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CITY COUNCIL ACTION: <br />Recommended Action: <br />1. Direct the City Attorney to prepare a loan agreement with Ross <br />& Durant, L.P. for the acquisition of a 30 unit multi-family <br />property located at 1501 N. Ross Street in an amount not to <br />exceed $1,400,000 and authorize the Executive Director of the <br />Community Development Agency or designee to execute all <br />required documents. <br />2. Adopt a resolution approving the Relocation Plan for residential <br />property located at 1501 N. Ross Street. <br />3. Direct the City Attorney to prepare a loan agreement with Ross <br />& Durant, L.P. for the acquisition of a 35 unit multi-family <br />property located at 1411 N. Durant Street in an amount not to <br />exceed $1,600,000 and authorize the Executive Director of the <br />Community Development Agency or designee to execute all <br />required documents. <br />4. Adopt a resolution approving the Relocation Plan for residential <br />property located at 1411 N. Durant Street. <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br />Recommended Action: <br />1. Direct the Agency General Counsel to prepare a loan agreement <br />with Ross & Durant, L.P. for the acquisition of a 30 unit multi- <br />family property located at 1501 N. Ross Street in an amount not <br />to exceed $3,006,920 and authorize the Executive Director or <br />designee to execute all required documents. <br />2. Direct the Agency General Counsel to prepare a loan agreement <br />with Ross & Durant, L.P. for the acquisition of a 35 unit multi- <br />family property located at 1411 N. Durant Street in an amount <br />not to exceed $2,043,924 and authorize the Executive Director or <br />designee to execute all required documents. <br />CRA AGENDA 5 JANUARY 3, 2006 <br />