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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 9 of 11 xii. The Affordable Housing Partner has agreed to irrevocably assign to the City, and grant to the City a security interest in and rights to the following: all contracts with architects, landscape architects, planners, geologists, surveyors, engineers, economists, or other development consultants entered into for the development of the Substitute Site; and all plans, specifications, drawings, data, and studies produced by these architects and development consultants; and has agreed to ensure that the third parties to the contracts for the development of the Substitute Site consent to the assignment of these contracts to the City. xiii. The Substitute Site meets the land donation criteria in the Guidelines including, among others: (1) The submission of a term sheet signed by the Developer and the Affordable Housing Partner meeting the requirements set forth in Chapter 2.I.c.1.b of the Guidelines; and (c) Substantially or Greater Appraised Value. As noted above, the Substitute Site has been appraised at Nine Million Eight Hundred Eighty-Eight Thousand Dollars ($9,880,000), which is greater than the appraised value of the Affordable Housing Site, which was appraised at Nine Million, Three Hundred Sixty Thousand Dollars ($9,360,000). (d) Increased Number of Affordable Units. As noted above, the Substitute Site will provide seventy-five (75) senior Affordable Units and one manager’s unit, which is four (4) more Affordable Units provided with the Affordable Housing Project. (e) As noted above, the Amended and Restated Affordable Housing Plan meets the requirements of the Affordable Housing Ordinance. (f) Entitlements or permits for the Substitute Affordable Housing Project have been issued or have concurrently been issued that are consistent with the Amended and Restated Affordable Housing Plan because the entitlements for 705 Veterans were approved on July 22, 2026. (g) The substitution of the Affordable Housing Site and Affordable Housing Project will not be detrimental to the public’s health, safety, or general welfare because the substitution replaces an infeasible project with a project that provides for the creation of affordable housing on a site that allows mixed-uses including residential, is surrounded by compatible uses including multifamily housing, is located near a high-quality transit stop which will facilitate transit use and provides parking even though none is required.