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REQUEST FOR AGENCY/ <br />COUNCIL ACTION <br />MEETING DATE: <br />AUGUST 6, 2007 <br />TITLE: <br />PUBLIC HEARING - AGREEMENT FOR SALE OF <br />REAL PROPERTY AND ESCROW INSTRUCTIONS <br />BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY <br />AND MARTIN INVESTMENT COMPANY FOR REMNANT <br />PARCEL IN THE MERGED REDEVELOPMENT PROJECT <br />AREA <br />~~~~ <br />~- <br />CITY MANAGER ~~p~XECU E DIRECTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1st Reading <br />^ Ordinance on 2nd Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution making certain findings with respect to the <br />consideration to be received by the Community Redevelopment Agency <br />pursuant to an Agreement for Sale of Real Property and Escrow <br />Instructions between the Community Redevelopment Agency and Martin <br />Investment Company, a California Limited Partnership, for the sale of <br />certain real property in the Merged Redevelopment Project Area generally <br />located in the 1300 block of S. Ritchey, and approving the sale of said <br />real property upon the terms and conditions contained in that Agreement. <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br />Adopt a resolution approving an Agreement for Sale of Real Property and <br />Escrow Instructions with Martin Investment Company, a California Limited <br />Partnership, for property generally located in the 1300 block of S. <br />Ritchey. <br />DISCUSSION <br />In the mid 1980s, the Redevelopment Agency acquired land from Santa Fe <br />Railroad for development of the Santa Ana Auto Mall. Part of that <br />acquisition included a remnant strip of land (rail spur) on the west side <br />of Ritchey Avenue across from the Auto Mall, Exhibit 1. Martin <br />Investment Company (Buyer) owns several parcels of land immediately south <br />of the Agency owned property. In order to maximize the development <br />80B-1 <br />