Agmt25 1900 Broadway Owner LLC - Laserfiche WebLink

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E. Under the Ordinance and the 1900 Broadway Project Approvals, as a condition of developing the 1900 Broadway Project, the Developer is required to either: (l) develop twenty- five (25) units of affordable housing; or, (2) pay the Affordable Housing Impact Fee in the amount of Five Million Seven Hundred Seventy -Three Thousand Four Hundred Thirty -Seven Dollars ($5,773,437) (the "Project Fees"), the amount required to be paid calculated based on the amount of the fees due on date the entitlements for the 1900 Broadway Project were approved. Under the Ordinance, developers may propose alternative means of compliance in meeting its affordable housing obligation, such as donating land under specified circumstances. F. Included in the 1900 Broadway Project Approvals, the City approved an Affordable Housing Plan for the 1900 Broadway Project, dated August 1, 2024 (the "Affordable Housing Plan"), attached hereto as Exhibit B and incorporated herein, which contemplates and allows for the land donation described in this Agreement in lieu of paying the Affordable Housing Impact Fee, and in connection with such approval, found that the conditions set forth in Section 29.7D of the Ordinance and the required criteria for land donations set forth in Section 29.8H of the Ordinance were satisfied. G. Section, 29.1(C)(12) of the Ordinance recognizes that accepting land donations increases the sites with appropriate zoning, development standards, and infrastructure capacity to accommodate affordable residential developments within the City and Section 29.8H sets forth the criteria for such land donations. H. As a condition of the City's approval of the land donation and to satisfy the conditions in the approved Affordable Housing Plan, the Developer has agreed to donate or cause Donor to donate, and, upon and subject to the terms, conditions, and requirements in this Agreement, the Qualified Designee desires to accept, the specified 41,504 square foot parcel real property commonly known as 847 Woodside Road, in the City, County of San Mateo ("County"), State of California, as more particularly described in Exhibit A-1, attached hereto and incorporated herein by this reference (the "Affordable Site"). A Preliminary Title Report of the Affordable Site is also attached hereto and incorporated herein by reference as Exhibit A-2. As of the date of this Agreement, the Affordable Site is a separate legally created and conveyable parcel. 1. Under the Affordable Housing Plan, the Qualified Designee has agreed to develop the Affordable Site with, not less than approximately seventy-one (71) affordable residential units (excluding the manager's unit) in such manner and subject to such income requirements as specified in the Affordable Housing Plan (the "Affordable Units"), required by the City in order to facilitate the entitlement and development of the 1900 Broadway Project (the "Affordable Development"). J. The City has determined that Qualified Designee is a "Qualifying Designee" as such term is used as part of the Affordable Housing Plan requirements set forth in Chapter 2(I)(c)(1) of the Guidelines, and has experience in the development, ownership, and operation of affordable housing projects similar to the anticipated Affordable Development. K. Subject to the terms and conditions of this Agreement, Donor proposes to convey and donate the Affordable Site to the Qualified Designee and the Qualified Designee desires to ATTY/AGR/2424.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT REV: 14-22-24 VR Page 2 of 35