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associated new affordable housing project will meet the requirements of the Affordable Housing <br />Ordinance, and evidence of a pending application or issuance of development plans, entitlements, <br />and/or permits for the development of the Substitute Site. The City Manager shall forward the <br />request to the City Council for review and approval at a public hearing and the City Council may <br />consider and approve a land donation of the Substitute Site if, at the sole and absolute discretion of <br />the City Council, all of the following conditions are determined to be satisfied or waived by the City <br />Council: <br />Required Item Information <br />A. Transfer of the Original <br />Site to the Affordable <br />Housing Partner is no <br />longer possible because <br />Lane has lost its legal or <br />equitable interest in the <br />Original Site and/or it is <br />economically infeasible. <br />This condition is satisfied. See Section III above. <br />B. The Substitute Site Meets <br />all of the Requirements of <br />the Affordable Housing <br />Ordinance for land <br />donations <br />This condition is satisfied. See matrix set forth in Sections <br />VIII. <br />C. The Substitute Site has a <br />substantially similar or <br />greater appraised value <br />as to the [Substitute Site] <br />This condition is satisfied. As documented in the appraisal <br />dated October 24, 2025 prepared by Kinetic Valuation <br />Group, Inc. submitted separately to the City, the Substitute <br />Site is valued at $9,880,000 whereas the Original Site was <br />appraised at $9,360,000 <br />D. The Substitute Site will <br />provide at least seventy- <br />one (71) affordable units <br />that are subject to <br />income requirements <br />This condition is satisfied. The Substitute Site will provide 75 <br />affordable units subject to income requirements. <br />E. The Amended and <br />Restated Affordable <br />Housing Plan meets the <br />Requirements of the <br />Affordable Housing <br />Ordinance <br />This condition is satisfied. See matrix set forth in Section VII <br />below explaining how the Affordable Housing Plan meets <br />each of the Affordable Housing Ordinance requirements. <br />F. The Substitute Site has <br />been issued or is <br />This condition is satisfied. See Section V above. <br />ATTY/RESO.0052/ CC RESO APPROVING SUBSTITUTE SITE AS AFFORDABLE HOUSING SITE (705 VETERANS)(1900 BROADWAY DA) - EXHIBIT 1 <br />REV: 07-21-26 MI <br />Page 5 of 53