. That is a function of not only the design and construction but the management of the property. The same thing is true of a condominium property. Just because it is in condominium ownership doesn't mean that the individuals will care differently for their property.... It is the management of the condominium association. It is I don't think that is a significant issue." In response to Chairman Hartnett's questions to Mr. KelIy and Ms. Kearns as consultants to the Redevelopment Agency, Mr. Kelly said, "You've obviously heard a very compelling case 'for sale', I would say, an apartment project you might want to look at that is about 50 units per acre is Park Place in Mountain View, which is next to their City Hall. I want you to realize that there can be a good quality rental project at a 50 per acre density. The quality on the condominium... sometimes ceiling heights,... washer/dryer hookups in the units, sound proofing, but those are design issues. I would certainly reinforce the whole Master Planning concept of that area, and I think we have a lot of communities that want to see a balance between apartments and 'for sale'. I would again emphasize that there is a window of opportunity with 'for sale' that we haven't seen for a long time, and hopefully it will stay with us for awhile, but I can't say that it will." Ms. Kearns said, "on the affordability issue, it is true that many projects have inclusionary requirements, and you can meet the moderate income, moderate income housing in San Mateo County can probably afford about a $180,000, 2-bedroom home. That differential is very small with respect to market rates. That could easily be accomplished within the project without large subsidies ITom the Redevelopment Agency. With the respect to the Agency's production requirements, you have to have 6% of the units restricted to very low income, and that is at 50% of the area's median income. That degree of affordability is very difficult to achieve in a project without any public assistance. Typically that level of affordability is not achieved in the SPECIAL REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO.1 APRIL 14, 1997 MINUTES Page No. 414 PAGE 12