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very low-income units (30%), and 40 low-income units (53%). The project would also include approximately 6,600 sq. ft. of common open space, and other amenities for outdoor recreational activity, community rooms, and a technology center. While Eden’s project will provide approximately 36 vehicular parking spaces (40% or 14 spaces of which will be equipped with electric vehicle charges and 2 of which would meet ADA requirements) and ample bicycle parking, it is within one-half mile of Caltrain’s Sequoia Station and therefore is not required to provide vehicular parking due to AB2097 which prohibits local agencies from enforcing parking minimums for projects within one-half mile of a high-quality transit stop. Given its location along Veterans Boulevard, the project aligns with the City's broader goals of increasing housing density along transit corridors and by providing a 100% affordable housing project (excluding the manager’s unit). Eden’s project qualifies for a Density Bonus (potentially including waivers, concessions, and incentives) under the State Density Bonus law (Government Code sections 65915 et seq.), as 75 of 76 units are affordable. The State Density Bonus Law allows developers to increase the residential density above local zoning limits if a certain percentage of units are affordable. The benefits of this law include increased density, incentives or concessions to reduce certain development standards (e.g. reduced setbacks, additional height), and waivers of development standards that would physically preclude the density bonus. The maximum density in the MUC-VB Zoning District is 80 du/acre or 42 units for this site. The Applicant proposes utilizing a density bonus for an additional 33 units for a total of 76 units on the project site. V.Entitlements for the Substitute Site Affordable Housing Development It is anticipated that Eden’s proposed development of the Substitute Site will be entitled ministerially under the State’s streamlining legislation for certain housing development projects (SB 35 as amended by SB 423, collectively “SB35” and Government Code Sections 66300 et seq. and 65941.1 (“SB 330”). On October 17, 2025, Eden filed both an SB 330 application and a Notice of Intent to submit an SB 35 application for the proposed development of the Substitute Site. On October 27, 2005, the City Council conducted an informational public meeting for the proposed affordable housing development of the Substitute Site, consistent with the State requirements for a streamlined, ministerial review process (SB 35). On March 24, 2026, Eden filed its formal SB 35 application for the proposed affordable housing development of the Substitute Site which will be processed according to the streamlined ministerial approval requirements and statutory timeframes. VI.Checklist of Development Agreement Section 2.2D Requirements for Site Substitution Pursuant to Section 2.2D-2 of the Development Agreement, to request substitution of the Original Site with the Substitute Site, Lane shall submit a written request to the City Manager which shall include a new proposed Affordable Housing Plan, a description of how the Substitute Site and ATTY/RESO.0052/ CC RESO APPROVING SUBSTITUTE SITE AS AFFORDABLE HOUSING SITE (705 VETERANS)(1900 BROADWAY DA) - EXHIBIT 1 REV: 07-21-26 MI Page 4 of 53