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<br />CITY COUNCIL MEETING DATE: <br /> <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />SEPTEMBER 4, 2007 <br /> <br />TITLE: <br /> <br />APPROVED <br /> <br />o As Recommended <br />o As Amended <br />o Ordinance on 151 Reading <br />o Ordinance on 2nd Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />AGREEMENT FOR ACQUISITION OF REAL <br />PROPERTY AND ESCROW INSTRUCTIONS <br />FOR 1901 W. WALNUT AVENUE <br /> <br />CONTINUED TO <br /> <br />.. I <br />(._' . . _//"_"'/'~>j' ./:,/~- <br />/ ~,~ //vl (. <br />I..~ <br /> <br />FILE NUMBER <br /> <br />CITY MANAGER <br /> <br />RECOMMENDED ACTION <br /> <br />Direct the City Attorney to prepare and authorize the City Manager and <br />the Clerk of the Council to execute an agreement for the acquisition of <br />real property and escrow instructions acquiring the real property located <br />at 1901 W. Walnut Avenue from the Orange County Rescue Mission, Inc. for <br />the amount of $1,600,000 plus normal escrow closing costs. <br /> <br />DISCUSSION <br /> <br />The subj ect property shown on Exhibit 1 encompasses 17,232 square feet <br />and contains a commercial/industrial building of 8,798 square feet. It <br />is currently being marketed for sale. The price of $1,600,000 represents <br />the fair market value. <br /> <br />Existing land uses in the area are varied and include commercial and <br />retail uses along primary streets as well as single and multifamily <br />residences on secondary streets. Purchase of this property will enable <br />the City to ensure future uses will be more compatible with the <br />surrounding land use. <br /> <br />ENVIRONMENTAL IMPACT <br /> <br />In accordance with the California Environmental Quality Act, this project <br />is exempt from further review. Categorical Exemption ER No. 2007-112 <br />will be filed for this project. <br /> <br />250-1 <br />