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. . . . . .. "I do not understand the Owners Review Committee to have the authority to specify the particular type of development... 1 know it's governed by our zoning. I don't think the CC&R's provide any authority in that regard as to the actual use of the property. - My understanding is that they have a function of reviewing the design, configuration and layout and so forth." In response to Director Hartnett's question, "if (the Redwood Shores Owners Association Architectural Review committee) had come up with the determination that the proposed non-retail project was one that they didn't approve of in substance, not just in size, would the City have been bound by such a determination?" City Attorney Schricker said, "No." 3) Public comment; Kelly Arardi, representing Shapell Industries, owner of the retail shopping center on the subject property, said it was his understanding that for a number of years, this property had been earmarked for retail, and the owner and neighbors expected a retail development on that property. Mr. Arardi said the recorded CC&R's identified a retail use for that property, and any office development proposal for the property would have had a tough time getting approval. 4) Discussion by the Board of Equalization Directors; - In response to Chairperson Howard's questions regarding Shapell Industries' requests for delays in submitting pertinent information, including the sales price of the property, Elise Balgley apologized for the requested postponements stating that the Holiday Season caused most of the delays, and Shapell believed the price of the property was irrelevant as valuation was based on the market value as of January 1, 1997. In response to Chairperson Howard's questions regarding the importance of knowing the property sales price, Charles Warren advised that the National Uniform Standard requires that appraisals consider sale of similar properties that have occurred within the three previous years, and, therefore, knowing the sales price is extremely useful. He also said the cost of bringing the property into production was used to determine the valuation, and those costs were based on land cost, carrying time, plans, architectural and engineering costs, etc. Director Claire said the real question was whether this property could have been developed as an office building or only as a retail shopping center. He said, based on his years of involvement with the development of the Redwood Shores Neighborhood and peninsula, it was his opinion that the subject property had always been designated for retail shopping. - BOARD OF EQUALIZATION MEETING MINUTE BOOK NO. 56 JANUARY 5, 1998 MINUTES Page No. 135 PAGE 3