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AA - Acquisition Agreement and <br />Escrow Instructions <br />September 4, 2007 <br />Page 2 <br />proposed purchase agreement, the surplus City properties located at 4809 <br />W. Edinger (Exhibit 1), 1029 McLean (Exhibit 2) and 4010, 4018, 4106, <br />and 4110 W. McFadden (Exhibit 3) will be sold to the Community <br />Redevelopment Agency. Pursuant to section 2-709 of the Santa Ana <br />Municipal Code, the standard provisions regarding the sale of surplus <br />real property by the City do not apply to any sale of such property made <br />to any city, county, state or federal government or any political <br />subdivision of them. The properties are all currently vacant land and <br />are being sold to the Agency for the appraised fair market value. <br />The Agency had anticipated purchasing these properties and had included <br />them in the recent Infill Development Request for Qualifications. Staff <br />is currently negotiating a Disposition and Development Agreement for <br />these and other properties. The long-term affordability of these new <br />homes will be insured by forty-five year covenants requiring their <br />continued occupancy by low- and moderate-income households. Development <br />of these properties will assist the City and Agency to meet their <br />affordable housing goals as identified in the Consolidated Plan, <br />Redevelopment Implementation Plan and Housing Element. <br />ENVIRONMENTAL COMPLIANCE <br />In accordance with the California Environmental Quality Act, this <br />project is exempt from further review. Categorical Exemption ER No. <br />2007-111 will be filed for this project. <br />FISCAL IMPACT <br />Upon approval of the appropriation adjustment, funds will be available <br />in the Low and Moderate Income Housing Fund, Infill New Construction <br />account (account no. 507-936-6611, project no. 7141). Proceeds from the <br />sale of the property to the Community Redevelopment Agency in the amount <br />of $2,175,000 will be deposited in the Capital Outlay Fund revenue <br />account (account no. 051-01-5721). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />~ ~Aihr/1iGt ^ (~~ <br />Shelly ndry-Ba e Francisco Gutierrez ~,J <br />Housing Manager ~~Executive Director <br />Community Development Agency Finance & Management Services Agency <br />SGH/SLB/mlr <br />H:\ACTION ITEMS\COUNCIL\2007 CC\JT CC-CRA AA-AgreeACqui EdingerMCleanMCFadden 9-4-07 (2).doc <br />80A-2 <br />