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REQUEST FOR <br />AGENCY ACTION <br />AGENCY BOARD MEETING DATE: <br />APRIL 5, 2004 <br />TITLE: <br />Edywtion lsr <br />AGREEMENT FOR ACQUISITION OF REAL <br />PROPERTY AND ESCROW INSTRUCTIONS <br />FOR 717 EAST THIRD STREET <br />&—&a. — <br />EXECUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />AGENCY SECRETARY USE ONLY: <br />APPROVED <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1" Reading <br />❑ <br />Ordinance on 2 n Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Direct the Agency General Counsel to prepare and authorize *h^ n tive <br />Director to execute an agreement for th^ — and <br />escrow instructions acquiring the real hird <br />Street, Santa Ana, and identified as 1 -13 <br />from Alan J. Newhart, Carol A. Newhart, i R. <br />Garrett for the amount of $465,000 plus FILL IN VOTEIACTION ON ORIGINALS- -s <br />AFTER Meeting <br />DISCUSSION <br />The Community Redevelopment Agency has the <br />City's supply of affordable housing t __ ciaCnL of <br />affordable housing as a result of proju-.. such as the Bristol Street <br />widening and McFadden Street realignment projects. In addition, the <br />Agency must meet its inclusionary housing obligations that are arising <br />from new residential development occurring throughout the City in other <br />redevelopment project areas. Therefore, it is essential that the Agency <br />purchase infill properties as they become available to produce additional <br />affordable housing. The purchase price of $465,000 for this property <br />represents the current fair market value for properties within this <br />section of the City. <br />The subject property, shown on Exhibit 1, encompasses 7,700 square feet <br />of land and contains one commercial building totaling 3,000 square feet <br />in size. The building was formerly occupied by a rehabilitation and <br />medical clinic, which has since relocated. The subject property is <br />within the boundaries of the proposed specific plan currently being <br />