Reso 16432 - Laserfiche WebLink

Browse Search

ATTY/RESO.0052/ CC RESO APPROVING SUBSTITUTE SITE AS AFFORDABLE HOUSING SITE (705 VETERANS)(1900 BROADWAY DA) REV: 07-21-26 MI Page 7 of 11 position, requiring the Affordable Housing Partner to provide the City a right of reverter, right of first refusal, an option to acquire the donated Substitute Site vacant of any commercial tenants, or any combination thereof approved by the City at its sole and absolute discretion. iii. The Amended and Restated Affordable Housing Plan is consistent with the requirements in Section 29.7 of the Affordable Housing Ordinance for the reasons noted above. iv. The Appraisal Report, prepared by Kinetic Valuation Group, dated October 24, 2025, determined that the unrestricted fair market value of the Substitute Site is Nine Million Eight Hundred Eighty-Eight Thousand Dollars ($9,880,000), which is Four Million, One Hundred Six Thousand Five Hundred Sixty Three Dollars ($4,106,563) greater than the Affordable Housing Impact Fee required to be paid for the 1900 Broadway Project. v. The Affordable Site is 0.54 acres in size and is of a sufficient size to accommodates seventy-five (75) Affordable Units based on the current zoning of the site, or meets the requirement that the site accommodate the greater of: 40 units (excluding any replacement unit obligations) or at least 27 units, which is 110% of the 25 affordable units that would otherwise be required to be constructed as a condition of approval of the 1900 Broadway Project. Moreover, the Affordable Housing Partner has received a Density Bonus under State Density Bonus Law resulting in the production of 75 senior residential Affordable Units and one manager’s unit. vi. Pursuant to the utility report, dated June 11, 2026 and revised July 1, 2026, provided to the City, the Substitute 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 Developer and Affordable Housing Partner have represented and warranted that the Substitute Site shall have no hazardous materials and will not be subject to a site mitigation response plan or site closure reports. The Affordable Housing Partner agrees 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. Both the Developer and Affordable Housing Partner represent and warrant that to their knowledge, after reasonable investigation, there are no other