(a) The opportunity housing requirement in § 9.06 may be satisfied by the dedication of land in lieu of constructing opportunity housing units within the development when the Community Development Department determines that all of the following requirements will be met:
(1) Marketable title to the site(s) is transferred to the city, or an approved by the city, prior to the commencement of construction of the residential development pursuant to an agreement between the developer and the city, and such agreement is determined by the City Council, at its sole discretion, to be in the best interest of the city;
(2) The site(s) has a comprehensive plan designation authorizing residential uses and is zoned for residential development at a density to accommodate at least the number of otherwise required opportunity housing units within the residential development and conforms to city development standards;
(3) The site(s) can accommodate development of the opportunity housing units;
(4) Sufficient infrastructure to serve the site(s) proposed to be dedicated including, but not limited to, streets and public utilities, must be available at the property line with adequate capacity to serve the maximum allowable residential development pursuant to zoning regulations;
(5) Environmental review of the site(s) has been completed for the presence of water, hazardous materials, radon, lead, environmental toxins, and geological hazards and all such hazards are or will be mitigated to the satisfaction of the city prior to acceptance of the site by the city;
(6) The assessed value of the site(s) upon the date of dedication is equal to or greater than the in lieu of payment in effect at the date of dedication;
(7) The site(s) proposed to be dedicated complies with the dispersion objective pursuant to § 9.36; and
(8) Any applicable requirements in the opportunity housing guidelines.
(b) The city will not be required to construct opportunity housing units on the site(s) dedicated to the city, but may sell, transfer, lease, or otherwise dispose of the dedicated site(s). Any funds collected as the result of a sale, transfer, lease, or other disposition of sites dedicated to the city under this section will be deposited into the city’s affordable housing trust fund and used in accordance with the provisions of § 9.38 and City Charter.