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Attachment 3 <br />Compliance with Affordable Housing Ordinance Requirements and Findings <br />Compliance with Land Donation Requirements — Section 29.H <br />Per the requirements in Section 29.8H, the land donation proposed will meet the following <br />requirements: <br />1. The City has an opportunity to review a preliminary title report far the property to be donated and has <br />approved the condition of title, at its sole and absolute discretion. Under no circumstances may the <br />property to be donated be, at the time of donation, encumbered by any lien securing the repayment of <br />debt or any other security instrument. <br />r The title report for the proposed Land Donation Site has been submitted to City staff for review <br />and is not anticipated to be encumbered by any securing the repayment of debt or any other <br />security instrument. <br />2.The developer transfers fee ownership of the property to the City, oro City approved qualifying <br />designee as defined in the Affordable Housing Guidelines, and the transfer of the property to be donated <br />must occur prior to or concurrent with the issuance of building permits for the residential development <br />project or the nonresidential development project. if the property is donated to a City designee, the grant <br />deed shall contain an irrevocable offer to dedicate the property to the City and an affordable housing <br />restrictive covenant shall be recorded against the property in primary lien position, requiring the donee <br />to provide the City a right of reverter, right of first refusal, an option to acquire the donated property, or <br />any combination thereof approved by the City at its sole and absolute discretion. <br />r The property will be transferred to Eden Housing, a Qualified Designee, which will own and <br />operate the affordable housing development. Lane and Eden will ensure that the transfer <br />includes the following: <br />o Recordation of an affordable housing restrictive covenant that includes one or more of <br />the following be provided to the City - right of reverter, right of first refusal, and/or an <br />option to acquire the donated property. The City will determine the form(s) of the <br />restrictive covenant for the land reversion. <br />o An irrevocable offer to dedicate the property to the City in the Grant Deed <br />3. The developer provides an Affordable Housing Plan prepared in a manner consistent with the <br />requirements in Section 29.7. <br />10 <br />ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT- EXHIBIT B- AFFORDABLE HOUSING PLAN <br />REV: 10-22-24 VR Page 10 of 48 <br />