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Sale of City -Owned <br />Located at 435 -437 <br />March 15, 2004 <br />Page 2 <br />Property <br />Birch Street <br />appropriate to support the City's development objectives for this site. <br />Staff therefore recommends that the City sell 435 -437 S. Birch Street to <br />the Community Redevelopment Agency for $411,000, which represents the <br />original acquisition cost. The development will be sensitive to the <br />historic character of the surrounding neighborhood and has been designed <br />with the full input and support of the Association. <br />FISCAL IMPACT <br />Funds for the acquisition of this property are available in the South <br />Harbor Low and Moderate Housing Fund (account no. 504 - 936 - 6611). <br />Proceeds from the sale of the property to the Community Redevelopment <br />Agency will be deposited in the City's HOME Program (account no. 130- <br />148- 6631/00094). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />�?- <br />Jo P. Reekstin L <br />Executive Director <br />Community Development Agency <br />JPR /SK /mlr <br />H:ACtions \2004CC \JT CC- CRA- Saleof435- 435Birch 3 -15 -04 <br />108 <br />Coloma <br />ve Director <br />e & Management <br />Services Agency <br />6 <br />