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Additional information on the consistency with Section 29.7 is included in Attachment 8. 4. The value of the property to be donated is equal to or greater than the Affordable Housing Impact Fee and/or Affordable Housing In -Lieu Fee amount required to be paid calculated based on the amount of the fees due on date the entitlements for the market -rate residential units and/or the nonresidential development project were approved. Eden anticipates the value'of the appraisal of the Land Donation Site will be in excess of the required in -lieu fee amount. In brderto keep the property under contract for the duration of the Redwood City process, Lane will pay nearly three times the amount of the required Impact Fee to acquire the site to donate to Eden, The appraised value as of 11/10/2023 on a report prepared by Valbridge on 12/20/2023 is $11,180,000 or $130,000 per unit. The City has confirmed with the appraiser that the revised value with 72 units is $9,360,000. 5. The property to be donated must be: (i) at least one (1) acre in size; or (ii) be of a sufficient size to accommodate the greater of (A) forty (40) units (excluding any units required Po satisfy replacement housing obligations), or (B) not less than one hundred ten percent (110%) the number of affordable units (excluding any units required to satisfy replacement housing obligations) required to be constructed as a condition of the approval of the nonresidential development project or the residential development project. The Land Donation Site is a sufficient size to accommodate 72 units, which is greater than both 40 units and 110% of the number of affordable units that would otherwise be required (110% x 24.4 units = 27 units) 6. The property to be donated is, or will at the time of donation be, served by adequate utilities, streets, public facilities and other infrastructure suitable to accommodate the required affordable units. The Land Donation Site is served by adequate public facilities and infrastructure suitable to accommodate the Eden Housing project. 7. The property shall have no hazardous materials or is subject to a property mitigation response plan or property closure report and the developer agrees to comply with all necessary regulations and approvals by the San Mateo County Environmental Health Division and/or the California Department of Toxic Substances Control, the State Water Resource Control Board, or any other applicable agency with jurisdiction over the property and there are no other conditions that constitute material constraints on development of affordable housing on the property. 11 ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B -AFFORDABLE HOUSING PLAN REV; 10-22-24 VR Page 11 of 48