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propose to mitigate the affordable housing impacts of their development through an alternative mitigation program, which may include the donation of land for the construction of affordable units pursuant to Sections 29.8 A and 29.8H of the Affordable Housing Ordinance. While not required by the Affordable Housing Ordinance, City officials and staff have expressed a strong preference for non-residential developers to pursue alternatives to paying the Impact Fee that result in the delivery of affordable housing units in concert with the commercial development. And the City has determined that 10 affordable units per 100,000 sq. ft. of office space will mitigate the affordable housing impacts of commercial deveJopment in cases where the Impact Fee is not paid. In this case, the contribution will result in the opportunity, to deliver over 2.8 times the number of affordable units called for using the City's 10 units per 100,000 SF metric. Impact Fees are a tremendous tool for generating funds that help sustain healthy communities, but they can also be challenging for cities to administer and difficult for developers to access. This is especially true when applied to affordable housing.; Notice of Funding Availability ("NOFA"), vetting and approving projects, the design and entitlement processes, access to land, and the coordination of leveraged financing can mean years.of waiting before new housing can be brought online using Impact Fees. Meanwhile growth in and around Redwood City has led to an increase in both housing demand and housing cost. It has also contributed to the displacement of longtime residents and lower paid local workers. The need for housing is now, and it cannot wait forthe long and labor-intensive process of administering Impact Fees collected by the City through the traditional channels. As an alternative, securing an alternative off-site affordable housing parcel and working in partnership with Eden to bring the housing to fruition means that Lane's contribution which is above and beyond the required fee, will be used more quickly and efficiently to bring housing online. As well, in this case, it also creates much needed affordable housing in a convenient neighborhood close to a wealth of amenities and services that will further enrich the lives of future residents. Directing Impact Fees that would otherwise be payable to the City towards this on-site solutions not only turns dollars into housing more immediately, but it also showcases the kind of private, public and social sector collaboration that Redwood City has become known for, and which exemplifies great cross -sector problem solving. Affordable Housing Plan — General Requirements ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGRFFMFNT- EXHIBIT B -AFFORDABLE HOUSING PLAN RFV: 10-22-24 VR Page 2 of 48 Required Item Information 1 Project Name 1900 Broadway Project 2 Project Address 1900 Broadway, Redwood City 3 APNs APN 053-231-210 & -200 ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGRFFMFNT- EXHIBIT B -AFFORDABLE HOUSING PLAN RFV: 10-22-24 VR Page 2 of 48