80A - JOINT - ACQUISITION 415 AND 423 S RAITT

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REQUEST FOR COUNCIL/ AGENCY'' ACTION MEETING DATE: JUNE 20, 2011 TITLE: AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND ESCROW INSTRUCTIONS FOR 415 AND 423 S. RAITT STREET CITY MANAGER EXECUTIV IRECTOR RECOMMENDED ACTION CITY COUNCIL CLERK OF COUNCIL USE ONLY: APPROVED ? As Recommended ? As Amended ? Ordinance on 1 st Reading ? Ordinance on 2nd Reading ? Implementing Resolution ? Set Public Hearing For CONTINUED TO FILE NUMBER Authorize the City Manager, or designee, to execute the attached agreement for the sale of real property located at 415 and 423 S. Raitt Street (APN 007-213-12 and APN 007-213-14) to the Community Redevelopment Agency, subject to non-substantive changes approved by the City Manager and City Attorney. COMMUNITY REDEVELOPMENT AGENCY Authorize the Executive Director, or designee, to execute the attached agreement for the purchase of real property located at 415 and 423 S. Raitt Street (APN 007-213-12 and APN 007-213-14) in the amount of $1,076,093, plus closing costs and escrow fees, subject to non-substantive changes approved by the Executive Director and Agency General Counsel. DISCUSSION On December 16, 2002, the City Council approved the acquisition of the real property located at 415 and 423 S. Raitt Street (Exhibit 1) for the sum of $1 million plus normal closing costs and escrow fees. Federal HOME Program grant funds were approved for the purchase which closed escrow on April 17, 2003. The property encompassed 44,002 square feet of land and contained two single-family residences. The intent of the purchase was to assist an adjacent property owner, the nonprofit Civic Center Barrio Housing Corporation (CCBHC), to develop an affordable rental housing project that would complement its existing project at 405 S. Raitt Street. CCBHC has been unable to complete the site plan review process, and consequently has also 8OA-1