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Fran Wagstaff, MidPeninsula Housing, a non-profit group with 35 years of experience managing affordable housing developments, provided a brief update on the project design and financing which were both progressing the way they were reported to the CouncillBoard last year. John Raiser, Raiser Development Corporation, expressed his excitement about the project stating this development would become a model for other public/private partnerships to provide healthy, attractive, profitable, quality and affordable housing. Larry Tarter, Raiser Organization, and Richard Beard, Backen, Arrigoni and Ross Architects, showed slides, photographs, sketches and drawings illustrating other completed projects of Raiser's in the Bay Area; how the Library and proposed City Hall were used to design a compatible development; and how the proposed Main/Middlefield development would look after completion, including the plaza, elevations, childcare facilities, signage, no closed corridor ITont doors, retail shops and awnings, and colors and textures. In response to CouncillBoard questions, Mr. Tartar described some of the proposed materials including EIFS with reinforced heavy mesh on the six foot base, and colors and durability. Debbie Kern and Tim Kelly, Keyser Marsten, described the development as very high quality. Ms. Kern explained the financing: the Agency will sell the property to Raiser for $1.7 million (current market value) to be paid back over 30 years at 3% interest, and the Agency will provide $285,000 for offsite improvements. Ms. Kern advised the net cost to Redwood City (for the housing component only) would be $12,000 per unit, which was a reasonable and minimal amount to achieve the objectives the City and Agency have set for this site - high quality affordable housing that would also meet the City's housing responsibilities under the law. In response to Council/Board questions, John Raiser described his personal and corporate commitment to providing first class maintenance of the development, adding that it was obviously in his own best interest to do so. Mr. Raiser discussed the use of EIFS stating that proper application and layering is the key, and described his positive experiences with that material. In answer to further questions ITom the CouncillBoard Directors, Mr. Raiser reiterated what he had committed to in the proposed DDA, that he would not sell the retail portion for at least 10 years, adding that he actually intended to keep this development "in the family" as he had with all his other developments. Fran Wagstaff advised that to qualifY for the tax credits granted, the project had to be completed and occupied by December, 1997. MINUTE BOOK NO. 54 Page No. 056 Special Meeting Minutes February 5, 1996 Page 4