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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />SEPTEMBER 4, 2007 <br />TITLE: <br />AGREEMENT FOR ACQUISITION OF REAL <br />PROPERTY AND ESCROW INSTRUCTIONS <br />FOR 1901 W. WALNUT AVENUE <br />. , _% <br />i '`. <br />/ j <br />r ~.YY. ~ / /it-' ~L.... <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1St Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <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 />DISCUSSION <br />The subject 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 />Existing land uses in the area are varied <br />retail uses along primary streets as wel <br />residences on secondary streets. Purchase <br />the City to ensure future uses will b <br />surrounding land use. <br />ENVIRONMENTAL IMPACT <br />and include commercial and <br />1 as single and multifamily <br />of this property will enable <br />e more compatible with the <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 />25D-1 <br />