031504 AA Real Prop Escrow Inst 1600 Garden Grove Blvd

Home Browse Search

Agreement for Acquisition of Real Property and Escrow Instructions for 1600 Garden Grove Boulevard March 15, 2004 Page 2 qualified special needs nonprofit service providers and developers regarding a proposal to provide 40 units of housing designed to serve low and very low- income developmentally and physically disabled individuals and their families. The proposed project has been targeted for the property located at 1600 Garden Grove Boulevard. The property is owned by the County of Orange and is considered surplus property. The County has reserved this property on behalf of the Agency; however, the County faces a directive to dispose of surplus properties on a timeline that cannot be met by the developer. The Agency therefore proposes to acquire the site from the County at a fair market value of $1,600,000 and hold it until such time as the Agency can prepare a Disposition and Development Agreement (DDA), which fully sets forth the development entity and terms of the project. The subject parcel (Exhibit 1) contains 130,698 square feet of vacant, unimproved land. The ultimate development of the site with Planning Commission and City Council approval is contemplated to accommodate up to 41 units of residential housing. This new residential construction project will be designed in a manner that will enhance the surrounding neighborhood. Staff has completed the basic due diligence regarding this parcel including a Phase II soils report, clearance of title, and discussions to garner support from the nearby neighborhoods. FISCAL IMPACT Funds are available in the Housing Set -Aside account (account no. 504- 936 -6611, project no. 04- 8007/61437). APPROVED AS TO FUNDS AND ACCOUNTS: 6vP1 L(tm CLtf,�/Cl�cG�O �)u� L41John P. ekstin oma (J Executive Director Executi L Director / Finance & Management Services Agency IJ JPR /RMC /kla H:Actions\2004CRA\Agr"AcquiBscro 1600GmdGrovBlvd- 3 -15 -04 11 144