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Denied on Second Reading <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, <br />and 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 <br />equal the full amount of the fee in lieu owed, the developer shall <br />contribute fees in lieu to make up any gap between the value of the <br />dedicated land and the total fee in lieu contribution amount. <br />E. Redemption of credits. A developer may acquire, and redeem <br />with 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 />F. Voluntary alternative agreement. A developer may propose an <br />alternative manner in which the development will satisfy its obligations under this <br />Chapter. Such an agreement need not meet the otherwise applicable substantive <br />requirements of this Chapter, but must be approved by the City Council. The <br />applicant for an alternative agreement shall provide all documentation and any <br />other material requested by the City that demonstrates the proposed method of <br />compliance: <br />1. Will result in additional affordable housing benefits for the City <br />consistent with the purposes of this Chapter; or <br />2. Will result in additional affordable housing benefits that are <br />equivalent to or greater than the fee in lieu contribution set forth in <br />subsection B of this Section; or <br />3. Is necessary to prevent an unlawful taking of property without just <br />compensation. <br />Ordinance No. 1839, Series 2022 <br />Page 10 of 16 <br />