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ATTY/RESO.0034/CC RESO APPROVING PROJECT (901 EL CAMINO REAL) REV: 04-22-25 VR Page 8 of 17 iii. The Affordable Housing Plan is consistent with the requirements in Article 29.7 of the Ordinance for the reasons notes above. iv. The Appraisal Report, prepared by Valbridge Property Advisors, on December 14, 2023, (the “Valuation Document”) determined that the unrestricted fair market value of the Affordable Site is Ten Million Dollars ($10,000,000), which the value of the Affordable Site is equal to or greater than the Affordable Housing Impact Fees required to be paid for the Project, which is approximately Seven Million Two Hundred Eighty-Seven Thousand Seven Hundred Seventy-Four Dollars ($7,287,774). v. The Affordable Site is 0.82 acres in size and the permitted density of the Affordable Site is up to 60 units per acre, which establishes that the Affordable Site is of a sufficient size to accommodate the greater of: (A) forty (40) units (excluding any units required to satisfy replacement housing obligations), or (B) not less than thirty-five (35) units, representing 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 Project. Moreover, the Affordable Housing Partner has submitted a Density Bonus Application declaring its intent to apply State Density Bonus Law in order to deliver a 100% affordable housing community resulting in the production of 100 rental units (99 affordable units and one caretaker’s unit). vi. Pursuant to the utility report, dated June 16, 2023, provided to the City, the Affordable Site 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. vii. The Affordable Site will be subject to a California Land Use and Revitalization Act Agreement which will implement a response action as necessary to ensure the property can be redeveloped. Further, under the Affordable Housing Plan and the Land Donation Agreement, the Applicant and Affordable Housing Partner agree 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 Affordable Site. Under the Land Donation Agreement, both the Applicant and Affordable Housing Partner represent and warrant that to their knowledge, after reasonable investigation, there are no other conditions that constitute material constraints on development of affordable housing on the Affordable Site. viii. The Affordable Site to be donated is currently improved with two residential units (1 single-family home at 122 Buckeye and 1 caretaker’s residential unit at the storage facility at 920 Shasta) and a 135-unit self-storage facility