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. I I I I . concerns forward at this point in time because of the urgency to move forward with this particular kind of bonding issue. But I tell you right now, those concerns will be brought - forward." He said the HHCC could be brought into the discussions when the Council considers the final decision on this matter. Vice Mayor Ruskin said, "We made an error in not bringing in the Committee formally, and I apologize for that. We did talk about various things like income level.... What we would do with the income that we would present our ideas to the Council that some of the income be used for affordable housing. One of the things that has occurred over the last several months about which we are all concerned at this moment, is the need to find sources of income that will enable us to meet some of our new budget obligations, such as police staffing. My concern is that, I don't mind waiting to discuss this a little more, not for all the reasons Councilman Leipzig wants, but I am a bit concerned about the income level only at this point. But I am concerned about doing anything to jeopardize us from moving forward.... We are facing mammoth revenue requirements, and I don't want to jeopardize this issue at this point. We didn't begin in the right way, but I don't want to finish it in the wrong way either." In response to Council Member Hartnett's questions regarding the time constraints, Director Ponty said the concern at this point to the non-profit and Hillsdale Group is one of market risk and if the credit market moves and interest rates go up, this deal might not make economic sense. He added that it was possible as well that in three weeks there might be a bond rally and the deal could look even better. - Council Member Claire said he understood the concerns of the HHCC, but he thought time was of the essence. He reminded everyone that if the City did not go forward with this project, the County will and the County will not put the same kinds of restrictions on the facility that the City would. Council Member Claire said if the County didn't do it, ABAG would participate. He added that if either of those agencies controlled the project it would be completely out of the hands of the HHCC entirely. He said it was important to take advantage of this opportunity and protect the City's revenues, and maintain jurisdiction. Council Member Leipzig said it was his understanding that the County was not interested and ABAG would never touch it. ITERATION OF THE MOTION MIS: LEIPZIGIIRA TO TABLE THIS ITEM UNTIL SUCH TIME AS WE CAN GET SOME INPUT FROM THE HOUSING AND HUMAN CONCERNS COMMITTEE, STAFF, DEBBIE JONES-THOMAS, MIKE CHURCH AND ANSWERS TO SOME OF THE ADDITIONAL QUESTIONS THAT WERE RAISED TONIGHT INCLUDING GETTING COPIES OF THE FEASIBILITY STUDY, THE APPRAISAL AND SO FORTH - REGULAR COUNCIL MEETING MINUTE BOOK NO. 56 FEBRUARY 9,1998 MINUTES Page No. 273 PAGE 31