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<br />. . <br /> <br />RESOLUTION NO. 75- 7 <br />PAGE TWO <br /> <br />ASSESSOR'S <br />PARCEL NO. <br /> <br />ADDRESS <br /> <br />APPRAISED <br />VALUE <br /> <br />r <br /> <br />The underlying fee interest in that portion <br />of Second Street and the alley adjacent to <br />the abovedescribed parcels, which portion <br />of Second Street and said alley are legally <br />described in Exhibit "A" which is attached <br />hereto and by this reference incorporated <br />herein <br /> <br />5,000.00 <br /> <br />Demolition and Relocation expense pertaining 80,500,00 <br />to abovedescribed properties <br /> <br />TOTAL <br /> <br />$325,000,00 <br /> <br />. <br /> <br />2. That said properties shall be purchased with cash <br />through escrow, as provided from the City of Santa Ana City <br />Council-Redevelopment Agency revolving fund 109-134 and the <br />real property taxes on such property shall be pro-rated to <br />the close of escrow. <br /> <br />L <br /> <br />3. That the Executive Director of this Agency be and <br />he is hereby authorized, empowered and directed to open an <br />escrow for the purchase by this Agency of the fee simple estates <br />hereinbefore specified, in and to the above described real <br />property, subject only to the encumbrances aforestated for the <br />amounts so specified in cash, in which escrow general and special <br />county and city real property taxes for the fiscal year 1974-1975 <br />shall be pro-rated to the close of escrow, and the Agency will <br />pay in full the escrow fee, the cost of the policy of title <br />insurance and all other incidental expenses related to the purchase <br />of said real property. <br /> <br />4, That the Agency hereby confirms that the monies <br />disbursed from the City of Santa Ana City Council-Redevelop- <br />ment Agency revolving fund for the purchase of said properties <br />is hereby declared to be a loan by the City of Santa Ana <br />to the Redevelopment Agency, and the Agency hereby confirms <br />its agreement to pay the amount of said loan to the City <br />of Santa Ana according to the terms and conditions of that <br />certain agreement dated March 12, 1973, between the City <br />of Santa Ana and the Community Redevelopment Agency of the <br />City of Santa Ana which provides that budgetary appropriations <br />made by the City to the Agency shall be considered a loan <br />to the Agency from the City and shall be repaid by the Agency <br />at such time as the Agency is able to repay said loan with <br />interest at seven percent per annum. <br /> <br />. <br />