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<br />JT Public Hearing - <br />Santiago Street Lofts Development <br />December 19, 2005 <br />Page 2 <br /> <br />In order to comply with all of the terms and conditions of the DDA, the <br />Developer has requested an amendment to the agreement. The original DDA <br />provided for the sale of Agency-owned property for the combined fair <br />reuse value. The First Amendment to the DDA now provides for the <br />Developer to purchase one of the two remaining parcels from the Agency, <br />at the current fair market value of $2,050,000. This action will allow <br />for the assemblage of the five lots required to create a 4.38-acre <br />development site. <br /> <br />The project is strategically located immediately adjacent to The Depot and <br />the 5 Freeway and will serve as a gateway into the Downtown. The DDA and <br />the corresponding development it facilitates fulfill the City's goals for <br />the area by improving land-use potential and implementing market rate <br />housing along Santa Ana Boulevard. <br /> <br />FISCAL IMPACT <br /> <br />Funds from the sale of Agency-owned property will be deposited in the <br />Merged Project Area Sale of Land account (account no. 570-01-5721). <br /> <br />{j, <br />patr{zg~~~ <br /> <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br /> <br />Executive Director <br />Community Development Agency <br /> <br />~(\~~~ \~L~__ <br />Francisco Gutierrez <br />Executi ve Director ~ @ <br />Finance & Management Services Agen:~_ <br /> <br />PCW/DM/mlr <br /> <br />H:\ACTIONS\2005 CC\JT JT P.H. CC-CRA FirstAmendPrivateDDASantiagoStLoftsDev 12-19-05.doc <br /> <br />808-2 <br />