Agmt25 1900 Broadway Owner LLC - Laserfiche WebLink

Browse Search

EXHIBIT B AFFORDABLE HOUSING PLAN f I�� EDEN HOUSING 3 Affordable Housing Plan 1900 Broadway Presented by Lane Partners and Eden Housing August 1, 2024 Overview Lane Partners ("Lane") is pleased to present this Affordable Housing Plan for its proposed 7 -story, 92 -feet tall, approximately 256,200 square foot mixed-use commercial office building with approx. 10,060 sq. ft. of ground floor retail space, approximately 1,715 sq, ft for a community room and storage space, and an approximately 12,085 sq. ft. public plaza at 1900 Broadway ("Office Project") prepared in accordance with Redwood City's Zoning Code Article 29 — Requirements for Affordable Housing ("Affordable Housing Ordinance"). This Affordable Housing Plan proposes that the affordable housing impact fee that otherwise would be imposed on the Office Project and payable to the City ("Impact Fee") be satisfied by a donation of land which will allow the creation of 72 units of affordable housing (including an on-site manager's unit) on an approximately one acre site located at 847 Woodside Road, Redwood City ("Land Donation Site") that would be donated to, entitled, developed and operated by, Eden Housing, Inc. ("Eden"), and restricted for rental to qualifying low- income households for a period of 55 years ("Eden Housing Project"). It is estimated that the value of the Land Donation Site is approximately 1.6 times the Impact Fee that otherwise would be required and the number of affordable units constructed on the donated land would result in 46 more affordable units than otherwise would be required under the City's Affordable Housing Ordinance for projects proposing an alternative means of compliance that payment of the Impact Fee. The Case for a Land Donation Alternative Affordable Housing Plan The Affordable Housing Ordinance imposes an Impact Fee on all new office and R&D projects of $23.62/sq. ft. of development (as of February 1, 2022). Alternatively, non-residential developers may ATTY/AGR/2024.193.1— AFFORDABLF HOUSING LAND DONATION AGREEMENT - EXHIBIT B - AFFORDABLE HOUSING PLAN REV: 1Q-22-24 VR Page 1 of 49