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was in effect I think this was in the early 90s through Governor Waihee initially resulted in a lot <br />of projects not being built. In my experience in working on a couple of projects at that time was <br />that once the lenders and investors saw that it was 60 percent affordable essentially what you <br />were doing-, they thought in their mind was developing 100 percent affordable project. Because <br />they felt I think that if you, you couldnt get the very high-end market level sales prices in the <br />same subdivision as the affordable housing project. This, and we recognize that doing this and <br />thats why we did it this way is just because we want to meet that middle market. We dont <br />know that theres many people building for that middle market anymore and its going to be our <br />small attempt at trying to get there. <br />ALAMEDA:Thank you Mr. Lim. Any other, I assume you got the background report <br />and all the 29 conditions? <br />LIM:Thats correct I guess what we can do if youd like to go through that now <br />th <br />isI,ImassumingIhavethat,thelastone,whichistheDecember7 memorandum? <br />ALAMEDA:Sure. <br />LIM:Yes thatsthe last one? Okay. <br />ALAMEDA:Go ahead. <br />LIM:I can go through very quickly. Instead of looking at the one that we <br />submitted Im going to work off this yellow so that we dont have to keep looking back and <br />forth. <br />ALAMEDA:Okay very good. <br />LIM:Going down to the conditions in condition C proposed by the Director. <br />On the first line wed like to amend that from 3 years to 5 years to reflect the, its fairly standard <br />time for development. Due to the unusual nature of the market study that we have to do were <br />expecting its going to take a little bit more time to get into project planning. Most developments <br />by the time they come to you already have you know kind of the drawing set out already because <br />theyre going to go market no matter what. We dont even know you know what kind of units <br />were going to sell truly yet. So, were expecting that we will need that 5-year timeframe. <br />Going down to condition number D on the last line all the way to the end of the line. It should <br />betheaffordablehousingplanshallbeapprovedbythecapital,AdministratoroftheOfficeof <br />the Housing and Community Development. I guess thats his title. Some of these are just <br />technicalthingsandIllexplainthesubstantiveones. <br />ALAMEDA:Director? <br />YUEN:Those,bothofthosementionedarefine. <br />LIM:Okay.ConditionnumberE,thetrafficimpactanalysisreport.Wedlike <br />to add a sentence onto that, that states, the Traffic Impact, the TIAR shall include a schedule of <br />EXHIBIT B <br />14 <br /> <br />