031504 AA Real Prop Escrow Inst 901 Brown St

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REQUEST FOR I�S AGENCY ACTION E °° 1„ 1 AGENCY BOARD MEETING DATE: MARCH 15, 2004 TITLE: AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND ESCROW INSTRUCTIONS FOR 901 BROWN STREET jh?444 - EXECUTIVE DIRECTOR RECOMMENDED ACTION AGENCY SECRETARY USE ONLY: APPROVED ❑ As Recommended ❑ As Amended ❑ Ordinance on 1" Reading ❑ Ordinance on 2n0 Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Direct the Agency General Counsel to prepare and authorize the Executive Director to execute an agreement for the acquisition of real property and escrow instructions acquiring the real property located at 901 Brown Street, Santa Ana, and identified as Assessor Parcel Number 398 - 313 -08 from Lucila Bernardino for the amount of $300,000 plus normal escrow and closing costs. DISCUSSION The Community Redevelopment Agency has an obligation to replenish the City's supply of affordable housing in order to mitigate the displacement of affordable housing as a result of the Bristol Street widening and McFadden Street realignment projects. The housing must be provided within the next three -to -four years; however, there are very few vacant residential sites available within the City on which to develop housing. In addition, the City must meet its inclusionary housing obligations that are arising from development occurring throughout the City in other project areas. Therefore, it is essential to purchase infill residential properties as they become available in order to produce additional housing. The purchase price of $300,000 for this property represents the current fair market value for properties within this section of the City. The subject property, shown on Exhibit 1, encompasses 3,750 square feet of land and contains one single- family residence of 925 square feet in size. Development of this property will be in compliance with the Agency's replacement and inclusionary housing obligations and will be 147 1