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Joint -Sale of 415 and 423 S. Raitt Street <br />June 20, 2011 <br />Page 2 <br />been unable to complete a project budget and obtain financing. The U. S. Department of Housing <br />and Urban Development has determined that the project is out of compliance with HOME Program <br />regulations due to the length of time it has taken to complete the project. In order to rectify this <br />situation, the City must sell the property so that the HOME funds can be repaid. Agency purchase <br />of the property will enable it to develop affordable units that will assist both the City and the Agency <br />to meet their affordable housing requirements. Once the sale is completed, the Agency will issue a <br />Request for Proposals for the development of the site. <br />ENVIRONMENTAL COMPLIANCE <br />In accordance with the California Environmental Quality Act, this sale is exempt from further <br />review. Categorical Exemptions numbered ER-2011-48 and 49 will be filed for this project finding <br />that it is exempt pursuant to California Code of Regulations, Title 14, Division 6, Chapter 3, <br />Sections 15312 (a), and 15332(d). This action results in a transfer of title only, and will not result in <br />any significant effects relating to traffic, noise, air quality, or water quality. Any future development <br />will be limited to construction of small structures. These properties do not possess significant <br />value as wildlife habitat as they are in a developed location. <br />FISCAL IMPACT <br />Funds to purchase the property are available in the Tax Increment Housing Set-Aside account (no. <br />50718830-66100). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />A ~ }r~ <br />S elly La ry-Bayle Francisco Gutierrez <br />Housing Manager Executive Director <br />Community Development Agency Finance & Management Services Agency <br />Exhibit: 1. Site Map <br />2. Purchase Agreement and Escrow Instructions <br />4-2 <br />