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Conclusion This Affordable Housing Plan proposes to directly contribute the over 1.6 times the amount of the Impact Fee owed by purchasing and donating a site to Eden, a respected non-profit, that will in turn leverage and entitle the site to develop 71 units of affordable housing (plus a manager's unit) that would be restricted to qualifying low-income households for a terra of 55 years. Upon completion, Eden, a demonstrated leader in the creation and operation of such projects, would continue to operate and manage the affordable units to ensure compliance with Affordable Housing Ordinance. These units would directly contribute to meeting the City's RHNA obligation to provide for429 low-income units using financial support from Lane that far surpasses the otherwise applicable Impact Fee for Lane's Office Project. We hope that this creative private, public and social sector solution will be welcomed and supported by the City as an exciting opportunity to help address the affordability challenges facing the City of Redwood City and our region. 5 ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B - AFFORDABLE HOUSING PLAN REV: 10-22-24 VR Page 5 of 48 25 Public Transit The Land Donation Site is served by quality public transit. The property is conveniently served by SamTrans bus route 278, with regular headways throughout the day. The transit route provides a short ride to the hub at Redwood City Transit Center and meets the requirements for full transit access points per the Tax Credit Allocation Committee's regulations. See Attachment 3 for map and schedules. 26 Financing Plan See Attachment 8. 27 Relocation Not applicable 28 Phasing Plan See Attachment 8 fortiming of the Land Donation Site transfer to Eden and anticipated timeline for the entitlement and development of the affordable units. Conclusion This Affordable Housing Plan proposes to directly contribute the over 1.6 times the amount of the Impact Fee owed by purchasing and donating a site to Eden, a respected non-profit, that will in turn leverage and entitle the site to develop 71 units of affordable housing (plus a manager's unit) that would be restricted to qualifying low-income households for a terra of 55 years. Upon completion, Eden, a demonstrated leader in the creation and operation of such projects, would continue to operate and manage the affordable units to ensure compliance with Affordable Housing Ordinance. These units would directly contribute to meeting the City's RHNA obligation to provide for429 low-income units using financial support from Lane that far surpasses the otherwise applicable Impact Fee for Lane's Office Project. We hope that this creative private, public and social sector solution will be welcomed and supported by the City as an exciting opportunity to help address the affordability challenges facing the City of Redwood City and our region. 5 ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B - AFFORDABLE HOUSING PLAN REV: 10-22-24 VR Page 5 of 48