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2. The land must be able to support at least the quantity of affordable <br />housing as would be required on -site, without the need for a <br />variance, modification, rezoning, or reliance on any incentive for <br />affordable housing found in this Code, such as a density or height <br />bonus. The developer shall submit a concept plan illustrating how it <br />complies. <br />3. The land must not be encumbered in any manner including, but not <br />limited to, any lien, outstanding tax or fee accrued, or floodplain, <br />which in any way jeopardizes the City's ability to develop that <br />quantity of housing. <br />4. The land may not be located in a low to moderate income area as <br />designated by the U.S. Department of Housing and Urban <br />Development, unless an exception is granted by the City Council <br />pursuant to subsection H of this Section. <br />5. The land must be dedicated to the City at the time of execution of <br />the plat or plan allowing the development of the market -rate units. <br />6. The developer and the owner of the land shall comply with all <br />environmental site assessment provisions of the Louisville <br />Municipal Code applicable to dedications via plats or site plans, and <br />associated development. <br />7. The land dedication must be in fee simple and by general warranty <br />deed. At the time of conveyance, the developer shall provide title <br />insurance in the full value of the land conveyed to the City. <br />8. The land dedication plus any fee in lieu contributed musts be of <br />equivalent or greater value to the total fee in lieu contribution <br />amount. The value of the land to be dedicated will be determined, <br />at the cost of the developer, by an independent appraiser, who will <br />be selected from a list of Colorado Certified General Appraisers <br />provided by the City, or by such alternative means of valuation to <br />which a developer and the City may agree. If the land does not equal <br />the full amount of the fee in lieu owed, the developer shall contribute <br />fees in lieu to make up any gap between the value of the dedicated <br />land and the total fee in lieu contribution amount. <br />E. Redemption of credits. A developer may acquire, and redeem with <br />the City, credits generated as described in Section 17.76.090, from the prior <br />development of affordable housing, to offset an equivalent quantity of required <br />affordable housing. <br />Ordinance No. XXXX, Series 2022 <br />Page 8 of 15 <br />