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ATTY/RESO.0052/ CC RESO APPROVING SUBSTITUTE SITE AS AFFORDABLE HOUSING SITE (705 VETERANS)(1900 BROADWAY DA) REV: 07-21-26 MI Page 2 of 11 Housing Land Donation Agreement attached as Exhibit F to the 1900 Broadway DA, in compliance with the Affordable Housing Ordinance and Guidelines, because, among other things, the number of affordable units to be constructed resulted in at least forty- six (46) more units than required under the Affordable Housing Ordinance, and the appraised value of the Affordable Housing Site was determined to be Nine Million Three Hundred Sixty Thousand Dollars ($9,360,000), which was Three Million, Five Hundred Eighty-Six Thousand Five Hundred Sixty Three Dollars ($3,586,563) greater than the Affordable Housing Impact Fee required to be paid under the Affordable Housing Ordinance; and WHEREAS, on February 20, 2026, 1900 Broadway Owner LLC acquired fee ownership of the real property located at 1900 Broadway from Lane, and assumed pursuant to that certain Assignment and Assumption Agreement, recorded with the County of San Mateo Recorder’s Office on February 23, 2026, as Instrument No. 2026- 008923, all rights, duties, and obligations of Lane under the 1900 Broadway DA, with respect to the 1900 Broadway Project, and is hereinafter referred to as “Developer”; and WHEREAS, pursuant to Section 2.2(D) of the 1900 Broadway DA, in the event Developer loses its legal or equitable interest in the Affordable Housing Site and/or the transfer of the Affordable Site to the Affordable Housing Partner is no longer economically feasible, Developer may request City Council consider approval of a substitution of the Affordable Housing Site and Affordable Housing Project with another land donation of off- site real property and associated development of affordable units (“Proposed Substitute Site”) at a public hearing, at which hearing the City Council may, in its sole and absolute discretion, determine whether the Proposed Substitute Site satisfies all of the following conditions or are considered waived by the City Council: (a) The transfer of the Affordable Site to the Affordable Housing Partner is infeasible; (b) The Proposed Substitute Site meets all of the requirements of the Affordable Housing Ordinance for land donations; (c) The Proposed Substitute Site has a substantially similar or greater appraised value; (d) The Proposed Substitute Site project will provide at least seventy-one (71) affordable units; (e) The new Affordable Housing Plan meets the requirements of the Affordable Housing Ordinance; (f) The Proposed Substitute Site has been issued or is concurrently being issued entitlements or permits consistent with the new Affordable Housing Plan; and,