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TF <br />HIV Y ACTS <br />AOeNCY EOAR~ MEETING ®ATe: <br />AGeNCY SECRETARY use ONLY: <br />FEBRUARY 22, 2011 <br />TITLe: <br />APPROVED <br />^ As Recommended <br />AGREEMENT FOR ACQUISITION OF ^ AsAmended <br />^ Ordinance on 1 si Reading <br />REAL PROPERTY AND ESCROW ^ Ordinance on 2°' Reading <br />INSTRUCTIONS FOR 301 SOUTH ^ implementing Resolution <br />SYCAMORE AND 300 SOUTH MAIN ^ Set Public Hearing For <br />STREET <br />CONTINUED TO <br />~ ~~~~~_, FILE NUMBER <br />~~CUTI^V~° DIRECT®R <br />REC®I~iMEN®E®AC`TI®N <br />Authorize the Executive Director and Agency Secretary to execute the attached Purchase and <br />Sale Agreement and Escrow Instructions for the acquisition of real property located at 301 South <br />Sycamore and 300 South Main in the amount of $682,500 plus normal closing costs and escrow <br />fees, subject to non-substantive changes approved by the Executive Director and Agency General <br />Counsel <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION ACTION <br />At its regular meeting on February 1, 2011, by a vote of 6:0, the Community Redevelopment and <br />Housing Commission approved the recommended action. <br />DISCUSSION <br />Shortly after the South Main Project Area was adopted, the Community Redevelopment Agency <br />(Agency) pursued the establishment of several public parking lots along the Main Street corridor to <br />alleviate parking problems, including intrusion into neighborhoods. The Agency both purchased <br />and leased properties for this purpose. Currently the leased lots are on month-to-month tenancies. <br />The Agency is currently paying $2,622.42 for monthly rent on the real property located at 301 <br />South Sycamore and 300 South Main Street (Exhibit 1). After the property owner, Marie Chaney, <br />passed away, the Agency was approached by her heirs to assess the Agency's interest in <br />purchasing the property. The Agency requested an appraisal which indicated a fair market value <br />of $680,000 for both properties. Negotiations with the property owners have been finalized and <br />the proposed purchase of the property will continue to provide off street parking that services the <br />local businesses along the corridor. <br />4-1 <br />